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Established Contributor
Bella1980
Posts: 583
Registered: ‎06-22-2008
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Application Spree - How badly will this hurt??

Since finding this site I have become obsessed. I read it all day and night,even when I am at work. I talk about it to my friends until their eyes glaze over and am getting really impatient to see the fruition of my work.
 
Problem is, I have only been working on it for a month and so am not really going to see any improvements for at least 6 months. I am actually thinking that it may actually be a year to see any significant improvements because I went application crazy and applied for like 10-15 (maybe even 20, I can't even count) new cards this weekend, with most of them going onto experian and transunion. I am so scared to see what this is going to do to my already low scores.
 
Also, I did this at the worst time. I am actually going to be paying off about 6 collection agencies in September,was going to try PFD but if that didn' tgo through I was going to pay anyways. I most probably should have waited until I had paid these because I most probably would have had better luck. I got rejected from most cards but got approved for some subprimes.
 
Here is the thing, I really really want to get a Prime card by May 2009.Considering my crazy app spree, this weekend, when would be the best time to apply for this card if my scores do increase?
 
Also, I am feeling really upset about applying to so many cards this weekend.I'm not the only one who has done this am I? How badly will this hurt me?


Starting Score: TU- 682, EQ- 698, EX- 713
Current Score: TU- 723, EQ- 747, EX- 737
Goal Score: 760 PLUS FICO's


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Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008
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Re: Application Spree - How badly will this hurt??

[ Edited ]
Hi. Wow, that was some apping spree! No you aren't the only person to have done that, but it does seem that once you are on the road to credit recovery the urge can be sort of addicting. You just have to hold strong now and resist.  It's really not possible to guess exactly how much this will affect your score, but it's going to be a while before you recover from all those inquiries. Even if they aren't hurting you after a year, any potential creditor will see them for 2 years. At this point, I wouldn't app for ANYTHING else at all and I'm not sure what the others will say, but I don't think I'd app in May either, since that will only be 10 months from now...sorry.


Message Edited by UpUpUp on 07-20-2008 07:17 PM
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mjbfan79
Posts: 1,998
Registered: ‎03-31-2008
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Re: Application Spree - How badly will this hurt??

We all have been there i know i'm taking a break for like 2 years unless i get some pre approved offers in the mail lol

Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Application Spree - How badly will this hurt??

Well, you won't be the first forum member who has done this!

You can only get so many points off for inqs, and that lasts for a year and then stops. If any resulted in new accounts, you'll lose points for new accounts, although that gets better through the year.

You will definitely have some explaining to do to lenders when you apply again in the future, unless you're willing to wait 2 years until the inqs have completely vanished.

In the meantime, the thing to do is to take a half-hour or so and write down what you want to have happen with your credit, and what it will take to make it happen. So you might say that you want a house in two years, a car loan in 18 months; you'll need a 700 for the car loan and a 720 for the mortgage. (I'm pulling these numbers completely out of the air, but you get the idea.) And maybe you'd like to get 3 decent cards in 2009, and you'll need a 680 at a minimum, and then you can close down fee cards or whatever. And to make these things happen, you'll need to pay off all your cards, and only let a few report a minimum, and so forth, plus do a bunch of GW'ing and PFD'ing to clean up what's holding you down now. (Don't mess with the inqs, by the way, that usually blows up in a spectacularly ugly way.)

Without thinking it out ahead of time, doing some research to see what's doable, and writing it down as a promise to yourself, you can shoot off both feet, one toe at a time by letting frustration take over. These forums can teach you a lot, but getting too deeply into the Credit Cards forum in particular, and getting wrapped up in the look-what-I-got frenzy can really sabotage your plans! You may even have to avoid this one and stick to the other forums for a while if the itch gets too strong.

Good luck--you can do it! A temporary set-back, as long as you take control of your credit rebuilding.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
Bella1980
Posts: 583
Registered: ‎06-22-2008
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Re: Application Spree - How badly will this hurt??

Thanks for all the advice.
 
Hauling, that was such a good idea. I am going to write up a plan now.
 
I know I would like to buy a home soon,maybe 2010. I graduate in 2009 and so a year in a real job should let me build up a nice deposit.
 
Here is my problem though. None of my CL's are high. Should I just try and get CLI's for 2 years before I get anymore inquires?
 
I would like to get a card with a higher CL by May because I will be traveling alot with my job when I graduate and would like to be able to charge the tickets and get some sort of airmile points rewards.
 
Have I Scre**d myself by going on my app spree to early?


Starting Score: TU- 682, EQ- 698, EX- 713
Current Score: TU- 723, EQ- 747, EX- 737
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haulingthescoreup
Posts: 28,098
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Re: Application Spree - How badly will this hurt??

I'd stick with what you have for now, where every month of ontime payment increases your good history, and work for CLI's as your credit improves. You might find that in six months or a year, your "good behavior" might get some nice results. You might even find that you qualify for a good card by then, but keep an eye on your mortgage date, and also make a promise to yourself that you won't get a crappy card just to get a card. Tell yourself that you're worth better than that!

