topic One last prime app..... in Credit Cards

One last prime app.....

kobe2012 — Fri, 06 Jul 2012 22:09:44 GMT

I got declined for two prime cards (Zynch and Citi) for the second time in 3 months and I've been thinkin if should garden until jan 2013.... I applied last month for discover more but got declined too.... EQ 627 on the denial they sent..... my score kinda got a little higher since and I was wondering if I do have a shot....I have 3 inquiries last month and 6 for the past 6 months... no collections on EQ but 4 derogs 4 years ago... 4 new accounts in 3 months..... are they inquiry senstive??? should I pull the trigger??? or just wait it out...

Re: One last prime app.....

Revelate — Fri, 06 Jul 2012 22:28:28 GMT

@kobe2012 wrote:
I got declined for two prime cards (Zynch and Citi) for the second time in 3 months and I've been thinkin if should garden until jan 2013.... I applied last month for discover more but got declined too.... EQ 627 on the denial they sent..... my score kinda got a little higher since and I was wondering if I do have a shot....I have 3 inquiries last month and 6 for the past 6 months... no collections on EQ but 4 derogs 4 years ago... 4 new accounts in 3 months..... are they inquiry senstive??? should I pull the trigger??? or just wait it out...

You have no hope of hitting your goal scores if you continue applying. Too many new tradelines already is going to be a major buzzkill for any lender looking at your report.

My vote: you have a snowball's chance of approval for any entry-prime card right now, just sit tight for a while. Honestly other than maybe a Zync application again near the end of the year for backdating purposes, I think January is too short from what you've described here, and you should really be looking at June/July 2013 for any more applications. You might be able to slide in earlier; however, credit building is very much just because you can do something, doesn't mean you should.

Re: One last prime app.....

kobe2012 — Fri, 06 Jul 2012 22:35:55 GMT

thanks for the response.... I'll probably give zync another shot in december... you're right, I should stop applying.... it's just so hard... I went 3 years without a credit card and I didn't care, now I went crazy applying.... 6 months to 1 year just seems so slow.... but maybe then, these lenders would be the ones chasing me....lol

Re: One last prime app.....

Repo-ed — Fri, 06 Jul 2012 23:27:41 GMT

No. More. Apps.

Any card that matters, will just decline you.

Re: One last prime app.....

Anonymous — Fri, 06 Jul 2012 23:36:56 GMT

@kobe2012 wrote:
no collections on EQ but 4 derogs 4 years ago... 4 new accounts in 3 months..... are they inquiry senstive??? should I pull the trigger??? or just wait it out...

what are the derogs? obviously a 6 mos wait at least would be your best bet but in the mean time you could occupy yourself fixing the derogs on your report

Re: One last prime app.....

Anonymous — Sat, 07 Jul 2012 01:45:53 GMT

@Anonymous wrote:
"...in the mean time you could occupy yourself fixing the derogs on your report."

That's a GREAT idea. Get ALL the baddies off your reports between now and this time next year and you should be golden.

Re: One last prime app.....

android01 — Sat, 07 Jul 2012 04:35:18 GMT

@kobe2012 wrote:
I got declined for two prime cards (Zynch and Citi) for the second time in 3 months and I've been thinkin if should garden until jan 2013.... I applied last month for discover more but got declined too.... EQ 627 on the denial they sent..... my score kinda got a little higher since and I was wondering if I do have a shot....I have 3 inquiries last month and 6 for the past 6 months... no collections on EQ but 4 derogs 4 years ago... 4 new accounts in 3 months..... are they inquiry senstive??? should I pull the trigger??? or just wait it out...

Stop!! I'm not trying to be critical but you aren't going to be getting something that isn't secured with a 627 credit score. Anything you do get (unsecured) wouldn't be worth having because either you will get a ridiculously low limit that will never grow, and/or an extremely high APR. As others have stated, work on your derogs and be patient.

