topic Re: How often to apply?? in Credit Cards

How often to apply??

Anonymous — Wed, 12 Nov 2014 02:19:28 GMT

I have a low credit score due to lack of credft. I applied and was approved for the capital one quicksilver card, $1k cl. Doing so dropped my score by 10 pts for the hard inquiry. How often or how far apart should I apply for another card without hurting my score even more? What kind of card should I try next, a store card?

Re: How often to apply??

Anonymous — Wed, 12 Nov 2014 02:22:51 GMT

Only apply for cards that you need and can see yourself using for a very long time. 1-2 store cards can be decent, but you will probably regret getting much more than that in the long run. Then wait a year and you can probably get some prime cards. Remember: ALWAYS PIF

Re: How often to apply??

Involver — Wed, 12 Nov 2014 02:27:18 GMT

People are way too worried about score hits from inquiries.

You need inquiries to build credit. If you app responsibly and don't have outrageous amounts of inquiries they are nearly meaningless.

The hit to AAOA will effect your score far more, but the points gained in the end will be worth far more than the temporary hit.

Re: How often to apply??

Anonymous — Wed, 12 Nov 2014 02:43:46 GMT

I understand it takes inquiries to get credit. We would like to buy a house next year. My husband had credit but I don't. It is a double edged sword for me right now. I need credit without making my score worse and no idea how to accomplish that.

Re: How often to apply??

MoreRewards — Wed, 12 Nov 2014 02:46:52 GMT

Your score will recover! So I wouldn't worry about current score for something in the future since it will likely rise above what it was.

Re: How often to apply??

NRB525 — Wed, 12 Nov 2014 02:56:36 GMT

@Anonymous wrote:
I understand it takes inquiries to get credit. We would like to buy a house next year. My husband had credit but I don't. It is a double edged sword for me right now. I need credit without making my score worse and no idea how to accomplish that.

$1k is a good CL to start with. You can do your credit history all kinds of favors by carefully using a small amount of that each month, and PIF with the statement amount, paid on time. Some will suggest you pay before the statement even prints, but with the one card, you need that amount to show on the credit bureau. The 30% maximum utilization rule that is floated is a good limit, in other words, don't let the total amount used go over $300 on the card.

Not missing any payments is the next important point.

Keep to those basic rules for now, and your credit score should start to show good results.

Re: How often to apply??

peaceonearth — Wed, 12 Nov 2014 03:08:23 GMT

@Involver wrote:
People are way too worried about score hits from inquiries.

You need inquiries to build credit. If you app responsibly and don't have outrageous amounts of inquiries they are nearly meaningless.

The hit to AAOA will effect your score far more, but the points gained in the end will be worth far more than the temporary hit.

+10

Isn't that something?

Pay off to look good on CR, who pulls what, low Util etc..

All kind of manners and ways to manipulate the credit system.

Relax, be patient and let it grow naturally..

Re: How often to apply??

Anonymous — Wed, 12 Nov 2014 05:28:46 GMT

I was doing Christmas shopping for my daughter on Victoria secret. I got the pop up that I was pre-approved. Since my undertanding is that is a soft hit, I completed it. I was approved for $750. I think I am going to stick with this and my capital one acct for a while. I will do some small charges and pay them off. In the mean time, I will continue to read posts and learn what my next step should be. I appreciate the responses!!

Re: How often to apply??

peaceonearth — Wed, 12 Nov 2014 06:10:53 GMT

@Anonymous wrote:
I was doing Christmas shopping for my daughter on Victoria secret. I got the pop up that I was pre-approved. Since my undertanding is that is a soft hit, I completed it. I was approved for $750. I think I am going to stick with this and my capital one acct for a while. I will do some small charges and pay them off. In the mean time, I will continue to read posts and learn what my next step should be. I appreciate the responses!!

50/50

The only way to find out is: to look at your credit reports.

For VS I think, they pull Transunion.

Best of luck

Re: How often to apply??

Anonymous — Wed, 12 Nov 2014 06:33:14 GMT

@Anonymous wrote:
I was doing Christmas shopping for my daughter on Victoria secret...

I was going to help you out, but after reading that part... it just sounded so wrong to me... I don't feel I can help you... that just ain't right. And you are probably another of them vegetarians, anyway...

Re: How often to apply??

SunriseEarth — Wed, 12 Nov 2014 06:52:39 GMT

@Anonymous wrote:
@Anonymous wrote:
I was doing Christmas shopping for my daughter on Victoria secret...

I was going to help you out, but after reading that part... it just sounded so wrong to me... I don't feel I can help you... that just ain't right. And you are probably another of them vegetarians, anyway...

Oh come now....lots of people have gotten underwear and socks for Christmas. VS is just a bit more frilly, maybe. But seriously, they have fragrances and makeup, so there's some tame gift options.

Re: How often to apply??

SunriseEarth — Wed, 12 Nov 2014 06:56:56 GMT

@Anonymous wrote:
I was doing Christmas shopping for my daughter on Victoria secret. I got the pop up that I was pre-approved. Since my undertanding is that is a soft hit, I completed it. I was approved for $750. I think I am going to stick with this and my capital one acct for a while. I will do some small charges and pay them off. In the mean time, I will continue to read posts and learn what my next step should be. I appreciate the responses!!

