Credit Cards

[sugarshackchick]

I am rebuilding my credit as we speak. I have no BK's but have ran into collections which I am trying to pay off. No Auto Loans paid cash for car.  I have stayed away from the credit game and just used cash.  However, about 8 months ago I opened an account with Massey's $300 CL then 5 months ago opened account with Carol Wright $300 CL only used $100.  

I have student loans that keep me credit worthy I guess (I owe around $60k); and I had a Sears account back in the 90's with $5,000CL which was paid in full and is closed still shows on my credit report.    I need to finish my second degree and I need a student loan for $19K.  I have been using Citibank for my student loans and also have the private credit based student loan with Citibank.   I opened Orchard Bank 3 months ago $300 CL.  Last night I applied for Cap 1 approved $300 CL, applied Credit 1 approved $300 CL, applied Discover said system was down will receive notice in 7-10 days, then applied for Gap and A&F this morning on line will receive decision in 7-10 days.  

I don't carry a balance over 15% Orchard, My Carol Wright is almost paid off around 5% balance, Massey's paid that off in 5 months, $0 balance;  and I pay accounts on time monthly.  Did applying for 5 cards since 11pm last night just hurt my scores?  TU 598 EX 621 EQ 616  I am trying to build and get off this $300 CL that keeps being offered. I want a higher CL just to know I have it not to use it past my 15% rule.  Also, knowing that I applied for 5 cards will going to Citibank for the student loan I need hurt me and might get denied due to my new application venture? I need to have the funds for school by end of June.  I can't believe I applied for 5 cards I don't know what the heck I was thinking.  

[Creditaddict]

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sugarshackchick wrote:

I am rebuilding my credit as we speak. I have no BK's but have ran into collections which I am trying to pay off. No Auto Loans paid cash for car.  I have stayed away from the credit game and just used cash.  However, about 8 months ago I opened an account with Massey's $300 CL then 5 months ago opened account with Carol Wright $300 CL only used $100.  I have student loans that keep me credit worthy I guess (I owe around $60k); and I had a Sears account back in the 90's with $5,000CL which was paid in full and is closed still shows on my credit report.    I need to finish my second degree and I need a student loan for $19K.  I have been using Citibank for my student loans and also have the private credit based student loan with Citibank.   I opened Orchard Bank 3 months ago $300 CL.  Last night I applied for Cap 1 approved $300 CL, applied Credit 1 approved $300 CL, applied Discover said system was down will receive notice in 7-10 days, then applied for Gap and A&F this morning on line will receive decision in 7-10 days.  I don't carry a balance over 15% Orchard, My Carol Wright is almost paid off around 5% balance, Massey's paid that off in 5 months, $0 balance;  and I pay accounts on time monthly.  Did applying for 5 cards since 11pm last night just hurt my scores?  TU 598 EX 621 EQ 616  I am trying to build and get off this $300 CL that keeps being offered. I want a higher CL just to know I have it not to use it past my 15% rule.  Also, knowing that I applied for 5 cards will going to Citibank for the student loan I need hurt me and might get denied due to my new application venture? I need to have the funds for school by end of June.  I can't believe I applied for 5 cards I don't know what the heck I was thinking.  

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I don't know that you will see that much of a score loss for INQ and new accounts considering the lower bucket you are already in but some of these cards are just terrible and really built for rebuilding credit vs. you establishing a longer history and higher credit lines. Lets start with the worst!

Credit One?! I wouldn't get that and pay those fees unless I was in the car on my way home after discharging a ch 7 bk!

Orchard, not really any higher up the food chain then Credit One these days since Im pretty sure they no longer offer cards without an AF and they are not really known to give CLI and if they do usually $100-$300 and sit.

Capital One I might take if INQ didn't matter and if you just wanted to establish relationship for what ever reason, you will get the credit steps up to $500 but then most likely sit and not move and just be told to apply for higher up card as your credit gets better, but with triple HP each app I shy away these days.

I would think you might get Gap.

