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No. Stop.
How many inquiries do your have now? If the report says you have too many inquiries, the logical next step would be to stop applying for more credit. You want 6 months between apps/inqs and no more than 4-6 in a 2 year period.
Your energy should be focused on paying down your balances until util is less than 10% or you're able to PIF every month. It makes no sense to get a charge card if you can't pay your balance off monthly.
@watch44 wrote:No. Stop.
How many inquiries do your have now? If the report says you have too many inquiries, the logical next step would be to stop applying for more credit. You want 6 months between apps/inqs and no more than 4-6 in a 2 year period.
Your energy should be focused on paying down your balances until util is less than 10% or you're able to PIF every month. It makes no sense to get a charge card if you can't pay your balance off monthly.
+1
AMEX is not as sensitive to INQ's as they are to recent negative information (collections, chargeoffs, recent BK's). So, concentrate on cleaning up your reports while you lower overall/individual utilization (<30%, but lower is better (1-9% optimal)). Once you have those under control, your scores will improve and better your chances for approval.
Good luck on your journey...remember, obtaining good credit is a marathon, not a sprint.
@Credithungry76 wrote:
Okay I understand about PIF. I should do that, my last hp was in February. Now how could they still report the 2006 negs from JCP and Orchard? Is it because of it being sold to those CAs?
The negatatives you mentioned remain on your CR's for 7 years unless you negotiate with the OC's or CA's and get something removed. Depending on your baddies actual month they should be falling off soon if they date to 2006.
@Credithungry76 wrote:
So my hhi of $85k should be good and I'll pay the balances down. The credit report I would leave the 2006 baddies alone cause they might date recent. Does that amex site soft pull will be a bad move? Maybe I should work on a good credit mix with Discover IT, they sent me an invite.
Welcome to the forum.
I have never heard of an Amex approval less than 600. Amex will more than likely decline your app based on the 8 negs, the HHI is irrelevant if the credit is poor.
Are most of your COs, from 2006? Those should fall off 7-71/2 years, then that should really help your report. If I were you, I would work on cleaning up your report & not worry about more credit right now. Then maybe some of the inqs would fall off.