topic Re: failing in Credit Cards

failing

Anonymous — Wed, 04 Apr 2018 02:48:16 GMT

so now i have

a) Discover $1k limit; Zero Bal.

b) Kohls $400 limit' zero Bal

c) Cap1 $2500 limit ; zero bal

d) PayPal Xtra Mc $4000 limit; $44 balance

e) Slate $1300 limit; just approved zero balance.

f) Cap1 AutoFinance: $14635 balance.

No gas cards, furniture store cards or comenity cards, walmarts/sams club costco or Bj's

With aug 2020 as falling off my student loan chargeoff, how many and what other cards are good enough for upto august 2020. any suggestions?

AMEX. BOA, Chase Barclays Citi i have tried but only have denials.. Maybe something for after aug 2020.

i feel i have failed at getting approved for No Balance Transfer fee and Cards with high limits? so i must admit i m running out of luck except GARDENING.

Profile now makes for 5 revolvers four of them less than three months old and one installment loan? debating if i need more revolvers now or should garden.

Re: failing

Anonymous — Wed, 04 Apr 2018 02:51:34 GMT

It's not really clear here what your goal(s) are.

What cards you may or may not be interested in are strongly influenced by what you spend money on. Without knowing that, it's impossible to suggest anything or tell you if a certain card would be a favorable addition to your wallet.

It's also important to consider "need" verses "want." IMO, with the cards you have now you certainly don't need more. Could another card or two bring you in another percentage point in rewards here and there? Perhaps, but whether or not it's worth apping for a marginal rewards gain is really in the eye of the potential apper.

Re: failing

AppHappyTog — Wed, 04 Apr 2018 02:51:44 GMT

With four of those revolvers less than 3 months old I’d say it’s time to hang out in the garden for awhile to let that positive history report and age those accounts for a bit.

Re: failing

Anonymous — Wed, 04 Apr 2018 02:58:27 GMT

You have 5 credit cards and an installment loan. That is enough to build a solid credit history with responsible use, payments, and time.

Re: failing

Anonymous — Wed, 04 Apr 2018 11:05:01 GMT

Well, one of the new accounts is Kohl's charge card.I believe it counts as a charge card not a revolving credit.

Then i joined for membership at

SDFCU

DCU

Alliant

Should i bother getting their credit cards ? 30 days from 4/2/2018 to use same Pull.

$2100/mo or $42k declared income annually is most significant reason why i have hesitation in apping for CU credit cards. Not enough income.

Re: failing

Anonymous — Wed, 04 Apr 2018 13:21:52 GMT

The Kohl's card is a revolver, as a balance can be carried on it. Double check your credit report, but it should be coded as revolving credit, not a charge card.

Why are you considering getting more cards? You listed out 3 CUs and asked if you should get their cards. Why? What would be the purpose and/or benefit over what you currently have?

Everyone has a fairly finite amount that they spend on CCs every month, mainly limited by income. Say someone spends $1000/mo. If they have 2 credit cards, that's $500/mo averaged. At 5 cards, that's $200/mo on average per card. 10 cards? $100/mo on average. Of course, no one spends exactly the same on every card; there are cards that will go unused. There's not much point in that. I don't feel one should add cards just to add cards, but that's me.

Re: failing

UpperNwGuy — Wed, 04 Apr 2018 13:26:14 GMT

Don't try to harvest fruit that isn't yet ripe. No more cards or other loans for a while. Work on the cards you have. Pay on time. Don't carry a balance over from one statement to the next. Get your scores up and your history established. The rest will follow.

Re: failing

Dalmus — Wed, 04 Apr 2018 20:14:04 GMT

I'll also add to the drumbeat... You need to garden. With all of those accounts being so new, that is likely what's holding you back (aside from the charge off) from approvals by the "good" banks.

Besides, you are carrying no balances on your cards, currently... Why do you need a card with a BT offer that you can't use?

