@Anonymous wrote:
So some quick backstory. 1 year ago I had fairly poor credit(mid high 500s) and no credit company would touch me...not even credit one. Near the end of 2014 I had heard that GameStop had just start a store credit card. The card could only be used there, the rates apr was terrible, but I also heard they were practically approving everyone and I had to start somewhere. Without much faith of approval, I decided to apply. Approved much to my surprise. I used the card, but not very much. I made sure to pay it off every month.
Fast forward to May of this year. I started getting pre approval letters from credit one. Despite the need to further establish and rebuild my credit, I wouldn't pull the trigger. I didn't care for the annual fee nor the other rates I saw in their disclosure. Near the end of the end I received a pre approval for cap1 platinum. I decided to give it a shot and applied. Approved for $300. Not much, but it was a start. Much like the GameStop card, I made a point to use the card often and paid it off entirely or near entirely every month. Fast forward to October. What should I find in the mail, but a pre approval from discover. Applied and approved with a 4K limit! A week later I received an email from cap1 stating I was getting a 3k increase on my card!
Around this time, me and my fiancé were in the market for a new bed. At the store I went to they wanted me to open a credit line. Here I was hesitant as I felt it was unnecessary as I would have used me discover or cap1 to purchase it, but 2 years interest free was enticing, in case(god forbid) something occurred in our lives the longer time interest free would make it easier to pay off than the 11 months I would have had on discover or the 6 on cap1. So I applied. Approved for 3k.
I'll admit here that I was starting to feel a bit cocky. I decided to apply for a chase freedom card. Admittedly, I was a bit concerned here. 10 years ago I burned them by having a card and not only going over its limit, but never paying it back(not proud of that). Still got approved for 1,200. This did not help my cockiness, but I didn't (and still don't)let that seep into my spending habits as I have kept all my cards at low or zero balances, so there is that. I learned the hard way back in the 2000's what happens when you treat credit like free money, and I don't want to get into that kind of hole ever again.
That said I was feeling pretty good, so I decided to apply for citi dc and Amex bce. Bear in mind that I am only applying for cards that I'd actually use. Denied for both. Double checking my fico my scores are TU; 715 Ex; 690 and EQ; 688. I'm guessing the number of inquiries and short credit history is working against me. Also the aforementioned bed purchase has increased my utilization to 20%. It will be paid off(barring any financial hiccups) by March at the latest which should bring my util down to 5% or less.
I'm guessing it's probably time to garden for a year. Am I right in thinking that?
I think you just applied for the wrong cards; those are both tough to get and they both pull EX.
If I were you I'd (a) apply for Barclay Rewards card, and (b) call Cap One and ask if there's upgrade offer on your platinum card (to Quicksilver).
I would also avoid borrowing ot they type you used for the bed; doesn't sit well with FICO's algorithms. If you're trying to build your credit score, you have to disregard tempting interest rate offers.
