topic Re: New, overwhelmed & excited! in Credit Cards

New, overwhelmed & excited!

Anonymous — Wed, 01 Jan 2014 23:14:08 GMT

*Waves*

I've been lurking on the forums for quite some time now

and finally decided to begin the new year with joining.

To give you some background about my credit journey, I had average credit up until 2008. Average because I was young and oblivious t

o things like apr, hps and sps etc. I just had a decent income and paid my cards off (had a chase, boa and cap 1 card, and target, vs, dell and best buy store ones). I was also married to my first husband at the time who had a decent income too. A lot of our

credit was joint including a car loan. Hovever he was abusive and after 5 years of enduring it, by God's grace and strength, I was able to leave the marriage.

Unfortunately this decision cost me my credit. Because of the nature of the situation I left with literally my clothes and personal things like pictures, books etc. and had to leave my job and move out of town. I also lost my Dad in a car accident during that time so it was a very difficult season for me. After the divorce my ex did not take responsibility for the credit, in fact used it irresponsibly. I couldn't keep up with it all and finally decided to file ch7 in 2010.

I laid low for a year then was approved for a post ch 7 car loan in Nov of 2011 with my current husband's income. We were on an extremely tight budget for that year and paid the note on time every month for a year. Then by the grace of God our credit union took a chance on us, refinanced our car to half the monthly payment and gave us a credit card with a cl of 500 in Nov of 2012. We maintained our payment history for the two and didn't apply for any other credit. Mostly because I struggled so much with having to file ch7 that I didn't want to risk the sting of rejection.

Then in April of 2013 I was going to kohls and randomly decided to apply for their charge card. I was instantly approved with a $500 cl. This began my, perhaps at times overly zealous, quest for rebuilding my credit. I've come a long way from my credit score being in the late 400s to late 600s now but I have quite a few cards that I probably applied for to somehow compensate for the difficult time I went through. I just don't really know where I should go from here. I'm considering gardening (still new to all this so not exactly sure how it works). I have "fasted" from applying a month at a time, three times in 2013, but then have gone on

sprees in between I keep low balances and have pif every time except December due to the holidays but even then paid the statement balance leaving a low remaining balance.

This is my credit card profile with cls between April of 2013 and now:

Sears store card:$2000

Case CU: $1500

Discover IT: $1000

Care Credit: $1000

Car One Credit: $700

Amazon store card: $700

Paypal sc: $600

Walmart store card: $600

Toys r us store card: $600

Kohls store card: $500

BML: $500

Pier 1 store card: $500

Childrens Place store card: $350

TJMaxx rewards store card: $300

Meijer store card: $300

Old Navy store card: $200

Phew!

After a month and a half of fasting from applying I rung in the New Year with applying for Chase Freedom, BCE, Duck Card, Target and JC Penney.

All said 7-10 days except BCE which flat out denied me due to my bankruptcy.

So I have a few questions:

1. Should I recon the BCE or do I not have a chance?

2. Should I wait on the others for a response in the mail or should I at least call the Chase recon line and see if they'll approve me?

3. Do you think Target will give me another chance?

4. I need to garden don't I (don't answer this one )

Appreciate encouragement and wisdom greatly.

Blessings!

Re: New, overwhelmed & excited!

coldnmn — Wed, 01 Jan 2014 23:14:56 GMT

Welcome to the forum normally I would say always recon but I know Chase blacklists Mine was like 15 years ago still no. You should definitely garden we are there to help you stay strong and answer any questions you may have.

Re: New, overwhelmed & excited!

FinStar — Wed, 01 Jan 2014 23:25:03 GMT

@Anonymous wrote:
*Waves*

I've been lurking on the forums for quite some time now
and finally decided to begin the new year with joining.

To give you some background about my credit journey, I had average credit up until 2008. Average because I was young and oblivious t
o things like apr, hps and sps etc. I just had a decent income and paid my cards off (had a chase, boa and cap 1 card, and target, vs, dell and best buy store ones). I was also married to my first husband at the time who had a decent income too. A lot of our
credit was joint including a car loan. Hovever he was abusive and after 5 years of enduring it, by God's grace and strength, I was able to leave the marriage.

