cancel
Showing results for 
Search instead for 
Did you mean: 

Wowser I think I really screwed up...

tag
Anonymous
Not applicable

Wowser I think I really screwed up...

Im in the process of rebuilding I have two capital one secured cards limit of 500 and 251.  500 limit opened in October of 2010 and the smaller limit in November of 2011.

So I should have read these threads before my major mess up.  Apparently I went on a app spree (found out what an app spree was after I did this).  A little information can be a bad thing.  I applied for the capital one green card and got declined.  I did some research saw that dillards was an easy card to get got declined.  Then tried Eddie Bauer Approved.  Here is where it gets bad.

 

Capital One Green Card Declined

Dillards Declined

Eddie Bauer Approved WFNB $250

The Buckle WFNB  $300

Pottery Barn (I don't even know where the nearest  pottery barn is) 7-10 day message

JC Penny GE $150

American Eagle $150

Walmart $500

Chevron 7-10 day message

Macy's didn't give any message not even sure if app went through

Kohl's 7-10 message

 

 

So now after this I read up on how bad it is to apply for so many new accounts possibly getting aa or cld.  DO you think I will be OK?  What should my next step be should I close some of them?  I really wish I would have stopped.  Being instantly approved was addictive.  Trans Union was 620 and Equifax 589 not sure on experian.  Also on the GE cards should I try for the CLI after 4 months or just leave that alone and see if they auto cli.  Or maybe I don't even have to worry about that because they will get closed. Can't believe I did this.  Thanks for the info 

Message 1 of 16
15 REPLIES 15
improvingmycredit
Valued Contributor

Re: Wowser I think I really screwed up...

HEY!!! Welcome to the forums! 

Well, the damage is done.  I don't recommend closing any accounts since you've already taken the hit for them.  Definitely straight to the garden with you!  Smiley Happy  It's not the end of the world.  You will see a dip in your FICOs for sure but they will rebound with time and no more apping.  You may even see some AA from GE but I doubt it.  Garden these new accounts and go app free for a good long while so that you can get the credit you really want in the end.  Good Luck and Congrats on your new accounts!!! Smiley Happy


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSR 20.5K, TotalRewards 25K, QuickSilver 20K

Message 2 of 16
Anonymous
Not applicable

Re: Wowser I think I really screwed up...

It takes a while for the smoke to clear.

You did what I did, basically.

I figured since it does take some time for the hits to fall off that Id apply for all of the cards I wanted immediately then not have to worry about getting any others later.

The last two hard inquiries I have are set to fall off soon.

 

I can see how it is a bad thing to do it like we did...and maybe a good thing if you are ok with waiting for 2 years or whatever for the inquiries to all fall off at the same time.

Message 3 of 16
CreditScholar
Valued Contributor

Re: Wowser I think I really screwed up...


@improvingmycredit wrote:

HEY!!! Welcome to the forums! 

Well, the damage is done.  I don't recommend closing any accounts since you've already taken the hit for them.  Definitely straight to the garden with you!  Smiley Happy  It's not the end of the world.  You will see a dip in your FICOs for sure but they will rebound with time and no more apping.  You may even see some AA from GE but I doubt it.  Garden these new accounts and go app free for a good long while so that you can get the credit you really want in the end.  Good Luck and Congrats on your new accounts!!! Smiley Happy


+1. The damage is done and it's a fair bit of damage, but not the end of the world. You need to:

 

1. Stop applying for ANY new forms of credit. Let what you have age.

2. Choose 1-2 cards that you like, and then start using them. Charge on them every month and then PIF.

3. After 12 months the inqs will stop affecting your FICO, and within 24 months they'll fall off. You might try and ask for a CLI on the cards you're currently using.

4. After 24 months you might want to start thinking about applying for new cards. This is pretty much replacing your current crop with a better set.

 

Be very careful that you don't apply for anything else. If you don't start using a few cards regularly and garden, you'll end up in "low-limit-hell." Once you're in there it's not so easy to get out. From where you are currently I'd say you're 2-3 years away from being "prime", as long as you do the correct things from here forward.

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Message 4 of 16
haulingthescoreup
Moderator Emerita

Re: Wowser I think I really screwed up...


@Anonymous wrote:

Im in the process of rebuilding I have two capital one secured cards limit of 500 and 251.  500 limit opened in October of 2010 and the smaller limit in November of 2011.

So I should have read these threads before my major mess up.  Apparently I went on a app spree (found out what an app spree was after I did this).  A little information can be a bad thing.  I applied for the capital one green card and got declined.  I did some research saw that dillards was an easy card to get got declined.  Then tried Eddie Bauer Approved.  Here is where it gets bad.

