Application Spree

[Anonymous]

So, I've been reading and lurking on these forums for about a week now. Before that, I've been doing research on improving credit. The plan is to have a score over 720 before I get out of school (approx. 2 years from now). Should be easily achievable -- currently I have 662 TU. I only had 1 credit card though. I was one of those crazy people that paid cash or debit for everything so I had no credit history until February. At that point I got a creditone card (200 CL, sky-high APR, $70 open fee $70 AF). I used that card with a PIF every month (carrying small balances and having those be reported, although this was by sheer accident it worked in my favor). Now I'm sick of it, so I apped up this past weekend.

Wamu -- $2000 CL decent APR
Chase Perfectcard -- approved, unknown CL or APR right now
Citi Premier Pass -- intend on upgrading to dividend if approved, 30 day notice.

Anyways, this is 3 hard inqs over the past week... obviously my score probably dropped due to this. Should I app and get another card? (I plan on dropping creditone ASAP, I hate that AF) Also, is 4 cards total an ideal number to shoot for? I don't really care about my short term score as much as the score 2 years from now when I will likely be going for a house.

Message Edited by MasterOfDisaster on 10-01-2007 08:35 PM

[Anonymous]

first we need to drag you over to the sleigh center, but on the way you may want to pick up a store card target, wal-mart, along those lines. seems fico like to see a couple of those as well in the mix. i think amex has a student card that i would look at also.

[Anonymous]

I picked up a target redcard... got approved -- will find out CL and APR when it arrives.

If the citi card is approved, I believe I will be set for the next couple of years (especially if I keep getting CLI's as my score increases). Anyone disagree?

[fused]

IMHO, I would stop apping! You have enough CCs now to build a solid CC history. Age will become your friend as the years pass as will CLIs with these cards.

[Anonymous]

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MasterOfDisaster wrote:
I picked up a target redcard... got approved -- will find out CL and APR when it arrives.

If the citi card is approved, I believe I will be set for the next couple of years (especially if I keep getting CLI's as my score increases). Anyone disagree?

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if you can let those accounts season, except looking into the student amex i think you would be in good shape. just remeber to keep the utilization under 30%, ideal is 1-9% (wish i could take my own advice there).

[Anonymous]

LOL dnm! Same here. And I TOTALLY agree with fused. You have enough cc's. Put a screeching halt to getting more cc's. And manage your new cc's very carefully. No missed/late payments allowed! It accounts for 35% of your total FICO score!

[Anonymous]

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@dnm45227 wrote:

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@Anonymous wrote:
I picked up a target redcard... got approved -- will find out CL and APR when it arrives.

If the citi card is approved, I believe I will be set for the next couple of years (especially if I keep getting CLI's as my score increases). Anyone disagree?

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if you can let those accounts season, except looking into the student amex i think you would be in good shape. just remeber to keep the utilization under 30%, ideal is 1-9% (wish i could take my own advice there).

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https://www124.americanexpress.com/cards/loyalty.do?page=bluestudent
^^^This card? I don't understand what it offers that I don't already have. Also, would amex do FRs on their student cards too?

As to the other comments -- don't worry I'll pay on time. Some of the cards will only be used to keep a balance within the 1-9% range anyhow.

Message Edited by MasterOfDisaster on 10-02-2007 02:00 PM

[Anonymous]

Just checked my mail - Citi denied me due to limited credit history. They pulled EQ.

That puts me at only 3 cards if I close creditone -- maybe I will go for that amex student.

Message Edited by MasterOfDisaster on 10-02-2007 02:12 PM

[turninganewleaf]

Master, listen to what those above have stressed!  NEVER BE LATE, NEVER EXCEED YOUR CL'S.  Take it from many of us who know and have unfortunately learned the hard way...I'd give anything to be 19 or so yrs old again with the credit knowledge I have now.  Good luck!

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MasterOfDisaster wrote:
So, I've been reading and lurking on these forums for about a week now. Before that, I've been doing research on improving credit. The plan is to have a score over 720 before I get out of school (approx. 2 years from now). Should be easily achievable -- currently I have 662 TU. I only had 1 credit card though. I was one of those crazy people that paid cash or debit for everything so I had no credit history until February. At that point I got a creditone card (200 CL, sky-high APR, $70 open fee $70 AF). I used that card with a PIF every month (carrying small balances and having those be reported, although this was by sheer accident it worked in my favor). Now I'm sick of it, so I apped up this past weekend.

Wamu -- $2000 CL decent APR
Chase Perfectcard -- approved, unknown CL or APR right now
Citi Premier Pass -- intend on upgrading to dividend if approved, 30 day notice.

Anyways, this is 3 hard inqs over the past week... obviously my score probably dropped due to this. Should I app and get another card? (I plan on dropping creditone ASAP, I hate that AF) Also, is 4 cards total an ideal number to shoot for? I don't really care about my short term score as much as the score 2 years from now when I will likely be going for a house.

Message Edited by MasterOfDisaster on 10-01-2007 08:35 PM

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[Anonymous]

Indeed turning. Well put!