I THINK I APP WAY TOO MUCH !!!! SO SCARED I MESSED UP !!

[-Cain-]

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@Anonymous wrote:

what if I decide to not use the best buy and walmart at all will that hurt me? and how long do I need to wait before a car loan ..... thinking maybe 3 -4 months ...is that enough ?

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The inquiry has been done and the tradeline will be added, the damage has been done. The credit lines will add some to your overall CL and help with utilization, now that they are there, use them to your advantage. Use them, just don't let balances report, PIF before statement is cut. As for the auto loan, there was a poster that worked for VW I believe, you may want to post that question in the auto loans board. If you belong to a CU, you can also ask the loan officer's opinion regarding your app spree, and also get a pre approved loan which may or may not cut down on unnecessary inquiries at the dealership.

[Anonymous]

If you're going for a car, then I'd start by saving for down payment... A strong down payment will smooth over (almost) any credit issues. If you're going for a house, then you'll definitely need to let go of the app itch several months before hand. And save money of course.

I'd also make sure to properly manage the cards you do have... But I'm sure you already know this.

[Anonymous]

Very smart  .....  will look  into the cu option in a couple of months.... I think I feel a little better about the situation.... thanks everybody

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@-Cain- wrote:

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@Anonymous wrote:

what if I decide to not use the best buy and walmart at all will that hurt me? and how long do I need to wait before a car loan ..... thinking maybe 3 -4 months ...is that enough ?

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The inquiry has been done and the tradeline will be added, the damage has been done. The credit lines will add some to your overall CL and help with utilization, now that they are there, use them to your advantage. Use them, just don't let balances report, PIF before statement is cut. As for the auto loan, there was a poster that worked for VW I believe, you may want to post that question in the auto loans board. If you belong to a CU, you can also ask the loan officer's opinion regarding your app spree, and also get a pre approved loan which may or may not cut down on unnecessary inquiries at the dealership.

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[Revelate]

You'll be fine.  You're talking a 1 year score penalty at the worst, and 2 years for them to completely fall off your record.  Sure it wasn't ideal, but it's nowhere nearly as bad as getting another collection or late payment on the record.

Regarding the car, as Cass suggests, it's not so much a time thing in your situation, it's a downpayment thing for approval.  Probably six months to seven months would be better (or possibly right now before the tradelines fully hit) for your score to recover a bit from the new accounts but if you need a car you need a car.  You can always refinance the loan later anyway.

[2NE1]

OP, congrats on your MASSIVE app spree!

don't forget to register your wally card and opt-in for paperless statements to get your free TU08 FICO score!

[FrugalRican]

What's done is done.

Now work on building that credit.

You got some decent cards there. At least you get a free TU Fico with the Walmart and Discover is pretty nice.

Just, no more apping. Let these cards grow.

[dpechal]

I think your CS will be around 600.

[Anonymous]

I understand where you are coming from.

Let's face it- there is a certain "high" that comes from applying for credit cards.    For me- it's almost like being at a casino.   Pulling that one armed bandit...waiting to see what will happen.   (I havent been in years but that is the best way I can describe the high)

It takes wisdom not to apply - and patience to allow your current accounts to grow.  I am still learning wisdom and patience. 

Think about joining the monthly garden club meeting.  But be advised- even there folks are constantly talking about applying for cards- and my favorite, which card to apply for next.  SMH !!

[drkaje]

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@dpechal wrote:

I think your CS will be around 600.

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Might dip lower. 9 apps and 5 new accounts dragging average age down sounds pretty score unfriendly. In a year it won't hurt that bad but the inquiries will still show. I guess the recovery time will also depend upon how many inquiries OP had pre-spree.