addicted to applying for new credit... :(

[smallfry]

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@Anonymous wrote:
My new addiction is to see my average age of my credit history go up and getting more cards would not help. It was fun at 1st but then the better cards with the big credit lines started to come & now the cards that I started with I no longer want. I kinda wish I would have been more patient and not just app for any & every card. It was hard coming to this board and seeing a post about someone getting that new card with the big limit and telling myself not to app. Next thing I know I'm at that site filling out the app and staring at my moniter for those 30 seconds hoping to see YOU'RE APPROVED! Don't get me started on the checking the mail thing.

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This post and the one from Hauling sum things up well. In the time since I started rebuilding I have closed about 1/2 of the accounts that I was approved for initially. My scores are probably 20-30 points lower than what they should be because of the destruction of my average age. Unfortunately some people need to just stop reading the credit boards to get away from the lure of more cards. Good luck.

[creditreformer]

I do a few things-

Set a goal (for me it’s 700 ficos) + vow NOT to app until I reach it.  I do NOT check my ficos compulsively which staves off the need/desire to app.

Ask if I REALLY need a new cc.  Usually, if I ‘cool my heels’ + RESEARCH it, I realize that I don’t need a new cc + I don’t need the one that I was looking @.  I have a list of my ‘next round of ccs’ + I realize I’m not ready fico wise for them, so I’m cooling my heels + somehow, knowing that 1 day, I WILL get THOSE ccs makes waiting worthwhile.

Realize that inqs + new accts will DELAY me reaching my goal

Realize that it’s a wacky credit environment right now + the days of easy approvals are gone

Set another goal (for me it’s a new used car b/c mine’s pretty much RIP) + realize that IF I app again, THAT is what I will app for

Realize that to maximize my chance @ high CLS, my current accts need to age

Freeze reports so even if my fingers get itchy, unfreezing would be a pain + so it’s best not to bother

Realize that it’s very easy to fall into the ‘1 cc, 2 cc, take every cc I can get’ trap.  I did that in the past + I’m STILL paying dearly for credit mistakes I made years ago.  7.5 years is a VERY long time once you muck up your credit + I’ve worked TOO HARD to repair/rebuild to fall into the trap of cc addiction.

Realize that EVEN IF I got new ccs, w/the funky credit environment, too many ccs in a short period could

mean AA, FR, RJ, acct closure, denial for ccs I REALLY want, CLDs, CLI denials, etc.

For now, I’m focusing on what I’ve been doing since starting to rebuild in early 07- PIF, build up my savings, repairing, SAVING $, etc.  I also realize that like fine wine, credit reports become better w/age.  In 3 more statements, my BA 99/500 (my first ‘prime’ cc) will graduate- knowing that makes WAITING to app even easier.  Over the next few mos., my reports will get cleaner + ficos will rise as inqs + past baddies age off.  Knowing that my ficos will rise as a result makes WAITING to app even easier.

In just a few mos., I’ll hit my goal of 700 ficos.  I worked long + hard for that + FINALLY, after years of being stuck in horrific ficos (400s-500s- even just in early 08, it was 570s), I see the TUNNEL…AND there is LIGHT.  Once I hit 700s, I have a new goal of 800 ficos.

 

[Anonymous]

What happened to the SLEIGH CENTER?   MODS????

[haulingthescoreup]

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l9ikjam wrote:

... & now the cards that I started with I no longer want. I kinda wish I would have been more patient and not just app for any & every card.

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Thank you so much for posting this!!!

I hope that new members, and anyone starting from scratch with credit or rebuilding from previous credit messes will read this and take it to heart!

After you have two or possibly three rebuilder cards, STOP! Let them report and improve your scores, and then go after the good stuff. Everyone's impatient, I know, but you don't want to have a report cluttered with high-fee junk.

You don't need a dozen $200 CL cards to get you where you want to be. Just get the bare minimum, stay timely, hang in there, and be patient. You'll be happier in the end.

[mamalawery]

i understand. i just did about 10 myself in the past 2 months. i got a 3000.00 kay's jeweler account out of it, and i am waiting on the last 2. i did it all before 01/01/2009. i have made a promise to myself that my app addiction will not rule me from this year forward.

i hope to refinance my new car i bought in 6 months to a year. it has a 17.49% apr. my previous had 25.99% on a used car when i started auto loans!! so that will be the only thing that i apply for in the next 2 years. i will let my current starter cards build their crl's and just have to leave the app's alone. i live in ga so equifax has been pulled like crazy, and have been declined cred becauseof too many inq.

it's an addicition and i am not ashamed to say i am on step 3...acceptance, lol!!!

equ: 43 inquires

tu: 16

exp: 13

[smallfry]

+1 Hauling. Like the man from the creditblog says low limit and store cards are like cat litter on your credit reports. 

[haulingthescoreup]

The 2009 Tough-Love Cool Your Jets Center Is Launched!

Join now, and get a room that's close to the recreation area.

[Anonymous]

i have the same problem.when i'm bored i always feel like i should apply for cc. i have 25+ inq.

[smallfry]

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@Anonymous wrote:
i have the same problem.when i'm bored i always feel like i should apply for cc. i have 25+ inq.

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Nothing like a couple of denials to cure that boredom. LOL.