Reply
Established Member
mondlight
Posts: 11
Registered: ‎06-17-2013

Should I App Spree? Please & Thank You for any advice...

I've been reading these forums for a couple of weeks and have learned a ton of things that I wish I knew prior!

 

My situation is this: I have a bk that is almost 8 years old - set to fall off my CR in 8/2015. Since my bk filing, I have applied for two things: a credit card and a car loan. The car has been paid off for a year, and the card is 5.5 years old. Due to reading the forums, I called on my card last weekend (Cap1 Platinum/Annual Fee $39) and requested an upgrade. They gave me my choice of products and upgraded me immediately to a VentureOne without pulling my credit. Yippee!!!

 

Now I feel as if I have wasted some time rebuilding my credit. When my bk falls off in two years, I would love to have a few additional positive revolving TLs showing on my report. I never realized that only having one cc could affect me adversely in creditor's eyes. I've literally shied away from credit since the bk because I've been terrified of a denial. So yeah... no inq's on any of my reports.

 

I am considering doing a mini app spree. I have no baddies, aside from the bk. I haven't paid one late payment since the bk, but I know my file is thin. I understand that my credit score may go down in the short term, but in two years, I think I would benefit more. What do you guys think? My current util is 17%, but my next payment will bring it down to 7%. The only cc I burned in the bk is Chase.

 

Cards I would like to have:

Discover It

Barclay's Rewards or Apple

Amazon Store Card

 

Any advice on what order I should app in if I go for these three? I'm a little nervous because I think they all pull TU. With my credit situation, are there any different cards I should be considering? Am I aiming too high with the Discover?

 

Seriously, any insight is very much appreciated! 


Starting Score: 693 (EQ myFICO), 667 (Credit Karma), 722 (Credit Sesame) as of 6/17/2013
Current Score: 700 (EQ myFICO), 671 (Credit Karma), 722 (Credit Sesame) as of 6/28/2013
Goal Score: 750+

Gardening until 1/1/2014 or later!

VentureOne $5500 // Discover It $1500 // Amazon Store $1800
Community Leader
Senior Contributor
myjourney
Posts: 25,277
Registered: ‎02-07-2013

Re: Should I App Spree? Please & Thank You for any advice...

[ Edited ]

mondlight wrote:

I've been reading these forums for a couple of weeks and have learned a ton of things that I wish I knew prior!

 

My situation is this: I have a bk that is almost 8 years old - set to fall off my CR in 8/2015. Since my bk filing, I have applied for two things: a credit card and a car loan. The car has been paid off for a year, and the card is 5.5 years old. Due to reading the forums, I called on my card last weekend (Cap1 Platinum/Annual Fee $39) and requested an upgrade. They gave me my choice of products and upgraded me immediately to a VentureOne without pulling my credit. Yippee!!!

 

Now I feel as if I have wasted some time rebuilding my credit. When my bk falls off in two years, I would love to have a few additional positive revolving TLs showing on my report. I never realized that only having one cc could affect me adversely in creditor's eyes. I've literally shied away from credit since the bk because I've been terrified of a denial. So yeah... no inq's on any of my reports.

 

I am considering doing a mini app spree. I have no baddies, aside from the bk. I haven't paid one late payment since the bk, but I know my file is thin. I understand that my credit score may go down in the short term, but in two years, I think I would benefit more. What do you guys think? My current util is 17%, but my next payment will bring it down to 7%. The only cc I burned in the bk is Chase.

 

Cards I would like to have:

Discover It

Barclay's Rewards or Apple

Amazon Store Card

 

Any advice on what order I should app in if I go for these three? I'm a little nervous because I think they all pull TU. With my credit situation, are there any different cards I should be considering? Am I aiming too high with the Discover?

 

Seriously, any insight is very much appreciated! 


Welcome to the forum

I see you have done your homework and I just have one question have you pulled any scores?

"Intelligence plus character--that is the goal of true education"
Cap1 EO link below
http://lmgtfy.com/?q=Capital+One+CEO+email+address+#seen
Last 5 apps 6/6/13
Established Member
mondlight
Posts: 11
Registered: ‎06-17-2013

Re: Should I App Spree? Please & Thank You for any advice...

Thank you! No, I haven't pulled any scores yet. I'm still confused about FAKO/FICO and what I can actually count on. I only have my Credit Karma (667) / Credit Sesame (722) to go off of at this point. Any recommendations?


