No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hey guys i am in the process of rebuilding my credit, I am currently in the low 600s and i just recently got approved for 2 cars from bmw financial, one of the loans is at 3.9% and the other loan is at 9%. So today i went a little crazy and decided to apply for some store cards and got approved for the following:
Amazon - $600
Wal-Mart - $600
Chevron - $400
Victoria Secret - $350
Bloomingdales - $300
Total - $2250
but i did get denied for the following:
Old Navy
Macys
Neiman Marcus
Nordstrom
Target
So that was a total of 10 inquiries, i know its bad but i hope after awhile it will help me out.
My cards that i currently own are as follows:
Capital one platnium - $500
Orchard Bank - $400
1st Premier - $300
How do you guys think its going so far besides the big slurge i did today?
@Nelly510 wrote:Hey guys i am in the process of rebuilding my credit, I am currently in the low 600s and i just recently got approved for 2 cars from bmw financial, one of the loans is at 3.9% and the other loan is at 9%. So today i went a little crazy and decided to apply for some store cards and got approved for the following:
Amazon - $600
Wal-Mart - $600
Chevron - $400
Victoria Secret - $350
Bloomingdales - $300
Total - $2250
but i did get denied for the following:
Old Navy
Macys
Neiman Marcus
Nordstrom
Target
So that was a total of 10 inquiries, i know its bad but i hope after awhile it will help me out.
My cards that i currently own are as follows:
Capital one platnium - $500
Orchard Bank - $400
1st Premier - $300
How do you guys think its going so far besides the big slurge i did today?
I am glad you were approved for some, but why the heck would you apply for 10 store cards? That seems a bit extreme, especially if you are rebuilding (no offense) I would be scared this is going to put you into the 500's with the inquiries and new accounts reporting.
i thouht it would be good to have more credit?
@Nelly510 wrote:i thouht it would be good to have more credit?
Thats understandable, but look at it this way..now you have a lineup of toy limits on every card. I don't know how long you have had the original cards, but me personally I would have tried to get a discover to break the lower limit. My son started with a couple $500 tradelines and 4 months later Discover gave him a $1000 tradeline. It just seems like a set-back to me.
@eviLution wrote:
Quality credit is better than a quantity of toy limit credit. 2¢
+1
But congrats on your approvals. I suggest you stop apping for store cards and grow them. Try a CU which they tend to give higher staring CL's.
Your GE cards will grow quickly and they are generous in CLI's
@Repo-ed wrote:
you're fine. the GE backed cards will afford for CLI every 4 months. the inq will fall off together, and the TLs will age together. just garden for a year, and you'll be fine.
i totally agree with this advice
i know the hard part of building good credit and improving FICO scores is usually the gardening part, so hopefully the OP can stay in the garden for a year to let the inq's age, the CLIs on the cards grow,and the FICO score improve.
Also, a reminder that when the OP is ready to app for major non-store cc in about a year, i would suggest making sure utility is <6-10% at that time (total util across all cc TLs, wiht no one card being higher than 10%), and that only 1 or 2 cards show any balance at all (make sure most of the cards show 0 balance). If it were me, I would make sure of that for at least 2 months prior to apping.
imo, that would increase the chance of being approved for a major, non-store card and for a decent CL.
tincture of time works wonders (but it's often hard to have patience!)
@Repo-ed wrote:
you're fine. the GE backed cards will afford for CLI every 4 months. the inq will fall off together, and the TLs will age together. just garden for a year, and you'll be fine.
That is true. GE will grow and with soft pulls. I think my Amazon store card started at $600 and went from $1300 to $1500 to $2500- and finally to $3500 in about 18 months. I tend to focus on the negative impact on everything...something I am working on!