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My beef with rebuilding credit...

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ChemGuy
Frequent Contributor

My beef with rebuilding credit...

The only way to rebuild credit is to NEVER be late AGAIN, and to establish new credit.  Well, how can you establish new credit if every inquiry--even for secured cards--will hurt your credit.  And, oh, if you don't get approved for that first card, you'll be smacked even harder if you apply for another! 
 
The reality is that the industry needs to treat CC inquiries like mortgage/auto inquiries:  you should be allowed to do serveral within a certain period and not get dinged!  It is inherently unfair to say to someone:  Hey, apply for that card and if you don't get it you must wait another 6-12 months before applying for another. 
 
Okay....I'm off my soap box.  Still can't believe that mistakes I made when I was fresh out of college are still haunting 4 years and $125000 (my current income) later!
Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: My beef with rebuilding credit...

i'll even add. let me decide if i want the account. if i app a cc anf get crappy terms and low cl at least give me the chance to turn the deal down before slapping on my report and reaging my file. if i can shop for the best terms on a mort or car loan before accepting the account, wth can't i do the same for a cc?
Message 2 of 9
MidnightVoice
Super Contributor

Re: My beef with rebuilding credit...



ChemGuy wrote:
 
The reality is that the industry needs to treat CC inquiries like mortgage/auto inquiries:  you should be allowed to do serveral within a certain period and not get dinged! 


The thing is, most people will only buy one car after 10 inqs, and one house after 10 inqs, but if they apply for 10 CCs they might get them all  Smiley Very Happy
 
Part of the trick is learning which cards you are likely to get, and which cards usually pull which CRAs.  That way you waste less inqs.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 3 of 9
Anonymous
Not applicable

Re: My beef with rebuilding credit...

"The only way to rebuild credit is to NEVER be late AGAIN, and to establish new credit. "

Exactly ChemGuy! That's why I have what I have in my signature line! Smiley Happy
Message 4 of 9
MidnightVoice
Super Contributor

Re: My beef with rebuilding credit...



Sylviatob wrote:
"Never ever, ever be late. Never"


It that for CC payments or all appointments?  Smiley Very Happy
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 5 of 9
Anonymous
Not applicable

Re: My beef with rebuilding credit...

Yes! LOL.

(I used to be late at both of them) Smiley Wink

Never again.
Message 6 of 9
ChemGuy
Frequent Contributor

Re: My beef with rebuilding credit...

I'm not saying there should not be a limit to madness.  Perhaps the inq should only go on your report if you get the credi card!  The claim is that multiple inqs indicate higher risk; the reality is that I'm not higher risk.  I have too much in savings and make too much money to be a risk.  I'm clearly not the same just out of collge kid!
Message 7 of 9
marty56
Super Contributor

Re: My beef with rebuilding credit...

The whole FICO INQ thing is broke.  I have 3 INQs on my EQ report of which only 1 is for actual credit.  The other 2 or for a Verizon cell phone and a new one from ATT for Uverse.  ATT pulled my EQ to see if I could qualify for 4 cell phones even though I told them I dont need one.
 
Also my latest MyFico EQ report shows the 3 INQs on the red dergo side of the scale.
 
To make matters worse, the credit I applied for was Bill My Later which deos not show up on my CR at all.
 
 
 
 
1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 8 of 9
MidnightVoice
Super Contributor

Re: My beef with rebuilding credit...



ChemGuy wrote:
 
I have too much in savings and make too much money to be a risk. 
 


Then get a very high CL secured card!  Smiley Very Happy
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 9 of 9
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