How bad did I just hurt myself

[Anonymous]

1) Congrats for joining the forum and putting forth the effort to address your credit....kudos

Your credit life isn’t over and you’ll be fine ( just stop aping…at least till the year is 2017

2) As ppl who've seen me post know....this is one of my pet peeves with giving TOO MUCH info to new folks w/o CONTEXT....

I get really TICKED OFF that marketers and the general public help overly encourage folks to chase ‘rewards’ way before that crap should even be a thought pattern IMO for a ‘re-builder’

“All I wanted was a card with a higher limit so that I could actually utilize it and earn rewards,”

Not blaming the ‘victims’ of this (IMO) bad advice (again a more mature, seasoned profile could and can ‘see’ things differently) but the gimmick of ‘easing’ a noobie into more and more swipes WILL lead to extra spending that should not and would not be happening on CCs in the 1st place….you do that with 1000 ppl and debt and credit problems WILL follow folks that would have never spent that money but for chasing ‘rewards’…

I hate it!

We then ‘trick’ ppl into “thinking” that they are at point C or D …when they really are closer to a weigh station between points A and B….

(again if a more mature account holder wants to play the rewards game or churn for points and app spree or pull some other credit vet move…FINE) ..

my issue is it confuses rookies and sophomores into doing ish they have NO BUSINESS even playing with, again I HATE it.

A person ‘building’ with a freaking $500 has ZERO (again IMHO) business contemplating m/freaking ‘rewards’ points... really?

But THIS is where MARKETING takes folks ( to sillyland)…a person who should be ‘auditioning’ for better credit and proving they can handle the CL they have…

gets caught up in swipe, swipe, swiping your way to rewards and then, do your best to have your payment ‘beat’ the reporting of that debt on your card…

So play with fire to get ‘points’…it’s only your credit and terms of future offers at stake why not PLAY THE GAME…Now, today, hurry, hurry!!!

C’mon ppl it’s a $500 CL for Pete sake….20% is $100 freaking dollars…this is NOT an account mature enough to be thinking about NO DAMN rewards points…

it’s a TWC (training-wheel-card) period, nothing more and IMO it should be used only for bubble gum and candy as one beefs up their credit ‘not’ to UTILIZE

like a ‘real’ CC b/c there isn’t a ‘real’ CL attached…

yeah I know some don’t like my analogy but hopefully it helps shock ‘some’ into rethinking and NOT over using ‘toy’ cards burning themselves before they really have a shot at actually building big boy/girl accounts.

Just my 2 cents…hope it helps someone consider a different spin

[Anonymous]

After feelings down on myself, I decided to check the status of all 3 cards I applied for. I was flat out instantly denied for the venture card. CK said it was a good chance, but I'm learning not to trust those anymore. I called Chase about the slate card after reading people having luck with asking for reconsideration, and she told me I was denied because of some baddies. Asked for reconsideration and she asked me a few questions about my job, and said she would send it through for finalization. I hit one wrong number on the app, so they just have to ask me a few questions tomorrow, but she said I was approved. Not sure on the limit though until tomorrow. Next, I found the backdoor number for barclay, and did the same thing. Approved! 1300 after being initially declined. Does every card work like this? Just a simple phone call? I plan on staying in the garden now. Happy I have some extra TL to report. I will be using these wisely. Is it safe to assume with both cards, I can call and ask for a CLI after 61 days? I'm at 28% utilization now, all because of the AU discover. So I'm hoping to get that number down when you throw mine into the mix. Thanks for all the help guys!

[Anonymous]

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@Anonymous wrote:

After feelings down on myself, I decided to check the status of all 3 cards I applied for. I was flat out instantly denied for the venture card. CK said it was a good chance, but I'm learning not to trust those anymore. I called Chase about the slate card after reading people having luck with asking for reconsideration, and she told me I was denied because of some baddies. Asked for reconsideration and she asked me a few questions about my job, and said she would send it through for finalization. I hit one wrong number on the app, so they just have to ask me a few questions tomorrow, but she said I was approved. Not sure on the limit though until tomorrow. Next, I found the backdoor number for barclay, and did the same thing. Approved! 1300 after being initially declined. Does every card work like this? Just a simple phone call? I plan on staying in the garden now. Happy I have some extra TL to report. I will be using these wisely. Is it safe to assume with both cards, I can call and ask for a CLI after 61 days? I'm at 28% utilization now, all because of the AU discover. So I'm hoping to get that number down when you throw mine into the mix. Thanks for all the help guys!

