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FINALLY APPROVED FOR A CREDIT CARD

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xaximus
Valued Contributor

Re: FINALLY APPROVED FOR A CREDIT CARD

Congrats on your approval. With 50+ inqs, I would garden for atleast a year so their impact goes away. I would also see what baddies you have on your CRs and see what you can do to have them removed. I would strongly advise against apping anymore as you'll most likely have denials.

Credit takes time to build and have to show you are responsible with what you have.

Good luck!


Scores - All bureaus 770 +
TCL - Est. $410K
Message 21 of 32
Rmullens2208
Contributor

Re: FINALLY APPROVED FOR A CREDIT CARD


@xaximus wrote:
Congrats on your approval. With 50+ inqs, I would garden for atleast a year so their impact goes away. I would also see what baddies you have on your CRs and see what you can do to have them removed. I would strongly advise against apping anymore as you'll most likely have denials.

Credit takes time to build and have to show you are responsible with what you have.

Good luck!

Thank you for the advice I do have a couple of charge offs that are reporting! They are reporting correctly so I think i wont poke that bear especially after reading some of the horror stories from a Contributor who just gave up after a massive credit repir journey only to file a dispute and the account be reaged killing his score.

Message 22 of 32
sghosh5
Valued Contributor

Re: FINALLY APPROVED FOR A CREDIT CARD


@Rmullens2208 wrote:

@xaximus wrote:
Congrats on your approval. With 50+ inqs, I would garden for atleast a year so their impact goes away. I would also see what baddies you have on your CRs and see what you can do to have them removed. I would strongly advise against apping anymore as you'll most likely have denials.

Credit takes time to build and have to show you are responsible with what you have.

Good luck!

Thank you for the advice I do have a couple of charge offs that are reporting! They are reporting correctly so I think i wont poke that bear especially after reading some of the horror stories from a Contributor who just gave up after a massive credit repir journey only to file a dispute and the account be reaged killing his score.


as everyone here advised, please stay off from any inquiries and keep using the secured card for at least 6 months and then try big bank secured cards like BOA, Citi, Discover. I had secured from BOA and Citi, both of them graduated. BOA remained at low limit but citi gave me a CLI and converted my card to a premier card. 




Shell FCU : 5K
Message 23 of 32
Rmullens2208
Contributor

Re: FINALLY APPROVED FOR A CREDIT CARD

Thats awsome that will be my next pick in 6 months I will keep the thread updated!

Message 24 of 32
Kevin5974
Frequent Contributor

Re: FINALLY APPROVED FOR A CREDIT CARD

I remember way back being this drunk on credit. He will be adding some additional inquiries, if he hasn't already. Hopefully he rights the ship. Follow these threads and follow the advice. I was bad way back before the housing collapse. I came out a few years ahead of people. My scores below are very old. It took me 4 years. Knowing what I know now, I could've done it in 2. But you learn a lifetime a lesson going through this. Trust me, promise yourself no more inquiries for 6 months, no matter what the increase in score. Don't get cocky about the score or any approvals. Your credit profile needs to show maturity. That's the name of the game, my friend. Like fooling a woman. I can be very immature but I go on dates like I am reconning my limit. Even if it's a five-figure, as you stated.

200k available credit
750s across the board
4 pd auto loans (3 financed, 1 lease)
9% utl
6.8 AAoA
Highest Limit: 22.6k
Avg Limit: 14.7
Open Cards: 16
Inquiries: 4 (2yrs)
0 Open Installment Loans
0 Mortgages

Starting Score: 475
Current Score: 649
Goal Score: 690


Take the myFICO Fitness Challenge
Message 25 of 32
Rmullens2208
Contributor

Re: FINALLY APPROVED FOR A CREDIT CARD

I love it I will be in the garden for some time !

Message 26 of 32
CreditRebuilder2020
Frequent Contributor

Re: FINALLY APPROVED FOR A CREDIT CARD

Congrats on the approval and trust me I know the feeling of getting denied for a secured card.

 

I can remember when I first decided to get my S**T together financially after having an awful car loan, not paying a few bills when I moved out of an apartment and just completely screwed up my student loans. 

