@score_building wrote:The Credit One app was a misstep, like taking ten steps back
No more apps, PLEASE especially do not apply for any more bottom feeder fee harvesting cards, you will thank yourself in the long run.Try to get it cancelled and permanently removed from reporting on cbr.
Already had Chase and a couple of solid builder accounts, Credit One should not have even been a consideration at all at that point, or ever really. There are always better options, like your Cap1s for e.g.
Uderstandable you were apparently going for a dilutional effect- building good accounts to lessen the impact of some neg history, which is a good strategy in general but in rebuilding, starting with up to 3 solid accounts (which you already have) is sufficient. Then garden watching credit profile improve over time before adding more. By doing so, will be granted higher limits and better terms when are again ready to app.
FP, Credit One, etc are expensive eye sores on a cbr that will not necessarily preclude an AMEX approval going forward but could bring AMEX pause for the PP reasons.
Enroll yourself in "retraining camp" resolving not to finance auto or other purchases beyond current means if wanting to build solid credit for the future and ultimately obtain the 0-1.99% auto financing that can be yours after strenthening profile. It will be well worth the wait.
Really good advice!
What is "Appbar syndrome" ?
The bottom line is that with that insane amount of inquiries coupled with 21 thirty day lates, you are NOT going to get a decent interest rate. Do you really need a car or do you just want one? If you don't truly need a car then your best bet is to NOT app for anything else. Don't go for a siggy visa with Chase because you surely don't want to draw attention to your account (not that they weren't sp'ing you anyway). You need to lay low for about 1.5 years until those inquiries are way down. Even though FICO is supposed to rate all Auto inquiries done in a certain period time as one, on manual review it appears that you are desperate. And again that desperation is coupled with those 21 lates.
Maybe you can try to GW some of them off, but until those puppies get some age on them you are going to be stuck with sub-prime auto rates. The other thing that could overcome this is a HUGE downpayment.....like 30% down. Dealers love those type of car deals. But IMO I'd start with trying to get some of those lates off. Did you authorize all of those inquiries? If not then I'd sure be disputing them. If you did authorize them then like everyone else has said, you are stuck with that for 2 years.
Decide if you really need or just want that car, and if you need a car then perhaps you need to be looking at something small like a focus until you can do better. Cap1 finances cars but you are still going to be at a high rate.
Good Luck and post back to let us know how you're doing.
@score_building wrote:The Credit One app was a misstep, like taking ten steps back
Already had Chase and a couple of solid builder accounts, Credit One should not have even been a consideration at all at that point, or ever really. There are always better options, like your Cap1s for e.g.
Uderstandable you were apparently going for a dilutional effect- building good accounts to lessen the impact of some neg history, which is a good strategy in general but in rebuilding, starting with up to 3 solid accounts (which you already have) is sufficient. Then garden watching credit profile improve over time before adding more. By doing so, will be granted higher limits and better terms when are again ready to app.
FP, Credit One, etc are expensive eye sores on a cbr that will not necessarily preclude an AMEX approval going forward but could bring AMEX pause for the PP reasons.
Enroll yourself in "retraining camp" resolving not to finance auto or other purchases beyond current means if wanting to build solid credit for the future and ultimately obtain the 0-1.99% auto financing that can be yours after strenthening profile. It will be well worth the wait.
Excellent advice score_building!!
@Mike360 wrote:OP seems to be going thru appbar syndrome. What you have to do is step back and re-think your situation and how you handle things because how you are doing them now is heading for disaster and quickly. i didn't even see you just got a credit one card...that is such a horrible decision considering what cards you already have. Only thing i can suggest is to stop apping for ANYTHING and spend time reading the stickies and posts on this board to better understand credit and it's benefits. Also, i wouldn't activate that credit one card if you haven't already because it's not gonna benefit you any.
This takes car shopping to a whole new level. Next time, arrange your own financing before you go. And AMEX...maybe in two years.
