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All will be well in the garden...

Member

All will be well in the garden...

I opened a secured CC with my credit union today with a $750 limit. I will admit, the approval felt good. Even though I was almost positive it would be approved.

 

I know they pulled EQ, but don't know what score they got. My last Score Watch check on EQ was 624.

 

My question is, should I also today apply for another line or two, say for an Amazon or WalMart store card, on the belief that they are issued by GECRB pulling from non-EQ reports and proprietary scores? Or is this a misunderstanding on my part?

 

Here's what I'm thinking. The baddies on my account are aging fast (aren't we all), and what I need to work on is more recent positive history. Is it better for me to take the hit from multiple inquiries now, rather than garden for 6 months, apply and take a small hit again? And from an account age standpoint, would I be better off long-term with 2-3 accounts opened in February 2013, versus one opened in February, one opened in August, and another in December? From a utilization standpoint, would <9% on a total available credit of say $1500-$2000 be better for my score, or would I have the same benefit simply with the same behavior solely on the $750 line?

 

Thanks for your thoughts.


Starting Score: EX 566 EQ 551 TU 616
Latest Snapshot: EX 600? EQ 624 1/13 TU 548? 2/1/13 *ouch*

Short-Term Goal Score: EX 600? EQ 660 TU 600?

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Message 1 of 4
3 REPLIES
Contributor

Re: All will be well in the garden...

How many INQ's do you have that are less than 1 year old? 

How many less than 6 months? 

How many baddies on your file? 

 

 

Going by the scores in your siggy.. if it were ME I would app for Walmart first (get the free FICO score if you're approved). 

If WM is approved I would then pick 1 more GE card that you can use (Amazon, JCP etc etc etc). 

Then STOP... hit the garden for at least 6 months of the accts reporting. 

After 6 months of reporting your score should be climbing a bit as long as your UTIL is low and you are at least current with the monthly payments..

And you can peek out of the garden to see what might be good Smiley Wink

 

 

Good luck!


Walmart Discover ($5000) - Amazon ($5500) - Cap1 Cash Rewards ($2000) - Meijer ($5000) - Discover More ($1800) - Car Care One ($2100) - Amex Delta Skymiles ($2000) - Citi Thank You Preferred ($2000) - Chase Freedom ($500) - Sam's Club, GE ($1237?)
Message 2 of 4
Highlighted
Moderator Emeritus

Re: All will be well in the garden...

GE primarily pulls TU and yes, they have a proprietary scoring system that they use.  But it would depend on what your TU looks like before applying.  GE is a good creditor to deal with, they give generous CLIs and I've found them good to work with.  Plus with a Walmart card, if you sign up for paperless billing you get a free monthly TU08 score.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 3 of 4
Member

Re: All will be well in the garden...

Thank you both for your responses.

 

Neither my EQ report (1/27) nor TU (2/1) show any inquiries that would, according to them, affect my score. Baddies (5) are are all from 2007-08, charged off CC's. No collections, only one (Chase) reporting a balance. I am working on PFD with them.

 

Applied last night for Amazon store card, got the "you'll hear from us in 4-5 days by e-mail or 7-10 days by letter," which I am for now taking as a denial, though I have seen some people here say that they have ultimately received approval even with that response.

 

I am going to try Walmart today, and if it's denied, I'll be perfectly content to manage my secured card, wait for the baddies to age off and see where I stand this time next year.


Starting Score: EX 566 EQ 551 TU 616
Latest Snapshot: EX 600? EQ 624 1/13 TU 548? 2/1/13 *ouch*

Short-Term Goal Score: EX 600? EQ 660 TU 600?

Take the FICO Fitness Challenge
Message 4 of 4