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Went on a Mini App Spree

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stellarrr
Established Member

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 6/30/23: 730


Goal Score: 750

Amex Gold / Target $2k / Capital One QS $6.4k / Capital One Platinum $2k / Kohls $3k / Citi Rewards $8.4k / Amex Hilton Honors $1k / Best Buy Citi $4k
Homeowner since 2022 / Mortgage APR 3.615%
Message 1 of 12
11 REPLIES 11
MrDFinance
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
Message 2 of 12
Anonymous
Not applicable

Re: Went on a Mini App Spree

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

Message 3 of 12
xaximus
Valued Contributor

Re: Went on a Mini App Spree

Congrats on your approvals!


Scores - All bureaus 770 +
TCL - Est. $410K
Message 4 of 12
KELSTAR
Regular 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 as of 10/01/21. Clean file. MYFICO 3B. I live in Green Bay, Wisconsin for those tracking what credit bureau is pulled by location.
FICO 8 EQ=796 TU=799 EX=801
FICO 9 EQ=816 TU=816 EX=813
MORTGAGE SCORES EQ=773 TU=782 EX=787
AAoA=4Y3M AoOA=11Y4M AoYA=5M
VANTAGE SCORES EQ=825 TU=813 EX=813
BUSINESS CREDIT SCORES. Formed LLC 6/1/18. YEARLY SALES=3M
EXPERIAN BUSINESS CREDIT SCORE=77 EXPERIAN FINANCIAL STABILITY RISK RATING=1 SMALL BUSINESS SCORE SERVICE SCORE=210 D+B=80
HARD PULLS last 12 months EQ=1 TU=1 EX=1 Three new accounts reporting.
HARD PULLS last 24 months EQ=1 TU=2 EX=2 Four new accounts reporting.
INCOME=$290k as of 10/01/21 for income stated on applications. DTI=2.5% Business sales 300k monthly.
MAIN BUSINESS and PERSONAL BANKING=CHASE
MORTGAGE=800K 03/21 2.25%
INSTALLMENT LOAN. Vehicle loan opened 08/18. Zero down. 45K at 0% for 60 months LINCOLN FINANCE.

OPEN PERSONAL ACCOUNTS/OPEN DATE
DISCOVER=34k 10/17 CITI COSTCO VISA=16k 06/18 US BANK CASH+=7k 06/18 PENFED PLATINUM REWARDS=10k 07/18 CHASE FREEDOM=10k 07/19 CHASE SAPPHIRE RESERVE=14.1k 09/20 AMEX PLATINUM= NPSL 04/21 AMEX HILTON SURPASS=10k 05/21

OPEN BUSINESS ACCOUNTS/OPEN DATE
CHASE INK CASH=10k 07/18 AMEX MARRIOT BONVOY=10k 02/19 CHASE INK UNLIMITED=10k 09/19 US BANK BUSINESS CASH=29k 10/19 WELLS FARGO BUSINESS PLATINUM=20k 11/19 AMEX LOWES BUSINESS=15k 11/19 AMEX BLUE BUSINESS PLUS=35k 02/20 CHASE INK PREFERRED=50k 07/20 AMEX BUSINESS GOLD=NPSL 09/20 AMEX BUSINESS PLATINUM=NPSL 05/21 CHASE BUSINESS LINE OF CREDIT= 225k 09/21
Message 5 of 12
stellarrr
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 6/30/23: 730


Goal Score: 750

Amex Gold / Target $2k / Capital One QS $6.4k / Capital One Platinum $2k / Kohls $3k / Citi Rewards $8.4k / Amex Hilton Honors $1k / Best Buy Citi $4k
Homeowner since 2022 / Mortgage APR 3.615%
Message 6 of 12
MrDFinance
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 .....
Message 7 of 12
Anonymous
Not applicable

Re: Went on a Mini App Spree

Have you ever tried getting that secured Cap 1 card unsecured?
Message 8 of 12
Anonymous
Not applicable

Re: Went on a Mini App Spree

Congrats on your approvals!

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Message 9 of 12
stellarrr
Established Member

Re: Went on a Mini App Spree


@Anonymous 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 6/30/23: 730


Goal Score: 750

Amex Gold / Target $2k / Capital One QS $6.4k / Capital One Platinum $2k / Kohls $3k / Citi Rewards $8.4k / Amex Hilton Honors $1k / Best Buy Citi $4k
Homeowner since 2022 / Mortgage APR 3.615%
Message 10 of 12
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