Care Credit Approval - New Kid On The Block :)

[LionLaw]

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@Anonymouswrote:

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@LionLaw

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Man that's some great schooling right there   Thanks a ton for taking the time to write that out.  Yes, it's really hard especially considering that riding season is coming and I'm itching to app for a motorcycle.  However you're saying if I wait until next season, I should be able to get whatever bike I want IF I stop apping, pay down the balances and get some CLI's?

Would canceling Indigo hurt my score?  I haven't even gotten it in the mail yet to activate.

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For the Indigo card: no, canceling will not hurt your score.  If you close before the account is even activated, it might not even show up on your CR at all.  Even if it does, it will show up as being opened for a month and then closed by the account holder, and won't have any real effect on your score one way or the other.

If your goal is a motorcycle loan, there are a few things to consider.  Right now, you will probably be able to get approved for a loan, but you would get stuck with a high interest rate.  In addition, your budget right now will not be great, since you have CC bills to pay down.  If you focus on rebuilding your credit now and wait until next year to get a loan for a bike, you will get approved for a much better rate, and you will have more room in your monthly budget to devote to a monthly payment.  You may not be able to get whatever bike you want, but you'll be able to afford to spend much more than you can right now.

All that being said, you should take a close look at your budget before you jump into a big commitment like a motorcycle loan.  The Personal Finance section of this board can give you some advice on that side of things.  Having a full understanding of exactly how the loan will fit into your budget will make the process that much more rewarding.

[Anonymous]

Thanks again LionLaw, I will definitely heed your advice (although I'm not certain I can wait a whole year to ride )

[Anonymous]

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@LionLawwrote:

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@Anonymouswrote:

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@LionLaw

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Man that's some great schooling right there   Thanks a ton for taking the time to write that out.  Yes, it's really hard especially considering that riding season is coming and I'm itching to app for a motorcycle.  However you're saying if I wait until next season, I should be able to get whatever bike I want IF I stop apping, pay down the balances and get some CLI's?

Would canceling Indigo hurt my score?  I haven't even gotten it in the mail yet to activate.

---

For the Indigo card: no, canceling will not hurt your score.  If you close before the account is even activated, it might not even show up on your CR at all.  Even if it does, it will show up as being opened for a month and then closed by the account holder, and won't have any real effect on your score one way or the other.

If your goal is a motorcycle loan, there are a few things to consider.  Right now, you will probably be able to get approved for a loan, but you would get stuck with a high interest rate.  In addition, your budget right now will not be great, since you have CC bills to pay down.  If you focus on rebuilding your credit now and wait until next year to get a loan for a bike, you will get approved for a much better rate, and you will have more room in your monthly budget to devote to a monthly payment.  You may not be able to get whatever bike you want, but you'll be able to afford to spend much more than you can right now.

All that being said, you should take a close look at your budget before you jump into a big commitment like a motorcycle loan.  The Personal Finance section of this board can give you some advice on that side of things.  Having a full understanding of exactly how the loan will fit into your budget will make the process that much more rewarding.

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Man, I followed your advice about the CLI and while I wasn't able to get one for my Cap One card because I'm on the credit steps program, they did upgrade my Platinum to the Quicksliver (not the QS One, important distinction).  No increase but I'm still stoked about it since to apply for that card requires Excellent credit and I'm still rebuilding!  The lady I spoke with was great and said to just finish my steps program (2 months left) and to request an SP CLI and I'll probably get a nice boost at that time.

My other cards still won't budge yet for a CLI.  I'm thinking about closing my HD Secured Visa since they haven't upgraded it yet and to upgrade is an HP.   Also, because of the new 1.5% Unlimited Cash Back, the QS now takes over as my primary card.   If not for my security deposit I'd just keep it open.  Thoughts?

Is this news worth a new thread?

Thanks again!  Idk if this is a huge achievement in the CC world but it feels like great progress!

