Too Many Inquieries

[Anonymous]

Hello Everyone,

I am new to the forums, I have been reading the forums for a couple of weeks and have applied for 7 cc and received 3 of them. I really want to apply for an overstock cc but concerned that I may have to many already. I have read that people do a "cc spree" and I just want to know how many applications do you guys consider to many. My scores are still kind of low and I am wondering should I at least try to apply for overstock or wait a bit?

[Anonymous]

Even if you had 7 inquiries on your profile, that's not a problem with Overstock.

To avoid another inquiry, you may try the Shopping Cart Trick for the Overstock card, your score may be a bit low for that to work though.

With your credit score, I'm surprised you got 3 cards out of 7.  Be wary of racking up too many inquiries on cards you probably can't get.  Improve your credit some before spending off more inquiries as inquiries will stay with you for 2 years.

[Anonymous]

Thank you,

I think your right I am going to lay low a bit, I am surprised I received 3 cc as well, but very happy

Overstock will be my goal for next time.

 

[Littlewing745]

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@Anonymous wrote:

Thank you,

I think your right I am going to lay low a bit, I am surprised I received 3 cc as well, but very happy

Overstock will be my goal for next time.

 

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Purely out of curiosity...what three did you get, and which four were denied? Could be helpful data points for people rebuilding around your score level.

[Anonymous]

Oh sure,

I received the Cap1 QS 500cl , Cap1 Platinum 500cl and Kohls card 300cl;  Denied for Barclay, Macys, Walmart and Discover(although Discover said I could get a secured card)

[Littlewing745]

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@Anonymous wrote:

Oh sure,

I received the Cap1 QS 500cl , Cap1 Platinum 500cl and Kohls card 300cl;  Denied for Barclay, Macys, Walmart and Discover(although Discover said I could get a secured card)

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Yeah, that's not a bad haul at all, particularly getting in with Cap One. They've been awfully generous of late. Are those two cards with them in the credit steps program? If so, be sure to remember that after you guaranteed CLI, you can request an additional one as well (may or may not be granted, but you can ask). Down the line - I'd suggest a year, but YMMV - you could potentially PC that platinum into a QS as well. Lots of options, but the most important thing is that you avoided trap cards like Premier, Credit One, etc.

Good luck to you!

[Anonymous]

I am not sure what the "credit steps program" is but they did send me an email letting my know that after 5 on time payments that I would be able to get a cli. I actually did get in with credit one bank back in April, but i dont count them anymore because I put the card in a drawer and when its paid off I am going to cancel it. I'm working on that now. Thanks for the info, I am learning so much on these forums, its exciting to see all the wealth of information.

[Anonymous]

Do you think I should take advantage of the secured Discover card or work on my scores and apply for Discover at a later time?

[Littlewing745]

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@Anonymous wrote:

I am not sure what the "credit steps program" is but they did send me an email letting my know that after 5 on time payments that I would be able to get a cli. I actually did get in with credit one bank back in April, but i dont count them anymore because I put the card in a drawer and when its paid off I am going to cancel it. I'm working on that now. Thanks for the info, I am learning so much on these forums, its exciting to see all the wealth of information.

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Yep, that's the Cap One credit steps program! You're in good shape there.

As for Discover's secured card, I honestly couldn't say. I'd check with them to find out if it can potentially graduates to an unsecured card at some point before you take the plunge. If that's not the case, I'd hold off. BofA also has a solid secured cash rewards card, with a $99 deposit for a $500 limit. However, I think it's a targeted offer that you have to get either in the mail or through their online pre-qual process.

[ddemari]

If discover already offered u the secured card and u have the funds. Id do It, it will unsecure after a year.