"Instant Approval!"

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Written by: patrick12 on 2011-03-16

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patrick12's review: Callout Comment Shopping for spring and summer clothes, I spend a lot of money at GAP, applied for this card and was approved for a $400 dollar limit! TransUnion hard pull, interest rate is 24.99%, I don't carrry balances anyway, but its nice to have a line of credit to buy clothes with!


Comment 1 by brian23
Re: Instant Approval! User Icon on 2011-03-16

Remarks Very nice on both. I thought GAP and Old Navy were the same credit card? I know at least you can use them in each others stores. I have the OldNavy card too.
Comment 2 by wanderer
Re: Instant Approval! User Icon on 2011-03-16

Remarks Congrats! A point of consideration is that you may want larger credit lines? With that in mind, the acquistion of new credit makes some creditors get nervous about total available credit and you may be reducing average account age which runs against us. Also, keeping an eye on the inquiry count is a must so that we don't trigger the magic number of too many inquiries where creditors may pull back from offering quality new credit.
Comment 3 by patrick12
Re: Instant Approval! User Icon on 2011-03-16

Remarks Wanderer, I just closed about 10 accounts, mostly subprime, I think you should ease up a bit! I was even contemplating posting the information I did tonight because I had a feeling I was going to get the third degree over it, but none the less, this site is about providing info, and I did exactly that! So with that said, let's get back to doing what we do best, sharing information.
Comment 4 by joeyman
Re: Instant Approval! User Icon on 2011-03-16

Remarks Inquiries (application for credit) stay on your consumer credit report for two years. Wanderer actually presents a valid point, because you are basically freezing yourself from getting any prime-cards for two years now. I suggest you don't apply for anything for the next year and if possible longer your credit profile you have now will age well, but those inquires may slow you down. It's all about self control, which I'm sure you have but applying for credit in your situation is showing a lack of self control. The creditors down the road will see this. I think you've got a decent position now and I hope you just stay put and don't make any more changes.

Good luck!
Comment 5 by wanderer
Re: Instant Approval! User Icon on 2011-03-17

Remarks Readers on FG may benefit from your sharing information on how you planned to enhance your credit standing while eliminating the beginning cards (sub-prime). Good idea.
Comment 6 by patrick12
Re: Instant Approval! User Icon on 2011-03-17

Remarks You are very right about applying for other cards, it was the cashier and the lil devil inside my head, I plan on letting my new auto trade age as well as my new cards! You along with everyone else on here has been nothing but a great help in allowing me to enchance my credit file and my over all financial future, what I am trying to say Wanderer, thank you for the comments and lets keep moving forward!
Comment 7 by colonative
Re: Instant Approval! User Icon on 2011-03-17

Remarks Congrats on your recent approvals!
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