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09-07-2013 12:42 PM - edited 09-07-2013 12:44 PM
Hey everyone. Long time lurker and first time poster here. Thought it was finally time to come out and join the ranks
- Started applying to credit cards about 2.5-3 years ago and wound up with tons of denials and inquiries due to thin file and unknown medical collection
- Paid up medical collection but they did not PFD
- Continued applying for credit cards to no avail. No credit union or even secured cards (what?)
- Gave up applying and stuck with debit cards for awhile
- Score was in the high 500s -low 600s due to collection and 10+ inquiries
Near present (3 months ago)
- Received many, many, many, many Discover IT letters in mail and bit the bullet and app'd for the student version. Got the 7-10 dreaded message and called in. Asked to send in verification of being a student... 30 minutues later.. APPROVED! for $500 but was very excited to finally get approved for a decent unsecured card at that.
- Decided to do a mini app spree and see if any other fish bit back.
- Denied for Cap1, Citi Forward, local bank, Chase Freedom, Barclay's.
- CK FAKO score at the time was around 610
- Been using Discover IT heavily considering low limit and paying multiple times a month. 3rd statement almost hitting and considering asking for CLI.
- Added onto mom's credit cards as AU. Chase Freedom - $11,000, AMEX BCP $10,000 and Macy's AMEX $15,000
- CK FAKO score up at 673
- Got the itch and app'd for three cards I thought were reasonable:
Walmart --> Instant approval $700; Called to recon and bumped to $1200; Excited for TU monthly score
Barclay's Reward MC --> Instant Approval $1200; Called twice and bumped to $2500 (WHAT?!)
Citi Forward Student --> 7-10 message; Called twiceand told denied due to credit history, collection and low revolving credit use; Decided to take it up with the EO. Nice lady said she would look at my file and forward it over to a credit analyst; Next day, called and asked to submit student ID pic; Next day, called and APPROVED for $500. Low limit, but glad to have my foot in the door!
So glad those 3 inquiries were not in vain!
CK FAKO: 643 due to inquiries and new accounts and low AAoA (2 years)
Oldest account is student loan accounts 7+ years
Inquiries still stand at 12 inquiries. Most falling off within 6-12 months.
TU Score (according to Barclay letter): 689 - but this was before Citi app
Any suggestions on things I should do next? My only plan of attack is to not attack and garden away. And currently working on having collection removed with OC.
(Sorry for the LONG post..!)
09-07-2013 02:06 PM
Welcome to the forum
You're off to a good start and now that you have some good TL's I reccomend you head for the garden for 9-12 months and age cards,INQ's,AAoA
Show good payments using all cards for the next nine months
If you plan on adding cards after that time don't go overboard (1-2)
Remember the golden rule...Pay all cards off $0 except one and let that one report a balance between 1-9%
If you have to make multiple payments monthly that's ok
You have a very thin file so you want to build scores right now along with AAoA
Glad to have you come in from lurking and become part of the MyFico family
09-07-2013 02:41 PM
09-07-2013 06:40 PM
I think the only thing I might come out of the garden for is if I am eligible for a Discover CLI. I've been using it so much and would love to have more freedome on it.
09-08-2013 12:00 AM
Anyone think I should apply for anything else at this time to age with the others? Trying to group the inquiries altogether
09-08-2013 12:06 AM
09-08-2013 12:54 AM
I want that darn Discover IT soooo bad!
09-08-2013 11:53 AM
I want that darn Discover IT soooo bad!
Don't worry, you'll get there one day! Perseverance and patience!
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