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App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

Established Member

App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

Last week I got two new cards from BofA ($15k & $11k), plus my existing BofA Platinum limit was raised to $15k.  I also had my Capital One card CLI to $6600. $35k in credit in one day...thank you myFico community! and Gmood1.   These new cards won't show up on my reports for another two weeks (Sept 24th is closing date for BofA cards), and I want to App Spree....but I'm not sure about best timing.

 

My score took a tiny 6-8pt hit, probably because of the BofA inquiry and I messed up and let my utilization go up to 8% (accidentally left my rental car charge on the card day before closing date).   I'm wondering if I should still App Spree now, or wait until all the new cards with higher limits hit my reports after Sept 24th?

 

It's not clear if credit card issuers will want to give me a higher limit because they see all my new cards with higher limits, or if they will deny me because I have all these new cards with high limits!

 

Planning to App for PenFed, NFCU, DCU, Chase Sapphire, Cap 1 Venture. (too many?) 

 

I'm also need a car loan, so I'm thinking of trying a strategy I read about here where you apply for a bunch of auto loans in a short period and it doesn't hurt your score (apparently it's seen as rate shopping).  I'm wondering if I could apply for multiple car loans with credit unions who will also give me a new credit card with the same HP.  In theory I could get a car loan and bunch of new Credit cards without the inquiries hurting my score much.

 

Thoughts???

 

Thanks in advance for any feedback!

Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, PenFed tentative $7500, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA
Message 1 of 28
27 REPLIES
Senior Contributor

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

No need to app for a bunch of car loans. Pick out some that do single pulls for all.
You only have one fresh pull on TU if I'm not mistaken? That's if you requested your CLI before apping for new CC's with BofA.

Chase may pull EX and EQ. They apparently vary depending on where you live to what they pull. Do them first, as they are 5/24 sensitive.

For auto loan and CC on combined pulls. I'd hit PenFed and/or First Tech FCU.
Penfed will hit EQ and First Tech EX.

NFCU will not beat Penfed in auto loan rates. So don't even bother them for that.
NFCU will pull TU on CC apps. And EQ for Line of Credit.

DCU pulls EQ .. unless something has changed. If you're not a member, you'll be pulled twice.. ridiculous! Same with NFCU, for every product you'll take another pull.

I'm going to throw another one in for auto loans. Bethpage FCU is a SP to join and anyone can. Their rates are better than Penfed or NFCU. It's one pull on EX and you need a 730 or higher for the best rate. The pull stays on file for 30 days.
I think FNBO backs their CCs..could be wrong about that.

Good luck my friend, though I doubt you need it!

FICO 8 Scores EQ=754 TU=774 EX=766 (INQ) EQ=16 TU=14 EX=15 TCL=$500K+
Message 2 of 28
Valued Contributor

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

Chase pulled EX and TU for me. I'd plan on them pulling any two of the three bureaus and being pleasantly surprised if they pull only one.

Message 3 of 28
Established Member

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

Thanks Gmood!    That is exactly the info I was looking for.  

 

I think my only remaining question is whether to go for all the Apps now, or to wait until my new higher credit limit cards report in a couple weeks (around Sept 27th I'm estimating). 

Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, PenFed tentative $7500, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA
Message 4 of 28
Senior Contributor

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?


65musclecar wrote:

Thanks Gmood!    That is exactly the info I was looking for.  

 

I think my only remaining question is whether to go for all the Apps now, or to wait until my new higher credit limit cards report in a couple weeks (around Sept 27th I'm estimating). 


IMHO, its better to do it now. I've never been denied for inqs, but I have been denied for "too many new accounts". You're no where near either . lol

My apps were successful when I hit them all around the same time and spread the inqs across all CBs.

FICO 8 Scores EQ=754 TU=774 EX=766 (INQ) EQ=16 TU=14 EX=15 TCL=$500K+
Message 5 of 28
Established Member

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

Thanks Gmood1!  Again, exactly the info I needed.   I'm pushing the big button in the next couple days Smiley Happy     My income is all over lately. My vacation rental business just ended because the landlord filed bankruptcy but I'm closing a music publishing deal soon.  I'm want to express my income in a way that will get me approved (but won't get me in trouble) so I want to do some bookkeeping and projections before I apply.  Hopefully I can get that done quickly. My worst fear is I get FR'd (full reviewed) and my lines get cut.

I'm trying to present everything in the best light, but still accurately. 

Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, PenFed tentative $7500, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA
Message 6 of 28
Valued Contributor

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?


Gmood1 wrote:


DCU pulls EQ .. unless something has changed. If you're not a member, you'll be pulled twice.. ridiculous! Same with NFCU, for every product you'll take another pull.


I believe that DCU information may be outdated. 

 

When i refi'd my car loan with them, I wasn't a member yet. I aplied for my car loan, then a membership application, then got the Visa on a preapproval. all on one HP. This was back in March. 



Starting scores: 552 EQ, 570 TU, 558 EX Current scores (9/29/17): 746 EQ 721 TU 719 EX
Message 7 of 28
Senior Contributor

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?


DeeBee78 wrote:

Gmood1 wrote:


DCU pulls EQ .. unless something has changed. If you're not a member, you'll be pulled twice.. ridiculous! Same with NFCU, for every product you'll take another pull.


I believe that DCU information may be outdated. 

 

When i refi'd my car loan with them, I wasn't a member yet. I aplied for my car loan, then a membership application, then got the Visa on a preapproval. all on one HP. This was back in March. 


Thanks DeeBee, this is good to know! It's the very reason I never bothered with them. If they changed this policy. I may put them back on my list.😀

FICO 8 Scores EQ=754 TU=774 EX=766 (INQ) EQ=16 TU=14 EX=15 TCL=$500K+
Message 8 of 28
Regular Contributor

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

Get your auto loan first and then do the card apps.

 

Don't use projected income without proof especially with the Credit Unions. Thay are known to occasionally ask for POI.

 

Good Luck!

Message 9 of 28
Established Member

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

Thanks for the tip Steelers1!  Just curious...why do you say auto loan first?  

 

I want to understand all the underlying strategy so I can execute everything right over the next year for myslef and wifey. 

Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, PenFed tentative $7500, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA
Message 10 of 28