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Hello all!
I have been reading thousands (it seems) of posts for the past 2 days, trying to figure out what I need to do to 1) Build my credit score and 2) Get new credit so I can have some nice balances soon in the future (Ang get a mortgage by 2015). From all of my reading I discovered "app sprees" and "gardening." I looked into these subjects more and thought well, I never consciously did either, so maybe this will be a good place to begin my trek up the credit mountains (check the avi).
I am hoping to hear some advice and feedback regarding what I am about to share!!!! Please don't be shy.
To make a looonnggggg story short here are some facts:
1) I am a 26 yo marketing professional. Pretty decent income, less than 100K, more than 50.
2) According to CK (I know its a fako)
-My TU score is 598. (HAS to be wrong...you'll see why in a moment.)--UPDATE It was actually 651 at time of application. HUGE difference from FAKO
-I have 83 percent credit utilization (I know....)
-Average account age 4 years 7 months w oldest open account 8 years old (average actually dropped due to some student loan consolidating)
- total accounts- 31 (I have a LOT of student loans), 197K to be exact
(I got my masters and went to law school for a semester to figure out I didn't want to be a lawyer)
-26K balance for 2 auto loans (1 lease, 1 purchase)
-Neiman Marcus Card- 500 limit
-Capital One secured card (2 years old) with 750 limit
- I have an old (1 yr 2 mo) collections account (misunderstanding with the Gas co when I moved.) that was paid in full the same month it reported.
- I have a very old Chase credit account that I got when I was 20 (originally opened at 2000 CL and was maxed out as a down payment for a VW). This card was closed a while ago on me (long story) but still reports. I began paying this off with the help of Take Charge America a couple years ago. Now I only owe a little less than 600 on it before it is PIF. I plan to pay this off ASAP.
- NO credit apps for a LONG time, I'd say, 2 years. (Besides when I was car shopping in 2011 and early 2012). My Experian report says NO inquiries past 12 months. CK says 17 HP inquiries reporting (already including 4 of my spree inquiries).
*According to mycreditinform.com (Experian) my fako is 632. I only pulled true FICO on myFICO for Equifax- and it is a 644.
Phew. So now that all of that is out the way, let me tell you about my spree that began 11/09. I was inspired to apply for credit when I received a preapproval for the NFCU Flagship Mastercard. When I researched it I was like wow, it looks like a great card! I had also been receiving lots and lots of Citi card prescreened offers over the past 2 months. I figured perhaps I have a chance. (Even though monthly for the past year I get fako score updates that are way less than stellar!)
Here is how the order of my app spree went:
1) 11/09 (processed 11/10 ET) NFCU Flagship MC- Result= 24 hour notice. Have not done a recon yet or called them because of the holiday, I figure I will try to call them 11/11.
2)early 11/10 Amazon Store Card- Approved 700 CL (tried recon w underwriter on CL- no success)
3) early 11/10 Walmart Store Card- Approved 700 CL (tried recon on CL- no success)
(at this point I got excited, but then I read AFTER that store cards don't help as much as bank ones so I got to itching.)
4) early 11/10 I applied for the Barclaycard Rewards Mastercard- Approved 500 CL (no recon attempt for CL yet.)
5) I then went about the day. But I think I became OBSESSED and kept wondering- 4 apps...is this a weak spree? Could I do better, etc.....SO I then (late 11/10) quickly pulled the trigger on the Discover IT student app. (I recently graduated from a program, want to see if I could still get it). Result- 3-7 day notice. No chance to call or recon yet because I applied right after business hours ended. I will be calling 11/11.
6) Final app- The Citi Diamond Preferred Card. I was nervous for this app because everywhere I read about this card it stated you needed "Excellent credit." But, I was very very itchy () and I had a tiny bit of hope because the most recent Citi preapproval I received was for this card, just a couple of weeks ago. I found the letter under my bed, opened it, and applied! Result: APPROVED for 2K. Yay!
That is all of the info I have about my spree for now. I don't know what exact scores were pulled yet because I haven't received anything in the mail (or my email). My HP's were already reported (I got a CK notification) for 4 of my apps. I know I should be done, but I am really eyeing a Nordstrom card before I head to the garden!!!! (I want a wonderful AMEX sometime next year if possible!!!) Should I try for the Nordies now before I take all the bullets out the gun!??
