My credit has been through the ringer. I know that some things are going to effect my credit until the day they fall off. So let's start with my story.
I had a few tough years from 2008-2014. I was waiting on a loan modification for close to 3 years that tore up my credit. During that same time Navient kept me in forbearance instead of putting my 10 student loans into a income driven program that would have stopped the capitalization of interest and lates.. So I accrued (3 lates times 10) at different times when a forbearance would end I had a no knowledge of it reporting late. All of my revolving credit went away during this period as well as I was unemployed or on disability.
So fast forward to 2014. I started my own business and my income immediately increased to 6 figures. The loan modification was also completed around the same time. I immediately began to bring all accounts current. However, I did'nt reestablish any revolving credit. The rough years made me gun shy so I continued to pay cash for everything. I have paid cash for 2 vehicles during the last 5 years and now so regret it, because even a high interest rate loan could have helped my rebuild process.
All Student loans have been current for over 3 years but the dings are already there. My mortgage has also shown current for over 3 years except a 30 day late in January 2016. It was a calamity of events that I have fought with the mortgage company with for over a year to no avail.
My scores stayed stagnant for 2 years because I did not fully understand the importance of revolving debt. I did some research in early 2016 and finally opened a Secured card with Wells Fargo $4K SL (graduated to unsecured 2/17). Then in May 2016 I opened a rebuilder loan ($2500) and Secured CC ($750) with my local CU.
I let those accounts age for several 6-9 months. In December I applied for Capital One QS and was approved for Capitol QS1 $3K SL. I also applied for Discover IT and was approved as well.
Now this is where things take a detour. I got excited about the approvals and applied for 5 Comenity Cards...
NY&CO $500 SL 11/23/2016
Total Rewards VISA Siggy $5000 SL 12/01/2016 ( I only applied for this card because I had received pre-approvals by mail and email for over 6 months. Called and was told it was only a soft pull.)
Victoria Secret $500 SL (SCT) 12/08/2016
HSN $3000 SL (SCT) 12/09/2016
Virgin America VISA $4000 SL (SCT) 12/16/2016
I thought the cards would help my profile and UTL while gardening until June 2017. Well Comenity closed all except 2. They said it was for too many inquiries. I had no knowledge of their crazy policies or I would have never gone that route. The 2 HPs for the Visas and the decrease in AAOA all for nothing. I now appreciate the closures as I know those cards all came with high APRs and little perks. However, the situation has me really frustrated because it has caused me to fear opening anymore credit. I don't want to feel any anxiety about steadily building my profile.
I have received several pre-approvals and pre-qualified solid offers but I can't bring myself to apply. I need a pep talk, reality check or something to get me moving again. I really would like to take advantage of both NFCU and BOA offers. Then I would garden until December 2017.
I am also looking to lease or purchase a vehicle in late April as my last car loan is set to fall off my credit in May (10 years since it was paid off). My credit union uses (EQ) and that score is 646. I know my interest rate will be better with a 650 so that's the main reason why i'm waiting until April. The vehicle I bought 4 years ago I'm going to give to my daughter in college as she is looking to get a part-time job and help supplement her exorbitant college cost.
Any suggestions or advice would be greatly appreciated.
My current scores and inquiries are EQ (646), 7 EX (688), 2 TU (695), 2 UTL 3%