Re: GE Closed all Accounts (waiting on a letter)[ Edited ]
12-03-2012 08:34 PM - edited 12-03-2012 08:35 PM
ALWAYS research who your applying for. If you've also regularly visited credit forums you should realize 4-5 app max is the general rule, and that no more than 2 apps with the same company.
With that being said GECRB and WFNNB (aka Comenity Bank now) runs about 90% of store cards, and few like Home Depot and Sears are ran by Citi Bank, few by Capital One (Best Buy)
Remember apping like crazy for accounts will put you in the red for risk wise. Where people have been known to apply for everything and maxing out their cards and never paying. Since they can't do anything but keep calling you and sending you letters it doesn't really matter. Especially store cards cause the low credit limits usually issued won't make it ever worthwhile to pass a judgement and try to go through the trouble of wage garnishments.
There's also a pyramiding scheme people do which is like robbing peter to pay paul kinda scenario, where people keep opening new cards to balance transfer etc just to bounce it around to 0% apr just cause they think debt tennis is fun
With that being said you seemed to have read what you wanted to read, and never really throughly looked at what others have probably posted. The best thing you can do now is to try to explain the situation as your young and stupid and explain the situation that you want to build your credit history, and would be happy if they would allow you to keep ONE card. That's about the most you can be hopeful for in this situation imo. If that doesn't work go to Wells Fargo and Digital Credit Union and get two secured cards. 2-3 cards is ALL YOU EVER NEED TO BUILD A GOOD SOLID SCORE. I went from 400's - 758 in 14 months with 2 secured cards and 1 store card (kay jewelers) - (with baddies all removed)
total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758