"DENIED"
GM Flexible Earnings Card Review
Written by: kellbell on 2008-05-10
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kellbell's review: 
HSBC said no. My Transunion and Experian score (FAKO) went down 40 points! I'm hovering at 566 from TOO MANY INQUIRIES.
When will my score go back up if I do not open any more accounts and continue to keep my balances less that 30% of my total credit lines?
I am buying a GM for my next vehicle.
HSBC said no. My Transunion and Experian score (FAKO) went down 40 points! I'm hovering at 566 from TOO MANY INQUIRIES. When will my score go back up if I do not open any more accounts and continue to keep my balances less that 30% of my total credit lines?
I am buying a GM for my next vehicle.
8 Comments
Comment 1 by thomas1
DENIED 
on 2008-05-10
I would personally wait at least 12 months before applying for new credit, especially if you have a lot of inquiries and new accounts. A positive payment history and low utilization, along with aging of the new accounts will bring your score up. Alot of creditors like to see 12 mos on the books... I have noticed the score rebounded within 6 months, but with no more inquiries. Remember, excessive inquiries and new accounts have huge impact on FICO scores. New accounts must age over time to rebound and add points to the score. This has been my experience when I worked for Citi for 9 years. Hope this helps and answers your question
on 2008-05-10 I would personally wait at least 12 months before applying for new credit, especially if you have a lot of inquiries and new accounts. A positive payment history and low utilization, along with aging of the new accounts will bring your score up. Alot of creditors like to see 12 mos on the books... I have noticed the score rebounded within 6 months, but with no more inquiries. Remember, excessive inquiries and new accounts have huge impact on FICO scores. New accounts must age over time to rebound and add points to the score. This has been my experience when I worked for Citi for 9 years. Hope this helps and answers your question
Comment 2 by mark
Why So Many Applications? on 2008-05-10
If you were planning to buy a vehicle... Or any huge purchase,
you shouldn't have gone credit card application- BUFFET style.
i would expect your scores to drop down some more, in addition to the 40 points.
seriously, I will hold on buying the GM right now.
if you go ahead, they will surely give you a very high APR due to the numerous inquiries brought about by your credit card applications.
or get someone to co sign for you.
wait a year or more if you can
on 2008-05-10 If you were planning to buy a vehicle... Or any huge purchase,you shouldn't have gone credit card application- BUFFET style.
i would expect your scores to drop down some more, in addition to the 40 points.
seriously, I will hold on buying the GM right now.
if you go ahead, they will surely give you a very high APR due to the numerous inquiries brought about by your credit card applications.
or get someone to co sign for you.
wait a year or more if you can
Comment 3 by hjm331
I Told You The Consequences on 2008-05-10
I told you what would happen if you applied for too many cards. As the others said, you have to wait at least a year from now for those inquiries to disappear or else you will receive a high APR which will increase your monthly payment.
on 2008-05-10 I told you what would happen if you applied for too many cards. As the others said, you have to wait at least a year from now for those inquiries to disappear or else you will receive a high APR which will increase your monthly payment.
Comment 4 by debtor00
Credit Union on 2008-05-10
If u can't wait the year it takes 4 the inq 2 stop impacting ur score b4 u buy a car go 2 a credit union... Great rates & inq aren't as big a deal.
on 2008-05-10 If u can't wait the year it takes 4 the inq 2 stop impacting ur score b4 u buy a car go 2 a credit union... Great rates & inq aren't as big a deal.
Comment 5 by kellbell
Hyundai on 2008-05-10
I still have 2 years of payments left on my SUV anyway and that is 0% interest, so I think I'm okay. The reason I mentioned the GM is because this card is a GM points card and I planned on using it exclusively... But I'm way too late.
Besides, I went credit app crazy before any of you all mentioned that it affects my score. OH WELL. Hind sight is definitely 20/20! I don't even need credit anyway. I have plenty of savings and bring in good money, especially for someone my age.
Anyway, thank you all for your advice. I've really learned a lot on this website.
on 2008-05-10 I still have 2 years of payments left on my SUV anyway and that is 0% interest, so I think I'm okay. The reason I mentioned the GM is because this card is a GM points card and I planned on using it exclusively... But I'm way too late.Besides, I went credit app crazy before any of you all mentioned that it affects my score. OH WELL. Hind sight is definitely 20/20! I don't even need credit anyway. I have plenty of savings and bring in good money, especially for someone my age.
Anyway, thank you all for your advice. I've really learned a lot on this website.
Comment 6 by debtor00
Careful on 2008-05-10
Be careful with those "0 percent" interest auto loans. Especially if historically you have had credit problems. Most of the time you come out better by taking the rebate they offer instead of the no interest financing getting a lower interest loan from a credit union. Keep that in mind if you plan to buy a new gm in the future. It's really good that you plan to wait to pay off your suv before you buy another vehicle. The worst thing you can have these days is negative equity in an suv when you go into a new dealership. If your trade is paid in full you have the option to keep it or sell it privately rather than trade it in and those shifty finance managers don't have a trade to do hocus pocus with!!
on 2008-05-10 Be careful with those "0 percent" interest auto loans. Especially if historically you have had credit problems. Most of the time you come out better by taking the rebate they offer instead of the no interest financing getting a lower interest loan from a credit union. Keep that in mind if you plan to buy a new gm in the future. It's really good that you plan to wait to pay off your suv before you buy another vehicle. The worst thing you can have these days is negative equity in an suv when you go into a new dealership. If your trade is paid in full you have the option to keep it or sell it privately rather than trade it in and those shifty finance managers don't have a trade to do hocus pocus with!!
Comment 7 by rockin35
Be On Your Way...... on 2008-05-11
I would probably pay it in cash, if you make really good money and have so much in savings,I would pay for the vehicle in cash or half down and forget about the credit cards. The points that you would build up with the GM Card wouldnt equate to that much anyways. If you already have 2 or 3 cards including a Visa or Mastercard, it shouldnt be any problem for you to save each month and pay off your current SUV in the next 2 years. At the end of those 2 years, you would be set!! Your FICO should increase in 5-6 months of paying your current installment accounts on time. Keep in mind, this is without applying for credit.
You are well on your way to dropping off those inquiries as long as you minimize applying this month and try not to apply until May 2009.
Rockin35
on 2008-05-11 I would probably pay it in cash, if you make really good money and have so much in savings,I would pay for the vehicle in cash or half down and forget about the credit cards. The points that you would build up with the GM Card wouldnt equate to that much anyways. If you already have 2 or 3 cards including a Visa or Mastercard, it shouldnt be any problem for you to save each month and pay off your current SUV in the next 2 years. At the end of those 2 years, you would be set!! Your FICO should increase in 5-6 months of paying your current installment accounts on time. Keep in mind, this is without applying for credit. You are well on your way to dropping off those inquiries as long as you minimize applying this month and try not to apply until May 2009.
Rockin35
Comment 8 by beckettpg8
Approved on 2008-05-16
Approved not denied quickly in the email not activated have the black hummer logo
on 2008-05-16 Approved not denied quickly in the email not activated have the black hummer logo
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Disclaimer: This content is not provided by Capital One Bank (USA), N.A.. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Capital One Bank (USA), N.A.. Review content is powered by Finance Globe.
