topic Re: My beef with rebuilding credit... in Credit Cards

My beef with rebuilding credit...

Anonymous — Thu, 07 Feb 2008 22:10:50 GMT

The only way to rebuild credit is to NEVER be late AGAIN, and to establish new credit. Well, how can you establish new credit if every inquiry--even for secured cards--will hurt your credit. And, oh, if you don't get approved for that first card, you'll be smacked even harder if you apply for another!

The reality is that the industry needs to treat CC inquiries like mortgage/auto inquiries: you should be allowed to do serveral within a certain period and not get dinged! It is inherently unfair to say to someone: Hey, apply for that card and if you don't get it you must wait another 6-12 months before applying for another.

Okay....I'm off my soap box. Still can't believe that mistakes I made when I was fresh out of college are still haunting 4 years and $125000 (my current income) later!

Re: My beef with rebuilding credit...

Anonymous — Thu, 07 Feb 2008 22:17:25 GMT

i'll even add. let me decide if i want the account. if i app a cc anf get crappy terms and low cl at least give me the chance to turn the deal down before slapping on my report and reaging my file. if i can shop for the best terms on a mort or car loan before accepting the account, wth can't i do the same for a cc?

Re: My beef with rebuilding credit...

MidnightVoice — Thu, 07 Feb 2008 22:18:51 GMT

ChemGuy wrote:

The reality is that the industry needs to treat CC inquiries like mortgage/auto inquiries: you should be allowed to do serveral within a certain period and not get dinged!

The thing is, most people will only buy one car after 10 inqs, and one house after 10 inqs, but if they apply for 10 CCs they might get them all

Part of the trick is learning which cards you are likely to get, and which cards usually pull which CRAs. That way you waste less inqs.

Re: My beef with rebuilding credit...

Anonymous — Thu, 07 Feb 2008 22:25:17 GMT

"The only way to rebuild credit is to NEVER be late AGAIN, and to establish new credit. "

Exactly ChemGuy! That's why I have what I have in my signature line!

Re: My beef with rebuilding credit...

MidnightVoice — Thu, 07 Feb 2008 22:26:51 GMT

Sylviatob wrote:
"Never ever, ever be late. Never"

It that for CC payments or all appointments?

Re: My beef with rebuilding credit...

Anonymous — Thu, 07 Feb 2008 22:29:44 GMT

Yes! LOL.

(I used to be late at both of them)

Never again.

Re: My beef with rebuilding credit...

Anonymous — Thu, 07 Feb 2008 22:37:38 GMT

I'm not saying there should not be a limit to madness. Perhaps the inq should only go on your report if you get the credi card! The claim is that multiple inqs indicate higher risk; the reality is that I'm not higher risk. I have too much in savings and make too much money to be a risk. I'm clearly not the same just out of collge kid!

Re: My beef with rebuilding credit...

marty56 — Thu, 07 Feb 2008 22:47:25 GMT

The whole FICO INQ thing is broke. I have 3 INQs on my EQ report of which only 1 is for actual credit. The other 2 or for a Verizon cell phone and a new one from ATT for Uverse. ATT pulled my EQ to see if I could qualify for 4 cell phones even though I told them I dont need one.

Also my latest MyFico EQ report shows the 3 INQs on the red dergo side of the scale.

To make matters worse, the credit I applied for was Bill My Later which deos not show up on my CR at all.

Re: My beef with rebuilding credit...

MidnightVoice — Thu, 07 Feb 2008 22:49:18 GMT

ChemGuy wrote:

I have too much in savings and make too much money to be a risk.

Then get a very high CL secured card!