Knowing when to fold....or keep apping

[phoenix_one]

To Garden or not to garden....

Last month I applied for the CSP and was approved for 5K and was able to recon to 8K. 2HP

I got my 40K bonus by the time the first statement hit.

Applied for AMEX BCE - Denied 1 HP

Applied for Citi TYP - Denied 1 HP

These denials are a result with an issue I have with Wells Fargo and Experian. Details in the following post. (Your thoughts are appreciated)

http://ficoforums.myfico.com/t5/Bankruptcy/Rebuilding-Credit-after-Chapter-13-and-my-issues-with-Wel...

Applied for an Apartment 1 HP

Combined with last year car purchase (4 HP, Kept getting denied (Beneficial, Trumark and Dealer) until Chase approved me)

Total 9 inquiries

Today I applied online with USAA Rewards WMC.

Approved 12K right off the bat with a 10.9%.

Current FICO Score 784 (Chase just popped in the report)

I am assuming that was my 10th HP.

Thinking of either going thru my CU or finally giving in to Discover It (They keep sending preapproved applications every  #$%@ week!) 

or hit the garden.

And stay off the forums!

[myjourney]

Denials themselves suggest its time to garden

[phoenix_one]

Nope.

Read the link for my other story for the complete info.

[myjourney]

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@phoenix_one wrote:

Nope.

Read the link for my other story for the complete info.

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Lol then you've already made up your mind as to your question of to garden or not? hummm

[LS2982]

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@myjourney wrote:

Denials themselves suggest its time to garden

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I agree, its time to hit the garden!

[FinStar]

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@phoenix_one wrote:

Nope.

Read the link for my other story for the complete info.

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While complete picture was provided on the separate link, and the unfortunate situation still stands with WF with the current reporting until 2017 (really 4 more years), and you have re-built a decent credit profile since, the question begs... why do you need additional unsecured credit?

Gathering from this post, you have managed to obtain very successful results with Chase (CSP) $8K (even if reconned) and USAA $12K.  Your other post states you also have acoounts with Orchard, Merrick, Barclay's, TD Bank/Omega $10K.

Essentially, Citi and AMEX will definitely be a NO for sometime (AMEX frowns on the BK reporting alone).  Citi may be more flexible down the road once you've established more history/experience with your newly aquired accounts.

So, for the above poster, it is fair to say that (a) your inquiries are going to start adding up and impacting your score which will include the addition of the new TLs (not to mention AAoA) and (b) most other Prime lenders will still see the BK reporting and may be hesitant to grant additional unsecured credit.  Your experience may vary from others but if denials aren't a sign, I'm not sure what else would be.  The best recommendation would be to garden for sometime and let your new seedlings grow.

[FinStar]

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@LS2982 wrote:

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@myjourney wrote:

Denials themselves suggest its time to garden

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I agree, its time to hit the garden!

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+1

Ultimately, it's up to the OP.  However, good advice has already been provided.

[09Lexie]

@FinStar

Agreed.

[phoenix_one]

>FinStar: why do you need additional unsecured credit?

In the summer,  several old accounts are going to fall off the credit reports affecting my AAoA.

My reasoning for this little spree is to have something to offset that proyected drop in my score.

My future plans are to purchase home and I whould like to be in a good barganing  position when the time comes.

However it looks that I'll have to wait until 2017 for that to happen.

I believe that I am managing my finances in a responsible manner and I am trying to use the knowledge that I have acquired here to practical use.

[LS2982]

How soon are you looking to purchase your home?