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App spree gone wrong

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shasta
Regular Contributor

App spree gone wrong

I promise this will be my last post for about a year. I'm heading to the garden.

 

I'm looking for some advice and commentary. Sorry for the long post.

 

last week, I hit the luv button for Cap1. Instant approval from $750 to $1250.

 

Over the weekend, I became full of myself and thought, why not try to get something else. Went for the Chase freedom, approved for $500. I kept going, and was approved for the Discover it, $1800. Apped for the Walmart, approved for $900. Apped for Tire Kingdom, approved for $500. Apped for Macy's, approved for $500.

 

Well, a normal person would have stopped, right? Not me, I felt like I had been bitten by a zombie and I was out of control looking for credit card brains.

 

I was denied for BofA (even after a preapproval), denied for AMEX bce (even after 8 years history), denied for Barclays MC, denied for US bank, denied for Citibank.

 

All in all, 8 HP's in 2 days. What the heck was I thinking? I reconned AMEX (denied again) and reconned Barclays (very good conversation, but no approval. They said they wanted to see zero balances on credit cards, not limits that are carried month to month.) Now that I am thinking normal again, I realize that it was probably a stupid thing to do. I have been trying to build my credit for years and I was just now in a position to get approved for certain cards. Hopefully, these will grow and I will definitely be responsible with them. Ultimate goal in 1 year is:  CSP, AMEX revolver. Once I've done that, I'm done. Nothing left to achieve.

 

Question, even though I won't be apping for anything in the next year, how bad is the 8 hp's? I've only had 1 in the last year prior to that.

 

Should I stand pat on CLI's, or should I pursue them (which, in most cases, will result in more HP's, right?) in the next 3 to 6 months. All I am trying to do is build a solid file and have a way to be truly independent, so if my car breaks down, I can get it fixed. Need to travel? No problem. Unexpected expenses? No problem.

 

I have never been in this position before, always had to borrow money from people.

 

Thanks all

Message 1 of 14
13 REPLIES 13
kevinjjc
Valued Contributor

Re: App spree gone wrong

How are the HP's distributed?

 

EX: ?

EQ: ?

TU: ?

 

 

Message 2 of 14
parakleet
Valued Contributor

Re: App spree gone wrong

Congrats on the approval - sorry about the denials. I would strongly recommend that you garden the cards you have for at least 6 mo to a year and let your inquiries age off. 8 isn't that many but you don't want to add unnecessary inq to them.

Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 3 of 14
BearsAndTurtlesRtheBest
Senior Contributor

Re: App spree gone wrong

Sometimes you have to learn the hard way lmao I know we did! Just use your recent approvals responsibly, and hey! you got 5/5 which is excellent.

"All I am trying to do is build a solid file and have a way to be truly independent, so if my car breaks down, I can get it fixed. Need to travel? No problem. Unexpected expenses? No problem." 

NIce thinking and yes just garden for the next 6 months (1 year would be even better) and dont forget to request CLI on Wal Mart every 4 months!

All in all There is no such thing as a "Normal Person" we are all crazy in our own way

Discover IT $2,600- First Premier MasterCard $1,000- Dillards Store Card $300- Fingerhut Advantage $200
Chapter 7 BK Dischagred on 07/11/16. Gardening Since 01/17/2019
Message 4 of 14
FinStar
Moderator Emeritus

Re: App spree gone wrong


@parakleet wrote:
Congrats on the approval - sorry about the denials. I would strongly recommend that you garden the cards you have for at least 6 mo to a year and let your inquiries age off. 8 isn't that many but you don't want to add unnecessary inq to them.

+1

 

As a couple others have mentioned, it's best to put that credit genie back in the bottle and let it rest.  Handling/managing credit responsibly from the get-go will benefit you in the long term.  Essentially, you have learned the outcome and gardening will definitely help the new seedlings grow.

Message 5 of 14
Capya
New Contributor

Re: App spree gone wrong

No real damage at all, more like minor bruising that will fade relatively quickly... especially since those 8 inqs are probably distributed amongst the 3 bureaus.

With the Cap1, Chase, and Discover you have a nice profile. Just take it to the garden and watch your score grow.


Starting Score: 573 (Exp 10/12)
Current Score: 767 (Exp 6/13)
Goal Score: 700+ I Crushed it!!!


Take the myFICO Fitness Challenge
Message 6 of 14
shasta
Regular Contributor

Re: App spree gone wrong

How are the HP's distributed?

 

EX: ?    5

EQ: ?   1

TU: ?   3

 

 

Discover HP'd me twice.

 

 

When requesting a cli from Walmart, is it a HP?

Message 7 of 14
kevinjjc
Valued Contributor

Re: App spree gone wrong

The Walmart card is issued by GECRB, so it's a SP for CLI's.

Message 8 of 14
calihlove75
Established Contributor

Re: App spree gone wrong

You will be fine- Just let those age for 6 months or longer. I would not bother reapplying to Citi until the new accounts are at least a year.

 

You did good Smiley Wink You have to start somewhere and at least they will all age together.

100% Ficos: EX 780 , TU 783, EQ 776 inquiries last 2 years/1 year/6 months: EX-0/0/0, TU-0/0/0, EQ-1/0/0~ last credit card app 6/24/13- New car loan 3/8/2014- Discover IT $12,500~Kohls $1000~Amex BCE $4000~ Walmart Discover $7500~NFCU Signature CashRewards $23,300 Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $3800~ Amazon Store $7000~ Fingerhut $1050
Message 9 of 14
09Lexie
Moderator Emerita

Re: App spree gone wrong

Message 10 of 14
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