@jamesdwi wrote:
@CreditScholar wrote:
@improvingmycredit wrote:HEY!!! Welcome to the forums!
Well, the damage is done. I don't recommend closing any accounts since you've already taken the hit for them. Definitely straight to the garden with you!
It's not the end of the world. You will see a dip in your FICOs for sure but they will rebound with time and no more apping. You may even see some AA from GE but I doubt it. Garden these new accounts and go app free for a good long while so that you can get the credit you really want in the end. Good Luck and Congrats on your new accounts!!!
+1. The damage is done and it's a fair bit of damage, but not the end of the world. You need to:
1. Stop applying for ANY new forms of credit. Let what you have age.
2. Choose 1-2 cards that you like, and then start using them. Charge on them every month and then PIF.
3. After 12 months the inqs will stop affecting your FICO, and within 24 months they'll fall off. You might try and ask for a CLI on the cards you're currently using.
4. After 24 months you might want to start thinking about applying for new cards. This is pretty much replacing your current crop with a better set.
Be very careful that you don't apply for anything else. If you don't start using a few cards regularly and garden, you'll end up in "low-limit-hell." Once you're in there it's not so easy to get out. From where you are currently I'd say you're 2-3 years away from being "prime", as long as you do the correct things from here forward.
+1
Make at least the minimum payment on any card you are carying a balance on but more is better. And never late,
also don't request any CLI's for at least 4 months, 6 months is better.
never use more than 50% of any card, and don't let more than 10% of any card report for 6 months as well.
You want to fly below the radar, if you don't get any additional red flags you will be fine.
After 6 months you should be ok, They probably won't ding you for stuff you did 6 months ago if don't have any lates or problems. Stay away from Barclays, so that new Apple computer is out of the question for a year, they have been known for closing your account if they notice any new cards even after they approved you while having them.
if you use them right some of the cards will give you auto CLI's especially the walmart and other GE backed cards.
+1
6 months is a good wait time for CLI's, I personally had better results doing that.
@FrugalRican wrote:And please, please, please... don't carry a balance on any of those store cards.
If you want to throw away money like that, I can PM you my address and you can send it to me instead.
Well I do shop t Walmart and American eagle frequently, so instead of using my debit card I'll put those charges on the card and then pif each month. The other 3 places I shop at, but not nearly as frequent. Once again I appreciate all the info no more apps for a long time.
@FicoTron wrote:
Yeah, that's a lt of new accounts with low limits. I took the conservative approach and got a secured card and another revolver nearly 2 years ago, always pif on both...it's taken a lot of patience but it's about to pay off. BTW did you even need these cards?