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BobWang

The Master Do NOT Open a Bunch of Store Accounts Thread

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Hi Creditboards!

 

Unfortunately, I am getting a divorce. Most of my cards were in my soon to be ex-husbands name. As a part of the separation, we paid off and closed out those cards.

 

I then went and opened a bunch of store cards in my name to replace the closed ones... about 15 of them. WHOOPS.

 

My FICOs are in the high 600's low 700's, and now that I'm trying to open REAL credit cards, I'm getting declined for # of inquires and # of new accounts.

 

I just applied for a Discover and Barlays card, and called for recon and the analyst said my credit looks good, I pay everything on time, but with the # of new accounts, she can't approve me at this time.

 

So yeah, reading this board, I now realize i made a huge mistake with all of these inquires and new accounts! Luckily, I don't need credit or loans for the next year (other than for home repair, and I was able to open a Lowes card with a good limit).

 

How long is it going to take for the effect of all of these new accounts and inquiries to stop affecting me so badly that I'll be able to get a "regular" credit card in my name?

 

The only "baddies" on my report are a tax lien from 5 years ago that I won't be able to get removed. Its joint and my ex has been on a payment arrangement forever paying it off. The analyst said it wasn't even that affecting my approval, it was the # of new accounts.

 

Thanks for any insight!

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The only store cards I plan on getting are Walmart (for the FICO) and Lowe's. The WFNNB thread...no comment.

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No, don't be embarrassed,

 

I did the same thing when I was a teenager,

 

back in the day. :P

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Well, now I feel embarrassed.

Nothing to feel embarrassed about. Your story will help others and there is lots for you to learn as well, keep reading as much as you can here and you'll be in good shape before you know it.

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Well, now I feel embarrassed.

 

I've done at least a hundred things more embarrassing than that. In fast, I put the flowers into embarrASSing.

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GrASShopper :P

 

That too. I am something of a catASStrophe. Wait, that isn't quite spelled right...

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I too have screwed up in the past, however I really hate it when this happens: (Watch at 1:30)

 

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I feel a derailment coming. :D

That's what happens when OP plays along. DisASSter. :P

Edited by cv91915

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Ooooo. I opened a few store cards. :sheepish grin: Glad that didn't mess up the bank cards I got.

 

Most of my inquiries are going to be gone this Aug/Sept.

 

Another CB lesson learned!

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I only opened two store cards so far: Lane Bryant and Victoria's Secret. I shop at both stores. :dance:

 

 

 

Hi Creditboards!

 

Unfortunately, I am getting a divorce. Most of my cards were in my soon to be ex-husbands name. As a part of the separation, we paid off and closed out those cards.

 

I then went and opened a bunch of store cards in my name to replace the closed ones... about 15 of them. WHOOPS.

 

My FICOs are in the high 600's low 700's, and now that I'm trying to open REAL credit cards, I'm getting declined for # of inquires and # of new accounts.

 

I just applied for a Discover and Barlays card, and called for recon and the analyst said my credit looks good, I pay everything on time, but with the # of new accounts, she can't approve me at this time.

 

So yeah, reading this board, I now realize i made a huge mistake with all of these inquires and new accounts! Luckily, I don't need credit or loans for the next year (other than for home repair, and I was able to open a Lowes card with a good limit).

 

How long is it going to take for the effect of all of these new accounts and inquiries to stop affecting me so badly that I'll be able to get a "regular" credit card in my name?

 

The only "baddies" on my report are a tax lien from 5 years ago that I won't be able to get removed. Its joint and my ex has been on a payment arrangement forever paying it off. The analyst said it wasn't even that affecting my approval, it was the # of new accounts.

 

Thanks for any insight!

 

I have a Macy's account that almost never gets used, a Firestone card that's never been swiped and an Express card that I've only used once to buy a shirt I didn't want.

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Here are a few quality store cards if you must;

 

Target - (5% off)

Nordstrom - ($100 of free tailoring per yer and 1-5%ish cb paid in form of Nordstrom notes)

Kohls - lots of coupons and deals

Lowes - 5% off

Walmart - Free TU FICO 08 score

Amazon Card - 0% 6-month financing on orders over $150

Home Depot - forget what exactly but I think it's good

Macys - good mailed coupons

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Nice, foe!