Unfortunately this decision cost me my credit. Because of the nature of the situation I left with literally my clothes and personal things like pictures, books etc. and had to leave my job and move out of town. I also lost my Dad in a car accident during that time so it was a very difficult season for me. After the divorce my ex did not take responsibility for the credit, in fact used it irresponsibly. I couldn't keep up with it all and finally decided to file ch7 in 2010.

I laid low for a year then was approved for a post ch 7 car loan in Nov of 2011 with my current husband's income. We were on an extremely tight budget for that year and paid the note on time every month for a year. Then by the grace of God our credit union took a chance on us, refinanced our car to half the monthly payment and gave us a credit card with a cl of 500 in Nov of 2012. We maintained our payment history for the two and didn't apply for any other credit. Mostly because I struggled so much with having to file ch7 that I didn't want to risk the sting of rejection.

Then in April of 2013 I was going to kohls and randomly decided to apply for their charge card. I was instantly approved with a $500 cl. This began my, perhaps at times overly zealous, quest for rebuilding my credit. I've come a long way from my credit score being in the late 400s to late 600s now but I have quite a few cards that I probably applied for to somehow compensate for the difficult time I went through. I just don't really know where I should go from here. I'm considering gardening (still new to all this so not exactly sure how it works). I have "fasted" from applying a month at a time, three times in 2013, but then have gone on
sprees in between I keep low balances and have pif every time except December due to the holidays but even then paid the statement balance leaving a low remaining balance.

This is my credit card profile with cls between April of 2013 and now:

Sears store card:$2000

Case CU: $1500
Discover IT: $1000
Care Credit: $1000
Car One Credit: $700
Amazon store card: $700
Paypal sc: $600
Walmart store card: $600
Toys r us store card: $600
Kohls store card: $500

BML: $500
Pier 1 store card: $500
Childrens Place store card: $350
TJMaxx rewards store card: $300
Meijer store card: $300
Old Navy store card: $200

Phew!

After a month and a half of fasting from applying I rung in the New Year with applying for Chase Freedom, BCE, Duck Card, Target and JC Penney.

All said 7-10 days except BCE which flat out denied me due to my bankruptcy.

So I have a few questions:

1. Should I recon the BCE or do I not have a chance? No chance on this one unfortunately, unless there is a discrepancy on your CRs, then AMEX will not reconsider.
2. Should I wait on the others for a response in the mail or should I at least call the Chase recon line and see if they'll approve me? You can try Chase, but this will be a YEMV. If you had too many inquiries and a flurry of new account in the last 6 months, it's going to be a tough sell, including the BK from < 3 years.
3. Do you think Target will give me another chance? If you burned them in BK, probably not.
4. I need to garden don't I (don't answer this one ) Yes, sorry the answer seemed appropriate.

Appreciate encouragement and wisdom greatly.

Blessings!

While you've had some commendable progress with turning life around and re-establishing your credit, an item that stands out is the high number of store/retail cards that you have also acquired. Are all of those accounts listed above from April 2013 through now? Have you checked your recent FICO scores? What is your overall AAoA? In addition to BK, are there anyother derogatory items on your CRs?

Re: New, overwhelmed & excited!

Anonymous — Wed, 01 Jan 2014 23:34:32 GMT

Scores are mid to late 600s. No other derogatory items except for ch7. I have a paid off student loan in the amount of $9000 from my undergraduate. A paid off car in the amount of $13000 . And a paid off personal loan in the amount of $1000 on my credit report too. Then I'm in grad school so several student loans that have always been in good standing. As well as my car loan through my cu. How long would you recommend gardening and how should I maintain current credit in the meantime?

Re: New, overwhelmed & excited!

FinStar — Wed, 01 Jan 2014 23:36:52 GMT

@Anonymous wrote:
Scores are mid to late 600s. No other derogatory items except for ch7. I have a paid off student loan in the amount of $9000 from my undergraduate. A paid off car in the amount of $13000 . And a paid off personal loan in the amount of $1000 on my credit report too. Then I'm in grad school so several student loans that have always been in good standing. As well as my car loan through my cu. How long would you recommend gardening and how should I maintain current credit in the meantime?

