topic Re: Need to open more accounts in Rebuilding Your Credit

Need to open more accounts

Anonymous — Wed, 10 Feb 2016 01:22:20 GMT

Anybody have any suggestions on how to open new accounts w/o hard inquiry?? Also Barclay rewards mc. Whatcha think?

Re: Need to open more accounts

AutoBot — Wed, 10 Feb 2016 01:24:16 GMT

Well you can search for "Shopping Cart Trick". Some people are successful with that. Do you already have CAP1 Platinum and QS1 cards?

Re: Need to open more accounts

Anonymous — Wed, 10 Feb 2016 06:19:05 GMT

@Anonymous wrote:
Anybody have any suggestions on how to open new accounts w/o hard inquiry?? Also Barclay rewards mc. Whatcha think?

Stop being afraid of HPs. You simply aren't going to rebuild without them. They only affect scores for twelve months and they dissapear entirely after 24. Best to get them out of the way sooner, and get your accounts established.

Barclays pulls TU - they generally like to see some recent good payment history. I would only app with them if you have an account at least one year old.

What accounts do you currently have?

Re: Need to open more accounts

Anonymous — Wed, 10 Feb 2016 13:59:35 GMT

I have a cap1 QS1 3.5k approx. 6 mos old. WF platinum 1.7k which I graduated from secured last summer. Student loan has been positive for over two years, before then 11 late payments. Also auto loan about 6 mos old. I'm at 650 across the board.

Re: Need to open more accounts

Anonymous — Wed, 10 Feb 2016 16:36:25 GMT

Try Synchrony cards. In my rebuilding experience, Amazon store card, Old Navy and Walmart were the ones I started with.

Re: Need to open more accounts

Anonymous — Wed, 10 Feb 2016 17:46:24 GMT

@Anonymous wrote:
Anybody have any suggestions on how to open new accounts w/o hard inquiry?? Also Barclay rewards mc. Whatcha think?

Shopping cart trick is the only way I know of, it's not a complete waste if you shop at some of those stores but the CL's are usually small. There are some reports of CU's not doing HP, but I suspect that's because they did one when the membership was established. I'm not a fan of Barclays for anyone who might be adding a lot of new credit in a short ammount of time. It' s ,just my openion but I'd save Barclays for when I was settling in for the long haul because they have shut a few people down because of too many inquiries.

Re: Need to open more accounts

Anonymous — Wed, 10 Feb 2016 18:03:52 GMT

@Anonymous wrote:
I have a cap1 QS1 3.5k approx. 6 mos old. WF platinum 1.7k which I graduated from secured last summer. Student loan has been positive for over two years, before then 11 late payments. Also auto loan about 6 mos old. I'm at 650 across the board.

Barclays should be an easy one then.

Re: Need to open more accounts

Anonymous — Wed, 10 Feb 2016 18:08:06 GMT

@Anonymous wrote:
I have a cap1 QS1 3.5k approx. 6 mos old. WF platinum 1.7k which I graduated from secured last summer. Student loan has been positive for over two years, before then 11 late payments. Also auto loan about 6 mos old. I'm at 650 across the board.

I would also suggest a second Cap One card - get the Platinum. Get it upgraded to QS after a couple of statements, get a couple of CLI's on it (early CLI + credit steps CLI), then when its 6 months old, roll the older QS1 card into it. By that time you may qualify outright for the QS and Venture cards.

Re: Need to open more accounts

Anonymous — Wed, 10 Feb 2016 18:11:27 GMT

Thx Norman.

Re: Need to open more accounts

Anonymous — Wed, 10 Feb 2016 22:36:55 GMT

Secured credit cards and secured loans don't require a hard pull. You just need some cash to secure them. They'll report.

Re: Need to open more accounts

Anonymous — Thu, 11 Feb 2016 00:12:00 GMT

This is not entirely true. My USAA AmEx,Cap One and Discover secured cards all did a HP

Cap One pulled all 3

Discover and USAA pulled Eq

@Anonymous wrote:
Secured credit cards and secured loans don't require a hard pull. You just need some cash to secure them. They'll report.

Re: Need to open more accounts

Anonymous — Thu, 11 Feb 2016 00:48:05 GMT

@Anonymous wrote:
I have a cap1 QS1 3.5k approx. 6 mos old. WF platinum 1.7k which I graduated from secured last summer. Student loan has been positive for over two years, before then 11 late payments. Also auto loan about 6 mos old. I'm at 650 across the board.

Forgive me if this is unwanted information, but if your reason or needing to open more accounts is because you want to raise your scores you already have plenty accounts. The late payments and the fact that most of your credit is so new is what's holding your scores down. Adding more new accounts is not going to help that. If you can possibly wait 6 months and then add another credit card you'll be in much better shape credit wise.

Re: Need to open more accounts

Anonymous — Thu, 11 Feb 2016 00:59:19 GMT

Well all I can say to them pulling is that in talking with my credit union, the fact that they're secured they just did a soft pull. They understood why I didn't want a hard pull.

Re: Need to open more accounts

Anonymous — Thu, 11 Feb 2016 06:24:25 GMT

@Anonymous wrote:
Secured credit cards and secured loans don't require a hard pull. You just need some cash to secure them. They'll report.

Depends entirely on the lender, some do some don't.

Re: Need to open more accounts

Anonymous — Thu, 11 Feb 2016 14:07:01 GMT

Just did the shopping cart trick for Victoria secret..lol hope they didn't do a hp. I only got $150