Re: One last prime app.....

kobe2012 — Sat, 07 Jul 2012 16:20:56 GMT

@Anonymous wrote:
@kobe2012 wrote:
no collections on EQ but 4 derogs 4 years ago... 4 new accounts in 3 months..... are they inquiry senstive??? should I pull the trigger??? or just wait it out...
what are the derogs? obviously a 6 mos wait at least would be your best bet but in the mean time you could occupy yourself fixing the derogs on your report

I have a Macy's delinquent acct that (will be removed on 9/2012), Bank Of America paid collection (delete date 01/2013), student loan unpaid collection (delete date 02/2013), HSBC unpaid collection ( delete date 2016), and credit card from meta bank unpaid collection (delete date 2016)... Bank account paid collection but it will stay on the report til 2014... I guess there's more than 4 but 3 of them will be removed early of next year.... The HSBC and meta are the ones I really wanna PFD since they're the most recent....

Re: One last prime app.....

Anonymous — Sat, 07 Jul 2012 17:05:03 GMT

You're wasting inquiries on Prime cards at this time, kobe.

Even if your score creeps up, unpaid collections make things difficult. Also, student loans never go away.

Might be better re-building and trying to address some of the old stuff before moving on. Waiting them out is an option, too, but a lot of companies blacklist so getting credit with them again wouldn't be an option.

Re: One last prime app.....

Anonymous — Sat, 07 Jul 2012 21:14:19 GMT

Do you really need the prime card at this time? If you just want the card for the sake of having one then you will be just wasting your time. Like everyone else says, concentrate on getting the Collections and education loans cleared. Maybe get a secured card to build your credit with might be a route.

Re: One last prime app.....

Anonymous — Sat, 07 Jul 2012 22:34:28 GMT

(1) Do not app for 1 year from the last app date. (2) Get your UTIL % under 10%. (3) Shreed any offers for a c.c. you get, you already have enough cards to build from. (4) Allow your accounts to age, your always going to be at a low age if you continue to grab cards. (5) Sit back and watch your score go up each and every month!

Re: One last prime app.....

kobe2012 — Thu, 12 Jul 2012 17:24:48 GMT

thanks for the responses everyone.... I will let my new accounts age.... I have decided that I won't apply for anything until spring or summer of next year (am gonna try to be patient)..... I have so many inquiries on all 3 bureaus... maybe 7 on each the past 6 months.... i know these inquiries are hurting my score... how long would these inquiries affect my credit scores????

Re: One last prime app.....

injustifiiable — Thu, 12 Jul 2012 17:44:49 GMT

@kobe2012 wrote:
thanks for the responses everyone.... I will let my new accounts age.... I have decided that I won't apply for anything until spring or summer of next year (am gonna try to be patient)..... I have so many inquiries on all 3 bureaus... maybe 7 on each the past 6 months.... i know these inquiries are hurting my score... how long would these inquiries affect my credit scores????

They will continue to be factored into your score for 1 year, but will show on your reports for two years.

Re: One last prime app.....

Anonymous — Thu, 12 Jul 2012 18:21:42 GMT

@Revelate wrote:
Honestly other than maybe a Zync application again near the end of the year for backdating purposes, I think January is too short from what you've described here

If it's for backdating purposes, don't apply in December. Apply in January, and you'd get an additional year of history.

Re: One last prime app.....

BrokaToe — Thu, 12 Jul 2012 22:34:18 GMT

How would applying in January give him an extra year of history? I don't think he currently has an AMEX. But if he apped in December, his member since date would be 2012, so if approved for another in 2013, then he would receive an "extra year". Or am I thinking wrong?

Re: One last prime app.....

Anonymous — Thu, 12 Jul 2012 22:36:41 GMT

@BrokaToe wrote:
How would applying in January give him an extra year of history? I don't think he currently has an AMEX. But if he apped in December, his member since date would be 2012, so if approved for another in 2013, then he would receive an "extra year". Or am I thinking wrong?

+1 BrokaToe. I think other poster was assuming he already had an AMEX