Just updating

[SOC]

Its been a while since I have been around. I have done a lot of credit stuff for people and myself. My Fico scores are still only around 640's but only because I took a different aproach this past year. I have opened 3 new accounts every month recently and have a total of 52 open credit lines reporting. I still only have 13% utilized to help my score but I am taking a short term hit on my score for to many recently opened accounts. Do to the declining housing market here in MI, I baught my wife her first house a couple months ago. So the reason for this post is to let people know there is light at the end of the tunnel. After only a year or so, and many deletions, a few court dates and many new accounts for me and my wife, we are finally were we wanted to be. But I have to say the only reason why this worked is because by doing it ourselves we have gained a respect for credit and finances. Its been a re-education both financially and mentally. So for people that read this post, I encourage you to learn and read and protect what rights you still have.

[gypsie]

Way to go!

Very inspirational

[matthewscott]

... I took a different aproach this past year. I have opened 3 new accounts every month recently and have a total of 52 open credit lines reporting.

Wow, so did you just apply at random or did you get selective about what cards to apply for? I guess that I'm took picky about choosing what to apply for.

Anyway, congrats. Once they age that should be interesting to see.

[isislc]

Wow Congrats! You know, you can buy me a house too. I promise not to tell your wife.

[rmuse00]

But I have to say the only reason why this worked is because by doing it ourselves we have gained a respect for credit and finances. Its been a re-education both financially and mentally. So for people that read this post, I encourage you to learn and read and protect what rights you still have.

Congrats on your new home and your successful credit repair journey!

[SOC]

Actually since I have done this for about 18 family members,and i monitor True credit fako scores for them at the same time, I have developed a very complete list of who will give credit when. So when I apply its based on what I can get approved for.(not for what i can use.)(I dont use most of them so i dont care about the High APRS). I only care about the number of line items. I have a very complete list now of companies that aprove at different scores and differnt situations. But in the begining it was first premier, hooters, orchard bank and so on. Theonlyones I have not been able to get after trying many many times, Is Discover and AMEX, I always have too many recent accounts open. I personally dont need them two brands, but i want them because they have denied me many times.. lol. But i will advise anyone who tries this route, (its the long term route) this is not a quick fix cause scores will stay low, till cards age, but if you do go this route, then dont apply for MC, Visa cards. Only go for store cards. I learned you can get 50 credit cards from stores sponsored by chase, but you can only get a few chase cards. So focus on store cards first. then credit.

[thebone]

It really sounds like you have mastered it. There is a lot of happy people out there do to your helping them. Is it possible that you can share the list with us?

Thanks

[VeVe]

I don't understand why you have/want so many open accounts. That's not exactly a good thing.

[SOC]

I only open them now for a game. Keep in mind this is all like a big game. Dont stress it. But should something ever happen to my credit profile again, 1 bad out of 200 will weigh a lot less than 1 bad out of 5. So i am just going to continue to use thier system against them. As far as the FIco is concerned i am banking on the long term effect of age, since utilization is no longer an issue, and bad credit line items are no longer an issue, all i have is time. I hope this helps your understanding of why i am continuing to play the game and open many more lines. I also use this mentallity for Loans. I use 3 local banks and have taken out loans at the same time for $500 for school cloths for my kids. and paid them off the next month just so i can get a dozen paid loans on my report. and it boots my fico every time.

[Slow Eddie]

But should something ever happen to my credit profile again, 1 bad out of 200 will weigh a lot less than 1 bad out of 5.

I'm not sure it works like that. I'm pretty sure a late payment is a late payment, regardless if you have 1 account or 100. Maybe someone will correct me.

Eddie

[VeVe]

It just seems like a huge gamble, opening tons of lines of credit that you don't want or need.

When you DO need something, like a car loan or mortgage, all those open lines of credit are going to work against you in a nasty way.

It just doesn't make any sense at all, and in the end will do more harm than good.

[SOC]

Nope so far its been working great. Scores getting higher the more lines i open. But keep in mind the lines of credit i open are store cards. (only good a certain store) so they are not all around available credit. Each store on average has only given me 2 to 3 grand each. So by doing this everytime i go to the bank to get an unsecured loan they have no problem giving me one. As far as risk, there is no risk if you dont use em. and if I had to get a loan that required me to close accounts, I would just go to another bank. And from everything i have learned over the past year or so, is that yes in fact it is just a numbers game.

[VeVe]

As far as risk, there is no risk if you dont use em. and if I had to get a loan that required me to close accounts, I would just go to another bank. And from everything i have learned over the past year or so, is that yes in fact it is just a numbers game.

That is soooooo incredibly not true.

For major purchases, scores means little to nothing. They look at your credit history, the limits you have available, etc. Just the potential to max out all your cards is a huge issue. Most major banks/lenders would likely find you to be high-risk based on the amount of accounts you have open. My mother is a Realtor and had a client with so many open accounts (none were derogatory) that they couldn't get a pre-approval on a mortgage.

You can have a high FICO with very few accounts. I have a friend in NYC that has a score of 810. She has only five credit cards, never had a mortgage, hasn't had a car payment for 15 years now. Just uses her cards on occasion (an only two of them are actually used) and pays them on time.

[SOC]

I am not saying you cant have a high fico with few accounts, In fact i had higher scores with 10 accounts than i did at 20, but now i have higher scores then i did with only 20 open accounts less than a year later. So with age my scores will be fine. And again if i needed a loan i would just go to another bank. My wife now only has 32 accounts with less utilization and my scores are still higher. I am not saying this is the way for most. In the beginning my report was so bad it took me 3 months to get 9 good line (auth user) items to counter act the 8 bad i had befor my score improved enough to start getting my own credit. But now everything is fixed, I baught my wife her home, and we didnt need need the credit we tried so hard to fix. So for my situation it is working out great to just open up a few new cards each month as i find differnt credit companies and just let em age.

[stefdr]

But doesn't that list as too many new accounts? I have several new accounts that I have started in the last year, and that shows as a red flag on my FICO reports. That is one of the few things holding my scores down.

The Hooters, CJ, Best Buy, Target, Chase, and the car purchase have all been added since March.

[2001Badyear]

If you say it's just a game, it's your game and far be it for any of us to tell you what to do.

That being said, the trick for most is not to have as many as you can get approved for. My feeling is that a few majors (2-3) V, MC, Amex and or Discover and perhaps two other gas, department stores etc.. That's a max, IMHO, for revolving lines.