topic Re: went store card crazy today in Credit Cards

went store card crazy today

Nelly510 — Sat, 19 Jan 2013 20:43:17 GMT

Hey guys i am in the process of rebuilding my credit, I am currently in the low 600s and i just recently got approved for 2 cars from bmw financial, one of the loans is at 3.9% and the other loan is at 9%. So today i went a little crazy and decided to apply for some store cards and got approved for the following:

Amazon - $600

Wal-Mart - $600

Chevron - $400

Victoria Secret - $350

Bloomingdales - $300

Total - $2250

but i did get denied for the following:

Old Navy

Macys

Neiman Marcus

Nordstrom

Target

So that was a total of 10 inquiries, i know its bad but i hope after awhile it will help me out.

My cards that i currently own are as follows:

Capital one platnium - $500

Orchard Bank - $400

1st Premier - $300

How do you guys think its going so far besides the big slurge i did today?

Re: went store card crazy today

Anonymous — Sat, 19 Jan 2013 20:48:16 GMT

Someone shops at both bloomingdales and Wal-Mart...j/k

Why do you need all of those store cards?

Re: went store card crazy today

calihlove75 — Sat, 19 Jan 2013 20:49:51 GMT

@Nelly510 wrote:
Hey guys i am in the process of rebuilding my credit, I am currently in the low 600s and i just recently got approved for 2 cars from bmw financial, one of the loans is at 3.9% and the other loan is at 9%. So today i went a little crazy and decided to apply for some store cards and got approved for the following:

Amazon - $600
Wal-Mart - $600
Chevron - $400
Victoria Secret - $350
Bloomingdales - $300

Total - $2250

but i did get denied for the following:

Old Navy
Macys
Neiman Marcus
Nordstrom
Target

So that was a total of 10 inquiries, i know its bad but i hope after awhile it will help me out.

My cards that i currently own are as follows:

Capital one platnium - $500
Orchard Bank - $400
1st Premier - $300

How do you guys think its going so far besides the big slurge i did today?

I am glad you were approved for some, but why the heck would you apply for 10 store cards? That seems a bit extreme, especially if you are rebuilding (no offense) I would be scared this is going to put you into the 500's with the inquiries and new accounts reporting.

Re: went store card crazy today

Nelly510 — Sat, 19 Jan 2013 20:55:26 GMT

i thouht it would be good to have more credit?

Re: went store card crazy today

Anonymous — Sat, 19 Jan 2013 21:18:39 GMT

Quality credit is better than a quantity of toy limit credit. 2¢

Re: went store card crazy today

calihlove75 — Sat, 19 Jan 2013 21:27:58 GMT

@Nelly510 wrote:
i thouht it would be good to have more credit?

Thats understandable, but look at it this way..now you have a lineup of toy limits on every card. I don't know how long you have had the original cards, but me personally I would have tried to get a discover to break the lower limit. My son started with a couple $500 tradelines and 4 months later Discover gave him a $1000 tradeline. It just seems like a set-back to me.

Re: went store card crazy today

chnceit — Sat, 19 Jan 2013 21:34:10 GMT

@Anonymous wrote:
Quality credit is better than a quantity of toy limit credit. 2¢

But congrats on your approvals. I suggest you stop apping for store cards and grow them. Try a CU which they tend to give higher staring CL's.

Your GE cards will grow quickly and they are generous in CLI's

Re: went store card crazy today

Repo-ed — Sat, 19 Jan 2013 21:52:30 GMT

you're fine. the GE backed cards will afford for CLI every 4 months. the inq will fall off together, and the TLs will age together. just garden for a year, and you'll be fine.

Re: went store card crazy today

Imua — Sat, 19 Jan 2013 22:03:27 GMT

@Repo-ed wrote:
you're fine. the GE backed cards will afford for CLI every 4 months. the inq will fall off together, and the TLs will age together. just garden for a year, and you'll be fine.

i totally agree with this advice

i know the hard part of building good credit and improving FICO scores is usually the gardening part, so hopefully the OP can stay in the garden for a year to let the inq's age, the CLIs on the cards grow,and the FICO score improve.

Also, a reminder that when the OP is ready to app for major non-store cc in about a year, i would suggest making sure utility is <6-10% at that time (total util across all cc TLs, wiht no one card being higher than 10%), and that only 1 or 2 cards show any balance at all (make sure most of the cards show 0 balance). If it were me, I would make sure of that for at least 2 months prior to apping.

imo, that would increase the chance of being approved for a major, non-store card and for a decent CL.

tincture of time works wonders (but it's often hard to have patience!)

Re: went store card crazy today

calihlove75 — Sat, 19 Jan 2013 22:55:17 GMT

@Repo-ed wrote:
you're fine. the GE backed cards will afford for CLI every 4 months. the inq will fall off together, and the TLs will age together. just garden for a year, and you'll be fine.

That is true. GE will grow and with soft pulls. I think my Amazon store card started at $600 and went from $1300 to $1500 to $2500- and finally to $3500 in about 18 months. I tend to focus on the negative impact on everything...something I am working on!

Re: went store card crazy today

Anonymous — Sat, 19 Jan 2013 23:22:39 GMT

I did the same thing and it didn't hurt my scores that much...in fact the ap spree only lowered my scores by 10 pts initially and then raised it up by 25 pts once the cards reported the lines

Re: went store card crazy today

calihlove75 — Sat, 19 Jan 2013 23:35:32 GMT

@Anonymous wrote:
I did the same thing and it didn't hurt my scores that much...in fact the ap spree only lowered my scores by 10 pts initially and then raised it up by 25 pts once the cards reported the lines

I don't know how people are able to do complete sprees resulting in a ten point loss. I get hit with 10-20 for just one inquiry. I think I lost 14 points when I applied for American Express. I don't get it!

