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New Contributor
Safe4Me2
Posts: 62
Registered: ‎07-30-2009
0

Credit Gardening

Boring but rewarding.  But hey, this time last year I didn't have any open accounts, now I have six.
Established Contributor
voidman
Posts: 532
Registered: ‎06-07-2008
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Re: Credit Gardening


Safe4Me2 wrote:
Boring but rewarding.  But hey, this time last year I didn't have any open accounts, now I have six.

Congrats. Well not sure you want to talk more on your gardening, is it ok for you to talk about the balances on those 6 accounts?

-void
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Credit Gardening


Safe4Me2 wrote:
Boring but rewarding.  But hey, this time last year I didn't have any open accounts, now I have six.

 

Credit gardening is not exciting stuff. But it is a very important process. Letting everything settle out and mature some is important. After six months to one year of good behavior you can go back and hit those six accounts up for CLI's. When you are very ready (and not before) you can app for something new that you would like to have. No need to be in a hurry.
Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007
0

Re: Credit Gardening

I'm trying to credit garden right now.  AND pay off all my layoff debt.  It's not that high, but I don't like having it.  I'm hopeful to be a high achiever in the next year. 
pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Established Contributor
Posts: 742
Registered: ‎12-19-2008
0

Re: Credit Gardening


creditwherecreditisdue wrote:

Safe4Me2 wrote:
Boring but rewarding.  But hey, this time last year I didn't have any open accounts, now I have six.

 

Credit gardening is not exciting stuff. But it is a very important process. Letting everything settle out and mature some is important. After six months to one year of good behavior you can go back and hit those six accounts up for CLI's. When you are very ready (and not before) you can app for something new that you would like to have. No need to be in a hurry.

 

+1
Established Contributor
mt2va
Posts: 532
Registered: ‎03-20-2009
0

Re: Credit Gardening

I'm new to the credit gardening concept.  What exactly does it involve?
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



New Contributor
Safe4Me2
Posts: 62
Registered: ‎07-30-2009
0

Re: Credit Gardening

[ Edited ]

Orchard Bank 400/300 pif by 10/16

Walmart        600/270  pif by 9/18

Hooters MC   500/394  pif by 9/18

Victoria's Secret 280/140 pif by 10/16

Macy's          600/94   pif by 10/2

 

The usage high but everything is in good standing. I usually pay the minimum payment IMMEDIATELY and pay more on the next pay period.

Message Edited by Safe4Me2 on 09-15-2009 12:18 PM
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Credit Gardening


mt2va wrote:
I'm new to the credit gardening conceptWhat exactly does it involve?
Credit gardening is that boring activity between exciting app's when you maintain your accounts by keeping everything current and allowing your accounts to age. Not very interesting, but very necessary! Credit gardening = taking care of that which you already have.
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: Credit Gardening



mt2va wrote:

I'm new to the credit gardening concept. What exactly does it involve?


It's the step that ought to follow credit hunting, where you're out acquiring new accounts. The gardening phase is necessary to let your AAoA begin to heal, and to evaluate the new accounts you got. (Most of us find that we've picked up some duds in the process.)

It can be awfully hard for some to switch from credit hunting to credit gardening. This seems to often be a problem with "appaholics."

Credit gardening is way less exciting than credit hunting (think of watching grass grow), but there's a different kind of satisfaction from it. And it's absolutely necessary if you want all that newly-acquired credit to actually start working for you, rather than the other way around.
* 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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