Credit Spree After Rebuild

[Anonymous]

UPDATE  Ordered my new fico8 3b and after 5 inquiries My score did not take any more hits. Also im in Texas.

soley doing this for data points and not gratification cause i know i can still learn and grow

I am a 3 month lurker on this forum and all the info was great

I am self employed for 11 yrs and thats why i never applied for credit and did everything cash because they all want income proof ,and from researching that still wouldnt be enough for them.(i dont like rejection lol)

also i had bad credit until it all fell off 4yrs ago 

 Then n 2015 got a auto loan my interest was 18%. 1 year later traded the truck in on a 2014 titan  @9%apr, at the time it was 2016 then in 2017 added a motorcycle. No income verification needed. Next got a Credit One card 300/500/800. Was happy to have that(lol). Then i had bought a house on a 7 yr contract for deed in 2015 and in 2017 the lady died and a mortgage company bought the heirs out and boom i had a convential mortgage under same terms.All this time i didnt even know my fico8 until i sisnged up sept 12,2019 it was eq 650/ tu 620/ex 639

 I paid all my credits and decided to apply for credit october 9 till october 16 2019

10/9/19 fico 8 scores eq 713 tu 746 experian 725 (my autos dont report to tu)

i have 0 missed or late payments , no charge offs or negatives oldest account 4 yrs , average age of accounts 1 yr 9 months, utilization 5%

3 inquiries on experian, 0 on eq, 2 on tu

average income 10,800.00 per month

i was approved for :

paypal mc 3000.00 experian

ebay mastercard 800.00 experian transunion

discover it 2000.00 experian

apple card 2500.00 transunion

barclays 1000.00transunion

dillardsc1600.00 experian

jcpenney cli from 500 to 6000.00 transunion

home depot 5000.00 equifax

office depot 1800.00equifax

Then anything after that started getting denied for apps. Denial letters only sole reason was to many inquiries, ex:citi, simmons, wells fargo and amex.

So since i know im going to be gardening for the next 8-12 mths, iPulled the trigger one more time for a new auto.

i did it online for a new work van: 2018 ford transit 250 36168 miles, 22,612.00 (i really needed it my other one has 340,000+ miles)

the salesman said opening a third auto was gonna be a issue since im single and have a mortgage, he ran one bank on 10/15/19

then a credit union today :

tier 2

auto fico2 721

4.24%apr

no income verication needed all they needed was my drivers license

Shout to everyone that contributes data to this forum it helped me make some good choices.

oh ya and i wont be applying for anything else for at least 8 months i swear im gardening now

[AllZero]

Thank you for sharing your story.

Congratulations on your success.

[Anonymous]

Thank you so much! its baby steps but calculated ones at that. My credit rebuild is still in progress and im addicted to this site, i learn so much from you guys.Im not perfect but we all learn from our own and everyone else mistakes and sucesses.

[AllZero]

You're doing a great job. All you need now is time to heal from the spree.

If you dont have any, look into credit unions. Some offer high yield checking and savings, as well as credit products.

[Anonymous]

Yes definitley have to heal , at least 12 months, i finally got a taste first hand how major credit card issuers do base limits off your existing, so im just using my discover as a everday card instead of my debit and will pay 70% off of balance every statement so i can grow my discoverit limit, so i geuss its a blessing so when i i reaplly next year i can get some big starting limits. its wierd tho its not that i want the limits to use it all up, but when you get big limits it makes you feel like you accomplished something. i never thought i would have a 3000 dollar limit off the bat with paypal mc, im just thankful the credit gods gave me a head start.

[Drwaz99]

Congrats on your post-rebuild success! 

[Anonymous]

Thank You!

[ldkcivilservant]

Interesting that a 721 score was only tier 2 with whatever CU approved you for the van, still 4.24% is not a bad rate with the avaliability of cheap credit seeming to contract somewhat recently.

Congrats!

[Anonymous]

thanks!

thats one thing i hadnt fully researched about tiers, they just told me that i was tier2 when going over paperwork.

some data points are i do have 2 open autos with and a mortgage  autos are 46-48% paid off and mortgage is 56% paid off, and he was concerned cause he said they dont like 3 open autos, who knows.

[Anonymous]

thanks a million times, im fina;ly getting there i always said i dont need credit but it does help