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went store card crazy today

Contributor

Re: went store card crazy today

I did the same thing and it didn't hurt my scores that much...in fact the ap spree only lowered my scores by 10 pts initially and then raised it up by 25 pts once the cards reported the lines

Starting Score: 720
Current Score: 626
Goal Score: 700


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Established Contributor

Re: went store card crazy today


jmco wrote:
I did the same thing and it didn't hurt my scores that much...in fact the ap spree only lowered my scores by 10 pts initially and then raised it up by 25 pts once the cards reported the lines

I don't know how people are able to do complete sprees resulting in a ten point loss. I get hit with 10-20 for just one inquiry. I think I lost 14 points when I applied for American Express. I don't get it!

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
Contributor

Re: went store card crazy today

I have no idea why the drop was insignificant but I can tell you that within weeks wellsfargo offered me a 3k limit and I took that too!!!!  The biggest drop I have seen so far is after Christmas but I should have all cards paid in full by early feb so by march my scores should be back to the mid 600....I have an issue with aps though...need to bring myself to the garden ASAP!


Starting Score: 720
Current Score: 626
Goal Score: 700


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Super 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?


In my view, when rebuilding credit the sooner you open up multiple TLs, the better.  When you begin rebuilding, there is little fear of AA, since scores are low enough anyway where you could receive AA as a matter of course, little of what you do will affect an issuer's behavior, unlike for those building or are no longer rebuilding.

 

Open up tons of TLs.  Amass inquiries.  Pay, use, and age your perfect history.  In two years, all inquiries and traces of your acitivty are gone.

 

Your scores increase with positive TLs, and onward to your next phase on apping for cards of your choice based on the benefit you value the most, since the "rebuilding" will be behind you.  Much better than taking too long adding one or two toy limit cards at at time.

Valued Contributor

Re: went store card crazy today

I would bail on 1st prem and O bank.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Senior Contributor

Re: went store card crazy today

YOU DID GREAT! within 1 year and 6 months you should have a high FICO score just DONT APPLY FOR MORE and let these current cards AGE so you can then app for a PRIME CARD like DISCOVER OR AMEX OR CHASE. I leared that here on mY FICO Smiley Wink

 

P.S CONGRATS ON AUTO LOANS AND EXCELLENT APR

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 10/25/2017
Senior Contributor

Re: went store card crazy today

ALSO FORGOT TO MENTION THAT GE ONLY ACCEPTS APPROVALS FROM THEIR CARDS EVERY 6 MONTHS LIMIT IS 3 CARDS ONCE APPROVED SO YEAH YOU WERE APPROVED FOR CHEVRON, AMAZON , AND WAL MART MAKING IT 3 .  THATS WHY OLD NAVY WAS DENIED. FYI

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 10/25/2017
Moderator

Re: went store card crazy today


calihlove75 wrote:

jmco wrote:
I did the same thing and it didn't hurt my scores that much...in fact the ap spree only lowered my scores by 10 pts initially and then raised it up by 25 pts once the cards reported the lines

I don't know how people are able to do complete sprees resulting in a ten point loss. I get hit with 10-20 for just one inquiry. I think I lost 14 points when I applied for American Express. I don't get it!


There's a relative weight to all things FICO; namely, the prettier you are, the more any derogatory (including inquiries) hurts.  FICO looks at patterns of behavior, and for someone who's responsibly managed their credit for a while to suddenly get a new account, there's a larger knee-jerk reaction than with how the algorithm sees me as an example.

 

Your scores are great, on the flipside you'll suffer more for new accounts or even new inquiries than I will; however, want to trade? Smiley Happy

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Moderator

Re: went store card crazy today


Open123 wrote:

In my view, when rebuilding credit the sooner you open up multiple TLs, the better.  When you begin rebuilding, there is little fear of AA, since scores are low enough anyway where you could receive AA as a matter of course, little of what you do will affect an issuer's behavior, unlike for those building or are no longer rebuilding.

 

Open up tons of TLs.  Amass inquiries.  Pay, use, and age your perfect history.  In two years, all inquiries and traces of your acitivty are gone.

 

Your scores increase with positive TLs, and onward to your next phase on apping for cards of your choice based on the benefit you value the most, since the "rebuilding" will be behind you.  Much better than taking too long adding one or two toy limit cards at at time.



Very nicely put Open; I absolutely agree and in my estimation one of the biggest mistakes people make when rebuilding is simply not opening enough accounts to start.  I did something like six tradelines, and admittly now I wonder if I did too few even though there's certainly an inflection point out there somewhere, the 8ish accounts the OP has isn't a problem now, and will help in the future.

 

As another poster suggests though, it's opening up all the tradelines and then being able to sit on one's hands that is the harder part these days I suspect.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Established Contributor

Re: went store card crazy today

Congrats on your approvals. Hopefully you are headed to the garden now and let them grow.