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went store card crazy today

Valued Member

went store card crazy today

Hey guys i am in the process of rebuilding my credit, I am currently in the low 600s and i just recently got approved for 2 cars from bmw financial, one of the loans is at 3.9% and the other loan is at 9%. So today i went a little crazy and decided to apply for some store cards and got approved for the following:

 

Amazon - $600

Wal-Mart - $600

Chevron - $400

Victoria Secret - $350

Bloomingdales - $300

 

Total - $2250

 

but i did get denied for the following:

 

Old Navy

Macys

Neiman Marcus

Nordstrom

Target

 

So that was a total of 10 inquiries, i know its bad but i hope after awhile it will help me out.

 

My cards that i currently own are as follows:

 

Capital one platnium - $500

Orchard Bank - $400

1st Premier - $300

 

How do you guys think its going so far besides the big slurge i did today?

Credit Cards :1st Premier - $0/$250,Orchard Bank - $90/$300, Capital One - $400/$500

Store Cards : Amazon - $0/$600, WalMart - $0/$600, Victoria Secret - $0/$350, Bloomindales - $0/$800, Kays Jewelery - $0/$2800, PayPal Smart Connect - $0/$400

Gas Cards : Chevron - $0/$400
25 REPLIES
Regular Contributor

Re: went store card crazy today

Someone shops at both bloomingdales and Wal-Mart...j/k

Why do you need all of those store cards?
Staring Score:EQ 649 TU 647 EX 644
Current Score: EQ 786 TU 699 EX 746
Goal Score: 800
Wallet: SF Fire CU $5000 CL Chase Freedom 4000 CL, Chase MP $5000, WellsFargo $6000 CL, Amex Gold NPSL, Cap1 CashRewards $2500 CL, Amex BCP $12000 Discover More $1200 CSP 18000
Established Contributor

Re: went store card crazy today


Nelly510 wrote:

Hey guys i am in the process of rebuilding my credit, I am currently in the low 600s and i just recently got approved for 2 cars from bmw financial, one of the loans is at 3.9% and the other loan is at 9%. So today i went a little crazy and decided to apply for some store cards and got approved for the following:

 

Amazon - $600

Wal-Mart - $600

Chevron - $400

Victoria Secret - $350

Bloomingdales - $300

 

Total - $2250

 

but i did get denied for the following:

 

Old Navy

Macys

Neiman Marcus

Nordstrom

Target

 

So that was a total of 10 inquiries, i know its bad but i hope after awhile it will help me out.

 

My cards that i currently own are as follows:

 

Capital one platnium - $500

Orchard Bank - $400

1st Premier - $300

 

How do you guys think its going so far besides the big slurge i did today?


I am glad you were approved for some, but why the heck would you apply for 10 store cards? That seems a bit extreme, especially if you are rebuilding (no offense) I would be scared this is going to put you into the 500's with the inquiries and new accounts reporting.

 

 

100% Ficos: EX 780 , TU 783, EQ 776 inquiries last 2 years/1 year/6 months: EX-0/0/0, TU-0/0/0, EQ-1/0/0~ last credit card app 6/24/13- New car loan 3/8/2014- Discover IT $12,500~Kohls $1000~Amex BCE $4000~ Walmart Discover $7500~NFCU Signature CashRewards $23,300 Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $3800~ Amazon Store $7000~ Fingerhut $1050
Valued Member

Re: went store card crazy today

i thouht it would be good to have more credit?

Credit Cards :1st Premier - $0/$250,Orchard Bank - $90/$300, Capital One - $400/$500

Store Cards : Amazon - $0/$600, WalMart - $0/$600, Victoria Secret - $0/$350, Bloomindales - $0/$800, Kays Jewelery - $0/$2800, PayPal Smart Connect - $0/$400

Gas Cards : Chevron - $0/$400
Established Contributor

Re: went store card crazy today

Quality credit is better than a quantity of toy limit credit. 2¢

DCU Platinum: 4000 - Discover IT: 11000 - Walmart: 5000 - AMEX BCP: 18000 - Chase Freedom VS: 5000
in the garden since 1/24/14 - #GARDENSTRONG
Established Contributor

Re: went store card crazy today


Nelly510 wrote:

i thouht it would be good to have more credit?


Thats understandable, but look at it this way..now you have a lineup of toy limits on every card. I don't know how long you have had the original cards, but me personally I would have tried to get a discover to break the lower limit. My son started with a couple $500 tradelines and 4 months later Discover gave him a $1000 tradeline. It just seems like a set-back to me.

 

 

100% Ficos: EX 780 , TU 783, EQ 776 inquiries last 2 years/1 year/6 months: EX-0/0/0, TU-0/0/0, EQ-1/0/0~ last credit card app 6/24/13- New car loan 3/8/2014- Discover IT $12,500~Kohls $1000~Amex BCE $4000~ Walmart Discover $7500~NFCU Signature CashRewards $23,300 Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $3800~ Amazon Store $7000~ Fingerhut $1050
Valued Contributor

Re: went store card crazy today


eviLution wrote:
Quality credit is better than a quantity of toy limit credit. 2¢

+1

But congrats on your approvals. I suggest you stop apping for store cards and grow them. Try a CU which they tend to give higher staring CL's.

 

Your GE cards will grow quickly and they are generous in CLI's


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Valued Contributor

Re: went store card crazy today

you're fine. the GE backed cards will afford for CLI every 4 months. the inq will fall off together, and the TLs will age together. just garden for a year, and you'll be fine.
5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Frequent Contributor

Re: went store card crazy today


Repo-ed wrote:
you're fine. the GE backed cards will afford for CLI every 4 months. the inq will fall off together, and the TLs will age together. just garden for a year, and you'll be fine.

i totally agree with this advice Smiley Happy

i know the hard part of building good credit and improving FICO scores is usually the gardening part, so hopefully the OP can stay in the garden for a year to let the inq's age,  the CLIs on the cards grow,and the FICO score improve. 

 

Also, a reminder that when the OP is ready to app for major non-store cc in about a year, i would suggest making sure utility is <6-10% at that time (total util across all cc TLs, wiht no one card being higher than 10%), and that only 1 or 2 cards show any balance at all (make sure most of the cards show 0 balance).  If it were me, I would make sure of that for at least 2 months prior to apping.

 

imo, that would increase the chance of being approved for a major, non-store card and for a decent CL.

 

tincture of time works wonders (but it's often hard to have patience!)


BofA visa $9.4k ... BofA Cash Rewards visa sig $10k ... Cap 1 Venture1 visa sig $10k ...
Chase Freedom visa $10k ... Macy's $1.5k ... Macy's Amex $5k ... Sam's Club $6.3k
myFICOs as of 3/25/14:...EX=809 .... EQ=802....TU=787
Established Contributor

Re: went store card crazy today


Repo-ed wrote:
you're fine. the GE backed cards will afford for CLI every 4 months. the inq will fall off together, and the TLs will age together. just garden for a year, and you'll be fine.

That is true. GE will grow and with soft pulls. I think my Amazon store card started at $600 and went from $1300 to $1500 to $2500- and finally to $3500 in about 18 months. I tend to focus on the negative impact on everything...something I am working on!

100% Ficos: EX 780 , TU 783, EQ 776 inquiries last 2 years/1 year/6 months: EX-0/0/0, TU-0/0/0, EQ-1/0/0~ last credit card app 6/24/13- New car loan 3/8/2014- Discover IT $12,500~Kohls $1000~Amex BCE $4000~ Walmart Discover $7500~NFCU Signature CashRewards $23,300 Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $3800~ Amazon Store $7000~ Fingerhut $1050