topic Re: I screwed myself up with the SCT in Credit Card Applications

I screwed myself up with the SCT

Anonymous — Tue, 30 May 2017 21:14:16 GMT

While trying to rebuild my credit, I did the SCT and applied for many cards. 10 totals.

Now I have all my scores in the 700's thanks to this forum. I cannot get another card. The common reason is that I have too many new accounts.
Should I close all my store card? Will that helpme in the future?

Thanks:

PS: If you think about doing the SCT, Dont

Re: I screwed myself up with the SCT

CreditInspired — Tue, 30 May 2017 21:15:57 GMT

IMHO, I think you should go to the garden for a year or two.

Re: I screwed myself up with the SCT

Anonymous — Tue, 30 May 2017 21:17:35 GMT

That's my first thought. But would getting ride of the store card help in any way?

Re: I screwed myself up with the SCT

Anonymous — Tue, 30 May 2017 21:29:31 GMT

@Anonymous wrote:
That's my first thought. But would getting ride of the store card help in any way?

Not really, as advised garden a bit, pay all to 0% except one 9% (if you owe anything) and they can benefit you in the long run. From what I've seen here, closing before 1 year can actually hurt. I personally would never use SCT because also seen here how sncy & com like to "blue envelope" soon after

Good Luck

Re: I screwed myself up with the SCT

AverageJoesCredit — Tue, 30 May 2017 21:37:49 GMT

The damage is done, just garden a bit, let them age and when you are ready for another cc, make sure its a bank card but one that you actually need. Then when its time, you can evaluate your ptofile and decide if keeping a card or letting it go is beneficial to you. Remember most cards will stay on your reports up to 10 years or more so main thing affected when closing is your utilization.

Re: I screwed myself up with the SCT

AverageJoesCredit — Tue, 30 May 2017 21:39:48 GMT

Also stay away from a Comenity visa or mc, as that could lead to even more account scrutiny and can lead to total card shutdown. Not 100% but a distinct possibilty.

Re: I screwed myself up with the SCT

Anonymous — Tue, 30 May 2017 22:05:35 GMT

Click the link in my signature and go to the "AAoA" sheet at the bottom. Then enter ALL your credit card accounts (including any closed ones still reporting). Then look at your AAoA over time -- you want to stay in the green or at least yellow, but if you're in the red, stay in the garden until you're out of the red. Closing those accounts won't affect your AAoA. Keeping them open and using then enough to get them to report will actually help your AAoA in 2 years.

Re: I screwed myself up with the SCT

Anonymous — Tue, 30 May 2017 22:32:49 GMT

Thanks for sharing......its a common occurrence/mistake for builders and rebuilders despite the warnings. Hopefully your testimony will keep someone else from doing the same thing.

Re: I screwed myself up with the SCT

Anonymous — Tue, 30 May 2017 22:38:05 GMT

The SCT worked for me but i only got three, I had 14 new cards in 3 1/2 months when I applied for Barclay Arrival Plus and was approved and get big CLI on other cards. Is your income low. Do you not have any old accounts?

Re: I screwed myself up with the SCT

Anonymous — Tue, 30 May 2017 23:25:31 GMT

I did the SCT trick and I think that obviously has hurt me from getting some of the better credit cards. It's just good that I am in the garden now and plan to be for a while. I would like to stay long enough for both collections to fall off, all HP's to fall off, and to see my credit limits increase as well.

It's going to be hard, but I have enough on my plate to keep me occupied for now.

Re: I screwed myself up with the SCT

Anonymous — Wed, 31 May 2017 00:14:18 GMT

income is 120K , no baddies. I have $45K of worthless credit across my store card.

It helped me go from 560 to 700 in 6 months. I guess i am staying in the garden for a while.

Re: I screwed myself up with the SCT

Anonymous — Wed, 31 May 2017 05:30:15 GMT

If youre never gonna use them there's no point to keeping them. Unless you need the utilization bump, or like the rewards, or shop often store cards are generally useless.

However, it won't help undo the damage.

Re: I screwed myself up with the SCT

Anonymous — Wed, 31 May 2017 11:49:22 GMT

I've only gotten one card via the SCT, the Overstock Store Card (Comenity). I hit the jackpot and got $4000 SL on a SP, so I'm going to leave it as it is, not least because Overstock is the only SCT card I've really been interested in, and not push my luck any further.* My only other store card at this point is Amazon Prime (Synchrony), which I applied for in the regular way last November.

*Both Comenity and Overstock do have several other CC's I'd like to have - Paypal Credit, Walmart, Marvel MC - but those aren't available via the SCT so those will have to be applied for in the regular way and trigger HP's; thus, I'm going to wait to try for any of them until my gardening phase is done.

Re: I screwed myself up with the SCT

MrsCHX — Wed, 31 May 2017 13:19:06 GMT

SCT in itself isn't the issue. Going crazy adding new accounts is!

Closing them won't matter; any damage you've done is done. You have to wait for the accounts to age (even if you close them; they've impacted your AAoA) and for the inquiries to drop.

If you added cards that are useless to you; close them.

Re: I screwed myself up with the SCT

Anonymous — Wed, 31 May 2017 14:47:34 GMT

@Anonymous wrote:
income is 120K , no baddies. I have $45K of worthless credit across my store card.
It helped me go from 560 to 700 in 6 months. I guess i am staying in the garden for a while.

Have you applied for Barclay? Like I said I got the Arrival + with more new accounts than you. Of course my AAofA is still around 7 years. Wait a few months and apply for Barclays they dont' seem to care about new accounts.

Anyway I wouldn't shut d own the cards as you will still get payment history on your account. Use the ones that are to stores you would normally shop. Get some payment history going.

Re: I screwed myself up with the SCT

Anonymous — Wed, 31 May 2017 15:45:20 GMT

I am compelled to point out that experience is that thing we get RIGHT AFTER we needed it. Today's a new day, so go forward being the best you can be today. I agree that only time will repair this, but not all that much time. You'll be right as rain sooner than you think.

Btw, I chuckle EVERY time I read the title of your post, so thanks for that!

Edit: And I know, it should not be funny, but somehow it is to me. Have a wonderful day!