Discover... call the backdoor number listed in thread above, they should be able to review app now and give you answer, they might want to verify or ask why so much in student private loans etc.

and that is my final thought and question.. Why are you using Private Loans? are you maxed out on all the other kinds?

[bichonmom]

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sugarshackchick wrote:

I am rebuilding my credit as we speak. I have no BK's but have ran into collections which I am trying to pay off. No Auto Loans paid cash for car.  I have stayed away from the credit game and just used cash.  However, about 8 months ago I opened an account with Massey's $300 CL then 5 months ago opened account with Carol Wright $300 CL only used $100.  I have student loans that keep me credit worthy I guess (I owe around $60k); and I had a Sears account back in the 90's with $5,000CL which was paid in full and is closed still shows on my credit report.    I need to finish my second degree and I need a student loan for $19K.  I have been using Citibank for my student loans and also have the private credit based student loan with Citibank.   I opened Orchard Bank 3 months ago $300 CL.  Last night I applied for Cap 1 approved $300 CL, applied Credit 1 approved $300 CL, applied Discover said system was down will receive notice in 7-10 days, then applied for Gap and A&F this morning on line will receive decision in 7-10 days.  I don't carry a balance over 15% Orchard, My Carol Wright is almost paid off around 5% balance, Massey's paid that off in 5 months, $0 balance;  and I pay accounts on time monthly.  Did applying for 5 cards since 11pm last night just hurt my scores?  TU 598 EX 621 EQ 616  I am trying to build and get off this $300 CL that keeps being offered. I want a higher CL just to know I have it not to use it past my 15% rule.  Also, knowing that I applied for 5 cards will going to Citibank for the student loan I need hurt me and might get denied due to my new application venture? I need to have the funds for school by end of June.  I can't believe I applied for 5 cards I don't know what the heck I was thinking.  

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You're in what's known as "toy limit he**." First of all, you need to stop appying for credit cards until you have your collections (CA) taken care of. Most prime CCs aren't going to approve you and the rebuilders (Credit One, Orchard, Cap One) will only give you $300 to $500 CLs, or maybe $750, if you're lucky. They never get beyond that. They aren't designed to grow with you. And some, like Credit One, have astronomical fees.

You should look into PFD your CAs (pay for delete). Just paying them off isn't going to improve your credit. Your FICO is the same with paid as unpaid CAs on your CR. If you've already PIFd some, then I'd GW them to try and get them off. If you look in the rebuilng thread, you should be able to find more info there about PFD and GW.

Depending on how old/recent your CAs and how many, etc., you *might* want to look at local CUs for a CC. They will grow with you. They might start you at $500, but will CLI when you've established credit with them and your CR is better. But if your CAs are recent or many, then you should wait.

Also, you seem to be under the impression that you need to be carrying a balance to build your credit, and that's not true. The best thing to do is PIF your CCs every month -- or even before the statement cuts, if you want it to report a zero bal. That will boost your FICO and is a good thing to be if you're planning on apping.

I wouldn't worry about the ding from your inq and new accts. Mostly, I would focus on getting the CAs off your CR.

[sugarshackchick]

Unfortunately, when I was young and dumb I was a career student just taking classes for the heck of it no goal and maxed out on undergrad. Now working on second undergrad degree in a totally new (field first degree was Business Admin) so that's why I have to do the private loan. So do u suggest when the credit 1 comes send it back? If I do that never activate it will that hurt my score?

[Creditaddict]

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sugarshackchick wrote:
Unfortunately, when I was young and dumb I was a career student just taking classes for the heck of it no goal and maxed out on undergrad. Now working on second undergrad degree in a totally new (field first degree was Business Admin) so that's why I have to do the private loan. So do u suggest when the credit 1 comes send it back? If I do that never activate it will that hurt my score?

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it's going to show regardless but I would close it! you will get any annual fees back if cancelled within 30 days.

[sugarshackchick]

Ok, thanks for that info.  Wish I had posted before I applied....Discover just denied me because of the CA's...oh well now I know.  Won't do any more apps until I pay off CA and get them deleted.  Will sit still for about I guess 9 months?