I applied for another credit card today :(

[RossMAN]

Since my wife and I shop at CostCo rather frequently I thought it'd be nice to use a credit card (instead of debit) and earn a rebate. Unfortunately Amex declined me last year so I gave it another try today. After submitting the online application it said I would receive either a decline letter or welcome letter with my Amex CostCo cc in about 3 weeks. I've already picked out a first purchase to cristen (sp) my card with, assuming I'm approved.

Amex CostCo rebate card (the one on the left).

I'm hopeless in the past few months I've applied for and been approved for:
$500 Capital One cc - closed
$3,000 Best Buy line of credit - not sure what to do with it
$1,250 Household cc - only did it in conjunction with the $3k BB line of credit because I get a free $25 BB GC out of it
$10,000 Fleet VISA
$18,000 Honda approved financing

All this revolving, open credit along with the inquiries is not good for my credit score

 

[EXman]

Remember each time someone looks at your credit your credit goes down just a bit. But it is good to have a High creditline that you are not using (ie Not maxed out) Best Buy credit used to be pretty bad like %22.50:Q accruing from the second you use it...

 

[N8Magic]

Tsk, tsk Ross.

Do you really need that laptop? Take it from someone who nearly buried himself in credit card debt, if you can't pay off the balance at the end of the month, don't bother.

I do put all of my stuff on my CC to earn Sony points, but since I have a no-fee bank account, I pay it off first thing when I get home.

 

[RossMAN]

Remember each time someone looks at your credit your credit goes down just a bit. But it is good to have a High creditline that you are not using (ie Not maxed out)

I'm well aware of that, thank you. Unfortunately I never have been one to listen to my own advice.

Best Buy credit used to be pretty bad like %22.50 accruing from the second you use it...

My $3k Best Buy has 0% until January 2003.

 

[HappyPuppy]

Before I read the last line of your post I was wondering if you knew that having all those CC's and a loan are actually detrimental to your credit rating. Obviously you know.

 

[RossMAN]

Originally posted by: HappyPuppy
Before I read the last line of your post I was wondering if you knew that having all those CC's and a loan are actually detrimental to your credit rating. Obviously you know.

Yeah I know that I did learn a few things working in consumer credit lending for 4 years.

 

[vi edit]

For every $1000 in credit you apply and are approved for, your wife should cut you off from the nookie for a month.

 

[aphex]

I work at a debt consolidation company if you need any help

 

[RossMAN]

Originally posted by: vi_edit
For every $1000 in credit you apply and are approved for, your wife should cut you off from the nookie for a month.

I'm glad she only surfs AT like an hour a month otherwise you'd be on my sh!t list

aphexII - Thanks but I've got it under control, kinda.

 

[EXman]

My $3k Best Buy has 0% until January 2003

"until January 2003" but if you do not pay them off in full you'll get accrued interest from the date of purchase:Q But I'm sure you know that too.

 

[Vic]

Originally posted by: RossMAN

Remember each time someone looks at your credit your credit goes down just a bit. But it is good to have a High creditline that you are not using (ie Not maxed out)

I'm well aware of that, thank you. Unfortunately I never have been one to listen to my own advice.

edit: see bozo1's post further down, he actually bothered to look it up.

 

[EXman]

Actually, that is no longer entirely true. You can now have your credit pulled up to 10 times per industry and have it only count as one pull.

for which company? never heard of that but that would be very fair 10 is alot it doesn't sound right

 

[Slacker]

just got a $10,000.00 mastercard today , and a $7,500.00 visa in january, bestbuy wont give me a card though

 

[aphex]

Dont worry, you guys are fine...

We get people at work who have cards with $150,000 limits.... and their over $500-750,000 in debt....

 

[RossMAN]

Originally posted by: Slacker
just got a $10,000.00 mastercard today , and a $7,500.00 visa in january, bestbuy wont give me a card though

Isn't that a great feeling though? I was shocked when Fleet said yes and even more shocked at the $10k limit.

