@Anonymous wrote:Actually, over the past week I got a ton of email responses for apps that I applied for but forgot about. I've been writing them all down so I know who they are... I think I'm still missing one or two. If I get approved (doubt it) I'll take it, if not, I won't. Of course, all these were app'd before I found the forum:
Walmart
Khols
Target
Sams Club
Discover
WSECU - Approved for $2,500 <-- ended up not getting that card. I was told I had to be a family member of a student from WSU--which I am, to be approved, but after a phone discussion I was told otherwise. Oh well.
Cap1 (Not the one I was approved for)
Cap1 - Approved.
Discover It Student
Citi (dunno which one)
Barclays (dunno which one)
American Express (dunno which one)
If there are any others, I'm unaware right now... But I'm giving it another 2 weeks or so to be sure. By then I will have surely heard from all of the lenders.
You are doing fine, but you do have a lot of HP/INQs now. Note, that Cap1 does 3 HP per application, one per CRA (EX, EQ & TU). Some of th the other CCC may have also pulled extra CR if the report they pulled didn't have enough information. I would second the previous recommendation to pull all of your free credit reports. It will tell you exactly who has pulled your credit in the last couple of years. That way you will know exactly who you applied to.
For the apps you have tried, be sure to recon if denied. There is no penalty for talking with the CCC to see if you can get approved. Just don't let them pull you CR again. I think you have a reasonable chance at the Khohls, Wallmart and Discover IT student cards. However, they may want to see 2k gross income per month. Assuming you get approved for at least 2 cards, I would concentrate on growing those cards. I wouldn't apply again for maybe 2 years. After 2 years, all of the INQ will be gone.
In addition to your free annual CR's, I would order your free consumer ChexSystems report. It is used for checking accounts and some FCU applications. It might list other baddies you will want to take care of or dispute if they are not yours.
PS. Assuming you get a Barclay, Discover or Wally card, be sure to enable the free TU-08 score. Seeing your CS on a regular basis will help you see the progress you are making. The Cap1 score is not a FICO score, but it can be used for education purposes. I believe Cap1 shows the same score as CreditKarma.
Good luck!!
@CreditDunce wrote:
@Anonymous wrote:Actually, over the past week I got a ton of email responses for apps that I applied for but forgot about. I've been writing them all down so I know who they are... I think I'm still missing one or two. If I get approved (doubt it) I'll take it, if not, I won't. Of course, all these were app'd before I found the forum:
Walmart
Khols
Target
Sams Club
Discover
WSECU - Approved for $2,500 <-- ended up not getting that card. I was told I had to be a family member of a student from WSU--which I am, to be approved, but after a phone discussion I was told otherwise. Oh well.
Cap1 (Not the one I was approved for)
Cap1 - Approved.
Discover It Student
Citi (dunno which one)
Barclays (dunno which one)
American Express (dunno which one)
If there are any others, I'm unaware right now... But I'm giving it another 2 weeks or so to be sure. By then I will have surely heard from all of the lenders.
You are doing fine, but you do have a lot of HP/INQs now. Note, that Cap1 does 3 HP per application, one per CRA (EX, EQ & TU). Some of th the other CCC may have also pulled extra CR if the report they pulled didn't have enough information. I would second the previous recommendation to pull all of your free credit reports. It will tell you exactly who has pulled your credit in the last couple of years. That way you will know exactly who you applied to.
For the apps you have tried, be sure to recon if denied. There is no penalty for talking with the CCC to see if you can get approved. Just don't let them pull you CR again. I think you have a reasonable chance at the Khohls, Wallmart and Discover IT student cards. However, they may want to see 2k gross income per month. Assuming you get approved for at least 2 cards, I would concentrate on growing those cards. I wouldn't apply again for maybe 2 years. After 2 years, all of the INQ will be gone.
In addition to your free annual CR's, I would order your free consumer ChexSystems report. It is used for checking accounts and some FCU applications. It might list other baddies you will want to take care of or dispute if they are not yours.
PS. Assuming you get a Barclay, Discover or Wally card, be sure to enable the free TU-08 score. Seeing your CS on a regular basis will help you see the progress you are making. The Cap1 score is not a FICO score, but it can be used for education purposes. I believe Cap1 shows the same score as CreditKarma.
Good luck!!
Thank you very much! So far I was denied for everything but Cap1 and WSECU (didn't take). But we'll see. Also, in regards to reapplying, although it falls off in 2 years, can't you reapply after one year (because it doesn't 'matter' anymore)? Sorry I'm confused, I think I heard that somewhere else on this forum. But correct me if I'm wrong. 
