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Would Any One Like to Join Me????

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Anonymous
Not applicable

Re: Would Any One Like to Join Me????

Just to play devil's advocate for a moment here...

Applying for several cards at once as you start to emerge from a credit scoring "trough" does have some logic behind it. Remember, a long-term approach is best to FICO improvement.

1) Yes, you will take a short-term hit due to inquiries. However, the "half-life" of inquiries is short, and the effect decays within a matter of months. After a year, inquiries no longer affect your score. You already have a low FICO, so the hit is less anyway.

2) Getting several accounts at once goes ahead and starts the clock ticking on account age. Again, this will cause a short-term dip in FICO, but you take the plunge and get it over with while your score is low anyway.

3) Within a few months, you begin to feel the positive effects of having four or five revolving accounts all reporting as paid on time.

Now, I'm not necessarily saying go paint the town with inquiries. But at times, getting several CCs in a short time may be the best approach.
Message 31 of 82
Anonymous
Not applicable

Re: Would Any One Like to Join Me????



laryn41 wrote:
how do you guys do it with all the inq's?
 


I basically paid off all my debt waited for my scores to improve then applied for 9 cards
in 3 days so they all saw the same scores,,,,,,Smiley Wink
My EX and EQ scores dropped about 12 points each, except TU that is still in disputes
and 1 card pulled from them so I doubt I will get that one...
So now I have to play the utilization game for a year with the 3 cards I got and then apply for my mortgage...
Message 32 of 82
Anonymous
Not applicable

Re: Would Any One Like to Join Me????

I'm in... After adding 24 new accounts (not all CCs) within 1 year I need to cool it, mostly because if I apply for anything else I'll surely get a too many new accounts denial...

I'm done until at least this time next year and even then will only be going for a couple of CU cards and CLIs...
Message 33 of 82
Anonymous
Not applicable

Re: Would Any One Like to Join Me????



TheNewWorldMan wrote:

Now, I'm not necessarily saying go paint the town with inquiries. But at times, getting several CCs in a short time may be the best approach.


It's worked for me and DW. We had about $5000 in CC debt back in April and about $5500 in available CL.
 
Today we have around $2000 in CC debt (maybe a little less, and $800 of it is no interest no payment until October) and about $28K in available CC CL.
 
A few more INQs, yeah. But a whole lot of comfort zone with our CCs, and our median FICOs are up almost 50 points.
 
Message 34 of 82
Anonymous
Not applicable

Re: Would Any One Like to Join Me????



@Anonymous wrote:


@Anonymous wrote:

Now, I'm not necessarily saying go paint the town with inquiries. But at times, getting several CCs in a short time may be the best approach.


It's worked for me and DW. We had about $5000 in CC debt back in April and about $5500 in available CL.
Today we have around $2000 in CC debt (maybe a little less, and $800 of it is no interest no payment until October) and about $28K in available CC CL.
A few more INQs, yeah. But a whole lot of comfort zone with our CCs, and our median FICOs are up almost 50 points.





Same for me, I went from 3 cards with a total of 1500 available credit with usually 1000-1300 used to 85K in available credit and about 8K used (house renovations). When I last pulled my FICOs TU and EQ both were very happy with the distance between my balances and the CL. 14 CCs in about 5 days in June and have only added 5 Inqs on EX to show for it at this point.
Message 35 of 82
laryn41
Frequent Contributor

Re: Would Any One Like to Join Me????

i get what you are saying buy i can't get approved for any with great cl's...
Message 36 of 82
Anonymous
Not applicable

Re: Would Any One Like to Join Me????



laryn41 wrote:
i get what you are saying buy i can't get approved for any with great cl's...



Thats why where here.....Smiley Happy
And in time we will have our credit where we want it to be and not where
they want it to be....
Message 37 of 82
Anonymous
Not applicable

Re: Would Any One Like to Join Me????



laryn41 wrote:
i get what you are saying buy i can't get approved for any with great cl's...


What are your CC CLs, balances, CCCs and APRs?
Message 38 of 82
laryn41
Frequent Contributor

Re: Would Any One Like to Join Me????

Cap 1 is 1500 only because i combined two of them
juniper in 1000 because I combined'
target 200
macys 750  
all under 20%
and high APR
Message 39 of 82
Anonymous
Not applicable

Re: Would Any One Like to Join Me????

I've increased my CLs to $13.2K from $5.7K in the last 2 weeks (doesn't count my JCP, Dell, or Care). Which compared to some isn't a lot, but I currently only earn $16.6K a year. (I only work parttime as I go to school fulltime also.)
 
And that doesn't include my student loans - to about the tune of $34K!
 
So I'm pretty sure no one else will want to give me more credit!
Message 40 of 82
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