topic Re: I'm really worried. in Credit Cards

I'm really worried.

killer_queen229 — Mon, 02 Dec 2013 02:54:50 GMT

So I'm worried that I might not get any of the cards that I hope for within the new year (silly me did a bit of an app spree which led in total to being approved for 5 cards in 2013. DCU approved of me for a card but I decided to end the application when they wanted me to send them one of my pay stubs.. so otherwise I would have had 6, but I was better off just having the ones I already had). I haven't applied since the end of August so I am on a good roll, which I hope works in my favor besides paying on time. I'm just hoping that by March 1st that all my hard work of not applying for a while and paying my bills on time pays off. I really just want the 4 cards that I have my eyes on, within 2014. But 3 out of those 4 companies (never applied for Chase before) denied me not because of inquiries, but because they said I didn't have enough history. I want Discover IT, TD Bank Easy Rewards Visa or Cash Rewards Visa , Chase Freedom Visa and Bank of America Susan G Komen Mastercard. I'm only planning on applying for 2 in March and then spreading out the other two applications.

Re: I'm really worried.

FocusedAndDetermined — Mon, 02 Dec 2013 03:04:16 GMT

Don't worry, be happy for all that you have already accopmplished. By March you will have an additional 7 mos history, which should help your position. what is your current AAoA?

Re: I'm really worried.

killer_queen229 — Mon, 02 Dec 2013 03:08:28 GMT

@FocusedAndDetermined wrote:
Don't worry, be happy for all that you have already accopmplished. By March you will have an additional 7 mos history, which should help your position. what is your current AAoA?

Got my secured card in March, TJX rewards card in July, Got my Capital One card around end of July/beginning August, got my Old Navy and Kohls cards in August. So by the end of this month those two cards should be about 4 months old.

Re: I'm really worried.

09Lexie — Mon, 02 Dec 2013 03:14:11 GMT

What was the reason you did not want to send in your pay stubs? By the way... That is common with CUs- income verification

Re: I'm really worried.

killer_queen229 — Mon, 02 Dec 2013 03:15:59 GMT

@09Lexie wrote:
What was the reason you did not want to send in your pay stubs? By the way... That is common with CUs- income verification

Because I was not aware at that time some companies want to see something like that. And because of the fact that I had gotten approved for 5 cards this year that I also had no longer been interested in having one of their cards.

Re: I'm really worried.

killer_queen229 — Mon, 02 Dec 2013 03:21:57 GMT

And I am certain those 4 cards I want within the new year are the only ones I want for now.

Re: I'm really worried.

09Lexie — Mon, 02 Dec 2013 03:26:25 GMT

Anytime you ask for credit, the lender may request verification. Even if after you've revived credit, the lender is within their right to verify your income. Amex does it in the nature of FR, Citi has been known to ask and so has Barclays.

I would suggest that you do more research on the types of cards you want to add -meaning the UW requirements and whether the card will grow with you. Although inq's fall off and new accts will eventually age-apping for cc's then being worried about approvals later can be avoided.

Re: I'm really worried.

killer_queen229 — Mon, 02 Dec 2013 03:30:18 GMT

@09Lexie wrote:
Anytime you ask for credit, the lender may request verification. Even if after you've revived credit, the lender is within their right to verify your income. Amex does it in the nature of FR, Citi has been known to ask and so has Barclays.

I would suggest that you do more research on the types of cards you want to add -meaning the UW requirements and whether the card will grow with you. Although inq's fall off and new accts will eventually age-apping for cc's then being worried about approvals later can be avoided.

I understand that sometimes you have to verify your income and things like that. I'm trying to find out what requirements do you need for the cards that I want.

Re: I'm really worried.

Creditaddict — Mon, 02 Dec 2013 03:35:43 GMT

I would apply discover, chase, BofA, TD in thT order in a row right after another.

Re: I'm really worried.

killer_queen229 — Mon, 02 Dec 2013 03:40:54 GMT

@Creditaddict wrote:
I would apply discover, chase, BofA, TD in thT order in a row right after another.

I was thinking of applying for Chase first (Chase has never approved nor denied me because I've never applied to this company before). I figured I'd apply for TD Bank second. Or should I apply for Chase and Discover in one day (I want to apply for two cards in one day and seperate the last two applications over a time period). I was going to wait either 3 or 4 months after applying for two cards to apply for another.

Re: I'm really worried.

Creditaddict — Mon, 02 Dec 2013 03:42:05 GMT

Depending your current cards I think you will have better luck slamming the 4 apps together vs separate out 3-4 months

Re: I'm really worried.

