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Went on a Mini App Spree

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Went on a Mini App Spree

 My credit took a dump last year because I unfortunately forgot to pay my student loan and a Chase card one month. I couldn't believe how quickly it dove. I've been working on improving it so last month, I app for a Target Red Card and Amex. I was denied by Amex but not surprised. Target approved me for $300 SL. I've already made and PIF a purchase from last month before my first statement.

 

Today, after perusing the threads about some store cards, I app for a Kohl's charge and was approved with a $300 SL and a Victoria's Secret with a SL of $250. I'm hoping to get back to my score of 744 I had just a year and a half ago. I've been diligently paying on time and more than the minimums on my cards.

 

Currently, I have one Cap One Secured (balance: $600; my very first card -- had it for 6 years); Cap One QS (balance: $700); Citi (balance: $600); Chase (balance: $3400). I also have a car loan with BoA with $6300 remaining of $16,011 loan @ 2.9% APR.

 

I've been reading that it's better to carry a balance of roughly 10%. I'll be trying out this theory. My CU has a debt tracker that calculates pay off based on your spending habits and income and says I'll have all of my cards paid by January 2019. I'm excited to rebuild.

 

I appreciate everyone's advice, through trial and error. I'm looking forward to learning more about the credit game Smiley Happy


Starting Score: 515
Current Score: As of 12/7/18: 643
Goal Score: 750


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Message 1 of 12
11 REPLIES 11
Established Contributor

Re: Went on a Mini App Spree

Congrats on the approvals....I feel ya.. I still have some late payments on my report from my less then perfect days and even though my most recent late was 2 years ago it still hurts... The only thing I could think of was to bombard my account with on time Payments to help combat the effect of the lates......Even did Self Lender for a year.....Lates hurt but over time with on time payments you will dig yourself out that hole.......Best wishes on your journey Smiley Happy
Gardening....TCL: 100k+
Message 2 of 12
Frequent Contributor

Re: Went on a Mini App Spree

Congratulations on your approvals! Best of luck on your rebuild.

Message 3 of 12
Valued Contributor

Re: Went on a Mini App Spree

Congrats on your approvals!


Scores - All bureaus 750 +/-
TCL - Est. $275K
Message 4 of 12
Contributor

Re: Went on a Mini App Spree


@MrDFinance wrote:
Congrats on the approvals....I feel ya.. I still have some late payments on my report from my less then perfect days and even though my most recent late was 2 years ago it still hurts... The only thing I could think of was to bombard my account with on time Payments to help combat the effect of the lates......Even did Self Lender for a year.....Lates hurt but over time with on time payments you will dig yourself out that hole.......Best wishes on your journey Smiley Happy

I don't want to be a downer here, but those lates will probably lower your score by a lot for 7 years. I have one 30 day late from 6y5m ago on my experian report and I am at 732 FICO 8 with 9 inquiries in last 12 months. There used to be 4 lats on the same account until last month and my score didn't change 1 point. TU fico 8 went up 66 points TO 773 last month with that 1 late being removed to make a clean report with 7 inquiries on TU in last 12 months. You will get some 5 point gains here and there but from my experience, that one is going to stick with you. 

 

FYI for everyone, the FICO SCORE SIMULATOR from my 3B REPORTS predicted my scores pretty darn accurately over the last year. Within 10 points and almost always on the conservative side for what its worth. FICO SIMULATOR predicts for me 828/840/850 next July if I don't apply for anything and I will have zero inquiries on all reports in the previous 12 months.

 

I guess I would strongly encourage auto-pay for EVERYTHING so life doesn't get you!

Signature current as of 12/01/19. Clean file. MYFICO 3B monthly subscription.
FICO 8 EQ=785 TU=782 EX=772
FICO 9 EQ=805 TU=787 EX=791
MORTGAGE SCORES EQ=778 TU=752 EX=755
AAoA=3Y1M AoOA=9Y10M AoYA=6M
VANTAGE SCORES EQ=806 TU=799 EX=798
BUSINESS CREDIT SCORES. EXPERIAN INTELLISCORE PLUS SCORE=60 SMALL BUSINESS SCORE SERVICE SCORE=195
HARD PULLS last 6 months EQ=1 TU=3 EX 3 ONE new account reporting.
HARD PULLS last 12 months EQ=1 TU=3 EX=4 ONE new account reporting.
HARD PULLS last 24 months EQ=7 TU=11 EX=11 SEVEN new accounts reporting. A lot of inquiries from mortgage rate shopping in early 2018.
GOALS=All 3 FICO 8s above 780 with the scores never dropping below that. Plan to keep those scores for new applications only every 4-6 months bonus chasing
INCOME=$240k as of 07/01/19 for income stated on applications. DTI=3.7% Business sales 125k monthly. Main Business and Personal banking=CHASE
I live in Green Bay, Wisconsin.
MORTGAGE. Opened 06/18. Paid off 05/19.
INSTALLMENT LOAN. Vehicle loan opened 08/18. Zero down. 45K at 0% for 60 months LINCOLN FINANCE no POI requested at dealer from a COSTCO purchase. I will keep this open at 0% as my only open installment account.