Re: failing

Anonymous — Wed, 04 Apr 2018 20:53:18 GMT

@Dalmuswrote:
I'll also add to the drumbeat... You need to garden. With all of those accounts being so new, that is likely what's holding you back (aside from the charge off) from approvals by the "good" banks.

Besides, you are carrying no balances on your cards, currently... Why do you need a card with a BT offer that you can't use?

Because the OP wants to make a big fat purchase.

DCU is not going to approve you, Alliant won't either with the charge off and low score.

Re: failing

Meanmchine — Wed, 04 Apr 2018 20:50:26 GMT

@Anonymouswrote:

$2100/mo or $42k declared income annually is most significant reason why i have hesitation in apping for CU credit cards. Not enough income.

Dont let your declared income frighten you. I too have a modest income. I just adjust my CL goals. You can get 95% of the cards you want when your credit report has grown. Unfortunately, that takes time

Re: failing

Anonymous — Wed, 04 Apr 2018 21:07:29 GMT

Ditto all previous responses. You are trying to race the Tour de France on a tricycle at this point. You need to garden, let your trike grow to a bike with training wheels, then take off the training wheels, then grow some more until you reach a real road racing bike. The garden is the best place for that maturation to take place. If there are considerations we are conjecturing about that we seem to be missing, please fill in the blanks. Good luck and keep us posted!

Re: failing

Anonymous — Wed, 04 Apr 2018 21:09:23 GMT

$2100/month = 25K

Re: failing

Anonymous — Thu, 05 Apr 2018 10:26:14 GMT

@oldMan87

$2100/month = 25K

True, but thats documented income with W2, there is lot more other income that leads upto $42k in total annual income. While banks/CU only want to see documented income and unless other income involves child support, alimony or such income it never pays to dis(close). Once you mention it on the app, it becomes a permanent fixture on your credit record for years to come.

$42,000 divided by 12 =$3500 monthly income.

There is no BIG Purchase on schedule, however getting over rejection from failing to approve for 3 B/T cards is too much to handle for me. lol. Going back into the garden without seeing success on those CU cards will forever haunt me. At some point i will have to accept, however, that time is YET TO COME.

But my TOP TOP priority is REFINANCE my Auto Loan.

DCU @3.49% w/o Direct Deposit Checking or SDFCU @ 3.39 w/o direct deposit/checking is the debate. No credit pull yet on Alliant, but DCU & SDFCU credit pull has commenced. EX Fico2 is 792 & DCU EQ Fico5 is 708. Who will best serve my banking relationship needs in the near future is the debate i m having since Apr 2. 2018 for Credit pull good until May 2, 2018.

Both have credit cards with No Balance Transfer Fees (which indeed was always my goal before WF, fifth Third & Freedom rejection) but ended up with Slate with low SL. i can recon but o well !!!!!

So the goal here is while the credit pull has already happened and the scores support approval why not? Dont have PLOC ever so SdFcU also good for PLOC. Very likely i will get $5k starting limits with DCU/SDFCU. Agreed it just isnt 0% APR for 12/9/15 months but WTH, try & try and you will SUCCEED. Highest limit so far is only $4k on one card. I think i can do much better than that. Besides building up a credit Mix of installments/revolving will be a good thing for getting Mortgage by aug 2020.

Hopefully by then Documented Income grows for the better.

Then i can GaRdEn.

Re: failing

AverageJoesCredit — Thu, 05 Apr 2018 11:47:58 GMT

@Dalmuswrote:
I'll also add to the drumbeat... You need to garden. With all of those accounts being so new, that is likely what's holding you back (aside from the charge off) from approvals by the "good" banks.

Besides, you are carrying no balances on your cards, currently... Why do you need a card with a BT offer that you can't use?

