Bad Credit Application Spree

[Anonymous]

Sorry in advance for the long post, but I'm a little EXCITED today!  My credit is horrible and I'm in the process of cleaning it up and rebuilding. (See scores below). Once I overcome this hurdle, I vow to NOT make the same mistakes again! After reading about the credit pull database on the forum, I decided to give it a try using only banks that pull Experian, as it is currently my highest...635. Prior to the spree, I had only one Cap1 credit card (QS1) and a secured Unity Visa. I really wanted a Khol's store card to add to the mix, but I was declined a month ago, so I decided to take what I can get. A few months ago, Comenity declined me for the Victoria's Secret Card, but today I had the following success:

Approved:

Victoria's Secret - $350

Lane Bryant - $300

New York & Co - $250

Applications "In Review":

HSN

Macy's

Marathon

Dress Barn

Declined:

JCPenney

I noticed that Comenity started declining my apps after three approvals. I'm assuming I got flagged due to the amount of apps submitted to the same bank. I know that I'm going to take a dip in my score with the amount of inquires and new accounts, but I'm hoping that I can grow the limits on these three cards by using them a little bit each month. I don't shop these stores frequently, so it should be very easy for me not to run up the balance.

I'm currently working on lowering my utilization on my regular credit cards to improve my overall credit score.

Started Rebuilding Credit January 2016: TU - 585, EQ - 539, EX - 595
Current Scores: TU - 546, EQ - 537, EX - 635

Open Credit Lines: $250 Unity Visa Secured Card, $300 Capital One QuicksilverOne, $350 Victoria's Secret, $300 Lane Bryant, $250 New York & Company

[Anonymous]

You have to start somewhere and congrats on the approvals.  Please don't apply for anything else again.  You current cards should be able to get you to a point where you can build and get some good cards.

The only thing I wish you had done as you wanted these cards was using the SCT.  Those would have been soft pulls instead of hardpulls.  But you live and learn.  Please, no more of such sprees if you can help it.

[DoroLucky]

Congrats! The only thing I have to add is GROW them and DO NOT app for anymore anytime soon...around here we call it the garden. Good luck and happy gardening

[Anonymous]

Thanks! Unfortunately, that shopping cart trick never works for me. But, I'm done applying. I'm going to work on growing my limits.

[RonM21]

Congrats! Now grow from there!

[9CLINE]

Congrats on approvals,,now ur ready to build...
Best Wishes on ur credit journey.......

[Anonymous]

Update to my apps in review...HSN & Macy's denied. Dress Barn and Marathon APPROVED.

[Anonymous]

Congrats!! Now don't apply for anything until another six months. Keep the overall utilization to less than 10%. If you PIF just let one credit card report some balance.

[CountryLivin]

Congratulations! The cards you were approved for will help you get approved for much better things down the road......don't apply for anything else for at least 6-12 months......you want these accounts to age abit. Take care of these cards and you will have great credit!

[Anonymous]

Congratulations on your approvals and at least having a plan.

Now if you don't mind some advice.

1) Do not app for Anything else, until at least After the next NBA draft (12 months)

2) I HATE that ppl have been sold on this 'gotta use' this card to grow the CL nonsense.
That's
a) Not universally true
B) causes too much trouble and temptation to freak it up to new builders and recoverers anyway

Chill out use, a couple cards for your normal regular snit and don't go searching for 'spending' opportunities to 'try' to 'impress' a lender enough for them to open the purse strings.

Kill that thought pattern....

Keep your usage to a minimum...no offense, those who've read me before know, it's not personal.

They've heard my stance b4 on TWC cards (training wheel cards)...they are for training and growth purposes only.

The moment a person even mentions 'paying' DOWN a $200-$500 card... we've got a Problem IMHO

1) Obviously income or disposal spending or impulse control is an issue, we can NOT allow ourselves to be in debt, behind credit cards without commas ppl.

There is no way in heck cards with 100's as a CL can be in a position to cause Debt, that's taking it too far to begin with, it's a recipe for disaster and it exactly why so many CLs don't grow...B/C you look thirsty with $500, so no one trust you with 5k, let alone 25k.

Again, this isn't an attack, it's a cry to Please be careful!
Just the fact of having your hat out 'begging' for Credit in so many places at one time, let alone in one year...looks thirsty to the scoring model (forget the lenders for a second)

The scoring model is King, especially when you're trying to grow a file...trying to 'impress'one 'girl' with your spend to get her to 'maybe' give you more credit can turn into a suckers bet B/C if UW requires a certain 'score' (which comes from an outside 3rd party) you're screwed...it can be a catch-22

Your usage on a baby card generally leads to more trouble than it's worth.

Normal spend, habits use the gas card etc
Pay your normal bills, keep you debt load low and use TIME.

We forget it's
a) On-tims payments
B) Debt
C) Age
In the top 3 of importance and time is the free one that everybody wants to cheat...but it works!

We forget that even a year, is still only 12 statement cycles chill out folks...like it or not it's a Long wonderful life😀