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What credit card should i apply?

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Contributor

What credit card should i apply?

I was wondering which credit card company will approve me for a credit card or a personal loan with more than 6/months old inquires on my credit report.Any suggestion?

Here my score exp= 710 EQU=630 TRANS=660 

Message 1 of 11
10 REPLIES
Senior Contributor

Re: What credit card should i apply?

have you recently been denied for credit for too many inqs more than once?

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 2 of 11
Contributor

Re: What credit card should i apply?

hey scorebuilding,

                   Yes i have been denied recently because of too many inqs. 

Message 3 of 11
Valued Contributor

Re: What credit card should i apply?


mandela wrote:

hey scorebuilding,

                   Yes i have been denied recently because of too many inqs. 


 

I would say wait another year until those inquries age in are current credit crisis most cards will turn you down for to many resent inquries.

Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


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Message 4 of 11
Senior Contributor

Re: What credit card should i apply?


mandela wrote:

hey scorebuilding,

                   Yes i have been denied recently because of too many inqs


hey mandela,

 

while approval criteria for different lenders varies, in general they rely on compelling data that predicts excessive inquiries are a clear indicator of increased risk for default and many ccc's will deny for that reason alone.  i'm not a knowledge guru- but if you have ascertained that you need more credit, can you hunker down with some credit gardening and work strategically on cli's (and perhaps apr reductions as well) with current lenders as you pay down any balances you may have? 

 

i agree with mjbfan that waiting at least a year to age off the point damage of the inqs and see where you are then, before apping, could be quite beneficial to your 'approvability'.   i typically prefer not apping at all :smileyhappy: or at least to let inqs age off completely b4 apping since most of the lenders i am interested in now seem to really not like inqs and i don't like too many on my report either :smileyhappy:

 

i can assure you that it's inadvisable to view revolving credit as a personal loan in general and in particular in this climate.  try to ensure that you are aware of the diferences while you are deciding which path to take and perhaps post in General Forum if you are thinking about a personal loan for the best responses?  if you need some additional support with the app finger, you could check out the new but already highly regarded Tough-Love Cool Your Jets Center.  GL!

Message Edited by score_building on 01-22-2009 07:09 PM
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 5 of 11
Moderator Emeritus

Re: What credit card should i apply?


mandela wrote:

I was wondering which credit card company will approve me for a credit card or a personal loan with more than 6/months old inquires on my credit report.Any suggestion?

Here my score exp= 710 EQU=630 TRANS=660 


 

How many open CCs do you have? What are the CLs and balances on each? What's the bad stuff on your reports and how old are they?
Message 6 of 11
Valued Contributor

Re: What credit card should i apply?

Good point Score building

 

 

I need to practice what i preach for myself cause i have gone application crazy in 2008. I'm gonna try my best to stay application free in 09 & 10. Just let my accounts age an then go from there. I have been turned down for more accounts then approved due to to many resent inquires so that is a major factor in allot of banks approvals or denials.

Message Edited by mjbfan79 on 01-04-2009 02:14 PM

Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
Goal Score: 800 By January Of 2012


Take the FICO Fitness Challenge
Message 7 of 11
Regular Contributor

Re: What credit card should i apply?

do you have 6 inquries in each CB report?  If not, how many inquries per CB report?

Message 8 of 11
Regular Contributor

Re: What credit card should i apply?

Hi mandela - haven't you indicated you have 16 credit cards already?  What is your reason for wanting another card right now? 

 

Are you looking for something particular in a card that you don't already have, are you already maxed out on your existing cards, or do you just "feel like" you want another card?

Message 9 of 11
Moderator Emerita

Re: What credit card should i apply?

With 16 cards, and more than 25 INQs in the last two months, I'm going with... STOP!!! Smiley Happy

 

I think that you're running the risk of some serious adverse action, and possibly headed towards some "bad credit" mistakes if you don't put the brakes on. Perhaps it's time for long-term planning, rather than short-term gratification. You mentioned in another thread that you tend to apply for credit when you get bored. How do you feel about gardening as a new hobby? Smiley Wink

 

Getting new cards is fun and exciting, but believe me-- the new will wear off, and the consequences will shine through. If you don't have an absolute need for new credit, and you're invested in keeping the credit that you've got, slow down and make a long-term plan. If there is a card(s) that you want, and you're unlikely to get NOW because of the number of new accounts and INQs, then write it down, write down the steps or the changes that you need to make to get there, stick with the plan, and...

 

CHECK INTO THE TL-CYJ CENTER FOR GOODNESS SAKES! I think we'll need to house you on the maximum security ward, and assign a 24/7 guard. And, you're getting plastic cutlery-- in case you're thinking of tunneling out. Smiley Very Happy

 

Remember; The first step to recovery is admitting that you have a problem. We'll give you a pass out of the maximum security ward to let you come to the group sessions for Appaholics Anonymous.

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Message 10 of 11