This is a long post, and I apoligize for that. I am trying to give you the whole picture, since I know you guys ask for more info most of the time 
I recently started trying to build my credit. I went for an auto loan back in June of last year, and was told I had no credit. I was still approved at a rate of 7.39%, I thought that was an ok rate for no credit, so I took it, a 3 year loan. After that experience, I decided it was time to do something about having no credit. I waited 3 months to let the auto loan age a little. In September, I applied for several credit cards. Chase card, was denied. Wal-Mart Card, denied. Capital One, approved for QSOne w/$300 limit. Bank of America, approved for Cash Rewards w/$1000 limit. I also signed up for myFico monitoring at this time so I could see what was going on. I had 1 baddie that was reporting to TransU. The credit union that I got the loan through checked Equifax, which had absolutely nothing on it but an old auto loan from a few years prior. Scores at the time were Equ - 662, Exp - 672, TransU - 574. I tried to negotiate with the CA to remove the baddie from my TransU report, and the CA kindly reported it to Experian as well when I tried, which dipped that score about 100(how kind of them
) That baddie is currently at 40 months old. I can say for sure now that debt will never be paid. What an absolutely terrible tactic(I WAS willing to pay it, NOT NOW!!).
At the beginning of the year, I got the itch again. Decided to app some more. I know now that was probably a bad idea. I tried Chase again, denied again. I tried AmEx, denied. BarclayCard, denied. Discover, approved for DiscoverIT w/$1000 limit. JCrew SCT w/$1050 limit, CLI buttoned Bank of America got CLI to $2500 limit. My current scores are, Equ - 662(no change), Exp - 639(down 33, took that massive dip for the old collection being added), TransU - 660(up 86). I know my AAoA is really low and that is hurting, plus all the inquires I've accumulated isn't helping I'm sure. I have $4850 in revolving credit. My utilzation is around 25%.
So what do you guys think? How long should I be in the garden? When I do come out of the garden, should I only try for CLI on my current cards, or should I try getting a couple more major lenders in my wallet?
@Anonymous wrote:This is a long post, and I apoligize for that. I am trying to give you the whole picture, since I know you guys ask for more info most of the time
I recently started trying to build my credit. I went for an auto loan back in June of last year, and was told I had no credit. I was still approved at a rate of 7.39%, I thought that was an ok rate for no credit, so I took it, a 3 year loan. After that experience, I decided it was time to do something about having no credit. I waited 3 months to let the auto loan age a little. In September, I applied for several credit cards. Chase card, was denied. Wal-Mart Card, denied. Capital One, approved for QSOne w/$300 limit. Bank of America, approved for Cash Rewards w/$1000 limit. I also signed up for myFico monitoring at this time so I could see what was going on. I had 1 baddie that was reporting to TransU. The credit union that I got the loan through checked Equifax, which had absolutely nothing on it but an old auto loan from a few years prior. Scores at the time were Equ - 662, Exp - 672, TransU - 574. I tried to negotiate with the CA to remove the baddie from my TransU report, and the CA kindly reported it to Experian as well when I tried, which dipped that score about 100(how kind of them
At the beginning of the year, I got the itch again. Decided to app some more. I know now that was probably a bad idea. I tried Chase again, denied again. I tried AmEx, denied. BarclayCard, denied. Discover, approved for DiscoverIT w/$1000 limit. JCrew SCT w/$1050 limit, CLI buttoned Bank of America got CLI to $2500 limit. My current scores are, Equ - 662(no change), Exp - 639(down 33, took that massive dip for the old collection being added), TransU - 660(up 86). I know my AAoA is really low and that is hurting, plus all the inquires I've accumulated isn't helping I'm sure. I have $4850 in revolving credit. My utilzation is around 25%.
So what do you guys think? How long should I be in the garden? When I do come out of the garden, should I only try for CLI on my current cards, or should I try getting a couple more major lenders in my wallet?
So the baddie will fall off at 48 months right? It seems like you have quite a few decent cards now so I would at least wait the 8 months you have left for your baddie to fall off.
