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Rebuilding Credit-How Often to Apply for Different Cards

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Anonymous
Not applicable

Rebuilding Credit-How Often to Apply for Different Cards

According to CK, my TU is 630 and my EQ is 637. But that was after Cap1 pulled my report. Before that my TU was 639 and EQ was 654. I now have 2 HQ’s on TU and 1 on EQ. My history is pretty limited. I had one bank auto loan from 2008 that is closed because we traded cars. I had one Cap1 card from 2008 that was paid off but not on my report anymore. I had several medical collections, but I have had them all removed. That’s it. So I have nothing at all revolving.

After having very good odds listed on CK, I applied for the Cap1 Platinum card. This brought my scores down significantly. I was given the 7-10 days Message, then next day I was asked to submit my DL and SS for verification. It has been almost 2 weeks and still haven’t heard anything. I have been reading on here that when Cap1 asks for verification that is normally a good sign of approval since they usually just say no on the spot. So that brings me to my first question. Has anyone been denied after being asked for additional information? How long after sending in verification information does it normally take them to make a decision? I have called with the recording saying they are still processing and talked with a representative and they also say they are still processing.

So, I was looking at other cards last night, (TJ Maxx, Walmart, and Victoria Secret) and I was reading that those are pretty easy to get approved for. Even with less than perfect scores and history. Has anyone been approved for any of these cards with stats like mine? Or any other cards with stats like mine? I am so desperate to increase my credit score. I made some stupid mistakes as a 19 year old that has haunted me for the last 10 years. Now that my scores are where they are, and I now have no collections on my report I would like to start building credit again.

I would like to apply for another card on top of Cap1 but I don’t want to do it too fast. I already have 2 inquiries on my TU and 1 on EQ. And that last inquiry dropped my scores significantly, and I don’t want another to drop it that much again. Should I wait a couple months before I apply for another? Or is it ok to apply for one more now without it hurting too bad?
Message 1 of 7
6 REPLIES 6
ChessChik47
Frequent Contributor

Re: Rebuilding Credit-How Often to Apply for Different Cards

I suggest that before you apply for more credit cards that you pull your FICO scores and not rely on CK scores.  You should also check the prequal sites for the card companies that your interested to see if you have any available.  I'm not a huge fan of store cards, but they have come in handy for folks if you're getting them from stores you actually shop at and have rewards programs with.  Keep in mind that building credit takes time, so don't apply for too many cards too fast.   Good luck to you!

Message 2 of 7
Anonymous
Not applicable

Re: Rebuilding Credit-How Often to Apply for Different Cards

1) Get your actual FICO scores rather than Vantage Score 3.0. You can get a 7-day trial of all three major bureaus (TU, EX and EQ) from Credit Check Total for $1.

2) Visit the various issuers' prequalification sites - Citi, Chase, Amex, Capital One, Discover.

3) If you use the so-called "shopping cart trick" whereby you can get many Comenity-issued store cards without a hard inquiry, be VERY cautious, and only apply for one or two cards that you actually plan to use. Overall, when it comes to store cards, only get cards that you intend to use.

4) Pace yourself and try not to apply for too many cards at a time. You often hear people talking about app sprees, but they usually had high credit scores to begin with, and as many issuers tighten up on their requirements for approval - Chase, for example, is notorious for not allowing anyone who's gotten more than 5 cards from any issuer in the past 24 months to have one of their cards - I think sprees are going to become more or less a thing of the past. Try to let at least a couple of months go by, if you can, between each app so that your new card accounts have at least a little time to get established and build usage and payment histories.

5) Make sure to exercise good credit habits, particularly always paying on time and over the minimum specified amount for each card, limiting your utilization (the percentage of your total available revolving credit in use and carried as a balance), and also paying in full whenever possible. Good payment history and low overall utilization are the most important components of your FICO scores.

Message 3 of 7
Anonymous
Not applicable

Re: Rebuilding Credit-How Often to Apply for Different Cards

I checked on Experian, and it tells me my FICO scores are unavailable. It tells me there probably wasn't enough credit history in my Credit Report for them to generate my FICO Score.
I haven’t checked the others though.
Message 4 of 7
Anonymous
Not applicable

Re: Rebuilding Credit-How Often to Apply for Different Cards

If you do not have a score due to limited credit history.   Try a secured card.   OpenSky offers one without a credit check.   Your local credit union might also offer a secured card.

Message 5 of 7
Jerry45
Valued Contributor

Re: Rebuilding Credit-How Often to Apply for Different Cards


@Anonymous wrote:

If you do not have a score due to limited credit history.   Try a secured card.   OpenSky offers one without a credit check.   Your local credit union might also offer a secured card.


+1 on open sky

Message 6 of 7
Shooting-For-800
Senior Contributor

Re: Rebuilding Credit-How Often to Apply for Different Cards

I would stick to prequals.

Check Cap One, Discover, Merrick each month.

No more than 1 inquiry every 3 months.

Stay away from pedatory cards and store cards you wont use often.

GL!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!



Message 7 of 7
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