Some advice please....

[nothingman02]

I only have 2 $200 rebuilders and wanted 2 good cards. I apped and got approved for a juniper seamiles card but decline for national city (too many inquiries( had only 2!!) and short history).

BEFORE APP

TU - 676

UTL - 15.5%

INQ - 1

AFTER APP

TU - 680

UTL - 14% (Junper 500CL is reporting)

INQ - 3

The 2 new inquiries are Juniper and National City. But, if my UTL goes down below 9% and my score would range from 680-720 give and take as per the simulator. Maybe I'll be around 690 or something?? If so then;

1) Can I app for one more card? If so which TU puller? Another Juniper or re-app Nat city? I got declined for lifesprings health everyday rewards visa and too many inqs was one of the reasons...WTF? I had only 2. Are their other CCs less stringent

2) Will juniper cancel my new card if they see another new card within one month of theirs as I read somewhere? 

As always, thanks for all the help. 5 months back I had my fingers crossed for a lousy first premier. So ive come some way and its all thanks to the help from you guys.

Message Edited by nothingman02 on 06-05-2009 06:21 PM

[RobertEG]

Are you looking for a short term FICO boost, or rebuilding for the long term?  Very different strategies.

You now have established revolving history.  If rebuilding, I would not app for any new credit now, until the prior inqs have gone over a year, and you have shown a history of tmely CC revolving payment history of a year.

"Rebuilders" are great, but you must re-build upon them first.  FICO is a risk analysis.  Just getting a card is, initially, just a taking on of new credit, and does not reduce your risk of default.  You need to establish a pattern of payment of what you acquire as revolving monthly debt vs. what you timely pay, and to what level.

That is when you reduce your proven risk, and that is what FICO is all about.

I would wait a bit, and build sound payment history.  Payment history is the heart an soul of  your FICO scoring.

[smallfry]

No more apps. All you are going to get at this stage is another low limit rebuilder. Let the new stuff age. How old is your oldest account now?

[nothingman02]

Thanks for the replies...

Oldest - 4 yrs 7 months - A paid CO (chase)

Next oldest - 4 yrs 5 months - Closed paid with no lates

AAoA - 1 yr 7 months.

I am not too worried about FICO score. It will come back up later. I need a CC right now. If approved I will use (50% approx if possible) of these new cards to pay off a bill and then pay the cards off over the next few months and  then I am done for a long time.

[smallfry]

I would take Robert's advice. I imagine you have an Orchard and a Capital One to go with the Juniper card? If Juniper gave you $500 that's likely all they will give you. National City already declined you. The options at this time are limited. 

[nothingman02]

Sounds good. Thanks for the advice.

[smallfry]

Good luck. It is what it is. It does get better though.

[nothingman02]

Yep. I know I have to wait. I only have 4 open CCs and all 4 of them have been opened this year. So my accounts are young. Thats why I got declined for National City. Another reason was that too many inquiries. Although I had only 2 (now 3 with NatCity), I guess thats too many for them. I do know that an average of 4-5 inquiries per year are fair and anything more would be too many. I do have to wait and thats what I intend to do.In fact I never even considered applying for CCs until the one and only CA account got deleted from my TU and I thought I should make the most of it.

I was only wondering if I could snatch up one more good card before I go on a hiatus...

I could rotate Juniper and the NewCC and sock Orchard and FP(Not Cap1).

[smallfry]

Not encouraging you to do it but Capital One very well might give you a credit card. Likely a 300 Dollar limit and it will never be a prime line but it will get your foot in the door with them. 

[nothingman02]

I'll study that option. Thanks.