+1 this , thank you Dalmus! With no balances to transfer, there is no dire need for a bt card or offer. That will come when you are ready for your next card. Take 6 -12 months to relax and use your cards responsibly. Your score will rise and your opportunities foryour dream cards will arise for sure. Good luck but time to join our garden party

Re: failing

UncleB — Thu, 05 Apr 2018 19:31:48 GMT

@Anonymouswrote:
@Anonymous

$2100/month = 25K
True, but thats documented income with W2, there is lot more other income that leads upto $42k in total annual income. While banks/CU only want to see documented income and unless other income involves child support, alimony or such income it never pays to dis(close). Once you mention it on the app, it becomes a permanent fixture on your credit record for years to come.

$42,000 divided by 12 =$3500 monthly income.

There is no BIG Purchase on schedule, however getting over rejection from failing to approve for 3 B/T cards is too much to handle for me. lol. Going back into the garden without seeing success on those CU cards will forever haunt me. At some point i will have to accept, however, that time is YET TO COME.

But my TOP TOP priority is REFINANCE my Auto Loan.

@DCU @3.49% w/o Direct Deposit Checking or SDFCU @ 3.39 w/o direct deposit/checking is the debate. No credit pull yet on Alliant, but DCU & SDFCU credit pull has commenced. EX Fico2 is 792 & DCU EQ Fico5 is 708. Who will best serve my banking relationship needs in the near future is the debate i m having since Apr 2. 2018 for Credit pull good until May 2, 2018.

Both have credit cards with No Balance Transfer Fees (which indeed was always my goal before WF, fifth Third & Freedom rejection) but ended up with Slate with low SL. i can recon but o well !!!!!

So the goal here is while the credit pull has already happened and the scores support approval why not? Dont have PLOC ever so SdFcU also good for PLOC. Very likely i will get $5k starting limits with DCU/SDFCU. Agreed it just isnt 0% APR for 12/9/15 months but WTH, try & try and you will SUCCEED. Highest limit so far is only $4k on one card. I think i can do much better than that. Besides building up a credit Mix of installments/revolving will be a good thing for getting Mortgage by aug 2020.
Hopefully by then Documented Income grows for the better.

Then i can GaRdEn.

Just want to point out that while identifying information submitted as part of a credit app can (and often does) become part of your credit file, that's not the case with income.

Re: failing

Anonymous — Thu, 05 Apr 2018 22:04:24 GMT

Idk but 2012 credit report on TransUnion show my income reported.
If that's changed now I m not aware of it.
Besides you can never prove cash income outside of household income which maximum allowed is $1700/ year for 2016 tax year. After that at least Medicare/ Medicaid deduction are necessitated.

Re: failing

HeavenOhio — Fri, 06 Apr 2018 00:52:00 GMT

Where are you looking at your TU report?

TU has credit monitoring services. And generally, you provide your income to credit monitoring services as it helps them sell their stuff. But income isn't part of the report itself that lenders see.

Re: failing

Anonymous — Fri, 06 Apr 2018 01:50:19 GMT

I m talking about the actual credit report you get in the mail from transunion when you have a " in the last 60 days have you had a denial" or annualcredit report or some such report not a TrueCredit or what use to be CSC. nothing like that.

Yes that report back in 2012 showed your income if reported on the credit report itself. Nowadays thats no longer displayed.

Re: failing

Anonymous — Fri, 06 Apr 2018 08:16:28 GMT

Income has NEVER EVER been displayed on credit files. NOT IN 2012 Or ever.

Re: failing

Anonymous — Fri, 06 Apr 2018 09:10:31 GMT

Supposed 700+ scores with a $40k+ claimed income and your best card is $4k coupled with denials from five of the big names? I would tell you to garden but seems how everyone else has told you that and you very clearly don't want to hear it I will say to just keep on applying. Get it all out of your system now. Keep racking up the inquiries because they're only on your report for 2 years. Then, when your CO falls off, your inquiries should all have fallen off too and you'll be able to start getting approved again. Hopefully the frustration you will have endured through the constant barrage of failed applications will have taught you something by then as well.