Starting Score: 693 (EQ myFICO), 667 (Credit Karma), 722 (Credit Sesame) as of 6/17/2013
Current Score: 700 (EQ myFICO), 671 (Credit Karma), 722 (Credit Sesame) as of 6/28/2013
Goal Score: 750+

Gardening until 1/1/2014 or later!

VentureOne $5500 // Discover It $1500 // Amazon Store $1800
Moderator
09Lexie
Posts: 24,547
Registered: ‎09-13-2012

Re: Should I App Spree? Please & Thank You for any advice...

Welcome to the forum and congratulations on your rebuilding efforts thus far. Discover has been known to pull EQ or TU. afaik, Amazon Store ( GE backed) and Barclays is exclusive TU. Do you travel, want cash back?
Community Leader
Senior Contributor
myjourney
Posts: 25,277
Registered: ‎02-07-2013

Re: Should I App Spree? Please & Thank You for any advice...

[ Edited ]

mondlight wrote:

Thank you! No, I haven't pulled any scores yet. I'm still confused about FAKO/FICO and what I can actually count on. I only have my Credit Karma (667) / Credit Sesame (722) to go off of at this point. Any recommendations?


While CK and CS can be good for alert and other things the scores they give you are fake A.K.A.=FAKO

Fico scores which are sold here will you a better picture of were you are score wise=FICO

 

If your scores are pretty close to the Fako scores you have listed I would have a better chance at giving you advice but based on FAKO scores I wouldn't take a chance because they can be +/- 100pts

"Intelligence plus character--that is the goal of true education"
Cap1 EO link below
http://lmgtfy.com/?q=Capital+One+CEO+email+address+#seen
Last 5 apps 6/6/13
Established Member
mondlight
Posts: 11
Registered: ‎06-17-2013

Re: Should I App Spree? Please & Thank You for any advice...

Thank you very much!

 

I'm open, really. I'd definitely like to have a solid cash back card, but I also travel a few times a year so travel rewards don't hurt either!


Starting Score: 693 (EQ myFICO), 667 (Credit Karma), 722 (Credit Sesame) as of 6/17/2013
Current Score: 700 (EQ myFICO), 671 (Credit Karma), 722 (Credit Sesame) as of 6/28/2013
Goal Score: 750+

Gardening until 1/1/2014 or later!

VentureOne $5500 // Discover It $1500 // Amazon Store $1800
Established Member
mondlight
Posts: 11
Registered: ‎06-17-2013

Re: Should I App Spree? Please & Thank You for any advice...

Okay, I just signed up for the myFICO trial and it gives me my Equifax FICO at 693. 


Starting Score: 693 (EQ myFICO), 667 (Credit Karma), 722 (Credit Sesame) as of 6/17/2013
Current Score: 700 (EQ myFICO), 671 (Credit Karma), 722 (Credit Sesame) as of 6/28/2013
Goal Score: 750+

Gardening until 1/1/2014 or later!

VentureOne $5500 // Discover It $1500 // Amazon Store $1800
Community Leader
Senior Contributor
myjourney
Posts: 25,277
Registered: ‎02-07-2013

Re: Should I App Spree? Please & Thank You for any advice...

[ Edited ]

mondlight wrote:

Okay, I just signed up for the myFICO trial and it gives me my Equifax FICO at 693. 


EQ is discover territory so I would say your chances are good for that...

 

GE cards such as the amazon pull TU scores also Barclay

"Intelligence plus character--that is the goal of true education"
Cap1 EO link below
http://lmgtfy.com/?q=Capital+One+CEO+email+address+#seen
Last 5 apps 6/6/13
Moderator
09Lexie
Posts: 24,547
Registered: ‎09-13-2012

Re: Should I App Spree? Please & Thank You for any advice...

Community Leader
Senior Contributor
myjourney
Posts: 25,277
Registered: ‎02-07-2013

Re: Should I App Spree? Please & Thank You for any advice...


09Lexie wrote:
Since your bk is 8yrs old, why not Amex PRG?

Great travel reward card 

"Intelligence plus character--that is the goal of true education"
Cap1 EO link below
http://lmgtfy.com/?q=Capital+One+CEO+email+address+#seen
Last 5 apps 6/6/13

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+