PERSONAL ACCOUNTS/OPEN DATE
CHASE FU=24.1k 07/19 AMEX BCP=24k 06/18 CITI COSTCO VISA=11.5k 06/18 DISCOVER=34k 10/17 PENFED PLATINUM REWARDS=10k 07/18 US BANK CASH+=3.5k 06/18 CITI BEST BUY VISA=4k 11/17 CAP1 GMC MC=4K 12/17

BUSINESS ACCOUNTS/OPEN DATE
AMEX SPG=10k 02/19 CHASE INK BUSINESS CASH=19.6k 07/18 CHASE INK BUSINESS UNLIMITED=30k 09/19 US BANK BUSINESS CASH+=29k 10/19 WELLS FARGO BUSINESS PLATINUM=20k 11/19 AMEX LOWES BUSINESS=15K 11/19

FUTURE PLANS
Close many cards as I am fully committed to Chase Ultimate Rewards program now. Costco travel at 5% cash back for backup.
Message 5 of 12
Established Member

Re: Went on a Mini App Spree


@KELSTAR wrote:

@MrDFinance wrote:
Congrats on the approvals....I feel ya.. I still have some late payments on my report from my less then perfect days and even though my most recent late was 2 years ago it still hurts... The only thing I could think of was to bombard my account with on time Payments to help combat the effect of the lates......Even did Self Lender for a year.....Lates hurt but over time with on time payments you will dig yourself out that hole.......Best wishes on your journey Smiley Happy

I don't want to be a downer here, but those lates will probably lower your score by a lot for 7 years. I have one 30 day late from 6y5m ago on my experian report and I am at 732 FICO 8 with 9 inquiries in last 12 months. There used to be 4 lats on the same account until last month and my score didn't change 1 point. TU fico 8 went up 66 points TO 773 last month with that 1 late being removed to make a clean report with 7 inquiries on TU in last 12 months. You will get some 5 point gains here and there but from my experience, that one is going to stick with you. 

 

FYI for everyone, the FICO SCORE SIMULATOR from my 3B REPORTS predicted my scores pretty darn accurately over the last year. Within 10 points and almost always on the conservative side for what its worth. FICO SIMULATOR predicts for me 828/840/850 next July if I don't apply for anything and I will have zero inquiries on all reports in the previous 12 months.

 

I guess I would strongly encourage auto-pay for EVERYTHING so life doesn't get you!


I've used the simulator, too. It's pretty helpful. As for auto-pay, I had a bad experience a couple of years ago when a merchant deducted too much and it was a pain to get the money back. I have alerts set for due dates in my phone and via email. My husband and I want to buy a house in the next couple of years and are using the time to clean up our credit and decrease our debt.


Starting Score: 515
Current Score: As of 12/7/18: 643
Goal Score: 750


Take the myFICO Fitness Challenge



Message 6 of 12
Established Contributor

Re: Went on a Mini App Spree

Yes definitely as scores are concerned it's gonna hurt but when it comes to manual reviews or when you recon it can help alot if they can see you changed your ways in the most recent years .....
Gardening....TCL: 100k+
Message 7 of 12
Frequent Contributor

Re: Went on a Mini App Spree

Have you ever tried getting that secured Cap 1 card unsecured?
Message 8 of 12
Frequent Contributor

Re: Went on a Mini App Spree

Congrats on your approvals!

tenor.gif


4/14/18 EQ: 653 TU: 666 EX: 669

9/29/18 EQ:729 EX:712 TU: 715

7/14/19 EQ:754 EX:733 TU: 755
Message 9 of 12
Established Member

Re: Went on a Mini App Spree


@Tutheather22 wrote:
Have you ever tried getting that secured Cap 1 card unsecured?

No, I wasn't aware that was a thing. How would one go about doing so?


Starting Score: 515
Current Score: As of 12/7/18: 643
Goal Score: 750


Take the myFICO Fitness Challenge



Message 10 of 12
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