Reply
New Member
ninjaroo
Posts: 3
Registered: ‎07-25-2008
0

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

the problem here is she is becoming a slave to fico score as many people before her have done.
with no ability to get into further trouble with debt she will be able to get what she needs in life much faster. A debt free life, home, "car" are needed
Frequent Contributor
adamseve
Posts: 453
Registered: ‎05-14-2008
0

Re: What is De-Duped

Just looked at my report and noticed that I did 2 on one day and the other one a few days later.
Contributor
smoothjk
Posts: 140
Registered: ‎06-17-2008
0

Re: What is De-Duped

I'm impressed with her openness and willingness to admit her mistakes. Yes, she made a pretty big mistake, but luckily, nothing that will harm her too much in the long-run.
FICO (06/17/08): TU 691 - EQ 642 - EX 638 - Util 64%
FICO (07/23/08): TU 698 - EQ 653 - EX 644 - Util 50%
FICO (02/04/09): TU 694 - EQ 668 - EX 654 - Util 43%
FICO (05/18/09): TU 687 - EQ 675 - EX n/a - Util 39%
FICO (03/09/10): TU 666 - EQ: 691 - EX 644 - Util 54%
IDGuard (2/8/12): TU 690 - EQ: 710 - EX 710 - Util 72%
FICO (03/13/12): EQ: 696 (87% revolving to limits)
Established Member
Dre5025
Posts: 24
Registered: ‎07-09-2008
0

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



ninjaroo wrote:
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.


Without a good mix of credit and credit history how do you expect her to get scores in the 700-800 range by simply paying off debt? A good history on her cards will greatly increase her changes to reach the 700+ range.
5-27-2008 TU- 542 EX- 606 EQ- 587 ($400 unsecured credit)
Still working on it.....
8-28-2008 TU- 673 EX- 639 EQ- 621 ($5500 unsecured credit)
New Visitor
Bragg
Posts: 1
Registered: ‎07-25-2008
0

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

WOW!! that is way to many inquiries on your cedit report, as far as how bad will it hurt your credit score, it is going to impact your score greatly.
 
I would not be surprised if your credit score dropped between 100-150 points and lets say that you got 20 new credit cards in the mail, you are going to be carrying to much credit card debt because most credit card companies take their annual fee right up front.
 
When you start to pay that back monthly, you begin to show credit card responsibility. If you only make the minium payment per month, that is going to turn into a long debt over time and eventually you will probably get frustrated because you will not be able to use the credit card the way that you want.
 
Lenders when they see a lot of inquiries on a person's credit report do not like that, in fact when they see a person looking for new credit, their first impression is that they are already in debt and they need more money.
 
You had mentioned that you had a low credit score already, keep in mind that if your credit score goes under 500 you will not be able to get a co-signer for anything, at this time lenders are looking at 700+ credit scores before they will lend money to a person for any major purchase.
 
Regardless of how many credit cards you get DO NOT cancel the card once you have it, even if you run into problems paying back the monthly bill. When creditors see cancelled credit cards on your credit report, that tells them that you are not responsible enough to have more credit.
 
Credit cards are the down fall of the economy and only apply for them if you need too, if you do not need to apply for them, than do not apply for them and when you do apply for them. one or two the most once a year. Good luck to you and I hope this helps.
Established Contributor
Bella1980
Posts: 583
Registered: ‎06-22-2008
0

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

Wow,I feel really overwhelmed and slightly attacked by some of these responses.
 
1. I know I did way TOO many apps.
2. 80% of my old debts are going to be paid off in September.
3. I had no open lines of credit on my credit report asides from student loans and so would never be able to bring my credit score up if there is nothing to build it up.
4. I only had an annual fee on 3 of my 8 new lines of credit.
5. I won't get into the same trouble as before because I didn't get these cards to use to buy stuff I can't afford. I got them to build a positive history and use instead of cash when I have the cash.
6. I will be traveling after graduation to visit my family. I am the ONLY person in my family in the USA. My parents,siblings,grandparents,cousins, aunts and uncles are ALL overseas. I am not going to stay in the USA for the next 5 years without seeing any of them.
6. I really appreciate the support and advice that I get here and I take all of it to heart. I have learnt from my mistakes and am on the path to recovery. I will not let myself get into the financial difficulty I am in now again.


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


Take the myFICO Fitness Challenge

Established Contributor
Bella1980
Posts: 583
Registered: ‎06-22-2008
0

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

Also, my score hasn't dropped much. I think only the inquiries will make it drop.
 
The new lines of credit are my ONLY positive tradelines asides from student loans so they are actually helping me!!!


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


Take the myFICO Fitness Challenge

Moderator Emeritus
WhirledPeasPlease
Posts: 3,418
Registered: ‎12-27-2007

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

[ Edited ]
We all need to remember that having credit doesn't equal having debt.  Knowing the risks and knowing how to manage them, that's the key.
 
Just a reminder to all -- please keep it friendly.
 
Good luck Bella -- please keep us posted!


Message Edited by WhirledPeasPlease on 07-25-2008 12:26 PM
~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Established Member
Dre5025
Posts: 24
Registered: ‎07-09-2008
0

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

Hey Bella don't take those replies personally. The two new posters I've seen really don't know what they're talking about. No way you can drop 100 150 points from applying for new cards. That's just ridiculous to say to someone. Stick with your plan and you'll be fine! I'm also on the lookout for new cards to help with my credit history. We all know getting a card doesn't mean you're going to be irresponsible and max it out. The new visitors still have some more forum lurking to do........   :smileywink:
5-27-2008 TU- 542 EX- 606 EQ- 587 ($400 unsecured credit)
Still working on it.....
8-28-2008 TU- 673 EX- 639 EQ- 621 ($5500 unsecured credit)
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

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

I'm with Peas!
 
Credit is not the same as debt.
 
Don't take those replies to heart, Bella.  For the most part, they are way off base.  Your follow up posts indicate that you know that you applied for too many at one time.  In any case, it's not the end of the world.  Assuming you treat your cards well, your scores will recover in time, and you'll have many positive tradelines that will hopefully age for years to come, leading to even better scores in the future.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+