How many inquires on your CRs? Also, how many accounts have you opened in the last six months?

Re: New, overwhelmed & excited!

Anonymous — Wed, 01 Jan 2014 23:40:56 GMT

8 opened in last six months, four at a time with a three month break in between.

12 inquires three of which are scheduled to drop this year.

Re: New, overwhelmed & excited!

Anonymous — Wed, 01 Jan 2014 23:43:53 GMT

Btw what is YEMV? I didn't find it in the abbreviation list unless you meant YMMV? Sorry so new to all of this!

Re: New, overwhelmed & excited!

FinStar — Wed, 01 Jan 2014 23:45:47 GMT

@Anonymous wrote:
8 opened in last six months, four at a time with a three month break in between.

12 inquires three of which are scheduled to drop this year.

IMHO, gardening would likely be the recommended course - anywhere from 6-12 months from the last opened bulk of tradelines. Otherwise, this will potentially look pretty risky (or desperate for credit) to propective lenders especially since your BK is still considered fresh by aging-standards. Additionally, you would need to let a bulk of those recent inquiries age within that period.

Re: New, overwhelmed & excited!

hot4u — Thu, 02 Jan 2014 00:00:09 GMT

First off Congrats on making progress on rebuilding.

Remember this is not a race it will take time.

Definitly would not app for any more.

Store cards- Tier 1's You have enough.

Chase I wouldn't waiste Hp's there not Bk Friendly..

You have opened many accounts. Let these account age and keep treating them well.

Try not to get caught up in the excitement of being Approved for more credit.

Most of your accounts with eventually give you CLI's with Sp.

Re: New, overwhelmed & excited!

Express — Thu, 02 Jan 2014 00:00:26 GMT

Welcome to the form!

Re: New, overwhelmed & excited!

chwebb1 — Thu, 02 Jan 2014 01:22:58 GMT

@Anonymous wrote:
Btw what is YEMV? I didn't find it in the abbreviation list unless you meant YMMV? Sorry so new to all of this!

"Your Experience May Vary".

Welcome to the forum!

Re: New, overwhelmed & excited!

chwebb1 — Thu, 02 Jan 2014 01:32:45 GMT

@Anonymous wrote:

1. Should I recon the BCE or do I not have a chance? No, AMEX is known to not be BK friendly. Sorry .
2. Should I wait on the others for a response in the mail or should I at least call the Chase recon line and see if they'll approve me? Chase is also known to not be (recent) BK friendly. You can call to recon, but if you get approved, it will at best be for around $500.
3. Do you think Target will give me another chance? Possibly. I'm not sure if they're BK friendly and if they blacklist. Someone else can maybe answer that.
4. I need to garden don't I (don't answer this one ) Yes, definitely garden. You appear to have opened a lot of new accounts lately (I know it's easier said than done... there are so many good cards out there. I struggle with gardening myself)

Re: New, overwhelmed & excited!

Anonymous — Thu, 02 Jan 2014 03:59:25 GMT

Thank you everyone for the gracious welcome and sage advice. Most of the cards I have are for stores I shop at for my family (my husband and I have a two and four year old) and I have taken advantage of discounts and rewards. The care credit is because we see a naturopath that insurance doesn't cover and I got the car one because I go to Midas for car stuff and I have a car allotment factored in to my budget so it was an easy way to build credit.

The ones I did not need and got caught up in the whole excitement of approval were Old Navy, Tjmaxx, and Meijer. I'm trying to look forward and trust that it will alll work out for my good in the end.

Other than gardening, is there any particular advice concerning how to manage current cards? Should I continue alternating usage? How long could I get away with not using a card before it has a negative impact? All my cards will carry a zero balance as of tomorrow so I'm trying to figure out how to use them effectively and effeciently.

Thank you all again.

Re: New, overwhelmed & excited!

