How Many Applications?

[TTFH1971]

When applying for new credit, how many applications are too many?

My bankruptcy was discharged 1/2006. I thought I had read somewhere that we should wait 2 yrs before applying for new credit. So I was waiting. Then I discovered this board.

Early on, I was getting offers left and right for cars and new cards. I don't want a car. And I threw most of the card applications away without opening them. The ones that I did open out of curiosity, had fees that ran up to $200 before I could even use the card. Needless to say they went into the garbage.

I found this board and started paying more attention to the applications I'm getting. I've noticed that I'm not getting very many anymore. (Though I still get several new car offers a week.)I got one credit card application a couple of weeks ago, and it had fees of about $200 too.

Anyway, I strarted applying to some cards mentioned on this board. In the past 2 or so weeks, I've applied 5 places and was approved for 2 of the cards (Target and Orchard). Reason cited for the decline was, of course, lack of revolving accounts since the bankruptcy.

I'm happy with those 2, but is 5 too many to have applied for?

[poorme]

Lots of people here tend to 'rush' back into credit land and get frustrated when they are declined, or can't get enough new TL's quickly enough. Wrong focus, methinks.

Although some credit is required, it would be wise advice to suggest that you only begin applying after you've corrected or resolved the underlying reasons that took you to bk in the first place. For some types, even ONE new card is too much - read from those who've learned to live on a cash basis. Use the time post bk to clean up your credit history before applying for new lines, and don't forget to use the sock drawer! You might reduce the temptation to respond to those crappy offers by opting out for awhile (at least 6 months) and give your mailbox a rest.

[SinkingFast]

Since your BK was discharged a year ago, I think you know how to live on a cash only basis.

Don't apply for any more new Credit until you take a look at your Credit Reports. Address and inaccuracies of reporting. Clean up any mistakes.

For the new CC's you've received,........ Don't go hog wild charging. If the CC's have annual fees, pay the fees before you use the cards. Maybe buy a tank of gas or charge a utility bill or a few groceries. Something you would normally pay for. Then when the bills come, pay them off. You really don't even have to charge anything to get the OK, OK, OK reporting on your Credit Reports.

[TTFH1971]

How Many Applications?

Ah well, that would be almost 4 years of unemployment.

I quit a good job for what was supposed to be a better opportunity. Unfortunately, the company owner neglected to tell me, she was on the verge of bankruptcy herself. It took almost a year of living on a mix of temp work and unemployment to find another good paying job with benefits. Oh yeah, that company too neglected to inform me and the other 4 folks they hired that they too were close to bankrupcty and had been trying to sell the company for almost two years. Six months after I got there, they finally found a buyer who promptly fired 75% of the staff.

Well, another year of temp work, unemployment and living on credit cards goes by and I'm offered a "newly created" position with a good company. Well, after a year there, they decided to go in a different direction and ended that "newly created" position. Eight months after that I get another "newly created" position which got cancelled after 4 months.

Add to all this a couple of dental emergencies to the tune of $3000 and a pet with a medical condition that required $100 in medication a month, and needless to say when that job ended I was tired. I had struggled to keep every thing paid, often having to decide between food for myself, rent and life saving medication for my pet. (I lost a lot of weight). That last job ending was the final blow.

I eventually got a good paying job with benefits (for almost 2 yrs now), but I was so far behind in everything, I was in a hole from which I would never see dayllight again. I decided to file BK. I still have $50k in student loans and $5k in back taxes that of course couldn't be discharged.

I'm perfectly content to live on cash. But I also want my credit good rating back.

it would be wise advice to suggest that you only begin applying after you've corrected or resolved the underlying reasons that took you to bk in the first place.

[BassBoy]

We can surely understand the deisre to re-build, so if you want to get a CC, then this is where you'll have to be careful in choosing the right card. There are some that have such high fees that your credit limit is gone before you receive the card.

If you're content to live on cash, and that's what you've been doing, then keep it up. You're doing a great job managing your money. Let time heal your credit and you'll more than likely get a great CC with reasonable terms.

[FilingOnMyOwn]

Since multiple inquiries on your credit reports at the same time are generally grouped together as one, you can apply to a few different cards at once without worry. Take the ones you get, use them responsibly and pay each bill in full as it comes. Then 3-6 months down the road go back and reapply for the cards you weren't approved for. You can read my profile for a quick rundown on decent cards that are likely to approve you after bk.

[AMISLANDER]

When applying for new credit, how many applications are too many?

My bankruptcy was discharged 1/2006. I thought I had read somewhere that we should wait 2 yrs before applying for new credit. So I was waiting. Then I discovered this board.

Early on, I was getting offers left and right for cars and new cards. I don't want a car. And I threw most of the card applications away without opening them. The ones that I did open out of curiosity, had fees that ran up to $200 before I could even use the card. Needless to say they went into the garbage.

I found this board and started paying more attention to the applications I'm getting. I've noticed that I'm not getting very many anymore. (Though I still get several new car offers a week.)I got one credit card application a couple of weeks ago, and it had fees of about $200 too.

Anyway, I strarted applying to some cards mentioned on this board. In the past 2 or so weeks, I've applied 5 places and was approved for 2 of the cards (Target and Orchard). Reason cited for the decline was, of course, lack of revolving accounts since the bankruptcy.

I'm happy with those 2, but is 5 too many to have applied for?

My discharge was a year ago as well....I just kept throwing away the cc offers until I decided I did need a card (lived off cash for the past four years) and I paid $72 and got a HOOTERS card with a $1K limit....I was so happy! Then I started getting the no annual fee cc offers coming in the past month...I went with Household bank they gave me $3K limit, I opened it by calling it in but I have it put away for now....

My personal opinion is that since cc's got most of us in trouble (with exception of the medical bills bks)...why repeat the mistake....one good card with between $1K and $5K is all a human should really need....otherwise, you know you're in the "I'll just use the card till my check comes" game...and that rotation is a killer!

Yes, It's best to apply to a bunch at once but after that...let it go!