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
Very nice
keep up the outstanding work
keep up the outstanding work
Wow congrats on that path you took .....
Congratulations on your success
Congrats
Congratulations on your approvals 👏🏾 Interesting strategy. I hope that it keeps working to your advantage!!
@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.
@AverageJoesCredit wrote:
Very nice
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.
Congrats!! Very smart and strategic