Garden Club Meeting - November 2012

[webhopper]

To jaime123

I too live vicariously through other peoples credit card apps and approvals! Its nice to feel the thrill of approval for someone else who really may need that card and it doesn't cost me anything! Not even a SP!

Here's to. Rubber necking!

[Smug]

Still in the garden until 8/2014

[ezef3ar]

Garden since today
11/13/2012.
Till
11/20/2014
8 months history now.
Got. Jcpenny. 400$
Got. Walmart discover 800$ now 1100$
Got. Paypal mc. 2000$. Now. 2500
Got. Amazon store card. 600$
Got capital one 500$.
Got. Discover more card. 750$

Equifax. 8 inquiries.
Experian 6 inquiries
Transinion 10 inquiries

Equifax. Fico 690
Experian. Fako. 730
Transinion fico. 685


Future wanted card
Chase freedom or. Disney premium
Citi simplicity
American Express green. And delta
Bank of America. Travel rewards chip & sig
Barclays apple financing

now I'm just gonna laid back relax
and wait for 2014 for best card and results
I'm happy cuz I think I did good with only 8 months of credit history.

OFFICIALLY IN GARDEN MODE

DOORS CLOSE FOR APPS

[Roarmeister]

Still gardening but I had a little setback today.  I grabbed my scores and all three were down substantially due to the fact that I have new CC accounts (3 this year) and my util % on one card is 27% but 6.2% overall.  My overall CL is up -- way up with the 3 extra cards.  I have shifted my outlook to be CC debt free from April to May.  I thought about distributing the amount over a couple of cards to bring down the score - but then I figured, "what's the point?"  I don't need to get any new credit for quite a while and I only have credit on my lowest % card anyways (5.99%).

I subsequently dropped Credit Alert (from my bank) for my quarterly monitoring/score and went with Equifax which gives me unlimited score pulls and additional features for a similar price.  I have pdfs of my credit reports saved and updated my credit score tracking spreadsheet.  Frankly, I was a little surprised that all three scores were within a few points of each other - I figure its coincidence because of the different scoring models.  My score equates to 1% delinquency probability.

My revised target is for middle of next year to be back above 800 and into the 75+ percentile for Canadians.  What I need now is more history on my new cards and to wait for my hard pulls to fall off and the score shall rise again.    So I am just keeping out the weeds for now.  I've built my spreadsheet to track my AAoA this weekend.  Strong possibility of getting a job promotion/pay raise this week -- so I am crossing my fingers!

[Cadillac-XTS]

Congrats to web

[webhopper]

Thank you Credit314 Happily gardening with my new again bronze spade!!!

[PleioneG]

My goals for 2014 is to have a Chase Freedom and a decent credit union credit card. I'm hoping that having the Walmart and Amazon card will help with the wait seeing tht they love to give CLI to people who regularly use their store cards. Being a frequent shopper of both, I'm sure we'll see huge numbers by next year alone.

[tinuviel]

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@Credit314 wrote:

Congrats to web

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+1

[postalmommy]

I went on a MAJOR app spree and was approved for:

Fingerhut $600

CareCredit $2000

Walmart $150

Kohl's $300

I was denied by Target and Dillards and  I am waiting on decisions from Macy's, Children Place, TJX, and UnionPlus Cap One. I am also an AA on Sears Mastercard ($7000 CL opened 1979). I think I'll tend to my garden before planting anymore seeds. How long should I garden before applying for mortgage loans?

[webhopper]

@postalmommy

Minimum of 6 months... its usually not advised to apply for cards when you are in line for a mortgage. Typically new cards will drop your score for a short period of time due to the decrease in average age of accounts. You may see a score increase if you didn't have cards before... just be sure that you before you apply for mortgages; all of the cards except one should be at 0 balance and the one that is not should have less than 9% of its available credit used.

Best of luck.

also; depending on which mortgage product you are looking at; you will need a minimum of 640 score for FHA and 680 if you are going with a conventional... seems like you are very close! You may be house shopping by spring so by all means don't Max out the new cards and definately treat them well. If you have any baddies or unpaid collections; you will want to pay for delete or settle those prior to the mortgage process. Unpaid collection or chargeoff debt raises a big red flag in most underwriters' eyes.