@takeshi74 wrote:
@Anonymous wrote:I'm hearing a mix mash of stories and I'm not quite sure what to believe and I'm looking for some general advice/information from someone knowledgable, if any of you can provide that.
I'd suggest starting here:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
...and noting the different factors that impact scoring and how they are weighted differently.
The impact of adding a card really all depends on one's credit and the details of the card being added. In some cases a new card will cause a score to decrease. In some cases a new card can cause a score to increase. It really all depends on how the different factors impact one's score. Generally speaking a new card means that one takes a hit from the hard pull ("New credit" in the link abve) and one also takes a hit to AAoA (Average Age of Accounts which is "Length of credit history" above). However, if the credit limit on the new card significantly improves utilization (balance[s]/limit[s] or "Amount owed" above) then one could see an improvement.
It's really not quite so simple and straightforward as "a credit card reflects bad on your score".
Credit cards are definitely not the only way to build credit. Note that in the link above there is a slice for "Types of credit used". Scores generally benefit from a mix of credit types: revolving (credit cards), installments (auto loans, mortgages, student loans, etc), and so on. General recommendation is that for scoring purposes at least 2-3 credit cards should be in the mix.
Thank you for that illustration! It helps a lot.
Update: I just logged into my Cap1 to check my status and they said I could start tracking my credit score. I have a credit score of 0 and 11 inquiries. Looks like I listed 11 inquiries on the last page, so that may be it!? 
@Anonymous wrote:
Thank you very much! So far I was denied for everything but Cap1 and WSECU (didn't take). But we'll see. Also, in regards to reapplying, although it falls off in 2 years, can't you reapply after one year (because it doesn't 'matter' anymore)? Sorry I'm confused, I think I heard that somewhere else on this forum. But correct me if I'm wrong.
Even if you are denied initially, calling the backdoor numbers may get you approved. I am sure a couple of the store credit cards will give you an opportunity to prove your credit worthiness.
You can reapply any time you like. After 6 months with at least one credit card, it will be much easier to get additional credit cards. You will have a credit score, etc.
After 1 year, the Hard Pulls/INQ don't hurt your credit score. But they are still on your credit report. CCC see them and could be concerned about the number of INQ. They may deny you simply based on the total number of INQs.
After 2 years, they will be drop completely off your report. In addition, to the INQ dropping off, new accounts are no longer considered new after 2 years. You should get a big bump in score then.
Once your credit score is higher, you will have more options to pick credit cards that you really want. Moreover, you will likely get better APR from the cards that approve you. You want to find credit cards that will grow with you for the rest of your credit life.
The credit game is a marathon, not a sprint. You only need a couple of CC's to start with. However, if Cap1 was my only CC, I would probably start carefully looking for a second card in 6-13 months depending on what card I wanted.
Update: Well I guess 11 isn't exactly all of 'em. Wells Fargo sent me a declining letter too. I really hope this is it. Lol, I don't need anymore declined inquiries for a while!
@CreditDunce wrote:
@Anonymous wrote:
Thank you very much! So far I was denied for everything but Cap1 and WSECU (didn't take). But we'll see. Also, in regards to reapplying, although it falls off in 2 years, can't you reapply after one year (because it doesn't 'matter' anymore)? Sorry I'm confused, I think I heard that somewhere else on this forum. But correct me if I'm wrong.Even if you are denied initially, calling the backdoor numbers may get you approved. I am sure a couple of the store credit cards will give you an opportunity to prove your credit worthiness.
You can reapply any time you like. After 6 months with at least one credit card, it will be much easier to get additional credit cards. You will have a credit score, etc.
After 1 year, the Hard Pulls/INQ don't hurt your credit score. But they are still on your credit report. CCC see them and could be concerned about the number of INQ. They may deny you simply based on the total number of INQs.
After 2 years, they will be drop completely off your report. In addition, to the INQ dropping off, new accounts are no longer considered new after 2 years. You should get a big bump in score then.
Once your credit score is higher, you will have more options to pick credit cards that you really want. Moreover, you will likely get better APR from the cards that approve you. You want to find credit cards that will grow with you for the rest of your credit life.
The credit game is a marathon, not a sprint. You only need a couple of CC's to start with. However, if Cap1 was my only CC, I would probably start carefully looking for a second card in 6-13 months depending on what card I wanted.
Sweet, thanks for clearing that up for me. That's really helpful. Yeah, right now I'm just waiting on apps that I applied for before finding the forum that are now catching up to me to clear, writing 'em down, and watering my QuicksilverOne until December-January when I get a lovely $200 increase... then waiting until April before applying for a new Cap1 card.