You're OK, lots of credit gardeners have had a set-back along the way. You might want to grit your teeth and pay for all three scores at the end of the month just to see where you really are, and if there's much damage, it will be a handy reality check for the future. The reason I mentioned the end of the month is because I saw that myFICO has a 20% off code for Credit Complete that expires July 31, so you could save some bucks. Read through the positive and negative comments on the second screen, especially the negatives, and figure how you can start working on those.

But time cures everything, especially in credit land. It's just hard for those of us who weren't blessed with patience! :smileywink:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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gordonbs
Posts: 204
Registered: ‎06-16-2008
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Re: Application Spree - How badly will this hurt??



Bella1980 wrote:
Thanks for all the advice.
 
Hauling, that was such a good idea. I am going to write up a plan now.
 
I know I would like to buy a home soon,maybe 2010. I graduate in 2009 and so a year in a real job should let me build up a nice deposit.
 
Here is my problem though. None of my CL's are high. Should I just try and get CLI's for 2 years before I get anymore inquires?
 
Problem here is some/most CCC will do a hard inquiry for a CLI, if you ask for it. Some will offer it after automated account reviews, every 6 months or so. Those are soft pulls.
 
I would like to get a card with a higher CL by May because I will be traveling alot with my job when I graduate and would like to be able to charge the tickets and get some sort of airmile points rewards.
 
You already know your job? Do they by chance use a corporate Amex or similar? That will result in a hard pull too, but if you get it the limit is nearly non-existant for most corporate cards.
 
Have I Scre**d myself by going on my app spree to early?



6/16/08 EQ-632
8/1/08 TU-717 EQ-690 EX-696
9/6/08 EQ-711
Established Contributor
Bella1980
Posts: 583
Registered: ‎06-22-2008
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Re: Application Spree - How badly will this hurt??

Gordon, no I don't know my job,sorry for the confusion.
 
I am currently finishing up law school, and that will leave me with $100,000 total in student loan debt, not looking forward to that and not sure how that will effect my reports.
 
I will be traveling alot because my family is located all over the world now and I'm hoping to get a job that allows me to travel alot.
 
 I am also thinking about going on to get a another degree but this would leave me with another $50,000 in debt, which I am really scared about. Actually, the $100K is already making me sweat but I'll battle that when I get to it.
 
I just pulled my Fico scores yesterday so I don't know if pulling them at the end of the month is too soon. I am planning on pulling them in September again to see where things stand.
 
I am hopeful that things will be ok. I will try and research cards that I want to apply for in the future so I know where I have to be when I apply.
 
Also, I should make sure that I have no recent inqs for apps or new accts for at least a year before I try to buy a house?
 


Starting Score: TU- 682, EQ- 698, EX- 713
Current Score: TU- 723, EQ- 747, EX- 737
Goal Score: 760 PLUS FICO's


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haulingthescoreup
Posts: 28,098
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Re: Application Spree - How badly will this hurt??

A year is the ideal interval, especially if you have had, umm, a big blob of inqs still showing on your reports. :smileywink:

But if it will be a while before you go for a mortgage, and the weekend's inqs will have fallen off, I don't think it's necessarily a disaster to have gotten one good card during that year. A new account does drop your scores for a while, but the main issue is that mortgage lenders don't want to think that you're going to go hunting for credit everywhere you can find it, while you're trying to make your monthly house note.

I'd say the "rules" might change a bit in the next several years due to the mortgage disasters of the past year. :smileysad:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
gordonbs
Posts: 204
Registered: ‎06-16-2008
0

Re: Application Spree - How badly will this hurt??



Bella1980 wrote:
Since finding this site I have become obsessed. I read it all day and night,even when I am at work. I talk about it to my friends until their eyes glaze over and am getting really impatient to see the fruition of my work.
 
Problem is, I have only been working on it for a month and so am not really going to see any improvements for at least 6 months. I am actually thinking that it may actually be a year to see any significant improvements because I went application crazy and applied for like 10-15 (maybe even 20, I can't even count) new cards this weekend, with most of them going onto experian and transunion. I am so scared to see what this is going to do to my already low scores.
 
Ouch, but after one year they don't really figure into FICO score. After 2 they drop from CR.
 
Also, I did this at the worst time. I am actually going to be paying off about 6 collection agencies in September,was going to try PFD but if that didn' tgo through I was going to pay anyways. I most probably should have waited until I had paid these because I most probably would have had better luck. I got rejected from most cards but got approved for some subprimes.
 
Don't forget to DV and follow up with GW letters as soon as Collections report PIF. Even without a PFD they will usually not verify and/or allow a goodwill off your CR.
 
Here is the thing, I really really want to get a Prime card by May 2009.Considering my crazy app spree, this weekend, when would be the best time to apply for this card if my scores do increase?
 
If all the collections are PIF and 2 years old, your INQs will hurt, but depends on the CCC.
 
Also, I am feeling really upset about applying to so many cards this weekend.I'm not the only one who has done this am I? How badly will this hurt me?
 
As above, a one year wait for scoring, 2 year wait for complete drop from CR.



6/16/08 EQ-632
8/1/08 TU-717 EQ-690 EX-696
9/6/08 EQ-711

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