 

I had a Vantage score of a 404 when I was looking to get my financial self back in order and started to really read up on building and improving credit. I started off with an OpenSky $400 Secured Card. I reccommend anyone who is really in the gutter get that card. They don't check your scores, they just need to confirm identity/SSN, you don't even technically need a bank account to open that card. If I were you, I would try and grab that card. It reports to all the bureaus and it is a fantastic way to improve your scores. 

 

I would be really patient also. I have been rebuilding for 2 years, keeping no balances, low utilzation aside from a few months around the holidays when I was really using my cards. But immediately paid them all off when I had extra cash. My scores are now just into the Mid 600's and I just recently was approved for an AMEX Green Charge Card and Cap One QS1 ($300). I'm just now starting to really get into the real credit game. I still have a Discover IT Secured, OpenSky, and a Credit One card in my profile because it's helping my utilization rates. I'm not even close to being where I want to be but I am leaps and bounds of where I was. 

 

I would focus on little goals man, get in with Capital One when you can at an appropriate time. The Platinum Secured card is a great way to build trust and they're very lenient with giving people chances. 

 

Don't concern yourself on app sprees or getting some Chase card right now. Focus on little goals. Getting that score up to 600 would be next on my list for you.  


X1 VISA SIG $15,500/ AMEX Gold / Petal 1 $3600 / Wells Fargo Active Cash VISA $3K / VENMO Visa $900 / Verizon Visa $2K / Apple Card $1500 SL / Wyndham Rewards Earner Visa $500 / WALGREENS Store $1K / Amazon Store $5000 SL/ Discover IT Chrome $2500K / BP Prime Rewards VISA $4350 / PayPal MC $3500 / BOA BankAmericard $2K / BOA Cash Rewards $1K / Cap One Savor One $1200 / Cap One QS1 $950 / Blaze MC $2250 / Credit One $850 / Credit One AMEX $1200 / OpenSky $600 / AvantCard $1000 / Discover IT Cash Back (Graduated) $400 / eBay MC $750
FEB '22 EX: 698 EQ: 700 TU: 713 | UTL: 23% | Total Credit Limit: $54000
Goal Score: 675 for all FICOS (ACHIEVED NOVEMBER 2021) | NEW GOAL SCORE: 725 for ALL FICOs
Message 27 of 32
Rmullens2208
Contributor

Re: FINALLY APPROVED FOR A CREDIT CARD

Wow what good advice and congrats on your rebuild! Yoh folks have the paitents ot saints! I been hanging with @UncleB in the garden so getting a new card right now is a big no no I'd be the trash he would have to take out but in 6 months after my inqs age a bit I think I will be forgiven to hop out and snag those cards and hop my butt back in the garden outstanding advice that is on my list of things to do!
Message 28 of 32
Shooting-For-800
Senior Contributor

Re: FINALLY APPROVED FOR A CREDIT CARD

If I were you I would apply for Capital One Platinum (unless you have) and 2-3 more secure cards right now since you already have 50 inqs.

No matter what the result, I would not apply for anything else for 12 months.

At that time I would only apply for 3 cards (Merrick, Cap One, Discover).

No matter what the result, I would not apply for anything else for another 12 months.

At that time I would check every bank for prequals and apply for 2-3 the same day.

No matter what the result, I would not apply for anything else for another 12 months.

 

The key to getting real cards is to build a solid file with NO lates and FEW inquiries.

They more you apply, the less chance of getting approved.

 

In theory, you could get denied for a card after your 5th inquiry that you would have gotten approved if they were your first inquiry.

 

TIME is the only way to build a positive file!  You have to pay on time and NOT apply for things!

 

In 12-24 months, you may be able to get a $3-$5k Capital One Platium or QuickSilverOne card.

 

Be smart.  Be patient.  Good luck!

 

 

 

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 29 of 32
Rmullens2208
Contributor

Re: FINALLY APPROVED FOR A CREDIT CARD

So I received my beautiful BBVA Optimizer today should I max it and pay it a few times this month to build a history gonna go to McDonald's and take this bad boy for a test drive!
Message 30 of 32
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