Garden Club Meeting - November 2012

[jamesdwi]

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@ihatemyscore wrote:

Ladies/Gentlemen,

I have about 20+ inquiries on each report, due to my lack of knowledge before myfico and the ultimate itch of filling out an application hoping for an approval! But I have built up my mental strength and ready to endure 24 months of NO APPING! 

My credit profile looks like this for now: BK7 Discharged June 2012,

Orchard(CAP1) : 113/300

Cap1 secured 150/200 

First primier 0/300

auto loan: 5k soon to PIF intrest is way to high!

Cap 1 Authorized user: 0/500 

All positive tradelines with all negative accounts in IIB status and one charge off from cap1 that will fall off 2016.

I know I need to pay down my balances asap and I am! Once my balances are all PIF i will start depositing 100 a month to my secured cap1 card so I can build upto a 3k balance so when I have 0 inquiries in 24 months I will look like I am in alot better shape than I am now. Any recommendations from the vets?

I will be canceling first primier when the 1st yr is up to avoid the annual fee and any additional fees and I suspect by then I will have built my cap1 secured to atleast 1000 dollars. I don't see why it should hurt me if I keep orchard open at a 0 balance and build my cap1 secured as well stay as a authorized user on my girlfriends cap1 which never carries a balance if it does it's PIF before statement cuts. I will be gardening my orchard and cap1 secured, I know it's not much but and I probably wont go too far with orchard but its okay because I know in 24 months when my cap1 is at its 3k limit I will be approved for some pretty good cards.. it will be 2 yrs post bankruptcy and 2 yrs of ontime payments on 3 cards.

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Sorry to be the bearer of bad news, there really isn't a rush to pay down balances, it won't effect your credit in any meaningful way for now. Bk is a recipe of getting sub-prime cards for the next 5+ years. Sure the CapOne and first premies will give you credit for now, and maybe after a couple years you may be able to get in with GE money bank, if you haven't burned them in the past. You aren't going to see a prime card anytime soon. Best just to increase your limit as finances provide, make all payments, pay over the minimum payments and garden learn new financial habbits that lead to a strong credit future and you seedlings will have strong roots when the bad weeds whitter and die off. 

[Yoshimune]

Hi everyone. Gardening seems like the thing for me.

I'd like to keep up to date on everything that's going on in the credit world, but I don't want to be pushed towards making new cards.

I have three new cards in the last twelve months (AMEX Blue Cash Everyday, the 1.5% Capital One Visa Signature, and the Chase Hyatt) and I've managed to get my wife her first two cards this year as well (including a Citi Forward). So I think we are set until a nice 3% on everything card rolls around!

I'm app free since October 21, will try participating in the new December gardening thread in a few days.

Nice to meet you all

[webhopper]

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@Yoshimune wrote:

Hi everyone. Gardening seems like the thing for me.

I'd like to keep up to date on everything that's going on in the credit world, but I don't want to be pushed towards making new cards.

I have three new cards in the last twelve months (AMEX Blue Cash Everyday, the 1.5% Capital One Visa Signature, and the Chase Hyatt) and I've managed to get my wife her first two cards this year as well (including a Citi Forward). So I think we are set until a nice 3% on everything card rolls around!

I'm app free since October 21, will try participating in the new December gardening thread in a few days.

Nice to meet you all

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Hello and welcome to the myfico forums! Pull up a chair and roll up your sleeves cause gardening is hard work for those of us who like shiny new things!

[Ravensfan2001]

I just joined the garden club, and my last app was 11/24/12. But according to Credit Karma, I have 2 hard pulls on the 28th from Paypal and TJX. I applied for those a week before gardening. Why are they pulling my credit now? I don't want to start my gardening date over again!!!

[ihatemyscore]

James,

I don't take it bad news neccessarily because when I filed I knew what I was getting into and I appreciate that you were brief and blunt about my situation. The only creditor I burned was medical debt CA and a car loan company (sub-prime).

Even though I won't see any PRIME cards, in the next 5 yrs does anyone have any recommendations on what I should do? I know if I build positive tradelines for 24 months and do the best to get the majority of baddies deleted from my CR some creditors will look into me. 

I will take your advice James to heart and I will build up my balance on my Secured card but I think I can possibly get into with my CU in the next 24 months. I don't want to be in rush because in my experience rushing anything gets you into a bigger mess than you if you just take your time..

Slow and steady wins the race well sometimes.. I will let all those inquiries fall off and my plans are possibily apping for a secured Wells Fargo card maybe after 12 months post bk and  then try and app for a rewards card with my CU.

[chasmith]

While I don't recommend getting credit you don't need and shouldn't use, I wonder why you believe you won't see prime credits for five years (unless I misunderstand your definition of prime).

I have dumped my subprimes, and have more than enough credit on non-subprime cards (NFCU, Walmart Discover, First Tech FCU).  Take it slow, don't rush to apply, and culivate credit unions would be my advice.

[ihatemyscore]

Hi Chasmith,

I was accepting the response James has posted about my situation above. I thank you for your advice and my definition of prime is the high end cards from reptuable banks and credit companies. 

I am definetly going to take it slow and steady and just build myself up. I know in a yr when a dozen of my inquiries drop I am going to hold that itch to apply and wait until their is absolutely no inquiries on my reports and I have a solid 24 month history of 3 cards. 

I am going to cancel first primier in May when the annual fee comes around but garden my secured cap1 and orchard bank. I am also a AU on my girlfriends 500 limit capital one she keeps little to no balance on the card. I think she pays her netflix account and PIF every month so atleast is is active.

I am working to get back in with Navy. I settled a credit card with them and I am paying them back in installments and they will re-open an account for me after.

I had to work it up to the CEO. Navys modo is "Once a member, always a member" I know I did them wrong but I will pay all my owed debt to them which is very small and switch my direct deposits to Navy and start building a portfolio with them. Maybe theyll offer me something in the future

[creditnocash]

welp another silver spade!

as posted before didnt know if its 90 days or same date. 

last app and pull was 8/30 

[kobe2012]

30 days app free!!!! I think I have enough cards right now... i wanna stay in the garden until 06/2014 but will take it one day at a time.... I know I will be gettin the itch once my new accounts reached 1 yr (05/2013) and my last collection falls off (06/2013)... who knows, maybe I'll finally get in with citi or discover..... and maybe get bce or csp =)

[Epcot]

Congrats kobe2012, nice spade!