Getting approved with short history and lots of inquiries

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Mikeisback
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Getting approved with short history and lots of inquiries

Postby Mikeisback » Sat Nov 26, 2016 3:16 pm

Ok! So i just return from 8yrs of service overseas. Check my credit on 10/18/2016 no active accnt on file except one closed cc 8yrs ago score was 584tu 568ex 576eq. I figure i need to start somewhere so crossed my fingers and took a shot at it. Surprisely got instant approved for $500 Capital one. So happy! On 11/21/2016 check my fico again 718tu 702ex 699eq. Was shock wow... so i decided to apply for a chase freedom instant approved $3200 also applied for walmart mc syncro instant approved $1800 and wells fargo platinum visa also instant approved $2500. All in the same night. From there i have been on an applying spree going crazy that night alone had 23 inquiries and 4 other approvals. I really wana get as many credit card as possible. Now the question is is there any banks out there that will approve you with so much inquiries on file and credit has dropped to the 665 range..


Tubpbs
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Re: Getting approved with short history and lots of inquiries

Postby Tubpbs » Sat Nov 26, 2016 5:54 pm

Mikeisback wrote:Ok! So i just return from 8yrs of service overseas. Check my credit on 10/18/2016 no active accnt on file except one closed cc 8yrs ago score was 584tu 568ex 576eq. I figure i need to start somewhere so crossed my fingers and took a shot at it. Surprisely got instant approved for $500 Capital one. So happy! On 11/21/2016 check my fico again 718tu 702ex 699eq. Was shock wow... so i decided to apply for a chase freedom instant approved $3200 also applied for walmart mc syncro instant approved $1800 and wells fargo platinum visa also instant approved $2500. All in the same night. From there i have been on an applying spree going crazy that night alone had 23 inquiries and 4 other approvals. I really wana get as many credit card as possible. Now the question is is there any banks out there that will approve you with so much inquiries on file and credit has dropped to the 665 range..


You should not apply for anything else for at least a year.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

Mikeisback
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Re: Getting approved with short history and lots of inquiries

Postby Mikeisback » Sat Nov 26, 2016 6:34 pm

I did a lot of research since then and seems like inquiries stays on file for 2yrs and doesnt effect the score after six month. Im trying to get as many cards as possible within the next couple weeks then wait two years and re apply again for top tier credits at the same time hoping to build relationship with current creditor hence cli while waiting for inquiries to fall off and re apply again.. At the same time im utilizing around 9%. With my short credit history im hoping building relationship the next two years will get me decent cli.. Anyone any ideas? Feedback please. Thankyou all and god bless

Cards..
Capital One $500
Chase Freedom $3200
Synchrony Walmart MC $1800
WF Platinum Visa $2500
Overstock $2200
Discover $3500 Recon to $5000
Comenity Toyota Visa $2800
CFNA Firestone $1400
Barclay Apple Visa $2000

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CarefulBuilder14
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Re: Getting approved with short history and lots of inquiries

Postby CarefulBuilder14 » Sat Nov 26, 2016 11:58 pm

I also think you should stop apping.

I could go into detail as to why (and I will if you like) but it doesn't sound like you're interested in advice of that nature.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

Mikeisback
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Re: Getting approved with short history and lots of inquiries

Postby Mikeisback » Sun Nov 27, 2016 2:51 am

Any advice feedbacks or comments will be taken to consideration. Im new at this whole credit thing wish to learn and educate in regards to it.. thanks in advance

mountaindewvoltage
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Re: Getting approved with short history and lots of inquiries

Postby mountaindewvoltage » Sun Nov 27, 2016 11:27 am

Mikeisback wrote:Any advice feedbacks or comments will be taken to consideration. Im new at this whole credit thing wish to learn and educate in regards to it.. thanks in advance


Take it from me. You have your Capital One and other cards. Don't apply for anything until after all of your inquiries fall off and then some. A few reasons why:

1) Creditors love a lack of inquiries. Someone who has a 705 credit score with 1 inquiry could get a 10.49% CC from a credit union, but if that clean profile would have 30 inquiries over the last two years, that APR could easily go up to 17% or 18% based on that fact alone.

2) Creditors love a longer history. Waiting to apply and get approved for another credit card will help you lengthen your credit history. Plus your profile will have a longer history of on time payments yet alone many years of experience with credit.

3) It allows for your other cards to grow easier since eventually your credit profile won't be a mess; thus, showing higher available credit and utilization that will be lower if you have to carry a balance.

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CarefulBuilder14
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Re: Getting approved with short history and lots of inquiries

Postby CarefulBuilder14 » Sun Nov 27, 2016 11:34 am

Mikeisback wrote:Any advice feedbacks or comments will be taken to consideration. Im new at this whole credit thing wish to learn and educate in regards to it.. thanks in advance

You don't need to have a lot of credit cards to have great credit. I know I have more, but that's more because I get (and use) the travel bonuses and perks. What you need is history with your new cards.

Inquiries stop affecting your score after 6 months, but they can still come back to hurt you if an issuer doesn't like to see a lot of inquiries. You might get new apps denied for having too many inquiries, or even have existing accounts closed.

You might find it a headache to keep track of a lot of cards, especially when they are from so many issuers and most require a separate login. Even if you're not using a card, a fraudster might use it.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

badger83
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Re: Getting approved with short history and lots of inquiries

Postby badger83 » Sun Nov 27, 2016 3:30 pm

I also think you need to take a break. This is not Pokemon-gotta-catch-em-all.

1) As someone pointed out, lots of inquiries could cost you a LOT in interest on a loan. Maybe you don't need a loan now, but say that, in a year, you need to get a personal loan or a car loan or want to refinance your house or something. If you've been applying for cards like crazy you could end up paying WAY more in interest.

2) Banks can close your account or lower your limit if they get worried. My brother in law once had a card's limit cut because he went on an app spree, and one of his current issuers got concerned that he was suddenly so credit-hungry.

3) Average age of accounts: That's part of building your credit past the upper 700s. You want a long AAOA. Every time you get a new card, it lowers your AAOA.

4) You don't need a ton of cards to build good credit. I'd say you have plenty. I got into the 800s with 3 credit cards. One was really old, the others are relatively new.

Mikeisback
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Re: Getting approved with short history and lots of inquiries

Postby Mikeisback » Sun Nov 27, 2016 7:10 pm

Thankyou all that gave great advice and feedbacks most definitely thinking over it. I have lots to learn and will consider all gesture and tips.. i really want the amex and chase shapphire but they denied. Wonder what their criteria are. Also trying to get up to the 750+ fico range in 6months is it possible does anyone have any tips tricks ideas ?

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CarefulBuilder14
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Re: Getting approved with short history and lots of inquiries

Postby CarefulBuilder14 » Sun Nov 27, 2016 8:00 pm

Mikeisback wrote:Thankyou all that gave great advice and feedbacks most definitely thinking over it. I have lots to learn and will consider all gesture and tips.. i really want the amex and chase shapphire but they denied. Wonder what their criteria are. Also trying to get up to the 750+ fico range in 6months is it possible does anyone have any tips tricks ideas ?

You can probably forget about getting Chase Sapphire (Preferred or Reserve) for two years. You have too many new accounts. I'm surprised that in all your research you've not yet read about the "5/24 rule".

Why do I say probably? There are workarounds, but you have to be a fairly important customer to them. It's also possible their rule will be relaxed.

If you hadn't gotten so many garbage accounts, you could possibly have gotten one in maybe 7 or 8 months.

Which Amex did you try to get?
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card



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