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Established Contributor
Posts: 912
Registered: ‎06-14-2012
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Re: what are some of the benefits of a visa signature freedom...


score_building wrote:

The Credit One app was a misstep, like taking ten steps back Smiley Sad No more apps, PLEASE especially do not apply for any more bottom feeder fee harvesting cards, you will thank yourself in the long run.Try to get it cancelled and permanently removed from reporting on cbr.

 

Already had Chase and a couple of solid builder accounts, Credit One should not have even been a consideration at all at that point, or ever really. There are always better options, like your Cap1s for e.g.

 

Uderstandable you were apparently going for a dilutional effect- building good accounts to lessen the impact of some neg history, which is a good strategy in general but in rebuilding, starting with up to 3 solid accounts (which you already have) is sufficient. Then garden watching credit profile improve over time before adding more. By doing so, will be granted higher limits and better terms when are again ready to app.

 

FP, Credit One, etc are expensive eye sores on a cbr that will not necessarily preclude an AMEX approval going forward but could bring AMEX pause for the PP reasons.

 

Enroll yourself in "retraining camp" resolving not to finance auto or other purchases beyond current means if wanting to build solid credit for the future and ultimately obtain the 0-1.99% auto financing that can be yours after strenthening profile. It will be well worth the wait.


Really good advice!



Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 Smiley Wink
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Valued Contributor
Posts: 1,339
Registered: ‎09-11-2012
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Re: what are some of the benefits of a visa signature freedom...

If you really need a car, get it asap then garden to mid/end of 2013. After that you should raise the current limit of your cards. In 2014, app the cards that you really want, then garden it to 2015.

 

By 2015, you should have few inqs (from the cards that you really want in 2014).

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Established Contributor
Posts: 517
Registered: ‎04-01-2013
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Re: what are some of the benefits of a visa signature freedom...

What is "Appbar syndrome" ?

Valued Contributor
Posts: 1,507
Registered: ‎07-24-2011
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Re: what are some of the benefits of a visa signature freedom...

The bottom line is that with that insane amount of inquiries coupled with 21 thirty day lates, you are NOT going to get a decent interest rate.  Do you really need a car or do you just want one?  If you don't truly need a car then your best bet is to NOT app for anything else.  Don't go for a siggy visa with Chase because you surely don't want to draw attention to your account (not that they weren't sp'ing you anyway).  You need to lay low for about 1.5 years until those inquiries are way down.  Even though FICO is supposed to rate all Auto inquiries done in a certain period time as one, on manual review it appears that you are desperate.  And again that desperation is coupled with those 21 lates.  

 

Maybe you can try to GW some of them off, but until those puppies get some age on them you are going to be stuck with sub-prime auto rates.  The other thing that could overcome this is a HUGE downpayment.....like 30% down.  Dealers love those type of car deals.  But IMO I'd start with trying to get some of those lates off.  Did you authorize all of those inquiries?  If not then I'd sure be disputing them.  If you did authorize them then like everyone else has said, you are stuck with that for 2 years.

 

Decide if you really need or just want that car, and if you need a car then perhaps you need to be looking at something small like a focus until you can do better.  Cap1 finances cars but you are still going to be at a high rate.

 

Good Luck and post back to let us know how you're doing.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
0

Re: what are some of the benefits of a visa signature freedom...


score_building wrote:

The Credit One app was a misstep, like taking ten steps back Smiley Sad No more apps, PLEASE especially do not apply for any more bottom feeder fee harvesting cards, you will thank yourself in the long run.Try to get it cancelled and permanently removed from reporting on cbr.

 

Already had Chase and a couple of solid builder accounts, Credit One should not have even been a consideration at all at that point, or ever really. There are always better options, like your Cap1s for e.g.

 

Uderstandable you were apparently going for a dilutional effect- building good accounts to lessen the impact of some neg history, which is a good strategy in general but in rebuilding, starting with up to 3 solid accounts (which you already have) is sufficient. Then garden watching credit profile improve over time before adding more. By doing so, will be granted higher limits and better terms when are again ready to app.

 

FP, Credit One, etc are expensive eye sores on a cbr that will not necessarily preclude an AMEX approval going forward but could bring AMEX pause for the PP reasons.

 

Enroll yourself in "retraining camp" resolving not to finance auto or other purchases beyond current means if wanting to build solid credit for the future and ultimately obtain the 0-1.99% auto financing that can be yours after strenthening profile. It will be well worth the wait.


Excellent advice score_building!!




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: 65 inquires on equifax and experian, 18 on transunion


Mike360 wrote:

OP seems to be going thru appbar syndrome. What you have to do is step back and re-think your situation and how you handle things because how you are doing them now is heading for disaster and quickly. i didn't even see you just got a credit one card...that is such a horrible decision considering what cards you already have. Only thing i can suggest is to stop apping for ANYTHING and spend time reading the stickies and posts on this board to better understand credit and it's benefits. Also, i wouldn't activate that credit one card if you haven't already because it's not gonna benefit you any.


Smiley Surprised

 

Smiley Very Happy




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: 65 inquires on equifax and experian, 18 on transunion

http://ficoforums.myfico.com/t5/Credit-Cards/credit-cards-for-high-utilization-auto-loan/td-p/193076...

 

you made a thread previously that's about the same thing a month ago. I am not sure if you got your debt within control, but the last time you posted you had quite a big amount of debt.

 

For now, YOU GOT TO STOP APPLYING FOR ANYTHING. Like, REALLY.
Let your inquiries age.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Established Contributor
Posts: 662
Registered: ‎02-20-2013
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Re: 65 inquires on equifax and experian, 18 on transunion

that's an impressive amount of inquiries. that obviously took alot of work to shop for cars he really could not afford.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Frequent Contributor
Posts: 280
Registered: ‎04-16-2011
0

Re: 65 inquires on equifax and experian, 18 on transunion

This takes car shopping to a whole new level.   Next time, arrange your own financing before you go.   And AMEX...maybe in two years. 


Starting Fico Feb 2011 EQ 570 TU 580 EX ?
May 2014 EQ 709 EX 684 TU discover 665

Closed on first home April 26, 2012!
Last app August 2, 2014. Gardening indefinitely!!!
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: 65 inquires on equifax and experian, 18 on transunion

Also from what I remember, you need to get a cheaper car that you can afford. It might not have the horsepower and fancy features you want, but you are biting more than what you can chew.

To Amex 5 recent inquiries might even be considered a lot for some people, especially those with thinner files. 65 is just way over the top.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
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