09Lexie — Mon, 02 Dec 2013 03:42:24 GMT

Based on your previous apps with these lenders, they all said the same thing- lack of credit history and too many inquiries. Based on those reasons, continue using your current cards as before, stop applying for credit and get your AAOA up. The new TLs may need to be seasoned for 6 mos to a year depending on your overall profile.

Re: I'm really worried.

killer_queen229 — Mon, 02 Dec 2013 03:45:25 GMT

@09Lexie wrote:
Based on your previous apps with these lenders, they all said the same thing- lack of credit history and too many inquiries. Based on those reasons, continue using your current cards as before, stop applying for credit and get your AAOA up. The new TLs may need to be seasoned for 6 mos to a year depending on your overall profile.

But 7 months can make a difference in the credit world, especially with the fact that I haven't applied for anything in a while and that I pay on time. They never said inquiries at all. They only said things like "limited history". By March my Secured would be a year old and my two most recent accounts would be 7 months old.

Re: I'm really worried.

09Lexie — Mon, 02 Dec 2013 03:45:11 GMT

@CreditAddict

OP has applied to these lenders and has been denied. Also has added five new TLs. IMO,the best thing that OP can do is wait until they can overcome the reasons for denial.
Sometimes, apping isn't in the best interest.

Re: I'm really worried.

killer_queen229 — Mon, 02 Dec 2013 03:52:41 GMT

@09Lexie wrote:
@Creditaddict

OP has applied to these lenders and has been denied. Also has added five new TLs. IMO,the best thing that OP can do is wait until they can overcome the reasons for denial.
Sometimes, apping isn't in the best interest.

But everyones situation is different. 7 months can make a difference in someone's credit history. The fact that it will be March would probably make a good enough difference considering my oldest account would hit a year mark. My newest accounts would be about 7 months old by March. Also, I pay on time. That would probably be considered when I apply for credit.

Re: I'm really worried.

09Lexie — Mon, 02 Dec 2013 03:52:54 GMT

I agree, that's why you should wait. The lenders were pretty consistent with their reasons and all you can do is put time in between your last app. Whether that be 7 mos or a year that will depend on your overall credit history. There are people on this board that would not need to wait because their file is thicker. They do not water down their CS will inq's/apps that are meaningless.

You were not denied for baddies or util so you are handling your credit well. The one thing you cannot do is give it time...that comes with waiting.

Re: I'm really worried.

killer_queen229 — Mon, 02 Dec 2013 03:57:24 GMT

@09Lexie wrote:
I agree, that's why you should wait. The lenders were pretty consistent with their reasons and all you can do is put time in between your last app. Whether that be 7 mos or a year that will depend on your overall credit history. There are people on this board that would not need to wait because their file is thicker. They do not water down their CS will inq's/apps that are meaningless.

You were not denied for baddies or util so you are handling your credit well. The one thing you cannot do is give it time...that comes with waiting.

Thats exactly my point. I was not going to apply for anything earlier than March lol if I confused you I apologize. I did check my credit reports... everything is in good standing (checked a few weeks ago). I pay all my bills on time so I have confidence that me waiting will get me to where I want. I've definitely been sort of working hard to get where I am because waiting is hard. I know what cards I want and am consistent on getting them and having no interest in other cards.

Re: I'm really worried.

09Lexie — Mon, 02 Dec 2013 04:00:31 GMT

You didn't confuse me. I was responding to CreditAddict , I was given the impression that CA wanted you to app now. Could be wrong.

Re: I'm really worried.

myjourney — Mon, 02 Dec 2013 04:01:19 GMT

@09Lexie wrote:
I agree, that's why you should wait. The lenders were pretty consistent with their reasons and all you can do is put time in between your last app. Whether that be 7 mos or a year that will depend on your overall credit history. There are people on this board that would not need to wait because their file is thicker. They do not water down their CS will inq's/apps that are meaningless.

You were not denied for baddies or util so you are handling your credit well. The one thing you cannot do is give it time...that comes with waiting.

I know its hard to wait sometimes but then again waiting can lead to more approvals with higher limits.

Always remember the golden rule

Good credit is a marathon not a sprint

A sprint will only set you further back

Re: I'm really worried.

Anonymous — Mon, 02 Dec 2013 04:03:47 GMT

Experian classifies inquiries on a monthly basis and drops them off at the end of each month, regardless of whether you got them at the start of the month, or on the last day of the month. Sometimes it may take up to an additional week or two as well for 2year old inquiries to fall off your CR.

So let's say you had 5 inquiries in March 2013. If you want the lenders to regard your inquiries as >1 year old, you will need to wait till 1st April.

Depending on which lender you're planning to apply with and the bureau they may pull, you may need to wait till April 2014, not March.