App Spree - Credit recovery mode!

[roniram]

After being "scared" of applying for credit cards for the past two years, I applied for several after reading about improving your credit.  I went on a little spree, and I'm now gardening for 12 months at the least.  I had 4 credit cards previously:

Merrick Bank $1,200

Orchard Bank $600

Credit One $300

First National $300

I've had all three cards for 3 years - but increases on only Merrick and Orchard.  I was nervous about obtaining any other credit cards.

I've obtained:

Now Card $350

Blaze MC $350

Walmart $400

Capital One Cash Rewards $500

Amazon $600

Best Buy - Declined

Discover Card - Declined

I hope I haven't "overdone" it, but I am looking for these cards to lower my utilization, and hopefully raise my credit scores after being stuck in the lower 600s for about 2 years.   I'm not disappointed about the declines, because with the information I have obtained from reading these forums, I know that within a couple of years, these companies will be begging me to become one of their clients.  

Any advice about future moves I should make are greatly appreciated!

This forum is the best!  Much better than any credit repair company could ever be!

[somnipotent]

congrats!  to the garden with ya!

[09Lexie]

Welcome to the forum!
If you don't mind sharing your credit profile it will help with advice. Baddies, util, inq's etc

[justforting]

congrats on the cards!

[roniram]

2004 - Ch 7 Bankruptcy

2006 - Obtained 3 new credit cards (Applied Bank, HSBC, and Capital One)

2008 - Lost job and ability to pay on cards

2010 - applied for 4 cards (see previous list)

2013 - applied for new cards

I have no 30 day lates on any cards.  I did have to use the payment insurance on 3 of them 18 months ago, but never went 30 days.  This is the difference I made between bouts of unemployment - made sure I never went 30 days past due!

I currently have 3 collections that are all 3 years or older, and I am disputing them.  A medical collection account from 2011 is confirmed to be removed within the next 30 days because it wasn't mine.  

I also have 80K in student loans - I pay them faithfully on time.

That's about it.  I didn't have the worst credit, but I am quite far from the best!  Excellent credit here I come!

[nicholasyud]

• Sent goodwill letter to those lates.
• Garden for at least 1 year or credit score high +600.
• No more credit apps spree.
• CLI with SP for all those account every 6 months or so.

[roniram]

Thanks for the advice.  I am going to the garden for 12 months.  I am going to concentrate on paying off the balances I have, and keeping my utilizations below 10%.  And, ask for CLIs with every 6 months as you suggested.  I don't have any lates at all...just three old collections that I am currently disputing.   I'll see how they go, and see what ever additional steps I need to take after they are reviewed.  

[nicholasyud]

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@roniram wrote:

Thanks for the advice.  I am going to the garden for 12 months.  I am going to concentrate on paying off the balances I have, and keeping my utilizations below 10%.  And, ask for CLIs with every 6 months as you suggested.  I don't have any lates at all...just three old collections that I am currently disputing.   I'll see how they go, and see what ever additional steps I need to take after they are reviewed.  

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Dispute with CMRR and keep the record.

Consider BBB, FTC......etc....route too. My credit score jumb almost 80 points after my last collection delete.

[roniram]

Update -  Since I have joined MyFICO, I have learned a great deal about credit that I have been trying to apply.  I never realized that one of my problems was I didn't have enough credit, and my utilization was suppressing my scores.  Now that I was able to apply for credit that I knew I had a be cretter chance at qualifying for, it has allowed me to increase my credit scores dramatically in a short period of time.  My TU score has increased (approx) 50 points, my Experian score is up 4 pts, and my Equifax is up 21 pts - all in a span of 14 days!  Needless to say, I am very happy with the progress I have had.  I am now going to garden for the next 12 months, and work on lowering my utilization % to the 1 - 9 range that I've read is the most effective.  I've decided to leave my old collections alone and let them age out in two years.  

Thanks again for the information.  This board is great!

[CredittotheMax]

You better get to gardening because these cards gonna cut your aaoa in half!