Re: went store card crazy today

Anonymous — Sun, 20 Jan 2013 01:50:14 GMT

I have no idea why the drop was insignificant but I can tell you that within weeks wellsfargo offered me a 3k limit and I took that too!!!! The biggest drop I have seen so far is after Christmas but I should have all cards paid in full by early feb so by march my scores should be back to the mid 600....I have an issue with aps though...need to bring myself to the garden ASAP!

Re: went store card crazy today

Open123 — Sun, 20 Jan 2013 03:19:36 GMT

@Nelly510 wrote:
Hey guys i am in the process of rebuilding my credit, I am currently in the low 600s and i just recently got approved for 2 cars from bmw financial, one of the loans is at 3.9% and the other loan is at 9%. So today i went a little crazy and decided to apply for some store cards and got approved for the following:

Amazon - $600
Wal-Mart - $600
Chevron - $400
Victoria Secret - $350
Bloomingdales - $300

Total - $2250

but i did get denied for the following:

Old Navy
Macys
Neiman Marcus
Nordstrom
Target

So that was a total of 10 inquiries, i know its bad but i hope after awhile it will help me out.

My cards that i currently own are as follows:

Capital one platnium - $500
Orchard Bank - $400
1st Premier - $300

How do you guys think its going so far besides the big slurge i did today?

In my view, when rebuilding credit the sooner you open up multiple TLs, the better. When you begin rebuilding, there is little fear of AA, since scores are low enough anyway where you could receive AA as a matter of course, little of what you do will affect an issuer's behavior, unlike for those building or are no longer rebuilding.

Open up tons of TLs. Amass inquiries. Pay, use, and age your perfect history. In two years, all inquiries and traces of your acitivty are gone.

Your scores increase with positive TLs, and onward to your next phase on apping for cards of your choice based on the benefit you value the most, since the "rebuilding" will be behind you. Much better than taking too long adding one or two toy limit cards at at time.

Re: went store card crazy today

Anonymous — Sun, 20 Jan 2013 03:51:47 GMT

I would bail on 1st prem and O bank.

Re: went store card crazy today

BearsAndTurtlesRtheBest — Sun, 20 Jan 2013 04:52:04 GMT

YOU DID GREAT! within 1 year and 6 months you should have a high FICO score just DONT APPLY FOR MORE and let these current cards AGE so you can then app for a PRIME CARD like DISCOVER OR AMEX OR CHASE. I leared that here on mY FICO

P.S CONGRATS ON AUTO LOANS AND EXCELLENT APR

Re: went store card crazy today

BearsAndTurtlesRtheBest — Sun, 20 Jan 2013 04:56:43 GMT

ALSO FORGOT TO MENTION THAT GE ONLY ACCEPTS APPROVALS FROM THEIR CARDS EVERY 6 MONTHS LIMIT IS 3 CARDS ONCE APPROVED SO YEAH YOU WERE APPROVED FOR CHEVRON, AMAZON , AND WAL MART MAKING IT 3 . THATS WHY OLD NAVY WAS DENIED. FYI

Re: went store card crazy today

Revelate — Sun, 20 Jan 2013 07:16:58 GMT

@calihlove75 wrote:
@Anonymous wrote:
I did the same thing and it didn't hurt my scores that much...in fact the ap spree only lowered my scores by 10 pts initially and then raised it up by 25 pts once the cards reported the lines
I don't know how people are able to do complete sprees resulting in a ten point loss. I get hit with 10-20 for just one inquiry. I think I lost 14 points when I applied for American Express. I don't get it!

There's a relative weight to all things FICO; namely, the prettier you are, the more any derogatory (including inquiries) hurts. FICO looks at patterns of behavior, and for someone who's responsibly managed their credit for a while to suddenly get a new account, there's a larger knee-jerk reaction than with how the algorithm sees me as an example.

Your scores are great, on the flipside you'll suffer more for new accounts or even new inquiries than I will; however, want to trade?

Re: went store card crazy today

Revelate — Sun, 20 Jan 2013 07:21:37 GMT

@Open123 wrote:
In my view, when rebuilding credit the sooner you open up multiple TLs, the better. When you begin rebuilding, there is little fear of AA, since scores are low enough anyway where you could receive AA as a matter of course, little of what you do will affect an issuer's behavior, unlike for those building or are no longer rebuilding.

Open up tons of TLs. Amass inquiries. Pay, use, and age your perfect history. In two years, all inquiries and traces of your acitivty are gone.

Your scores increase with positive TLs, and onward to your next phase on apping for cards of your choice based on the benefit you value the most, since the "rebuilding" will be behind you. Much better than taking too long adding one or two toy limit cards at at time.

Very nicely put Open; I absolutely agree and in my estimation one of the biggest mistakes people make when rebuilding is simply not opening enough accounts to start. I did something like six tradelines, and admittly now I wonder if I did too few even though there's certainly an inflection point out there somewhere, the 8ish accounts the OP has isn't a problem now, and will help in the future.

As another poster suggests though, it's opening up all the tradelines and then being able to sit on one's hands that is the harder part these days I suspect.

Re: went store card crazy today

Anonymous — Sun, 20 Jan 2013 16:27:15 GMT

Congrats on your approvals. Hopefully you are headed to the garden now and let them grow.