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Regular Contributor
gordonbs
Posts: 204
Registered: ‎06-16-2008
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Re: Application Spree - How badly will this hurt??



Bella1980 wrote:
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.
 
That's an awful lot of debt. Education is a personal choice, but... maybe you are looking at a BigLaw job in the $150k-200k range. Another degree? IANAL but not sure how another degree will help your earning potential.
 
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.
 
Need to know if your CR show all the apps/INQs. If they do, then you know where you stand. Also any new CC probably isn't showing yet. Those new TLs will drop your score most likely initially due to avg age of accounts. After a couple of months scores should begin to rise assuming Pays as agreed.
 
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?
 
Again, it depends. An automated approval will look at your scores, which will improve one year from all INQs and all new TLs reported assuming Pays as agreed and low UTIL. 2 years after INQs, you will have a much cleaner CR.
 



6/16/08 EQ-632
8/1/08 TU-717 EQ-690 EX-696
9/6/08 EQ-711
Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008
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Re: Application Spree - How badly will this hurt??

Don't worry. You got some great advice and haulings idea of writing things down is a good one. I think you'll be fine by the time you look to buy a house. If you are looking to purchase in 2010 you can try to time it so that these inquiries will have fallen off by then. Meanwhile, any manual reviews of your credit will see the inquiries, so that's why you do not want to collect anymore. I would also stick to the cards you have already and treat them very, very well. Hopefully you'll be able to obtain CLI's from those that are not stingy about giving them.  Do check around here, most of the folks here can tell you if you'll incur a hard inquiry for asking for CLI by letting them know what card you are about to ask for a CLI on.
 
Did you get an approval for anything during the app spree?  Sorry if you already mentioned it, if so, I missed that part.
Established Contributor
Bella1980
Posts: 583
Registered: ‎06-22-2008
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Re: Application Spree - How badly will this hurt??

Well I didn't really want to do biglaw but the paychecks are enticing....though they tax the crap out of those big wages.
 
I was thinking public interest, I think if I get a job making $50,000 or less, my school will pay off the loans. My problem is I don't really want to be a lawyer anymore,but will most probably suck it up for a few years in order to pay off some debt and then go on to something I love.
 
Here are the results of my app spree this weekend:
 
1. Macy's- Declined...really baffled and upset at this  :-(
2. National City- Declined
3. Walmart storecard- Approved $500
4. Discover-Declined
5. HSBC Discovercard - after my decline from Discover - Approved $300
6. Ebay MC- Declined
7. Paypal credit- afterdecline from Ebay MC - Approved $300
8. Citibank- Declined....have my personal accts with them...thought they may say yes
9. Bloomingdales- Declined or 30 day message..can't remember
10. J C Penney- Declined
11. Amex- Declined
12. US Airmiles (Barclays) - Declined....got 30 day message so pretty sure declined
13. Chase - Declined ....got 30 day message so pretty sure declined
14. Nordstrom- Declined....got message as well
15. Suntrust bank - Declined...got message( been with them for over 11 years).
16. Amsouth- then took me to a bank called Regions ....pretty sure declined
17. Sears- Can't remember if straight decline or message
18. First National Bank of Omaha - Declined....no idea why I applied for this
19. A credit union I am not a member of....can't even remember the name :-(
20. Same as above.....feeling really really bad right now
21. ESPN Wamu- Declined
 
I feel like there were 2 or 3 more apps to banks I can't even remember now!!OMG!! I am awful. I didn't even have a flying pigs chance in getting these cards, that is what makes it so much more disheartening!!
 
Last month I apped for and got:
 
Target redcard
Orchard bankcard
Hooters MC
 
I also bought something with Crownjewellers to give me a higher utility %.
 
OMG, I applied to more than I thought and was stupid in my app choices. I read whogavemecredit after the spree!!! I am such a dumbass.
 
So my plan now is:
 
1. Work on paying off baddies and doing PFDs and GWS.
2. Paying on time on all accounts.
3. Only charging minimum amounts on 2 of the cards I have and PIF.
4. Letting my accounts age.
5. NO more apping.
5. I will try again for a prime card in 9-12 months, hopefully one that does automatic approvals or all my inquiries will make themweary of me.
 
Feeling really stupid abt my apps.
 


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??

Don't be so hard on yourself. What's done is done and you can't change it. Hell, I just apped for a discover card today. I got it, but I promised myself i would NOT apply for anything else until I applied for my mortgage in 2009. It happens. Atleast you did get a few cards from this spree and last month. Just take really good care of them. Never hold high balances and just learn from the experience. I think you'll find that here on this site, everyone has been through some sort of situation or hardship that brought them here and you won't get too many people judging you or putting your down. You will get some honest, sound advice that all dish out with sincerest hopes of being a help to you and your financial future.  Even if the advice is short at times, just try to take it and learn from it.
 
Now sit on your hands and don't allow those fingers to type in anymore credit card websites. You are cut off for a good while. NO more! :smileywink:
 
 
Valued Contributor
mjbfan79
Posts: 1,998
Registered: ‎03-31-2008
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Re: Application Spree - How badly will this hurt??

OMG Bella chill out ok take a break for a year or 2 well now i don't feel so bad i think i applied for like 10 cards this past month. Received 4 out of 10 not bad i guess. I'm sure this forum was a big influence to your apply spree. Just work on your credit now an pay your bills on time for the next 2 years until your scores go up.

Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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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??



mjbfan79 wrote:
OMG Bella chill out ok take a break for a year or 2


I totally agree with this statement. I would wait atleast a year or more before applying for anything else. Is there are specific reason your goal is to obtain a prime card by May? Or was that just a personal goal? If it's personal, def. hold off!
Valued Contributor
mjbfan79
Posts: 1,998
Registered: ‎03-31-2008
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Re: Application Spree - How badly will this hurt??

[ Edited ]

UpUpUp wrote:
I totally agree with this statement. I would wait atleast a year or more before applying for anything else. Is there are specific reason your goal is to obtain a prime card by May? Or was that just a personal goal? If it's personal, def. hold off!

Really 2 years cause if she waits a year these inquiries will still show an she stands a chance of being denied for 2 many inquiries so i say wait 2 years.


Message Edited by mjbfan79 on 07-20-2008 07:07 PM

Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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

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.


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

Also Up,  congrats on the Discovercard.


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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Valued Contributor
mjbfan79
Posts: 1,998
Registered: ‎03-31-2008
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Re: Application Spree - How badly will this hurt??

Me an your scores are almost the same BUT i have a BK on my CR which is due to fall off in october so i didn't evan attempt to try out for the big prime cards cause i knew they would have shot be down.

Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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