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I think you should focus on working on your derogs and gardening so you will be eligible for a car loan & mortgage when you need it. You may be eligible for a SP CLI with Barclay after 6 months but YMMV. Usually customer initiated CLI request for Chase and Barclay are HPs. You should stay away from new inquiries. 

As someone else suggested, I think you need to spend some time on the Rebuilder forum. Best of luck! 

Edited to add: If being an AU on someone else's Discover card is having a negative impact on your credit profile, then maybe you need to reconsider being an AU.

[takeshi74]

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@Anonymous wrote:

Credit karma said my scores for TU were 540, and EQ was 522.

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Keep in mind that those scores are only relevant to creditors that use a TU or EQ VantageScore 3.0.  Most use one of the FICO models.

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@Anonymous wrote:

Last week, before the update, I applied for a capital one quicksilver one card and got it! only a 500 limit though. So today, I got the card...I had read some people were able to get a CLI right away? Maybe I was wrong...

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One's credit profile and income are the primary considerations when determining the limit that one qualifies for.  If you got $500 then the creditor has some significant concerns about your credit profile.  Everyone's credit isn't the same so you can't just assume that if others get a CLI immediately that you will as well.

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@Anonymous wrote:

Given my new score...I got a little trigger happy and applied for a chase slate (they will let me know) a barclay cash back, and a capital one venture. All I wanted was a card with a higher limit so that I could actually utilize it and earn rewards, all while floating a 10% balance, or pay it off.

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It's never just about score.  The $500 limit is a sign that you should probably stop applying -- not that you should apply for more.

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@Anonymous wrote:

I feel so stupid for letting mysel put those inquiries on my report. Hopefully it will be offset when my capital one card, and the AU amex card finally start showing.

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Tradelines where one is an AU are not always considered so don't rely on them and focus building your own tradelines.

Inquiries are typically a small factor but they can have a bigger impact for those with thin profiles and/or profiles with issues.  If you're seeing a bigger impact from inquiries then you have bigger issues than the inquiries.  Carefully review your reports, identifiy your issues and work on addressing them.

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@Anonymous wrote:

Also...how different are FAKO and FICO?

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Don't rely on just FAKO versus FICO.  Always consider the specific scoring model whenever you're referring to any score.  You cannot use a score generated by one model to determine a score generated by a different model.  Different scoring models evaluate report data differently and can have different scoring ranges.  Even FICO doesn't have just one model used by creditors and the specific model will have an impact on the number generated.  See also the Understanding FICO Scoring subforum and its stickies.

You also need to consider the relevance of a given model & CRA to a given creditor product.  E.g. if a TU FICO 8 is used in the decision for a product then only that model & CRA are relevant.  Your scores with other CRA's and models will not be relevant for that decision.

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@Anonymous wrote:

is there a chance this stuff isnt actually reflecting with FICO yet?

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If the data in the report then the scoring model will consider it.  Any scoring model uses the data in a report to generate a score.  Don't conflate what myFICO indicates versus your current report data and score.  myFICO's monitoring is a trigger based service.  Not all activity with a scoring impact is a trigger.

http://myfico.custhelp.com/app/answers/detail/a_id/463/~/understanding-what-triggers-fico%C2%AE-3-bureau-credit-monitoring-and-fico%C2%AE-identity

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@Anonymous wrote:

I called Chase about the slate card after reading people having luck with asking for reconsideration, and she told me I was denied because of some baddies.

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Definitely read up on how credit is assessed.  That shouldn't be a surpise.  Derogs tend to have significant impact as long as they are on your reports.  They will kill Payment History, the biggest FICO scoring factor and they are significant red flags to creditors.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Identify and work on addressing the issues with your credit profile before you apply for anything else.  Make use of the Rebuilding subforum and carefully research before taking action.

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@Anonymous wrote:

As ppl who've seen me post know....this is one of my pet peeves with giving TOO MUCH info to new folks w/o CONTEXT....

I get really TICKED OFF that marketers and the general public help overly encourage folks to chase ‘rewards’ way before that crap should even be a thought pattern IMO for a ‘re-builder’

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It's up to each to learn and use the information appropriately.  No one that I've seen in this thread has encouraged the OP to go after rewards.  It's the OP that is jumping the gun.

As I said, credit profile and income will determine what limits one qualfiies for.  If one wants higher limits then one needs to work on the issues with one's credit profile instead of putting the cart before the horse.

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@Anonymous wrote:

Now, today, hurry, hurry!!!

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We also constantly remind newbies that building and rebuilding is a long, slow process.