topic Re: How long should I garden for? in Credit Cards

How long should I garden for?

SteveUrkel — Mon, 25 Mar 2013 15:12:41 GMT

My last app was on Feb. 14, 2013 for the Home Depot credit card which I got denied . I am not sure what my credit scores are, although i will be checking soon since im new on here. I have had credit for a year now.

Re: How long should I garden for?

Anonymous — Mon, 25 Mar 2013 15:15:52 GMT

We need some info to respond to your question

Whats your fico score?

Re: How long should I garden for?

09Lexie — Mon, 25 Mar 2013 15:20:56 GMT

Welcome to the Forum! What does your cc profile look like? Inq's, baddies, # of new accounts in the past 6-12 mos? Lenders look at more than CS when reviewing applications. AFAIK, Hone Depot s backed by Citi which can be finicky as opposed to the GE backed Lowes

Re: How long should I garden for?

SteveUrkel — Mon, 25 Mar 2013 15:55:22 GMT

So I started the 10 day trial, my Equifax FicoScore is 628, I have never had any baddies or missed payments, Although one of my cards has a outstanding balance. I plan to pay that in full though. I have had 3 inquires since July 2012 that have hurt my credit it says.

Re: How long should I garden for?

b_seeker — Mon, 25 Mar 2013 15:59:09 GMT

What are the dates of your three inqs? It sounds like your credit history is too short moreso than it being the inqs causing the denials. What are the dates you opened your current cards?

Re: How long should I garden for?

SteveUrkel — Mon, 25 Mar 2013 16:09:00 GMT

Current cards opened ..First one on march 2012, 2nd and 3rd on december 2012 Inquires were july 2012, and two on feb. 2013

Re: How long should I garden for?

b_seeker — Mon, 25 Mar 2013 16:24:19 GMT

Since 2 of your 3 cards are fairly recent, I woud wait until atleast July to show 6 months of responsible use on those cards before any more apps. Make sure you use all 3 and I would let the statements close out with a balance just to report the use. Once you are ready to app, then pay them all down to as low as you can (at least 10%, any more and I'd keep waiting til you reach that mark).

This is just me and I'm by no means as experienced as many others here.

Re: How long should I garden for?

thom02099 — Mon, 25 Mar 2013 16:28:38 GMT

@b_seeker wrote:
Since 2 of your 3 cards are fairly recent, I woud wait until atleast July to show 6 months of responsible use on those cards before any more apps. Make sure you use all 3 and I would let the statements close out with a balance just to report the use. Once you are ready to app, then pay them all down to as low as you can (at least 10%, any more and I'd keep waiting til you reach that mark).

This is just me and I'm by no means as experienced as many others here.

+1. Looks like sound advice to me!

For the OP, let your accounts grow a bit, you'll be in a much better postion to consider new credit options come July, at that 6 month point.

Re: How long should I garden for?

SteveUrkel — Mon, 25 Mar 2013 16:32:22 GMT

Awesome thanks guys

Re: How long should I garden for?

twall06 — Mon, 25 Mar 2013 16:46:13 GMT

You are in great shape compared to a lot of us just give it time and grow your payment history.

Re: How long should I garden for?

SteveUrkel — Mon, 25 Mar 2013 16:57:57 GMT

Thanks, ill stay gardening till July