Reply
Regular Contributor
2anewu
Posts: 143
Registered: ‎05-18-2007
0

Not so confident anymore..

Hello all, recently (yesterday) I started to apply for credit cards and of the many that I applied for I was approved for two. I feel aweful b/c several companies that I spoke with declined me due to inquiries and made me feel like a credit monster on the phone. I was told to "not be doing that" and it made me feel like I was doing something wrong. State farm's agent said blah blah.."this is a red flag for companies and you should not apply for a lot of credit at one time, EVER"! I do feel good about the ones that I have, but if I never tried I would not have the 2 cards now.
 
Will I bounce back from inquiry jail with future creditors?
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Not so confident anymore..

Yes.  All the CC inquis that were done at the same time should only count as 1 as regards your score.  After 6 months they count less against your score, and after a year not at all.  And after 2 years no one can see them
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Established Contributor
trinigal
Posts: 578
Registered: ‎06-18-2007
0

Re: Not so confident anymore..

Absolutely!!!
Work with the 2 you have right now:
 
Say it with me:  1-9, ON-TIME, ALL THE TIME!! 
 
now, rinse and repeat, and say it again:smileyvery-happy:
 
Besides I thought I read on here that inquiries count for a 12 months period.  So this time next year, you can try some others and by that time, because you would have been "1-9, on-time, all the time" -ing, your score will be higher, you would have demonstrated  fiscal responsibility, so your chances will be better for getting other ccs.  Don't get discouraged. Keep your head up.
Regular Contributor
2anewu
Posts: 143
Registered: ‎05-18-2007
0

Re: Not so confident anymore..

Thanks! Sometimes you need to hear the good after the bad :smileyhappy:.
Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
0

Re: Not so confident anymore..

I'm in the same ballpark. I have learned not to apply for more than 2 every 3 months if you can. If you are good, you can apply for banks that check only one CRA. Then you can apply for more since the inquiries are spread around. You don't want more tha 2 inqs I learned for cc's apps in any 3 month period. While that is far more inquiries than what is recommended, if your goal is to get cards fast, this worked best for me.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Not so confident anymore..

And you probably don't want more than 3-6 cards (of all types) anyway.
 
Either that, or 42
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Frequent Contributor
jaguls66
Posts: 356
Registered: ‎06-06-2007
0

Re: Not so confident anymore..

thought is had been updated to 442?
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Not so confident anymore..

[ Edited ]


MidnightVoice wrote:
Yes.  All the CC inquis that were done at the same time should only count as 1 as regards your score.  After 6 months they count less against your score, and after a year not at all.  And after 2 years no one can see them


Hold up! The Auto and Mortgage rule does not apply to other inqs. Each CC inq will have an impact on your score.


Message Edited by Tuscani on 06-27-2007 03:33 PM
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Not so confident anymore..

[ Edited ]


2anewu wrote:
Hello all, recently (yesterday) I started to apply for credit cards and of the many that I applied for I was approved for two. I feel aweful b/c several companies that I spoke with declined me due to inquiries and made me feel like a credit monster on the phone. I was told to "not be doing that" and it made me feel like I was doing something wrong. State farm's agent said blah blah.."this is a red flag for companies and you should not apply for a lot of credit at one time, EVER"! I do feel good about the ones that I have, but if I never tried I would not have the 2 cards now.
 
Will I bounce back from inquiry jail with future creditors?


How many inquiries are we talking about?
 
In the future, if they wanna Go Nanny on you, ask to speak with a supervisor. Be calm and remain polite. Be persistent. Tell them:
 
"Hi, I really don't appreciate the rep I spoke with giving me a lecture like I was an errant child. I know debt collectors are forbidden under federal law from using profane, abusive or harassing language. It would seem that CCC need to also be under those same rules, if they aren't already.
 
I was attempting to apply for a CC with your company. If I'm denied, well then OK, that's your decision to make. But I really don't see the need to be lectured and sent to the nursery. Is this the standard of behavior there at your company? I would truly be shocked if it were."
 
You can insert along the way, if appropriate, your recon sob story. Fell behind in the past, job loss, divorce, young and dumb college kid, or whatever.
 
You want to deliver a light smack while asking for recon.
 


Message Edited by Noah_Bodie on 06-27-2007 01:42 PM
Established Contributor
dog
Posts: 560
Registered: ‎05-03-2007
0

Re: Not so confident anymore..

hahaha.  very good one.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}