cancel
Showing results for 
Search instead for 
Did you mean: 

Would Best Buy go for this?

tag
Anonymous
Not applicable

Would Best Buy go for this?

I want to add a store card to my revolving cards, and i'd rather have a best buy card instead of a department store..

 

my score is 597 right now, but it will be 610-620 or so next week when my util drops from 45 % to 1%(1 card 0 bal 1000limit, and 1 card 10balance and 300 limit)

 

i got a secured loan in april, a sec CC in may, and an orchard(don't bash me lol) in june, i was thinking for this month a Store card would be good?

with a low 600s score, 2 COs 1 paid from '06 and 1 unpaid from '05

2 unpaid collections from '05 and  a judgment from '05

 

3 INQs 5/21 6/25 and 7/1 all '09

 

do i have a chance? or should i not risk the ding?

Message 1 of 9
8 REPLIES 8
bigtim
Frequent Contributor

Re: Would Best Buy go for this?


@Anonymous wrote:

 

3 INQs 5/21 6/25 and 7/1 all '09

 

do i have a chance? or should i not risk the ding?


If you already have 3 inqs, it might not hurt your score much to have another. Try one or two of the simulators to get an idea. I've had 3 recents, and after messing with the simulator, I could theoretically apply several more times and wouldn't hurt much. However, I don't want my AAoA to go down much more, so I'm going to wait... My theory is this - since it doesn't affect your score after 1 yr., I would try and keep my inquiries close so they will be gone (or rather won't count much) by next year - I don't plan on applying for any more credit till then - anyway, that's just my personal case...

 

Another thing I was wondering about - maybe someone can answer this - If you have inquiries on your CR that don't match TLs, would that maybe hurt your score - in other words the FICO algorithm sees that you applied for and were not given credit...? I know that I read having credit increases score partly because of the theory that the creditors granted you credit because you are creditworthy - make sense? In other words again, if I have 7 inquiries, and only 2 match up with TLs, this means I've probably been turned down for credit 5 times, thus I'm less creditworthy????

---------------------------------------------------------------
Recent Cards:
12/2012 - Discover (ICL 3,375 CLI to 5,375 05/2014)
12/2013 - Chase Freedom (ICL 3,500 ACLI to 4,500 07/2014)
03/2012 - Gander Mountain MC (WFNNB) 7,000 CL
04/2012 - Ace Rewards Visa (US Bank) 12,000 CL
Back to gardening for a year or two
Message 2 of 9
haulingthescoreup
Moderator Emerita

Re: Would Best Buy go for this?


bigtim wrote:

...Another thing I was wondering about - maybe someone can answer this - If you have inquiries on your CR that don't match TLs, would that maybe hurt your score - in other words the FICO algorithm sees that you applied for and were not given credit...? I know that I read having credit increases score partly because of the theory that the creditors granted you credit because you are creditworthy - make sense? In other words again, if I have 7 inquiries, and only 2 match up with TLs, this means I've probably been turned down for credit 5 times, thus I'm less creditworthy????



It doesn't affect your score, but I suppose a future lender might wonder. But I think that's pretty unlikely, that they would compare inqs with TL's. Anything's possible, though, especially if they set up there internal software to look for this.

But no, this isn't an element in the FICO scoring formula.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 3 of 9
Anonymous
Not applicable

Re: Would Best Buy go for this?

You might have a better chance if u apply in the store.
Message 4 of 9
YoungEntrepeneur
Established Contributor

Re: Would Best Buy go for this?

I also recommend applying in store. It can sometimes be the difference between getting approved and declined.
Message 5 of 9
Anonymous
Not applicable

Re: Would Best Buy go for this?

yeah i think im going to go in to the store and apply after im sure the 1000limit 0 balance card has reported...

 

hopefully they dont try to give me the rewards/MC with an af.. i'll tell them i already pay hsbc an af and dont need another card like that.... i just want a store card and its no big deal what the limit is just as long as there is no af

Message Edited by ziggytx on 07-12-2009 09:09 AM
Message 6 of 9
DI
Super Contributor

Re: Would Best Buy go for this?

With those low scores, I wouldn't apply for anything within the next six months.  Its not worth the inquiry. I definately wouldn't apply at the store unless my scores are in the 700's.  Personally, I would be embarased getting declined at the store.  
Message 7 of 9
Anonymous
Not applicable

Re: Would Best Buy go for this?

you're probably right, but i'm not applying for anything else until i can get a prime unsecured card....

 

i just want the best buy card because i like the store, and i'll be alright, it won't be the first time i've been denied in person. Smiley Sad

Message 8 of 9
DI
Super Contributor

Re: Would Best Buy go for this?

You will still like the store 6 months from now.  In this economy you won't get approve for a BB card.  I had a BB card.  I wasn't using it, and closed it last week.  I had a hard time buying things from BB with its card.  Anything from a store such as BB should be paid for with cash.
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.