Need to apply for multiple CCs

[Anonymous]

@Movinthangs: Pease heed the advice of @FinStar, @FireMedic1, @HeavenOhio, and those you see here with solid profiles and sage advice. The way to solid credit is neither a fastlane, nor is it tricky. The path is simple, slow and steady, with patience and deliberation. Focus on your needs and typical spend, then decide whatbit is you want out of a card (points, cash back, other rewards, perks, etc). By matching all things and doing so carefully and patiently, you will build a solid foundation for your credit and won’t have to worry about how a credit grantor will react. There are numerous examples of app sprees resulting in disaster, including those using the shopping cart “trick.” As you’ve also been told, a retail card is not viewed as favorably as a bank card or co-branded card. You don’t have to avoid them per se, but don’t build your credit House with them. Nobody here would try and “scare” you, but we will tell you bluntly if we believe you are making or may make a poor decision, because many of us have had to learn the hard way. I wish you the best of luck and hope you’ve received and heard the advice offered to you.

[Anonymous]

Kinda defeats the purpose... I thought the goal of the SCT was to avoid a HP on the CR.  I may as well just outright apply for the card

[Anonymous]

Thanks @ttulaw for the sound and sane advice!  I think I'm on a good path and wouldn't want to do anything to jeopardize my progress.  I got a little anxious about the SCT but it appears to be a bit of a crap shoot.  As you stated, it takes time which I'm learning thru this process.  Think I may seek out an unsecured card for the moment and master utilization and see if that takes my score to another level.  Still don't think a Home Depot or Overstock card wont hurt my portfolio  

Thanks to all for the advice!!

[HeavenOhio]

@FireMedic1, I actually did have a kitchen sink card. When I had the Wells Fargo Home Projects card, 75% of the merchants who took it locally were plumbing or plumbing and heating contractors. I closed it. It was a retail card that I had little to no use for.

@Anonymous, when people apply for a bunch of cards early on, they eventually start getting denials because of too many new accounts or too many inquiries. Then they have to garden for a year to fix that.

I like to suggest one "good" card every six months. That keeps inquiries and new accounts in check. You're able to meet sign-up bonuses without spending more than usual. And within a couple of years, you have five decent cards. By "good" card, I mean Visa/MasterCard/Discover/AMEX cards from good banks. You want to do the best you can to find products you can keep for the long term.

Your two major cards should position you nicely for a good product when the time is right. How old are each of your current cards? That'll help us tell when you should pull the trigger and which products you might want to look into.

As far as the store cards you mention, a lot of people here get good use out of the Home Depot card. I don't get why an Overstock card beats using a MasterCard or Discover to buy from the site, though. But either way, look at cards like that later.

[AverageJoesCredit]

---

---

@Anonymous wrote:

Kinda defeats the purpose... I thought the goal of the SCT was to avoid a HP on the CR.  I may as well just outright apply for the card

THIS*** This thought process is whst gets lots of appers in trouble.  This has changed significantly  and  most people don't realize it. Trying to get s card because it is sp shouldnt be main reason to apply. 

---

[AverageJoesCredit]

---

@Anonymous wrote:
The applications all occurred on the same day lol, last Friday. People warn you against opening too many but I think if you actually use them there shouldn't be a problem. I use both sites anyway.

Comenity pulled Experian on all 4, I had a 701 FICO with 31 inquiries at the time. Still 701 now.

---

Wow Outsiderdf, i never realized you did all 4 in one day. I would never recommend doing 4 Comenity applications in one day let alone 4 credit applications  in one day. It might come off as credit seeking  behavior to a underwriter upon reviewing your credit reports. I sincerely hope Comenity doesn't shut you down.

[Anonymous]

As I said in my other post, let them shut them down, it would be their loss not mine. My credit report does not hinge on them, and I am gardening regardless until next year Fall. I have all the cards I need right now, the store cards were an added "bonus" since I shop at those websites.

[Brian_Earl_Spilner]

Nobody is trying to spout doom and gloom, we're just warning the OP to avoid the SCT. Just a few weeks ago it seemed like every other thread was about Comenity shutting down accounts and doing HPs. If he's gonna use a card, he should apply. He should just avoid a spree that has a bunch of Comenity cards.

[9CLINE]

+1000 All great advice...

[Meanmchine]

---

@Anonymous wrote:

My CS took a hit after home purchase 6mo ago but getting better.  Currently at 675 and need to go shopping (actually want to aquire more credit lines to improve future score).  My goal is to have 810 - 50 CS. 

Currently have the following in my profile:

* 2 car loans

* 1 secured Visa ($1000 cl)

* 1 secured Visa ($300 cl)

---

To have those type of scores requires years of solid credit reporting. My suggestion is to re-evaluate your overall credit card goals to something more along the lines of 750-780