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New Visitor
nyyankeesfan1818
Posts: 4
Registered: ‎07-14-2010

please PLEASE advice!!!!!!!!!!

18 years old here & had clear credit reports. no one would appove me for any kind of credit, kept gettin denied for no credit history so decided to go for 2 secured cards which I had for about 3 months.  I really wanted a store care so tried applying again & was denied for low credit sastifaction or something about revolving accounts. Ok so waited about 4 months later & went on a app spree :smileysad: went to target, jcpennys, kohls, macys, modells, & verizon & at&t (been shopping around for new phone service)..every since place said this "please allow further application processing time 7-10 buisness days & jcpenny said 30 days? I tried calling them all & target, kohls, macys & modells all denied me for too many credit inqs.. comeone now how are you supose to build credit if they deny over every thing. now im stuck with about 50 yes 50! hard inqs for each report. im screwed I dont know what to do now? im worried capital one & pnc (m 2 secured cards) might not unsecure me now or close my cards because of this? is that possible? please help any advice would be great! I heard something about disputing the inqs but then pple say it will place a fraud alert on your report...... :smileysad:

Valued Contributor
ngerasimatos
Posts: 1,278
Registered: ‎06-01-2007

Re: please PLEASE advice!!!!!!!!!!

Step one. STOP APPLYING! With that many inqs on your report you are going to scare ever creditor away, even hard money lenders. Step two, wait. Then wait longer. The  wait even more. You need to build some history on your report and add some age to those new accounts. Use them, and pay them in full every month. AFter aout 12 more months, when most of those hard iqa fall off, youll be good. 

Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: please PLEASE advice!!!!!!!!!!

+1

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Visitor
nyyankeesfan1818
Posts: 4
Registered: ‎07-14-2010

Re: please PLEASE advice!!!!!!!!!!

HOW ABOUT MY SECURED CAPITAL ONE CARD & SECURED PNC CARD? YOU THINK THESE INQS QILL EFFECT THEM BECAUSE CAPITAL ONE PULLS MY REPORT ABOUT ONCE A MONTH & IM WORRIED THEY MIGHT CLOSE MY CARD BECAUSE OF THE INQS BECAUSE I READ THEIR KNOWN FOR THAT

Valued Contributor
ngerasimatos
Posts: 1,278
Registered: ‎06-01-2007

Re: please PLEASE advice!!!!!!!!!!

If doing a secured card, I would check with a local CU before going to anyone else. 

Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

700 Club
New Visitor
nyyankeesfan1818
Posts: 4
Registered: ‎07-14-2010

Re: please PLEASE advice!!!!!!!!!!

OK IM GOING TO GIVE THEM A CALL TOMORROW THANKS!!!!!!! BUT YOU THINK CAPITAL ONE OR PNC WILL CLOSE A SECURED CARD?

Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009

Re: please PLEASE advice!!!!!!!!!!


nyyankeesfan1818 wrote:

18 years old here & had clear credit reports. no one would appove me for any kind of credit, kept gettin denied for no credit history so decided to go for 2 secured cards which I had for about 3 months.  I really wanted a store care so tried applying again & was denied for low credit sastifaction or something about revolving accounts. Ok so waited about 4 months later & went on a app spree :smileysad: went to target, jcpennys, kohls, macys, modells, & verizon & at&t (been shopping around for new phone service)..every since place said this "please allow further application processing time 7-10 buisness days & jcpenny said 30 days? I tried calling them all & target, kohls, macys & modells all denied me for too many credit inqs.. comeone now how are you supose to build credit if they deny over every thing. now im stuck with about 50 yes 50! hard inqs for each report. im screwed I dont know what to do now? im worried capital one & pnc (m 2 secured cards) might not unsecure me now or close my cards because of this? is that possible? please help any advice would be great! I heard something about disputing the inqs but then pple say it will place a fraud alert on your report...... :smileysad:


Seriously, dude, consider what the advice has been so far -- stop applying for at least another year.

 

I'm not sure if your current secured cards will drop you.  My guess is that since they are, in fact, secured they will not close your accounts, but I would not expect them to "graduate" you to unsecured for another year or two at least. 

 

If you really want to set yourself up for a decent credit report, no more INQs -- period -- for at least another year ... or maybe even two.  Then go for a department store card and a credit card with a typically low limit like Discover student or Citibank student.  Then after another year or so with those (and by then your unsecured cards will have unsecured) you'll be in decent shape to start with larger limit cards.

 

Nobody here will tell you that it is easy to stop applying for cards because it isn't.  But if your typical creditor will decline an application for just three or four INQs, imagine what goes through their minds when they see 50.  With 50 INQs you're pretty much looking at a long walk over a short cliff credit-wise.  Freeze your credit reports NOW to help you avoid the temptation and take cold showers each morning.  Bandage up your hands so your fingers can't hit the apply button.  A couple of years down the road you'll be thankful you did.

IAALBNYL
Valued Contributor
smc733
Posts: 1,262
Registered: ‎05-13-2010

Re: please PLEASE advice!!!!!!!!!!

[ Edited ]

Most creditors take a glance at what you've inquired about in the last 6 months, and see if you've applied for a lot of credit recently.  However, they still may very well check your inquiries for the last 12 months to see if in that time, you've had many more credit.  The last 2 years of inquiries are on your credit report.

 

Do NOT apply for any more credit over the next 12 months, and do NOT call your creditors to ask.  You may alert them, just wait it out and they most likely will not close your account.  You may have a bit of trouble getting them unsecured.

 

After 12 months, apply for a card like the Citi Forward card or Discover Student card, cards that will go on limited but stable history, and grant lower limits.

 

Everyone makes mistakes, and a lot of people who don't understand credit screw up at first, it is perfectly ok, and you can easily recover.  You will just need to exercise a bit more patience for the next year.

Valued Contributor
ngerasimatos
Posts: 1,278
Registered: ‎06-01-2007

Re: please PLEASE advice!!!!!!!!!!

Take whatever funds you have, and use those funds to pay your balances and keep the UTIL low, also, if you have extra cash I am fairly sure you can "grow" your secured credit line with your current creditors without them looking at your INQ and such. However, that may not always be the case and they may run your report and get scared.

 

Regardless, its time to garden and not seek new credit.

 

Why such the hurry? Are you needing/wanting to buy something? 

Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

700 Club
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: please PLEASE advice!!!!!!!!!!

 


nyyankeesfan1818 wrote:

OK IM GOING TO GIVE THEM A CALL TOMORROW THANKS!!!!!!! BUT YOU THINK CAPITAL ONE OR PNC WILL CLOSE A SECURED CARD?


 

It is too soon to add another secured card., wait a year.    I think Capital One will keep you.   I would try to increase my deposits in both secured cards.   It is better to have 2 higher limit credit cards than a lot of smaller limit cards. Your credit will grow just fine with these 2 cards.    Treat them well.

 

 


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