Credit Spree!

[DigitalSavior]

I told myself I would not apply for more credit until I had better scores. I had joined a community charter credit union so naturally I needed to apply for their credit card. Still waiting to hear back on that one. I got declined from PenFed. WaMu approved for 1000. Discover declined but gave me a Discover branded HSBC card. AMEX declined for Blue but approved for Delta Sky Miles.

Scores are TU 633 EQ 625 EX 611

Thats it for now!

[fused]

Four CCs is enough to establish a good CC history.

[Gotagoal]

I have a question - Is it bad that I went on a spree lately and havee 8 new TLs?
2 Amex, BofA, Chevron, CCCU, BECU (Boeing Empl Credit Union), Target and Gap

Just curious. My scores are 660 (EQ) and the lowest is 639 (EX) due to INQ and 2 new accts showing. Once all of these show, the my utilization will go down to the 1-9% range because the overall CL equals around 10k.

Do you know how long before my score jumps toward that 700 club? Any advice is helpful.

No more credit. I went a little crazy, but now I have all that I need. It's really addictive though. Feels good to get nice cards with nice CL.

[DigitalSavior]

Yea, I did the same thing, it does feel nice. I just hope I don't screw up again with my credit.

I'm no expert and can't help you but just use the FICO simulator and you should get a ballpark of what you need to do to get to the 700 club.

I'm hoping to be there in less than a year with my scores.

[Anonymous]

There are just so many factors that go into scoring, it's impossible to say when what will happen. Even the FICO simulator is guesswork.

Some things to keep in mind are your short term and long term goals.

If you're planning to buy a home in the next few months, and you'll qualify with the current state of credit, a credit card application spree might not be a good idea.

If you're trying to land a better score, then adding CCs and paying down debt are a couple of things that are within your grasp and make sense.

Message Edited by Noah_Bodie on 08-25-2007 12:08 AM

[Gotagoal]

Thanks - Yep, my goals are long term - to buy a house in a year or so. The only card I had for years was 300 CL with First Premier, and even though the fees are absurd, the perfect payment history had been helpful I'm sure.

After finding this forum, my goal was to get decent credit cards and learn how to clean up my report, which I did in a very short time. Only 3 derogs left from a zillion yrs ago -all paid, they should fall off this yr - so they're not factoring into the score much if at all.

Just pulled my reports and more new accounts are showing and my util - as planned- is TINY !!! Once they all get reported, I will just keep them all low util and let time go by with no more apps.

If my house buying happens a yr or so down the road, then the INQ will not be counted by then and I won't have any new stuff - all good stuff on my report - Yeah baby!!

[Anonymous]

It's nice to see folks like me on this board. I went crazy last year!  I started 2006 with all credit scores about 680,then some old medical bills hit me!  They went to collections and killed my scores. I got down to 618 and 620's.  I was so upset but what can you do.

By Sept of 2006 I had a new Gateway credit card $2,500, Best Buy $2,300, AMEX green.  When I finally checked my credit scores with my Washington Mutual credit card, my TU fico score was 691.

While I was happy to get the new credit lines, I wish I would have waited.  I would have hit the 700 mark!  Now my TU fico score is 683.  My lowest score is EQ at 643 due to a ton of credit inquires.  I got two additional credit lines totaling $3,000.  I canceled two of my other credit cards.

Threaten to canceld two Cap.One cards that I have had for 8 or years.  In one phone call, my limits went up by $6,000. 

I will wait for at least 6 months before I go and refinance our mortage.  My scores should be high. 

I want to say thank you to everyone on this board.  You are heaven sent!