Application Spree - How badly will this hurt??

[haulingthescoreup]

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@Bella1980 wrote:

There is no real reason for me wanting to get a primecard by May if I am honest with myself. I am not planning on really using the cards I get, just trying to improve my score. I thought if I got a prime I would get a higher CL,which would help my score grow faster. Also, thought the airmiles I would get would be nice when I buy my airplane tickets.

OMG, I just had a thought. I will need to take out a BARLoan in April or May of next year for about $8,000 to pay for the bar and bar classes.How are loans looked at? Frigging eh,I forgot about this.

You guys have convinced me not to apply for any more credit for at least a year,except for my barloan.

If I am honest with myself I really really want to buy a house. Because I have all these inquiries I need to wait until July/August 2010 for the inquiries to drop off. I guess I need to focus on that dream instead of the short term gratification of getting approved for a credit card.

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The bar loan won't hurt. Installment util is pretty low-key in FICO scoring. (I choked on my coffee when I first read this --She needs a bar? And it costs $8K? )

Just stick with the written goals and how to get there. You'll probably do a lot of tweaking as you go --my original Notepad list looked almost nothing like the final version. But it will channel those urges over to a safe place, and in the meantime you'll have researched the heck out of the world of credit cards, so when it's time, you'll know exactly what card or cards will be perfect for you.

And if you need a little goose to help stay on the straight and narrow, don't forget that many employers do credit checks, so you'll definitely want your reports moving in the right direction by then.

[Anonymous]

Bella, I'm not an expert on these things as some on here are, but I would think that apping for all those cards at once is a bit better than doing it a month here, there, etc.  At least your cr's are hit all at about the same time.

Mods, true or no?  BTW, did you get them all?

Also, don't feel bad because when I first got on here last year, I only had 3 major cards.  Now, I have 13 (or 14 - can't remember)!  I like them all so I'm not complaining but it can be very addictive.

[Bella1980]

So I just found out that I got approved for the Kays card for $1200.

I figure it will be nice cos they will all drop off at the same time. Not planning on applying for any credit until 2010!!

[gamecockmd]

I thought all inquiries that were made in a two week time span were counted as one inquiry but I don't know if this applies only to mortgages and car loans....

[haulingthescoreup]

CC apps with the same company on the same day are "de-duped" (counted as one for scoring), although all will show on the report.

CC apps with multiple companies are not de-duped --each one will show up, and each one will get counted for scoring.

[adamseve]

hauling,

Does de-duped only apply to the same issuer or the same store?  For example, I applied for 3 cards issued by GEMB.  Does this mean this will count as 1 inquiry or 3?

[haulingthescoreup]

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@adamseve wrote:

hauling,

Does de-duped only apply to the same issuer or the same store? For example, I applied for 3 cards issued by GEMB. Does this mean this will count as 1 inquiry or 3?

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Wow, now that's a good question; I hadn't thought of that one. I'll need to ask around on that one (hope someone else with knowledge will chime in in the meantime.)

Did you apply for all three on the same day?

[adamseve]

Bella,

I completely understand the app spree.  It's so addictive and you want to see the progress in the form of an approval.  I'm so glad you got some luv so it wasn't all in vain.  Just take care of those cards and you'll help your credit even more. 

Don't beat yourself up anymore.  It's done and all you can do now is press on with doing all you can to remove the baddies, reduce utilization, focus on no late payments, and keep your balances low.  We all make mistakes, and you're woman enought to admit it.  I'm proud of you!

You indicated that most of these cards pulled EX or TU.  Can you tell us which cards pulled which report?

Thanks a bunch.

[Anonymous]

Bella

not to sound harsh and it is good you are waking up to the credit issues you have and want to fix the situation. Here is my advice.

1. Close those cards you just got there is absolutley no need for them.

2. You need to get a realistic evaluation of your future. get a law job and pay your debts off as soon as possible, one the debts are paid you can travel responsibly to visit you family. Have your debts paid off and after your scores rise to the 700-800 range you can get a mortgage.

3. read and get as much info as you can i recommend www.thesimpledollar.com

    and Dave Ramsay

4. the traveling after graduation will end up racking up more debt

5. What ever salary you get you need to live like a pauper for a while to pay your debts off.

I speak from experience i had roughly 20k in credit debt that I was fooling my self on that I was paying off (by paying minimums) I also had a car loan for 19k and student loans for  25k

I consolidated the credit debt into one loan at a much lower rate and worked to pay that off,

I paid extra on my car and when I came into some money I paid off the credit my car and my wifes car.

Now we have a condo with a decent interest rate and some student loans  and two paid off cars.

[Anonymous]

Closing the cards she got would make all the damage she did to her credit report from apping and the average age totally in vain. I think that would be a horrible idea.

Message Edited by UpUpUp on 07-25-2008 11:33 AM