Well, that is all for now. So fire away!
-MJ
Congrats on the approvals and good luck on the pending apps! I would turn around and run for the garden as fast as possible! Thats already 4 new accounts and one of them being Barclays who is inquiry/new account sensitive. Let those accounts age for 6 months to a year and then go after something you want.
Congrats on your successful spree
Good luck on the pending apps
Now as mentioned in the post above Garden Garden Garden
Thanks guys!!!
Discover It was a no-go (I figured). They offered me a secured card because of my really old baddies. Navy Federal- Platinum card was approved for 5K at 12 percent APR! Not bad to start. I have 4 goodwill letters going out today so I am soon to be in the green again in about 6-12 months I hope. I realized I have some quick repairs I could have done prior to my apping, but I am pretty ok with a 5 outta 6 today!
To the garden!!!!!!!!!!!!
@ladyMJ wrote:Thanks guys!!!
Discover It was a no-go (I figured). They offered me a secured card because of my really old baddies. Navy Federal- Platinum card was approved for 5K at 12 percent APR! Not bad to start. I have 4 goodwill letters going out today so I am soon to be in the green again in about 6-12 months I hope. I realized I have some quick repairs I could have done prior to my apping, but I am pretty ok with a 5 outta 6 today!
To the garden!!!!!!!!!!!!
Keep up the good work and see you in the garden
@ladyMJ wrote:Thanks guys!!!
Discover It was a no-go (I figured). They offered me a secured card because of my really old baddies. Navy Federal- Platinum card was approved for 5K at 12 percent APR! Not bad to start. I have 4 goodwill letters going out today so I am soon to be in the green again in about 6-12 months I hope. I realized I have some quick repairs I could have done prior to my apping, but I am pretty ok with a 5 outta 6 today!
To the garden!!!!!!!!!!!!
Wow you did great! See you in the garden!
@ladyMJ wrote:Thanks guys!!!
Discover It was a no-go (I figured). They offered me a secured card because of my really old baddies. Navy Federal- Platinum card was approved for 5K at 12 percent APR! Not bad to start. I have 4 goodwill letters going out today so I am soon to be in the green again in about 6-12 months I hope. I realized I have some quick repairs I could have done prior to my apping, but I am pretty ok with a 5 outta 6 today!
To the garden!!!!!!!!!!!!
I didn't even know Discover offered a secured card, any details on that? Thanks!
Scupra, this is th email they sent me:
"We are pleased to offer you a no annual fee Discover Secured Credit Card.
To complete your application, please click on _________ by 11/13/2013."
I did a tiny bit of research and I couldn't find any info. So I clicked on the link to see what it would say and I got this message:
"Thank you for considering a Discover Card.
Unfortunately, we are unable to approve your application at this time. In 7-10 days you'll get a letter from us explaining why."
I did more research, and it looks like Discover does have a secured card, called Matrix.By the looks of it, doesn't sound too good. I think I will pass and just reapply when I have cleaned up my report.
http://ficoforums.myfico.com/t5/Credit-Cards/Matrix-Secured-Credit-Card-by-Discover/td-p/1421506
@ladyMJ wrote:Scupra, this is th email they sent me:
"We are pleased to offer you a no annual fee Discover Secured Credit Card.
To complete your application, please click on _________ by 11/13/2013."
I did a tiny bit of research and I couldn't find any info. So I clicked on the link to see what it would say and I got this message:
"Thank you for considering a Discover Card.
Unfortunately, we are unable to approve your application at this time. In 7-10 days you'll get a letter from us explaining why."
I did more research, and it looks like Discover does have a secured card, called Matrix.By the looks of it, doesn't sound too good. I think I will pass and just reapply when I have cleaned up my report.
http://ficoforums.myfico.com/t5/Credit-Cards/Matrix-Secured-Credit-Card-by-Discover/td-p/1421506
How odd haha! Matrix is just on the Discover network, not actually a Discover product though. I was just curious Congratulations on the approvals! Discover is my goal card :/ Someday!!!
Thanks!!
And I see! That is very odd!! I am going for it again next year! Maybe I can recon a month after the fact? I already fixed the errors (collections) and got them removed from my credit report so maybe they will consider me very soon!