topic Re: Knowing when to fold....or keep apping in Credit Cards

Knowing when to fold....or keep apping

phoenix_one — Thu, 21 Mar 2013 22:52:16 GMT

To Garden or not to garden....

Last month I applied for the CSP and was approved for 5K and was able to recon to 8K. 2HP

I got my 40K bonus by the time the first statement hit.

Applied for AMEX BCE - Denied 1 HP

Applied for Citi TYP - Denied 1 HP

These denials are a result with an issue I have with Wells Fargo and Experian. Details in the following post. (Your thoughts are appreciated)

http://ficoforums.myfico.com/t5/Bankruptcy/Rebuilding-Credit-after-Chapter-13-and-my-issues-with-Wells/td-p/1947411

Applied for an Apartment 1 HP

Combined with last year car purchase (4 HP, Kept getting denied (Beneficial, Trumark and Dealer) until Chase approved me)

Total 9 inquiries

Today I applied online with USAA Rewards WMC.

Approved 12K right off the bat with a 10.9%.

Current FICO Score 784 (Chase just popped in the report)

I am assuming that was my 10th HP.

Thinking of either going thru my CU or finally giving in to Discover It (They keep sending preapproved applications every #$%@ week!)

or hit the garden.

And stay off the forums!

Re: Knowing when to fold....or keep apping

myjourney — Thu, 21 Mar 2013 22:53:55 GMT

Denials themselves suggest its time to garden

Re: Knowing when to fold....or keep apping

phoenix_one — Thu, 21 Mar 2013 22:58:11 GMT

Nope.

Read the link for my other story for the complete info.

Re: Knowing when to fold....or keep apping

myjourney — Thu, 21 Mar 2013 23:06:35 GMT

@phoenix_one wrote:
Nope.

Read the link for my other story for the complete info.

Lol then you've already made up your mind as to your question of to garden or not? hummm

Re: Knowing when to fold....or keep apping

LS2982 — Thu, 21 Mar 2013 23:16:21 GMT

@myjourney wrote:
Denials themselves suggest its time to garden

I agree, its time to hit the garden!

Re: Knowing when to fold....or keep apping

FinStar — Thu, 21 Mar 2013 23:17:58 GMT

@phoenix_one wrote:
Nope.

Read the link for my other story for the complete info.

While complete picture was provided on the separate link, and the unfortunate situation still stands with WF with the current reporting until 2017 (really 4 more years), and you have re-built a decent credit profile since, the question begs... why do you need additional unsecured credit?

Gathering from this post, you have managed to obtain very successful results with Chase (CSP) $8K (even if reconned) and USAA $12K. Your other post states you also have acoounts with Orchard, Merrick, Barclay's, TD Bank/Omega $10K.

Essentially, Citi and AMEX will definitely be a NO for sometime (AMEX frowns on the BK reporting alone). Citi may be more flexible down the road once you've established more history/experience with your newly aquired accounts.

So, for the above poster, it is fair to say that (a) your inquiries are going to start adding up and impacting your score which will include the addition of the new TLs (not to mention AAoA) and (b) most other Prime lenders will still see the BK reporting and may be hesitant to grant additional unsecured credit. Your experience may vary from others but if denials aren't a sign, I'm not sure what else would be. The best recommendation would be to garden for sometime and let your new seedlings grow.

Re: Knowing when to fold....or keep apping

FinStar — Thu, 21 Mar 2013 23:23:25 GMT

@LS2982 wrote:
@myjourney wrote:
Denials themselves suggest its time to garden
I agree, its time to hit the garden!

Ultimately, it's up to the OP. However, good advice has already been provided.

Re: Knowing when to fold....or keep apping

09Lexie — Thu, 21 Mar 2013 23:38:24 GMT

@FinStar

Agreed.

Re: Knowing when to fold....or keep apping

phoenix_one — Thu, 21 Mar 2013 23:53:10 GMT

>FinStar: why do you need additional unsecured credit?

In the summer, several old accounts are going to fall off the credit reports affecting my AAoA.

My reasoning for this little spree is to have something to offset that proyected drop in my score.

My future plans are to purchase home and I whould like to be in a good barganing position when the time comes.

However it looks that I'll have to wait until 2017 for that to happen.

I believe that I am managing my finances in a responsible manner and I am trying to use the knowledge that I have acquired here to practical use.

Re: Knowing when to fold....or keep apping

LS2982 — Thu, 21 Mar 2013 23:54:28 GMT

How soon are you looking to purchase your home?

Re: Knowing when to fold....or keep apping

myjourney — Fri, 22 Mar 2013 00:03:39 GMT

Theoretically losing old accounts and opening new ones won't offset the ding. Your losing say 10 years and adding 1 month.

Plus opening more will hurt AAOA as well.

However if you start the garden process it will lessen the dings some what and raise your scores for a home purchase.