 

Capital One Green Card Declined

Dillards Declined

Eddie Bauer Approved WFNB $250

The Buckle WFNB  $300

Pottery Barn (I don't even know where the nearest  pottery barn is) 7-10 day message

JC Penny GE $150

American Eagle $150

Walmart $500

Chevron 7-10 day message

Macy's didn't give any message not even sure if app went through

Kohl's 7-10 message

 

So now after this I read up on how bad it is to apply for so many new accounts possibly getting aa or cld.  DO you think I will be OK?  What should my next step be should I close some of them?  I really wish I would have stopped.  Being instantly approved was addictive.  Trans Union was 620 and Equifax 589 not sure on experian.  Also on the GE cards should I try for the CLI after 4 months or just leave that alone and see if they auto cli.  Or maybe I don't even have to worry about that because they will get closed. Can't believe I did this.  Thanks for the info 


The trick is that before you start apping, figure out where you want to be in six months, in a year, in two years. Then think about why you want to be there --what will you be able to do that you can't now with the better scores? Write that down. (mortgage, rewards cards, 0.9% car loan) Then figure out what it will take to get you there, and app strategically.

 

Unfortunately, getting 5 or more low-limit store cards won't do all that much for your overall credit profile for now. You'll have the usual dings for inqs, lowered AAoA, and presence of new account(s). On the other hand, cheer up: these will all add positive tradelines to your credit history, as long as you don't screw up, and that does help in the long run.

 

So you might have set yourself back, but if you'll push away from the table now, and do some research on potential targets, and pick a few as goals, and exercise some self-discipline Smiley Wink, you'll back back in the race in a year or two.

 

The most important thing is to keep your credit usage absolutely spotless in the interim. A single 30-day late will be much, much worse for your credit than an excessive number of low CL store cards.

* 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 5 of 16
Anonymous
Not applicable

Re: Wowser I think I really screwed up...

Thanks for the info everyone, I feel better.  The information on this site is great!  Now no more apping Smiley Happy

Message 6 of 16
LS2982
Mega Contributor

Re: Wowser I think I really screwed up...


@improvingmycredit wrote:

HEY!!! Welcome to the forums! 

Well, the damage is done.  I don't recommend closing any accounts since you've already taken the hit for them.  Definitely straight to the garden with you!  Smiley Happy  It's not the end of the world.  You will see a dip in your FICOs for sure but they will rebound with time and no more apping.  You may even see some AA from GE but I doubt it.  Garden these new accounts and go app free for a good long while so that you can get the credit you really want in the end.  Good Luck and Congrats on your new accounts!!! Smiley Happy


+1




EQ FICO 548 3/3/16
Message 7 of 16
boomhower
Valued Contributor

Re: Wowser I think I really screwed up...

Don't sweat it.  You needed positive trade lines and now you have them.  Granted, I would only get cards you are actually going ot use but what is done is done.  I wouldn't apply for anything for at least a year.  In the meantine work on cleaning up your reports.  Now, use the cards.  Show activity of charging and paying, just pay before they report.  It will take a couple months for you to figure out exactly when they report so don't get to worked up over it. Your damage is not nearly as bad as you think but certainly don't app for anything else for atleast a year.

Message 8 of 16
LS2982
Mega Contributor

Re: Wowser I think I really screwed up...

Best advice for the OP:

 

GARDEN!!!! 1 YEAR!!

 

Gives your accounts time to age and same for your INQ's.




EQ FICO 548 3/3/16
Message 9 of 16
jamesdwi
Valued Contributor

Re: Wowser I think I really screwed up...


@CreditScholar wrote:

@improvingmycredit wrote:

HEY!!! Welcome to the forums! 

Well, the damage is done.  I don't recommend closing any accounts since you've already taken the hit for them.  Definitely straight to the garden with you!  Smiley Happy  It's not the end of the world.  You will see a dip in your FICOs for sure but they will rebound with time and no more apping.  You may even see some AA from GE but I doubt it.  Garden these new accounts and go app free for a good long while so that you can get the credit you really want in the end.  Good Luck and Congrats on your new accounts!!! Smiley Happy


+1. The damage is done and it's a fair bit of damage, but not the end of the world. You need to:

 

1. Stop applying for ANY new forms of credit. Let what you have age.

2. Choose 1-2 cards that you like, and then start using them. Charge on them every month and then PIF.

3. After 12 months the inqs will stop affecting your FICO, and within 24 months they'll fall off. You might try and ask for a CLI on the cards you're currently using.

4. After 24 months you might want to start thinking about applying for new cards. This is pretty much replacing your current crop with a better set.

 

Be very careful that you don't apply for anything else. If you don't start using a few cards regularly and garden, you'll end up in "low-limit-hell." Once you're in there it's not so easy to get out. From where you are currently I'd say you're 2-3 years away from being "prime", as long as you do the correct things from here forward.


+1

 

Make at least the minimum payment on any card you are carying a balance on but more is better. And never late,

 

also don't request any CLI's for at least 4 months, 6 months is better. 

never use more than 50% of any card, and don't let more than  10% of any card report for 6 months as well.

 

You want to fly below the radar, if you don't get any additional red flags you will be fine. 

 

After 6 months you should be ok, They probably won't ding you for stuff you did 6 months ago if don't have any lates or problems. Stay away from Barclays, so that new Apple computer is out of the question for a year, they have been known for closing your account if they notice any new cards even after they approved you while having them. 

 

if you use them right some of the cards will give you auto CLI's especially the walmart and other GE backed cards.

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 10 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.