topic Re: Applying for Credit in Credit Cards

Applying for Credit

Anonymous — Sat, 04 Aug 2007 14:00:07 GMT

3. Applying for Credit

Applying for credit can be tricky. On the one hand, you need credit cards if you want to build a credit history and have a good credit score. On the other, applying for too many cards too quickly can hurt you. That's because each inquiry (when a creditor pulls your credit report and score to see if you qualify) drops your score a little, says Watts.

How much depends on your previous history. Ironically, the more you need to apply for new credit -- say you're just starting to build a credit history or you're trying to recover from a bankruptcy filing -- the more inquiries will affect your score. "If someone already has significant credit problems on their report and now they're shopping for new lines of credit, that's an indicator that they're a higher credit risk," Watts says. Same with people with little or no credit because there isn't sufficient information on the report reflecting positive credit management to balance the negative impact of the inquiries.

What to do? "Take it slow," Watts says. "That's good advice for anyone, but especially if you're trying to recover or are new to credit."

Re: Applying for Credit

Anonymous — Sat, 04 Aug 2007 15:06:36 GMT

Now ya post this exactly a day after I applied for 4 cards and got accepted for 2

with 1 pending...

Re: Applying for Credit

Anonymous — Sat, 04 Aug 2007 15:15:39 GMT

Sorry, I just saw this on AOL this morning. Good for future reference, right?

Re: Applying for Credit

Anonymous — Sat, 04 Aug 2007 15:35:08 GMT

myhearts07 wrote:
Sorry, I just saw this on AOL this morning. Good for future reference, right?

Any info is good info as I am a lot more knowledgable now than I was just a month ago...
Keep up the good work...

Re: Applying for Credit

Anonymous — Sat, 04 Aug 2007 15:35:12 GMT

Me too, I got a little crazy yesterday! I had a run of good luck but 4 out of 6 ain't so bad. I think I'll be able to live with it, he he.

Re: Applying for Credit

Anonymous — Sat, 04 Aug 2007 15:36:02 GMT

pastorrikk1 wrote:
Me too, I got a little crazy yesterday! I had a run of good luck but 4 out of 6 ain't so bad. I think I'll be able to live with it, he he.

Who did you apply for?

Re: Applying for Credit

Anonymous — Sat, 04 Aug 2007 15:37:17 GMT

Wow 4 out of 6 ain't bad. What cards did you get and what scores do you have currently, if you don't mind my asking?

Re: Applying for Credit

Anonymous — Sat, 04 Aug 2007 15:48:47 GMT

carnival,us air(barclays) hooters(merrick), bestbuy(hsbc) are the ones I got. Wallmart, chase are ones that shot me down.

Re: Applying for Credit

Anonymous — Sat, 04 Aug 2007 15:52:41 GMT

TU-mid 600's, EQ (power score just shot up 69 points to 700 cuz target CO dropped) EX-mid 600's, since I started this little credit game as it is my scores have gone from in the tank to "not too shabby" in 2 months!

Re: Applying for Credit

Anonymous — Sat, 04 Aug 2007 15:56:25 GMT

I almost forgot I have a BK in 1999, and 2 CO in 2001,2002, one dropped the other will be off soon. I like to write the "nutcase I'll be using the info for littigation letters"

Re: Applying for Credit

Anonymous — Sat, 04 Aug 2007 17:15:07 GMT

Most excellent, keep it up. We will all be in the 700 club soon.

Re: Applying for Credit

Anonymous — Sat, 04 Aug 2007 17:18:03 GMT

myhearts07 wrote:
Most excellent, keep it up. We will all be in the 700 club soon.

Not if I keep jumping the gun and applying before I should...

Re: Applying for Credit

RobertEG — Sat, 04 Aug 2007 21:57:53 GMT

I presume that applying for new credit is more than just a quick FICO goal. In that case, the hard inquiry made to get that new card drops off in twelve months, so if your target is more than 12 months away, it can only help.

Re: Applying for Credit

Anonymous — Sat, 04 Aug 2007 22:46:35 GMT

RobertEG wrote:
I presume that applying for new credit is more than just a quick FICO goal. In that case, the hard inquiry made to get that new card drops off in twelve months, so if your target is more than 12 months away, it can only help.

I have no new tradelines and all my good ones are closed and aged, now that all

my debt is close to paid off I need new credit, So I am looking at middle of next year

for possibly a new house purchase, get the cards I can this month and play the utilization

game till middle of next year I suppose...

Re: Applying for Credit

Anonymous — Thu, 09 Aug 2007 12:33:31 GMT

Which ones did you apply for Pasttorik? Are your scores high? I haven't applied for anything for so long, but have (2) CCs reporting good for past year and two years, have 3 accounts closed all good, one auto loan and one installment loan. Of course have one account reporting on EQ twice so it appears double the debt - been trying for a year now to get that corrected...just curious

Re: Applying for Credit

iignatii — Thu, 09 Aug 2007 15:12:48 GMT

What were the CLI on these cards Pastorrik?