Anonymous — Thu, 02 Jan 2014 04:00:39 GMT

All pif except Care Credit. That one due to the nature of the costs of seeing a naturopath will be ongoing.

Re: New, overwhelmed & excited!

Anonymous — Thu, 02 Jan 2014 04:08:11 GMT

It is so hard!!! Especially when I see others getting high cl cards with unique circumstances similar to mine. I never thought I'd become this obsessed with credit ugh!!!

Re: New, overwhelmed & excited!

credit-hunter — Thu, 02 Jan 2014 04:12:20 GMT

Welcome to the forum you can do searches here for many of the questions you are asking. there is a ton of info available.Good luck

Re: New, overwhelmed & excited!

FinStar — Thu, 02 Jan 2014 04:16:19 GMT

@Anonymous wrote:
Thank you everyone for the gracious welcome and sage advice. Most of the cards I have are for stores I shop at for my family (my husband and I have a two and four year old) and I have taken advantage of discounts and rewards. The care credit is because we see a naturopath that insurance doesn't cover and I got the car one because I go to Midas for car stuff and I have a car allotment factored in to my budget so it was an easy way to build credit.

The ones I did not need and got caught up in the whole excitement of approval were Old Navy, Tjmaxx, and Meijer. I'm trying to look forward and trust that it will alll work out for my good in the end.

Other than gardening, is there any particular advice concerning how to manage current cards? Should I continue alternating usage? How long could I get away with not using a card before it has a negative impact? All my cards will carry a zero balance as of tomorrow so I'm trying to figure out how to use them effectively and effeciently.

Thank you all again.

What you're doing is fine. It's definitely set you on the right path to reclaim your credit standing and turn things around. Rotation is always a good thing, also be sure to keep your overall CC utilization low (between 1-9% to optimize scoring with one CC reporting while all others report a $0 balance). Otherwise, if that strategy isn't feasible due to life events, then try to stay below the 20% utilization threshold - and always make your payments on time.

Another thing that is in your favor, albeit these 3 cards were part of your approval excitement; TJX, Meijer and Old Navy are all part of the GECRB family which means they can grow. Usually, after the 4th statement generates (provided there has been activity on the accounts during those months), you can request for a CLI (credit line increase). Each account has a button/link online where the request can be submitted, or if you prefer the human touch, you can call them or do it through the automated system. If that method doesn't work in those 4-6 months then you can contact the GECRB Credit Solutions team (number on the backdoor number sticky thread) as an option to review your accounts. The CLI requests on these accounts are soft pulls (SPs), so you will not get hit with a hard pull (HP).

Re: New, overwhelmed & excited!

Pupeitmeister — Thu, 02 Jan 2014 04:22:58 GMT

Welcome to the forum! It is great to hear of your successes, both personally and in the credit world. Continue to do as you are, keep your faith, and Garden Strong! (quote: Cold). You will be surprised how fast the time does fly before you are ready for another round, only this time it will be CLI requests and perhaps a few bank cards!

Re: New, overwhelmed & excited!

Anonymous — Thu, 02 Jan 2014 04:44:26 GMT

@Anonymous wrote:
It is so hard!!! Especially when I see others getting high cl cards with unique circumstances similar to mine. I never thought I'd become this obsessed with credit ugh!!!

Welcome to the forum.

I noticed that you are having difficulty quoting replies. For detailed steps, please review this thread:

http://ficoforums.myfico.com/t5/Community-Feature-FAQ-s/How-to-Quote-a-Post/td-p/2603189

Re: New, overwhelmed & excited!

Anonymous — Thu, 02 Jan 2014 04:55:48 GMT

@Anonymous wrote:
@Anonymous wrote:
It is so hard!!! Especially when I see others getting high cl cards with unique circumstances similar to mine. I never thought I'd become this obsessed with credit ugh!!!
Welcome to the forum.

I noticed that you are having difficulty quoting replies. For detailed steps, please review this thread:

http://ficoforums.myfico.com/t5/Community-Feature-FAQ-s/How-to-Quote-a-Post/td-p/2603189

Ooops. I was responding on the tablet version so just hit add comment each time. Sorry about that :/