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New Contributor
Posts: 54
Registered: ‎04-24-2008
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Just dipped my toes in...

I finally bit the bullet and filled out a couple of credit card applications.  I've been working on repairing for a while and I have definitely seen a decent jump in all of my scores, but one thing that was killing me was utilization and no open accounts.  (All of my old accounts were closed before they were paid off and I am still paying them off.)  So I used WGMC to figure out who I should apply to, used the soft inquiry sites and sent out two applications, both of which came back approved!  I received an Orchard Bank - CL $300 and a Target RedCard - CL $200.  Nothing great, certainly not terrific CLs, but the idea that institutions were willing to give me a shot really thrills me.  Coming from the land of not answering my phone becasue the only ones calling me were collection agents to actually being approved... feels great.  I know this is just the start of my AWESOME credit!  Smiley Very Happy  You know you're becoming credit obsessed when you can't wait to pay your bills!  hahaha
Established Contributor
Posts: 648
Registered: ‎02-04-2008
0

Re: Just dipped my toes in...

Good job...treat them well and watch them grow. Well maybe not Target.
Established Contributor
Posts: 583
Registered: ‎06-22-2008
0

Re: Just dipped my toes in...

Congratulations, I am right there with you.
 
I was sooo happy when I got approved...I was in shock!!
 
Let the good times roll.........


Starting Score: TU- 682, EQ- 698, EX- 713
Current Score: TU- 723, EQ- 747, EX- 737
Goal Score: 760 PLUS FICO's


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Member
Posts: 6
Registered: ‎01-13-2008
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Re: Just dipped my toes in...

Be very careful and you'll never have to backstep again!
Senior Contributor
Posts: 3,279
Registered: ‎08-03-2007
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Re: Just dipped my toes in...

Congrats on the new accounts! Since your util is through the roof being that you owe balances on closed cards listing no available credit, once you get those paid off I'm sure you'll see a significant score boost.
Here we go again...
New Contributor
Posts: 54
Registered: ‎04-24-2008
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Re: Just dipped my toes in...

Thanks everyone!  I have a gameplan for the Orchard of using it as a gas card only since gas is already built into my monthly budget.  That way I can use and pay without spending more money.  The Target - I'm not crazy about the APR so that may be used once or twice and then relagated to the back of the wallet. 
 
I agree, the utilization is my biggest pain. I have a Cap1 card that was closed after I defaulted on it.  I basically stuck my head in the sand for a while while the late fees and over limit charges brought it from $300 to well over $900.  Grrr.... stupid me!  So now I have $580 left on that to pay off and then I have a BoA that reports as an account in good standing, but was closed due to high utility on my other accounts.  I didn't even know they could do that, and my balance on that card was pretty high.  So... about $1800 left to go on that one.  I can get Cap1 paid by October and hit whatever is unpaid on the BoA washed with my Christmas bonus - the my Christmas present will be shiny new FICO scores for the new year!  LOL 
 
On question though... I was planning to leave things as they are - 1 Orchard, 1 Target.  Someone mentioned today that if inquiries hurt your score and fall off at the same time, I should apply for more cards now and that way all inquiries will fall off together.  I say I don't NEED credit until next February when I move, so I should avoid the temptation of applying for it until my scores are better. 
 
Does anyone have any advice which route is better in the grand scheme of all things FICO?  Smiley Happy
Established Contributor
Posts: 832
Registered: ‎03-20-2008
0

Re: Just dipped my toes in...



ekb117 wrote:
Thanks everyone!  I have a gameplan for the Orchard of using it as a gas card only since gas is already built into my monthly budget.  That way I can use and pay without spending more money.  The Target - I'm not crazy about the APR so that may be used once or twice and then relagated to the back of the wallet. 
 
I agree, the utilization is my biggest pain. I have a Cap1 card that was closed after I defaulted on it.  I basically stuck my head in the sand for a while while the late fees and over limit charges brought it from $300 to well over $900.  Grrr.... stupid me!  So now I have $580 left on that to pay off and then I have a BoA that reports as an account in good standing, but was closed due to high utility on my other accounts.  I didn't even know they could do that, and my balance on that card was pretty high.  So... about $1800 left to go on that one.  I can get Cap1 paid by October and hit whatever is unpaid on the BoA washed with my Christmas bonus - the my Christmas present will be shiny new FICO scores for the new year!  LOL 
 
On question though... I was planning to leave things as they are - 1 Orchard, 1 Target.  Someone mentioned today that if inquiries hurt your score and fall off at the same time, I should apply for more cards now and that way all inquiries will fall off together.  I say I don't NEED credit until next February when I move, so I should avoid the temptation of applying for it until my scores are better. 
 
Does anyone have any advice which route is better in the grand scheme of all things FICO?  Smiley Happy


You mentioned you don't need credit until next feb when you are moving? If I were you I would sit and wait. Pay off as much as you can on your two closed accts and keep your util low on the Orchard and Target. Then I would pull your ficos again before you app for credit to see where you stand.  Especially if you are planning on buying a home as part of the move you mentioned, even renters have their credit checked.
I could be way wrong but this is what I would do. I'm sure someone who is more informed will chime in. Best of luck to you.
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