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 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!
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.