@iheartwings wrote:
@Rmullens2208 wrote:I was under the impression inquries only matter if your trying to buy a house and are all grouped as 1 inquiry for rate shopping is this whats holding my score down I really want a card I can use to buy big ticket items
@Cred4All wrote:
@Rmullens2208 wrote:First I decided to try for the Milestone credit card then BOOM 300$ credit limit feeling high I jumped on a credit one credit card man another 300$ heck ya feeling bullet proof I tried for an american express platnium instant denial, Wells fargo propel instant denial, Chase saphire instant denial, Barclay gold card 7 to 10 days message feeling good about that one. other denials Cap one, us bank,discover,citi,Chevron,amazon,ebay,southwest, I may have missed one or 2 but the important are the two big approvals
I'm trying to keep track, did you say you had 14-16 HP's, 140+ inquiries across 3 bureaus, only 2 approvals, and the other 12-14 were denials? OP, I 2nd the above feedback, glad you had an approval or two however agree you should continue cleaning up whatever is keeping the overall score down, and garden. At this rate, probably another 1+ years in the garden for those inquiries.
OP,
Congratulations on your approvals. You've gotten some excellent advice, and gardening will open so many doors for you. Trust me.
I wanted to add a comment about your impression related to inquiries counted as one. Another member already mentioned that inquiries over a certain threshold no longer affect your FICO score. For FICO scoring, inquiries for loans within a 14 day period are grouped together as one, and this is only dependent on how those inquiries are coded (i.e., auto loan or mortgage). This does not hold true for inquiries related to credit cards! Furthermore, this grouping really only pertains to how it's handled with credit scoring. Creditors have no way of knowing that xyz number of inquiries were necessarily for loan shopping unless the credit file is reviewed manually.
I hope that helps you for your future application planning after you've spent some time in the garden (UncleB has the gate open and left the light on for you!).
Even a manual review may not show it. My HP for joining NFCU is not separated from my credit card app and CLI HPs.
Congrats OP on your new approvals. They are a step in the right direction. I noticed you have been a member here for 10 years so im a little suprised at some of the rookie moves you made. That being said, those other cards/lenders are the cards you should strive to achieve but they take time and better credit to achieve. you need to use those subprime cards to get you to the next level snd those to the next. Use you cards, pay in full to keep your utilizstion low, let one card report a small balance. In a year, you will see improvement, maybe then venture out to check on prequals from Amex Discover or Cspitol One. You can do this, just time to read up on all the dos and dont and research the cards you want in your wallet. Best of luck
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Thanks everyone I was one of those if its worth buying it's worth saving for people even tho I joined here 10 years ago I never really paid attention to the great things credit can do like renting a car buying a home I was a cash only kinda guy only in the last few years have I realized that it's pretty important I'll just wait till I have a 650 before I do another app @uncle b let me back in the garden club so I'll hang out there till I'm good and ready to get a wallet full of cards
@Rmullens2208 wrote:
Thanks everyone I was one of those if its worth buying it's worth saving for people even tho I joined here 10 years ago I never really paid attention to the great things credit can do like renting a car buying a home I was a cash only kinda guy only in the last few years have I realized that it's pretty important I'll just wait till I have a 650 before I do another app @uncle b let me back in the garden club so I'll hang out there till I'm good and ready to get a wallet full of cards
Congrats on the approvals! Once your scores get into the mid 600's as you said, you'll be in a better place to get more (and better!) approvals. You mention that you have 4 cards, and that's plenty to optimize your scores. Just pay your balances down and work on getting the collections/derogatories handled. It may take a year or two, but by then the inquiries won't be weighing your scores down and you'll have history in place with your current cards which will help out on the AAoA front. Having less than a 9% balance on one card with zero on the rest will help even more! @Uncle B is a great mentor and I'm certain his advice will lead you to the promise land of approvals from the likes of Chase, Citi, Amex or any other lender you may choose.
Best wishes for continued score growth!
