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Regular Contributor
MYCherie
Posts: 170
Registered: ‎10-08-2012
0

Newbie...Looking for some advice.

Hi everyone, first of I would like to thank you for where I ama today.  This forum has assisted me on the road to credit recovery, but I believe I may have missed up.  For the last year I have been a lurker and finally decided to tell my story and will make it quick.  I had the below cards

 

BBRZ 300

Cap1 500

Cap 1 500

Household 320

 

My scores were around 540-580, then this summer i just on a whim with a friend who applied I applied also for a Jared, they gave me 6000 and I felt pretty good so I applied at khols, Cap 1 who gave me 300. During the middle of November addicted to this forum thought shoot let me apply for something else, since everyone is doing so well and I pay my cards in full and very seldom get a balance reported , about 20% util.  I started on a stupid app spree and were approved for the below, 

 

Wal Mart 400

Amazon Card 700

Pay Pal Connect 800

Macys 600

Bloomies 300

Old Navy 200

 

I am now afriad that because I have all these inquires I will not get a decent card besides Cap 1, Barclays denid me for too many inquiries.  Sigh I know should have read the threads better :smileymad:

 

What should I do now if I want to gain better footing in getting a discover or anything else at this point besides store cards.

 

Income 98k and aaoa 3.5 with new cards and I just received my scores throu equifax 555 and experian 561 and walmart Fico 623.

 



Starting: 563 | Current: 646 | Goal: 750.
Garden 09/24/2013

Frequent Contributor
CreditWorld2013
Posts: 346
Registered: ‎02-01-2012
0

Re: Newbie...Looking for some advice.

[ Edited ]

MYCherie wrote:

Hi everyone, first of I would like to thank you for where I ama today.  This forum has assisted me on the road to credit recovery, but I believe I may have missed up.  For the last year I have been a lurker and finally decided to tell my story and will make it quick.  I had the below cards

 

BBRZ 300

Cap1 500

Cap 1 500

Household 320

 

My scores were around 540-580, then this summer i just on a whim with a friend who applied I applied also for a Jared, they gave me 6000 and I felt pretty good so I applied at khols, Cap 1 who gave me 300. During the middle of November addicted to this forum thought shoot let me apply for something else, since everyone is doing so well and I pay my cards in full and very seldom get a balance reported , about 20% util.  I started on a stupid app spree and were approved for the below, 

 

Wal Mart 400

Amazon Card 700

Pay Pal Connect 800

Macys 600

Bloomies 300

Old Navy 200

 

I am now afriad that because I have all these inquires I will not get a decent card besides Cap 1, Barclays denid me for too many inquiries.  Sigh I know should have read the threads better :smileymad:

 

What should I do now if I want to gain better footing in getting a discover or anything else at this point besides store cards.

 

Income 98k and aaoa 3.5 with new cards and I just received my scores throu equifax 555 and experian 561 and walmart Fico 623.

 


Congrats! I think you went for too many cards backed by the same bank : GE in such a short time. A thread recently stated they closed all of the accounts because they were all GE and opened within a short time and they got spooked. I would lay low and let them garden also note GE is very good with Credit Limit Increases. So if nothing happens and they stay open just wait for them to age and request CLI's throughout the year for different cards with time between each account. 

Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
0

Re: Newbie...Looking for some advice.

Honestly, yes you may have opened too many cards in a very short period lol. The good news is, all of this positive credit will work for you while you're not paying attention to it. After 1 year, the Inq's won't affect your FICO, but they'll stay on there for 2 years. How many Inq's are you at? and how many are scheduled to fall off within the next few months?



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


Take the FICO Fitness Challenge
Regular Contributor
MYCherie
Posts: 170
Registered: ‎10-08-2012
0

Re: Newbie...Looking for some advice.

Thanks CC365, I just read the same thing about closing of the cards. Ugh... I hope not.  I have been sitting on the Cap 1 cards for over a year and a half.  I am going to fly under the radar.. Yep 5 Ge cards, I pray they do not close me.  Its been almost 30 days so I will keep my fingers crossed.



Starting: 563 | Current: 646 | Goal: 750.
Garden 09/24/2013

Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
0

Re: Newbie...Looking for some advice.

Hopefully they just let you skate by. I think you'll make it if you've already went 30 days.



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


Take the FICO Fitness Challenge
Regular Contributor
MYCherie
Posts: 170
Registered: ‎10-08-2012
0

Re: Newbie...Looking for some advice.

I have are you ready 28 inq....(covering my face, blushing)  But I have 9 which will fall off the first 3 months of 2013.  I hope so and will stay in the garden, just afraid so many store cards will keep me from getting anything prime...



Starting: 563 | Current: 646 | Goal: 750.
Garden 09/24/2013

Frequent Contributor
jake619
Posts: 496
Registered: ‎11-13-2012
0

Re: Newbie...Looking for some advice.

Lots of cards but are they what you want? I mean wouldn't you prefer two or three primes with better individual CL's? At 98K and 3.5 AAoA what's holding you back?

GangnamFICO wrote:

Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.


Minor vulgarity edit --Rev



Valued Contributor
maiden_girl
Posts: 2,098
Registered: ‎12-29-2011
0

Re: Newbie...Looking for some advice.

I would have to agree. Too many GE backed cards. It's ok to have maybe one or two cards from the same bank but anymore than that and the limits will begin to decline. It just gets to point where a single bank is only willing to lend you so much money. Never fear, GE limits will grow with you in about 4 to 6 months with a few potentially upgrading. I know the Walmart upgrades to Discover. I think Old Navy upgrades to VISA.

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Regular Contributor
MYCherie
Posts: 170
Registered: ‎10-08-2012
0

Re: Newbie...Looking for some advice.

Thanks, I would love only a few prime cards but I apped for Citibank, whom I bank with and Discover both declined. I figured more time is needed..



Starting: 563 | Current: 646 | Goal: 750.
Garden 09/24/2013

Established Contributor
djrez4
Posts: 504
Registered: ‎08-28-2012
0

Re: Newbie...Looking for some advice.

Let's talk about the derogatories on your reports....

 

There have to be quite a few for you to have scores in the 500s.


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