topic Re: What next and when? in Credit Cards

What next and when?

Maximuss — Thu, 27 Mar 2014 22:24:57 GMT

I started my rebuilding on December last year. I got approved for the BofA secured card.

Fast forward to this year and with the new found confidence of even being offered a secured card i applied for a capitol one quicksilver for average credit. Got a swift knock back to reality with a quick denial. Received the letter and was told i have a thin file basically. I do have a car loan that was paid off 9 years ago on time that still shows on my credit report, TU & EQ only. Other then that just the new card.

After scouring the forums for all the info i could gather i came across the famous shopping cart trick. A few worked some didn't, but a long story short i was approved for the Sportsman's Guide VISA for $2500 in Jan and the Mypoints Visa for $2000 in Feb.

All of this was with FICO scores of between 680-740, no baddies and income of $46000

Since i kept on reading of all the success stories of getting the walmart card with scores lower then mine and baddies, and me wanting to get my FICO score every month to track my rebuild i said what the heck and applied for it. Thinking i was only going to get the store card with my thin file i was surprised when i was offered the Discover version with $1200 credit limit. This was in Feb too.

I got even more bold thinking i would maybe have a chance with the big boys i applied for Amex & Discover. Quick denial.

So that puts me where i am today. I have about 5 inq on each of the CRA's and the accounts above mentioned. Utilization about 9%. I am mostly interested in cash back cards as i don't do much traveling. Most of my money is spent on groceries, gas, and eating out.

What do you guys suggest as my course of action. When would it be prudent for me to apply again and who would i have the best shot with?

Thank you in advanced.

Re: What next and when?

gdale6 — Fri, 28 Mar 2014 01:07:36 GMT

I would let your accounts you have now age to 6 months before apping for more, the biggest prob you have is lack of revolving history. As for individual cards to app for I will leave that to someone else.

Re: What next and when?

Maximuss — Fri, 28 Mar 2014 01:12:02 GMT

@gdale6 wrote:
I would let your accounts you have now age to 6 months before apping for more, the biggest prob you have is lack of revolving history. As for individual cards to app for I will leave that to someone else.

6 months from the first card acquired or from the last?

Thanks for the response

Re: What next and when?

09Lexie — Fri, 28 Mar 2014 01:16:07 GMT

All your accounts should have 6 months of reporting history

Re: What next and when?

Maximuss — Fri, 28 Mar 2014 01:21:03 GMT

@09Lexie wrote:
All your accounts should have 6 months of reporting history

So to understand you better. My first card was opened on the 15th of December but it shows a positive payment for December even though there was no payment, first payment was in January. Do i count December as a full month or January? And after the 6 month period who would i have the best shot with?

Re: What next and when?

Maximuss — Fri, 28 Mar 2014 01:22:06 GMT

Also did I shot myself in the foot by opening too many accounts too quick or is it not that bad?

Re: What next and when?

coldnmn — Fri, 28 Mar 2014 01:31:37 GMT

@Maximuss wrote:
Also did I shot myself in the foot by opening too many accounts too quick or is it not that bad?

Credit is a journey not a race. Getting to many cards to soon make you look desperate for credit. If you age the ones you have you'll be fine. But I would wait for awhile so your current ccc don't get nervous. Aging your current cards will pay off in better cards and larger CL. You should get your oldest cards over a year and newest at least 6 months if not sure wait an extra month.

Re: What next and when?

-Wade- — Fri, 28 Mar 2014 01:34:15 GMT

@coldnmn wrote:
@Maximuss wrote:
Also did I shot myself in the foot by opening too many accounts too quick or is it not that bad?
Credit is a journey not a race. Getting to many cards to soon make you look desperate for credit. If you age the ones you have you'll be fine. But I would wait for awhile so your current ccc don't get nervous. Aging your current cards will pay off in better cards and larger CL. You should get your oldest cards over a year and newest at least 6 months if not sure wait an extra month.

+1 you need to slow down and yes it looks bad opening a lot of accounts at 1 time