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Rebuilder multi-APPROVALS! :)

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Rebuilder multi-APPROVALS! :)

YAY!  After deciding to NOT settle for a secured or subprime card, despite horrible credit, I went on a highly strategic app spree.  Here's my less-than-a-month FICO 8 timeline and application/approval journey:

 

  • 11/05/18:  EQ 602, EX 612, TU 620.  Multiple derogatories (unemployment suuucks).  Cold application for CO Platinum. Instant approval for $1,000 limit.

 

  • 11/11/18:  Cold application for Discover it CashBack.  Instant approval for $500 limit. 

 

  • 11/18/18:  EQ 665, EX 667, TU 664 (Creepy how close they are...) -- After Midland collections account dropped off.  

 

  • 11/24/18:  Joined NFCU, applied for VISA Platinum, instant approval for $1,000 at 11.99% APR.

 

  • 12/05/18:  EQ 698, EX 660 (712 FICO 9?!), TU 704 -- After Disco reported.  

 

  • 12/08/18:  Joined PenFed, applied for VISA Power Cash Rewards, approval for $2,500 at 16% APR (after review).  Zero balances on all revolving accounts reporting.

 

  • 12/09/18:  Slipping into "The Garden" to live frugally and watch my credit limits grow.  I just don't need or want any more credit cards unless the offer is just TOO GOOD to refuse.  (I'm looking at you, Delta AMEX Gold!  I'll get you, my pretty!)

 

I realize that it's wise to wait until one's report has aged a bit before doing all these applications, but I figured I'd go ahead and get in with these folks at low limits, show them I can handle their money well, and then watch my credit limits increase as my payment history gets better and better.  I don't need any credit right now, so I'm not applying out of desperation.

 

Edit:  Additional data points

  • AAoA: 7.5 years.
  • Debt-to-income:  13%
  • Oldest account (student loan):  17.5 years (Typing that just made me feel old as heck...)
  • Annual income:  $60,000ish (base, up to $65,000)
  • Time at job:  2.5 years.
  • Collection accounts at time of first application:  1 ($705)
  • 30-60-90's:  14, spread across 5 accounts.
  • Current charge-offs:  Three
  • Rent:  $650





AMEX 12000 / PenFed 7500 / NFCU 3000 / CO 1500 / Disco 1300 / CareCredit 6000

EX8 683 / TU8 725 / EQ8 728
25 REPLIES 25
Community Leader
Super Contributor

Re: Rebuilder multi-APPROVALS! :)

Very niceSmiley Happy keep up the outstanding workSmiley Happy
#ChaseCreditCardHobby Enthusiast
2022
!
Message 2 of 26
Established Contributor

Re: Rebuilder multi-APPROVALS! :)

Wow congrats on that path you took .....Smiley Happy
Gardening....
Message 3 of 26
Super Contributor

Re: Rebuilder multi-APPROVALS! :)

Very nice strategy, congrats!


01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 4 of 26
Contributor

Re: Rebuilder multi-APPROVALS! :)

Congratulations on your success
FICO 8 Scores: Exp 603, Equifax 597, Trans 574 as of 6/7/2018. 6/8/2019

FICO 8. EXP 661, EQ 664, TU 640. In the Garden Starting 09/26/2019
Message 5 of 26
Frequent Contributor

Re: Rebuilder multi-APPROVALS! :)

Congrats







Biz Cards
Message 6 of 26
Frequent Contributor

Re: Rebuilder multi-APPROVALS! :)

Congratulations on your approvals 👏🏾 Interesting strategy. I hope that it keeps working to your advantage!!

06.2019

03.2018

NFCU CLOC: $15,000
Message 7 of 26
Contributor

Re: Rebuilder multi-APPROVALS! :)


@n_la wrote:
Congratulations on your approvals 👏🏾 Interesting strategy. I hope that it keeps working to your advantage!!

I think it was my AAoA and debt-to-income that really helped.  My on-time payments were at like 95%, despite the one-year disaster of unemployment.  But I guess I just figured the cards I got would grow (NFCU and PenFed), and the others I just don't care that much about (Disco and CO), since the interest rates are usurious.  






AMEX 12000 / PenFed 7500 / NFCU 3000 / CO 1500 / Disco 1300 / CareCredit 6000

EX8 683 / TU8 725 / EQ8 728
Message 8 of 26
Contributor

Re: Rebuilder multi-APPROVALS! :)


@AverageJoesCredit wrote:
Very niceSmiley Happy keep up the outstanding workSmiley Happy

That means a lot coming from the experts of myFICO!  I don't think this strategy would work well for someone without the length of credit history I have, though.  95% on-time payments on my report despite suuuuper awful payment activity during my annus horribilis in Unemploymentland.  Plus, I waited 26 months since the last missed payment to begin applying.






AMEX 12000 / PenFed 7500 / NFCU 3000 / CO 1500 / Disco 1300 / CareCredit 6000

EX8 683 / TU8 725 / EQ8 728
Message 9 of 26
Frequent Contributor

Re: Rebuilder multi-APPROVALS! :)

Congrats!! Very smart and strategic
Message 10 of 26
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