 

[etalns]

We get people at work who have cards with $150,000 limits.... and their over $500-750,000 in debt....

I used to have $75k cards, was $375k in debt...

can I join the club of binge spenders?

 

[aphex]

Originally posted by: Qosis

We get people at work who have cards with $150,000 limits.... and their over $500-750,000 in debt....

I used to have $75k cards, was $375k in debt...

can I join the club of binge spenders?

Yea, your definately in our club of "problem cases'

 

[Hubris]

Originally posted by: aphexII

Originally posted by: Qosis

We get people at work who have cards with $150,000 limits.... and their over $500-750,000 in debt....

I used to have $75k cards, was $375k in debt...

can I join the club of binge spenders?

Yea, your definately in our club of "problem cases'

Yeesh. And I thought my $2,500 was bad.

 

[Vic]

Originally posted by: EXman

Actually, that is no longer entirely true. You can now have your credit pulled up to 10 times per industry and have it only count as one pull.

for which company? never heard of that but that would be very fair 10 is alot it doesn't sound right

Any company. It was a federal law that became effective in 2000. Consumers complained that getting a small ding for every credit pull when they went to get financing made it hard for them to shop for the best terms. Remember, it is per industry and excessive inquiries without a single new line of credit will still hurt.

 

[RossMAN]

Originally posted by: Hubris

Originally posted by: aphexII

Originally posted by: Qosis

We get people at work who have cards with $150,000 limits.... and their over $500-750,000 in debt....

I used to have $75k cards, was $375k in debt...

can I join the club of binge spenders?

Yea, your definately in our club of "problem cases'

Yeesh. And I thought my $2,500 was bad.

I would kill to only owe $2,500 I'd have that puppy paid off in 2 seconds.

 

[StageLeft]

Rossman I really think you need help. Honestly

 

[Cyberian]

I believe you guys, but why should an inquiry hurt my credit rating at all? It's not like I skipped a payment or anything.

Originally posted by: PSYWVic

Originally posted by: EXman

Actually, that is no longer entirely true. You can now have your credit pulled up to 10 times per industry and have it only count as one pull.

for which company? never heard of that but that would be very fair 10 is alot it doesn't sound right

Any company. It was a federal law that became effective in 2000. Consumers complained that getting a small ding for every credit pull when they went to get financing made it hard for them to shop for the best terms. Remember, it is per industry and excessive inquiries without a single new line of credit will still hurt.

 

[RossMAN]

Originally posted by: Skoorb
Rossman I really think you need help. Honestly

Nah I can control it.

BRB, MBNA sent me a letter

j/k

 

[bozo1]

Supposedly, only auto or mortgage inquiries count as one, multiple credit card inquires do not count as one.

From this page:

So what if you apply all over town looking for a mortgage, just as we advise? How about auto loans? It used to be that the scoring systm made no distinction with these inquiries, but so made people complained that Fair Isaac changed their scoring tactics for those who were just being good consumers by shopping around. According to Fair Isaac, all 3 CRAs are now using the same program to calculate inquiries. Here are the exceptions made for auto loans and mortgage inquiries:

An inquiry buffer is in place and all AUTO and MORTGAGE inquiries within 30 days from Scoring are IGNORED.
AUTO and MORTGAGE inquiries in any 14 day period count as one inquiry, this is called de-duplication in the industry, like you really wanted to know that.
Of course, only if the auto and mortgage inquiries are indicated as such will they be scored correctly. How do we know that all lenders are going to do this properly? We don't. I haven't looked at a credit report and seen any information on it that would indicate what kinds of inquiries were on there. This information is hidden in the databases of the credit bureaus.

Need we say it? (We will anyways, of course.) All other credit card, charge card, cell phone, bank loan, insurance or any other credit inquiries that are not mortgage or auto related count separately.

 

[littlezipp]

I'm sorry, I'm only 20...
I don't quite know what you mean by 10 pulls "per industry."
Could you please explain that.