Aftermath of APP spree... A little worried

Anonymous · ‎03-29-2015

So, after the high of all the approvals, I'm kind of worried how detrimental this will be to my credit and my relationship with current and new creditors. I was so excited that my scores went up. So, I decided to plunge as deep as I could go. I hope this doesn't indicate to lenders that I'm irresponsible or a red flag...

I've added roughly... 10+ inqs to my CR in the past month. And, at least 5 to 6 new accounts are gonna hit soon. Most have been approvals, and for really prime cards. However, I don't want my current lenders, or the lender I've gotten new accounts with, to think I'm a giant risk and either A) reduce all my limits or B) close my accounts...

Does anyone have any experience with this? How bad was the impact to your FICO score. Did your lenders get spooked and alter/close your accounts? Am I just being paranoid?

Anonymous · ‎03-29-2015

My scores went up.

Imperfectfuture · ‎03-29-2015

Mine went down, then back up, on my fico.

Credit karma dinged me.

Signature needs updating

Shogun · ‎03-29-2015

Sometimes scores go down, I see it as a necessary evil to thicken up your credit file. Don't worry, they will rebound with a little age and you will have even more room for your scores to grow.

Starting Score: 504
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.

Anonymous · ‎03-29-2015

I 've only applied for 3 cards since coming to MFICO but was planning to apply for 2-3 more bank cards and the Macy's card as soon as all bureau FICOs go above 700 (which should be the next update). My biggest worry is spooking American Express and I really want to keep this card, even at the expense of not having others. Do others have any feedback about this? I have Costco AMEX, J Crew, VS, Barclay's MC rewards, and Barclay's US AIR, I want to get (in addition to Macy's) Chase Slate, Ritz card and possibly HYATT card, then go into the garden for 1 yr. Will AMEX be spooked by my spree?

Anonymous · ‎03-29-2015

Really?? Your scores went up after an APP spree?? Whoa.

Anonymous · ‎03-29-2015

Yeah, I noticed that Credit Karma has already taken like 15-20 points off of my scores. But, my FICO scores haven't changed much. The only changed was my TU dropping by one whole point; at least, only change thus far.

I wanted to make sure I did all of my apping for the accounts I wanted within a single month, so that I wouldn't be temped down the road. I went a little cray.

NRB525 · ‎03-29-2015

@Anonymous wrote:
I 've only applied for 3 cards since coming to MFICO but was planning to apply for 2-3 more bank cards and the Macy's card as soon as all bureau FICOs go above 700 (which should be the next update). My biggest worry is spooking American Express and I really want to keep this card, even at the expense of not having others. Do others have any feedback about this? I have Costco AMEX, J Crew, VS, Barclay's MC rewards, and Barclay's US AIR, I want to get (in addition to Macy's) Chase Slate, Ritz card and possibly HYATT card, then go into the garden for 1 yr. Will AMEX be spooked by my spree?

It seems like they would not be spooked, since they know they are already on the bubble with their Costco clients and will need to propose PC options for those cardholders. As long as your usage is consistent and they are making money off of you, likely not a worry.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Anonymous · ‎03-29-2015

My scores went down slightly with the Amex and Freedom approvals, but bounced right back within a week. The bounceback was due to some CLIs finally reporting therefore reporting a utilization decrease. Surprisingly enough, i just got a notice of a 5 point bump after myFICO reported a new inquiry for yesterday's Venture approval.

Of course there are tons of factors that make this a YMMV thing, but i'd give it time to see how the new credit limits and overall utilization can positively affect your scores.

Anonymous · ‎03-29-2015

Scores go down, scores go up. As long as you make your payments on time, you're good to go.

Credit building is a lifetime thing. In general, don't worry about the short-term impact of adding credit unless you're about to make a huge purchase (like a house) and need the best current score possible.

I experienced a 70 point drop from new accounts and none of my lenders flinched. I heard Barclays and Chase have been known to be finicky but nothing happened with Chase (Freedom/SouthWest,CSP/Slate). Barclays is new for me (1 month) so I can't really say.

My score healed again over around half a year and my credit is more solid than before the point loss.

If you're not actively applying for credit, your credit score doesn't really matter.

Just forget about your score and enjoy your new cards.