Applying for CC after a few application denials

[Anonymous]

Hi, I’m new here so I hope I’m doing this right. My question is about recent inquiries that didn’t go so well. Got denied for target, Walmart, and amazon. I thought it would really help me build my credit because I shop them practically every day. Anyway, I have, or should I say had a 650 credit score. But after the denials I got brought down to 594. If I didn’t need to boost my score before I definitely need to now, however I’m afraid to apply for anything else. Thoughts?

[Anonymous]

Do you have derogatory accounts on your reports? Charge offs, collections or recent late payments will have a big impact on your ability to get new credit. It would be best to start with addressing those. That will be more effective in raising your score and will get you set for a solid credit profile in the future. 

When you you are ready to apply for credit cards, start with a couple secured cards. Preferably ones that won't do a hard pull on your credit. You want to keep those inquiries down, especially now that you have several that were denied. 

And once you get get a card or two, be sure to use them properly, keeping your reporting utilization under 9% each month. 

[beutiful5678]

What existing open accounts do you have now (installment and revolving)?

[Anonymous]

do you carry high balance on your current cards? Please listed if you can.

[Anonymous]

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@Anonymous wrote:
Hi, I’m new here so I hope I’m doing this right. My question is about recent inquiries that didn’t go so well. Got denied for target, Walmart, and amazon. I thought it would really help me build my credit because I shop them practically every day. Anyway, I have, or should I say had a 650 credit score. But after the denials I got brought down to 594. If I didn’t need to boost my score before I definitely need to now, however I’m afraid to apply for anything else. Thoughts?

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I'm new to credit so I don't have all of the answers, but I ask a lot of questions on here and things have been going well for my score so far. Don't get too worried about the recent denials. You are building. Don't keep app'ing though. Get a discover IT secured like someone else said. Use it wisely. Also, look at the Shared Secured Installment loan section. It is good to have an installment loan reporting when starting. I know with me, it's easy to get obsessed with your score when you first get one. And then you want to go get a bunch of cards. But I'm learning quickly that your score is only a part of being approved or denied for credit. 

Start off slow, resist temptation, and realize that inquiries and new accounts factor in more than you think. And realize that in the beginning score drops and increases aren't that big of a deal. It'll go back up, and go back down. Just use what you have wisely. Capital One is pretty new credit friendly (You'll likely start with a $300 limit but that's okay. It's a start) and look into the shared secured loan. Alliant used to do it, but they've since stopped. Look around on here.