How much is too much?

Discussion in 'Credit Talk' started by author_22, Sep 3, 2001.

  1. author_22

    author_22 Well-Known Member

    As far as credit limits for rebuilding. I make about $30,000 a year. Right now I have access to $1,350 through 1 Visa and 1 MC (one secured, one not) and $200 through Target. I previously applied for CapOne Classic, KMart, Spiegel, Chevron, and Macy's but have heard nothing. I pleaded my case via PlanetFeedback for Providian, Citibank, and American Eagle. Once Equifax looks better, I will beg RadioShack, Household, and Express for cards.

    I do not believe I can get all these cards, I am hoping for KMart, Spiegel, and American Eagle. I doubt the others will relent...perhaps I am wrong? My experian is 644. My EQ is 608. My TU strangely is 564 even though it has less derogs than EQ and one whole inquiry in the past 2 years.

    I guess what I'm asking is, when should I stop? I'm committed to no longer applying for at least six months. I'm committed to having no more than 50% of my lines used. Right now I used $60 of $750, $225 of $600, and $81 of $200. I plan to pay all these off immediately. I am committed to being highly responsible. My credit blemishes have shown me how horrible it is to have these problems.

    If all these cards fall through, would it be silly to get a secured Wells Fargo? Or should I keep adding to Sterling?

    Just let me know tips :)

  2. Reshod

    Reshod Well-Known Member


    you are going a little too fast. This is not to put you down in anyway. If you excercise the credit that you have now, then more, better offers will come in the immediate future.

    Continue the disputes and work those limits. When your scores come up more, you will get the Citi's and Amex products.

    So hang in there!
  3. lbrown59

    lbrown59 Well-Known Member

    enough is enough and any more is to darn much
  4. sam

    sam Well-Known Member

    i got 6 new accounts in the past 2 months. About $15000 in credit. I just closed 4 old accounts. The Debt ratio is the killer, no matter what people say, if you can get more cards to keep your debt ratio at 25% or less, you will get a better score than "too many new accounts"..

    Its the lesser of two evils. With my 6 new accounts in the past 2 months, my equifax went from 607(603?) to 654, due to debt ratio falling from 77% to 30%.

    I am a firm believer that "more is better" when it comes to rebuilding credit. Especially if you are using that newly found credit lines..
  5. author_22

    author_22 Well-Known Member

    Thanks Reshod, I know you're not putting me down :)

    I am thinking the same thing. but I did apply for all this stuff and hope I will get some of it. If not, down to dispute inquiry time. I am just very happy with how things are going so far...


  6. author_22

    author_22 Well-Known Member

    Thanks for the tip. If I did get Chevron, American Eagle, Macy's, Spiegel, and RadioShack (or any of them) I wouldn't be using them much at all. My area does not have a Macy's, though I encounter them a couple of times a year while traveling. We have a few Chevrons, RadioShack doesn't overly thrill me, nor do Spiegel and American Eagle. But I did hear they were not that difficult to get.


  7. creditwork

    creditwork Well-Known Member

  8. R.

    R. Well-Known Member

    A little added information: four months ago my Beacon was 738, IIRC. I was moving, so I applied for, obtained, and used a lot of new credit. Tuesday I was down all the way to 640, and the three new accounts weren't even one of the top four reasons for it. Debt ratio, y'all. I'm at about 46% overall but with a number of cards (the lower interest rate ones, of course) at 100%.

    At the moment I don't care. I'm carrying the debt for a reason and I know it will get paid off in the future. When it does I'll be back around where I was. Since I don't have any major purchases planned, I'm happy as long as I know roughly how the system works.

    (Sure, there were a lot of other variables, but I continue to believe it's the debt ratio responsible for 80-90% of the move. My reasons were debt ratio, delinquency, recent delinquency, and age. I think it used to be age, delinquency, recent delinquency, and too many accounts.)

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