Congrats on approval! That's a good initial CL for VS (mine was only $250). Since UTIL is one of the biggest parts of your score, that's one way you can help boost scores. If you only have VS and the Cap One CC, then I'd recommend letting a balance of <10% post on one card and pay the other card off before a balance posts. This way, your UTIL on each card and overall will be <10% and half of your revolving accounts won't have a balance.

If you have any baddies on your CRs, post in the Rebuilding section for help on addressing those. The community can definitely help you meet your credit goals.

Re: How often to apply??

SunriseEarth — Wed, 12 Nov 2014 06:57:34 GMT

@peaceonearth wrote:
@Anonymous wrote:
I was doing Christmas shopping for my daughter on Victoria secret. I got the pop up that I was pre-approved. Since my undertanding is that is a soft hit, I completed it. I was approved for $750. I think I am going to stick with this and my capital one acct for a while. I will do some small charges and pay them off. In the mean time, I will continue to read posts and learn what my next step should be. I appreciate the responses!!
50/50
The only way to find out is: to look at your credit reports.
For VS I think, they pull Transunion.

Best of luck

VS did an SP on EQ for me.

Re: How often to apply??

Anonymous — Wed, 12 Nov 2014 07:23:46 GMT

@SunriseEarth wrote:
@Anonymous wrote:
@Anonymous wrote:
I was doing Christmas shopping for my daughter on Victoria secret...

I was going to help you out, but after reading that part... it just sounded so wrong to me... I don't feel I can help you... that just ain't right. And you are probably another of them vegetarians, anyway...

Oh come now....lots of people have gotten underwear and socks for Christmas. VS is just a bit more frilly, maybe. But seriously, they have fragrances and makeup, so there's some tame gift options.

Aha! Sure...

Re: How often to apply??

Anonymous — Wed, 12 Nov 2014 07:26:09 GMT

@SunriseEarth wrote:
@Anonymous wrote:
@Anonymous wrote:
I was doing Christmas shopping for my daughter on Victoria secret...

I was going to help you out, but after reading that part... it just sounded so wrong to me... I don't feel I can help you... that just ain't right. And you are probably another of them vegetarians, anyway...

Oh come now....lots of people have gotten underwear and socks for Christmas. VS is just a bit more frilly, maybe. But seriously, they have fragrances and makeup, so there's some tame gift options.

Makeup is best bought at pharmacies.

Or flea markets if you like to take a gamble.

Re: How often to apply??

Anonymous — Wed, 12 Nov 2014 07:43:45 GMT

I would run over to Walmart and app for their credit card, asap. You'll get a higher initial credit limit when you app in store.

1. Mortgage lender prefer 3 trade lines.
2. You account will age together.
3. Free TU fico score to gage your progress.
4. Your credit limit could grow up to $25,000, all soft pull.
5. Can be converted to regular Master Card, you not stuck with a store card.

Re: How often to apply??

Anonymous — Wed, 12 Nov 2014 17:53:58 GMT

Omg seriously elpatito? Lmao my daughter is married. Every year for the past 5+ years, she asks for their PJs and slippers. It is just a tradition I started. Your post cracked me up though. Now I must go eat bacon

Re: How often to apply??

MoreRewards — Thu, 13 Nov 2014 00:49:07 GMT

I'd apply for a couple more and I like the recommendation about Walmart.

Bacon! 🐷

Re: How often to apply??

Themanwhocan — Thu, 13 Nov 2014 01:04:21 GMT

@Anonymous wrote:
I understand it takes inquiries to get credit. We would like to buy a house next year. My husband had credit but I don't. It is a double edged sword for me right now. I need credit without making my score worse and no idea how to accomplish that.

I never used credit before. I started with a $1K secured credit card, one year later (actually about 2-3 days shy of 1 year) my FICO score was 732. At the time I didn't know what I was doing, and my card had reported 0 usage for the last 3 months before I got that score. So my FICO could have been better if not for that.

If you are trying to get a mortgage, I suspect (but I don't know) that FICO scores for mortgages probably weigh the presence of installment loans on your reports more than a purely bankcard score would. In other words, while having a good mixture of credit types can help slightly, I suspect it will help more for mortgages and car loans or other FICO scores that are designed for installment loans themselves.

So, doing nothing else, and making sure your card reports in the single digits in the months before the FICO score is needed is a fine strategy. But if you really wanted to add something, a small installment loan with a few years duration might help.

Re: How often to apply??

B335is — Thu, 13 Nov 2014 01:57:49 GMT

@Anonymous wrote:
I have a low credit score due to lack of credft. I applied and was approved for the capital one quicksilver card, $1k cl. Doing so dropped my score by 10 pts for the hard inquiry. How often or how far apart should I apply for another card without hurting my score even more? What kind of card should I try next, a store card?

What is your goal? Bonus rewards? cash back? Lots of cards? Mine is airline miles and points, so I churn those cards heavily (or until Barclays says no).