 

I guess I should have titled this:

 

The Master IF YOU MUST Open a Store Account Thread :D

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Here are a few quality store cards if you must;

 

Target - (5% off)

Nordstrom - ($100 of free tailoring per yer and 1-5%ish cb paid in form of Nordstrom notes)

Kohls - lots of coupons and deals

Lowes - 5% off

Walmart - Free TU FICO 08 score

Amazon Card - 0% 6-month financing on orders over $150

Home Depot - forget what exactly but I think it's good

Macys - good mailed coupons

 

 

Nice, foe!

 

I guess I should have titled this:

 

The Master IF YOU MUST Open a Store Account Thread :D

Well needed thread!

propose to add CareCredit with some reservations:

 

Care Credit* - A 5 digit CL is attainable. Solid no interest financing for uncovered healthcare and dental expenses for card holder, family members and pets; should ONLY be considered for those who are OCD with on time payments. Zero rate promos accrue retroactive interest dating back to the transaction date, if paid late. Regular APR is unacceptable for carrying balances for any length of time.

 

*only suitable for some re/builders, pay close attention to terms as always, other options e.g. a low interest CU card may be a better choice in some cases

Edited by virtualtreasure

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Thanks only to CB , I avoided that mistake.

Nothing to be embarrassed.

Target is my only one.

Closes Jcpenny

Chevron

PP smart connect in2011

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I only allowed myself one...the Victoria Secret card. It was the only store I might ever shop in, but I usually don't because I refuse to spend that much money on undergarments. However, I figured that if I needed an emergency bra or something someday, I'd be covered. Still considering a Walmart OR Target card down the road a bit.

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If they fit your needs at the time & it's spread out over time it's not the end of the world.

 

I opened my first store card a Macys card in 2002 the age & limit of $2000 reporting are a good thing.

 

In the past 4 years I have opened the following

 

JC Penny $3500 limit, great coupons & sales. I will use that 2-3 times a year for activeity. 47 months open.

 

Credit one Firestone. Apped because it was an easy approval for $1200, I needed the trade line, the UTI & it was an isnurance policy incase I had a break down & was cash poor. 32 months open.

 

Amazon, $2500 use it sparingly, mostly for small purchases under $100 30 months open

 

Walmart, $2000 use for Fico only. 18 months open

 

Bloomingdales. This one is an odd one, only a $500 limit & it doesn't report on any of the CRA's, I've had it 14 months

 

Jareds, at the time the $5100 limit was my highest & helped with my UTI when my Real credit card limts were limited & I only had a couple of bank issued cards. It was closed exactly at the 2 year mark for inactiveity.

 

Lowes, My newest one, & the only time I called in asked GECRB for recon to a higher limit. $12000.

 

All these trade lines helped my needs at one time or another. Walmart Inq will fall off in December, Just got the Lowes, so that inq is there for a while. YMMV but I think proper apping of Store cards along with other types of credit help round out credit file & gives the person a better file. Of course you have to be responsible & spend within your needs, not desires.

 

Frankly I wouldn't have apped for Lowes if I really did not need it. I'm still feeling the effects of Hurricane Sandy. As the case with many other I felt low balled by my insurance carrier & will have to make adjustments to my coverage accordingly & become a more informed insurance consumer. I still have major repairs that need to be done & can't REFI until I make certain repairs that will boost my apprasial value. Lowes has a tremendous 84 month 5.49% fixed payment offer that I just couldn't ignore. I can get my needs filled not tap out my savings & get myself ready for my REFI appraisal in 6-8 months, hopefully there will not be another storm & the Real Estate market will continue to get a little bit better.

 

I wouldn't have been able to get any type if credit if I was ireresponsible the past 6-7 years & hadn't cleaned up the baddies, with A LOT of help from this forum.

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IMO there's no need to apply for the Target credit card. The Target debit card gives you all the same benefits as the credit card without the 22.9% APR. I guess its not bad if your disciplined enough to PIF before interest accrues.

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I only allowed myself one...the Victoria Secret card. It was the only store I might ever shop in, but I usually don't because I refuse to spend that much money on undergarments. However, I figured that if I needed an emergency bra or something someday, I'd be covered. Still considering a Walmart OR Target card down the road a bit.

I don't have blouse clowns, so excuse my ignorance, but just what constitutes a bra emergency?

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