Not to mention no one should apply for credit of any type within 6 months of a home loan app Just IMO tho good luck

Re: Knowing when to fold....or keep apping

phoenix_one — Fri, 22 Mar 2013 00:04:09 GMT

Because of my current issues with Wells Fargo and Experian it looks like I'll have to wait until 2017.

Re: Knowing when to fold....or keep apping

WarJar101 — Fri, 22 Mar 2013 06:22:03 GMT

@phoenix_one wrote:
Because of my current issues with Wells Fargo and Experian it looks like I'll have to wait until 2017.

Congrats on the USAA approval, are you a full member or a limited/partial member? If the latter, what APR did they give you?

IMO follow the advice given above, just garden for now. I'm about to do the same myself. Focus on SP CLIs if you can. Good luck.

Re: Knowing when to fold....or keep apping

thom02099 — Fri, 22 Mar 2013 14:38:50 GMT

@phoenix_one wrote:
>FinStar: why do you need additional unsecured credit?

In the summer, several old accounts are going to fall off the credit reports affecting my AAoA.
My reasoning for this little spree is to have something to offset that proyected drop in my score.

My future plans are to purchase home and I whould like to be in a good barganing position when the time comes.
However it looks that I'll have to wait until 2017 for that to happen.

I believe that I am managing my finances in a responsible manner and I am trying to use the knowledge that I have acquired here to practical use.

Just something to be aware of, this is NOT a given, that you will have accounts automatically fall off your reports at that 10 year mark. It may or may not happen. Much depends on the issuer. I say this because I have a number of accounts on my report that are in excess of 10 years, still showing on my credit reports, some going back to the 90s.

I agree with the others. The Garden is the place to be.

UPDATE!!! Re: Knowing when to fold....or keep apping

phoenix_one — Mon, 25 Mar 2013 22:28:49 GMT

After getting nowhere with Wells Fargo in reporting the correct info to Experian, I decided to to dispute with Experian due to the fact that it's been over 7 years from the filing of the Chapter 13.

The item has been under review for 3 weeks,

I just received an email from Experian stating that my Dispute Results are ready.

I pulled my Experian Report. It was updated to show as follows:

Status:
Paid,Closed/Never late.

Now my report is completely clear of any derogatory items.

And just to check I went and applied online for the AMEX PRG.

BOOM! APPROVED!

To the garden I go! I do not need anything else right now. I have more than enough credit available for the time being and just have to wait until all inquiries are gone (2 years). Clean Slate.

I might do a PC from the PRG when renewal hits. I used to have a Green Card (No CO, I believe) back in the '80s I'll have to check if it will automatically back date the new card. Now that will be a double bonus!!!

If I'm here it's just to share the wisdom.

Re: UPDATE!!! Re: Knowing when to fold....or keep apping

09Lexie — Mon, 25 Mar 2013 22:31:15 GMT

Congrats! Now back to the Garden.

Re: UPDATE!!! Re: Knowing when to fold....or keep apping

LS2982 — Mon, 25 Mar 2013 22:35:23 GMT

@phoenix_one wrote:
After getting nowhere with Wells Fargo in reporting the correct info to Experian, I decided to to dispute with Experian due to the fact that it's been over 7 years from the filing of the Chapter 13.

The item has been under review for 3 weeks,

I just received an email from Experian stating that my Dispute Results are ready.

I pulled my Experian Report. It was updated to show as follows:

Status:
Paid,Closed/Never late.

Now my report is completely clear of any derogatory items.

And just to check I went and applied online for the AMEX PRG.

BOOM! APPROVED!

To the garden I go! I do not need anything else right now. I have more than enough credit available for the time being and just have to wait until all inquiries are gone (2 years). Clean Slate.

I might do a PC from the PRG when renewal hits. I used to have a Green Card (No CO, I believe) back in the '80s I'll have to check if it will automatically back date the new card. Now that will be a double bonus!!!

If I'm here it's just to share the wisdom.

CONGRATS!!!!

Is this your 1st AMEX?

Re: UPDATE!!! Re: Knowing when to fold....or keep apping

phoenix_one — Mon, 25 Mar 2013 22:40:12 GMT

I used to have an AMEX Green Card back in the '80s. I believe it was closed in good standing, Then a Corporate AMEX Green Card with the Air Force, never an issue with this one.

I'll let you guys know if they backdate this card.

Re: UPDATE!!! Re: Knowing when to fold....or keep apping

LS2982 — Mon, 25 Mar 2013 22:52:30 GMT

@phoenix_one wrote:
I used to have an AMEX Green Card back in the '80s. I believe it was closed in good standing, Then a Corporate AMEX Green Card with the Air Force, never an issue with this one.

I'll let you guys know if they backdate this card.

Good Luck!!!

Welcome back to the AMEX family!!!