[Anonymous]

Congrats on care credit .Call in to ask for more and it will be more promising for you. Tell them you have much dental work needed and would like a $5k limit if possible. They will counter offer with whatever the maximum they can give you is .Then in a few months (at least 3 to 6) you can ask again for another increase and most likely get it after building a relationship with them. As for advice: STOP APPING NOW!. Not to be harsh but wow! You look desperate in the eyes of a creditor .Sync is very lenient but I'm surprised even they approved you. You need to just let all these cards age for at least a year. if it was me id wait 18-24 months honestly. Or to whenever your down to about 10 inquires or less on each bureaus and have at least 1 year AAoA. You can app spree whenever but app sprees are more for solid profiles that have been built up for quite some time. I rebuilt for a year and then did an app spree .Never did I imagine anywhere near 60 something inq . If your getting denied on all those no need to keep apping. Only makes it look worse. So just age those accounts and bide your time by living through these forums like I did for a year. You will learn so much through here and after a year you'll know exactly what to do. As for the motorcycle .Riding season or not I wouldnt even app if I were you .In a year you can get a bike 3 times as nice as the one you can get now and at a rate 3 times as good. And save that much money on it. Sorry to sound a little harsh but I wish I had someone be this harsh to me when I was new to credit a few years ago .Lol .Good luck OP. 

[Anonymous]

Roy21,

You had a busy January, sir!  Nice job.

Question for ya.  My scores are similar to yours, and my score increases over the past year are similar as well.  I have some baddies unforrtunately.  Just curious what baddies you have holding your scores down.  Just for comparison sake!

Thanks!

[Anonymous]

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@Anonymouswrote:

Congrats on care credit .Call in to ask for more and it will be more promising for you. Tell them you have much dental work needed and would like a $5k limit if possible. They will counter offer with whatever the maximum they can give you is .Then in a few months (at least 3 to 6) you can ask again for another increase and most likely get it after building a relationship with them. As for advice: STOP APPING NOW!. Not to be harsh but wow! You look desperate in the eyes of a creditor .Sync is very lenient but I'm surprised even they approved you. You need to just let all these cards age for at least a year. if it was me id wait 18-24 months honestly. Or to whenever your down to about 10 inquires or less on each bureaus and have at least 1 year AAoA. You can app spree whenever but app sprees are more for solid profiles that have been built up for quite some time. I rebuilt for a year and then did an app spree .Never did I imagine anywhere near 60 something inq . If your getting denied on all those no need to keep apping. Only makes it look worse. So just age those accounts and bide your time by living through these forums like I did for a year. You will learn so much through here and after a year you'll know exactly what to do. As for the motorcycle .Riding season or not I wouldnt even app if I were you .In a year you can get a bike 3 times as nice as the one you can get now and at a rate 3 times as good. And save that much money on it. Sorry to sound a little harsh but I wish I had someone be this harsh to me when I was new to credit a few years ago .Lol .Good luck OP. 

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Thank you for the advice Roy, I will be gardening for a while.  As for Care Credit, I called them and they would not give me a CLI for whatever reason, the CL I got is not going to help all that much, however that combined with the Careington or Aetan discount cards should get me what I need, pay off CC and do the rest.

Thanks again!

[Anonymous]

Hey @Genius .Just saw this. My only "baddie"/derog is my 150 day late charge off closed account that was closed October of 2016 and was paid off in full in May of 2017 with no luck on deletion. Before the consecutive 150 days late I also had a 60 day late 7 months before that. Thats the only thing holding me back. I was new to credit and didnt know it would affect me so much until I decided I needed credit and stumbled across myfico.com. after a year of taking it easy I went on a spree in January and got everything I wanted and I'm set for at least 2 years in the garden. Only thing you can see in my Sig anymore is my closed open sky secured card(11-12 months open) that I just closed as well as my credit one card that I just closed(10 months open). And also did a (self lender) credit builder loan for $1k for a year that I paid off within 9 months. It helped a little. I plan to do another one sometimes soon because they help a lot more when they're open.  Hope this helps. 

[Anonymous]

Thanks for the response Roy!

That's excaclty what I was looking for.  I have somelate pays on my child support.  I'm now prepaid by 3 months, and it stops on June 5th.  It's been a tough road, but raising children (with or without ordered child support or broken family situations) is ALWAYS difficult!

Best of luck to you!!