topic Credit Approvals in Credit Cards

Credit Approvals

Anonymous — Sat, 15 Nov 2014 15:14:53 GMT

Hello,

So my story is I been trying to improve my scores as well as pay several items that needed to be handeled. Recently, I paid three tax liens in full and paying down a chase charge card every month and sent them a large payment 3 weeks to decrease the balance that was $2,200 and is now $1,000.

On Friday, Nov 14, I was able to open up a Fingerhut with a credit limit of $500.00 and a Blur Sky Secured Visa Card to establish 2 tradlines in addition to my car loan so that I have a feww revolving accounts to help with my fico credit scores. I got hit today from experian for the inquiry 15 points and trans union sent me an alert about the inquiry.

My question is since my scores are impacted negatively now will this change once I start using the finger hut and the blue sky credit card each month? I was thinking that I will make a purchase each month a pay it in full. Is this the way I should do this to raise my scores?

Re: Credit Approvals

Anonymous — Sat, 15 Nov 2014 15:18:43 GMT

@Rickdoc1 wrote:
Hello,
So my story is I been trying to improve my scores as well as pay several items that needed to be handeled. Recently, I paid three tax liens in full and paying down a chase charge card every month and sent them a large payment 3 weeks to decrease the balance that was $2,200 and is now $1,000.

On Friday, Nov 14, I was able to open up a Fingerhut with a credit limit of $500.00 and a Blur Sky Secured Visa Card to establish 2 tradlines in addition to my car loan so that I have a feww revolving accounts to help with my fico credit scores. I got hit today from experian for the inquiry 15 points and trans union sent me an alert about the inquiry.

My question is since my scores are impacted negatively now will this change once I start using the finger hut and the blue sky credit card each month? I was thinking that I will make a purchase each month a pay it in full. Is this the way I should do this to raise my scores?

Yes. Use though cards, pay them in full and don't apply for any additional cards. Go to the garden and wait. Your scores will eventually rise as long as you keep working on the other issues as well. Good luck.

Re: Credit Approvals

Anonymous — Sat, 15 Nov 2014 15:32:24 GMT

What does go into the garden mean?

Re: Credit Approvals

Anonymous — Sat, 15 Nov 2014 15:32:59 GMT

Just thought let the grass grow?

Re: Credit Approvals

coldnmn — Sat, 15 Nov 2014 15:46:08 GMT

Ideally let one card report a balance from 1%-9% and then pay that off before due date. If you would like to know more about gardening check out the Garden Club thread page one, your more than welcome to join us. Feel free to ask questions when you get there. We sometimes aren't very constructive but it definitely helps pass the time and lets your new account seedlings grow. By gardening and showing good card management helps you get better cards with good credit limits and APRs. What ever you decide Good Luck with your credit journey.

Re: Credit Approvals

Anonymous — Sat, 15 Nov 2014 18:00:43 GMT

@Rickdoc1 wrote:
What does go into the garden mean?

It means to stop applying for new cards and credit knit increase. Here's more info for you:

http://ficoforums.myfico.com/t5/Credit-Cards/Garden-thread-November-2014/td-p/3588357

Re: Credit Approvals

Anonymous — Sun, 16 Nov 2014 00:58:24 GMT

@coldnmn wrote:
Ideally let one card report a balance from 1%-9% and then pay that off before due date. If you would like to know more about gardening check out the Garden Club thread page one, your more than welcome to join us. Feel free to ask questions when you get there. We sometimes aren't very constructive but it definitely helps pass the time and lets your new account seedlings grow. By gardening and showing good card management helps you get better cards with good credit limits and APRs. What ever you decide Good Luck with your credit journey.

COLDNMN! Congrats on your new rank!

Re: Credit Approvals

Anonymous — Sun, 16 Nov 2014 01:11:49 GMT

@Rickdoc1 wrote:
Hello,
So my story is I been trying to improve my scores as well as pay several items that needed to be handeled. Recently, I paid three tax liens in full and paying down a chase charge card every month and sent them a large payment 3 weeks to decrease the balance that was $2,200 and is now $1,000.

On Friday, Nov 14, I was able to open up a Fingerhut with a credit limit of $500.00 and a Blur Sky Secured Visa Card to establish 2 tradlines in addition to my car loan so that I have a feww revolving accounts to help with my fico credit scores. I got hit today from experian for the inquiry 15 points and trans union sent me an alert about the inquiry.

My question is since my scores are impacted negatively now will this change once I start using the finger hut and the blue sky credit card each month? I was thinking that I will make a purchase each month a pay it in full. Is this the way I should do this to raise my scores?

You are doing the right things. Patience is all that is needed. Patience and I don't get along very well!

Re: Credit Approvals

jimmyt2003 — Sun, 16 Nov 2014 01:03:04 GMT

i didn't see any mention of it but don't ever pay late, that is a large part of you score over 1/3. best of luck!