cancel
Showing results for 
Search instead for 
Did you mean: 

App Spree Question - New Member but long time viewer

tag
wallstreet777
Member

App Spree Question - New Member but long time viewer

I have followed this forum for a while but officially signed up today.  You all have provided a wealth of knowledge.

 

On to my question:

I have an Amex Gold, Amex BCE, Capital One & Chase Freedom card.  I have a home mortgage, my car and my Wife's car.

 

My credit currently hovers in the mid 700 range and I recieve pre-approved offers weekly.

 

Will going on an "app spee" and adding additional cards eventually increase my score further?  Looking at Discover and Citi (potentially)?

 

I dont carry a balance, just use them and pay them off.

 

Any advice, will be great advice. 

Amex Gold (NPSL) - Amex BCE (18,000) - Chase Freedom ($14000) - Capital One Rewards (4500)
Message 1 of 8
7 REPLIES 7
09Lexie
Moderator Emerita

Re: App Spree Question - New Member but long time viewer

You appear to have what's 'required' for FICO scoring, installment loans, mortgage and revolving credit. What will help your score is age, keeping the cards at 'your' optimal' util rate and excellent payment history. Obviously, no baddies.
Message 2 of 8
newportguy
Frequent Contributor

Re: App Spree Question - New Member but long time viewer


@wallstreet777 wrote:

I have followed this forum for a while but officially signed up today.  You all have provided a wealth of knowledge.

 

On to my question:

I have an Amex Gold, Amex BCE, Capital One & Chase Freedom card.  I have a home mortgage, my car and my Wife's car.

 

My credit currently hovers in the mid 700 range and I recieve pre-approved offers weekly.

 

Will going on an "app spee" and adding additional cards eventually increase my score further?  Looking at Discover and Citi (potentially)?

 

I dont carry a balance, just use them and pay them off.

 

Any advice, will be great advice. 


I say go for the Discover It !! I see no reason you won't get it


Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
****** Garden Club Member -- Last HP Jan 3rd 2013 *******
*** Amex - BCP 10 K * PenFed - CR 5 K * Amex - GDSM 5 K *
Discover - IT 5 K ***** NO MORE APPS FOR ME IN 2013 *****
Message 3 of 8
enharu
Super Contributor

Re: App Spree Question - New Member but long time viewer

Going on an app spree will lower your scores initially, due to new accounts posting, number of inquiries going up, and lowering your AAoA. However as they age over time, they will increase your scores as long you pay on time
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 4 of 8
LS2982
Mega Contributor

Re: App Spree Question - New Member but long time viewer


@wallstreet777 wrote:

I have followed this forum for a while but officially signed up today.  You all have provided a wealth of knowledge.

 

On to my question:

I have an Amex Gold, Amex BCE, Capital One & Chase Freedom card.  I have a home mortgage, my car and my Wife's car.

 

My credit currently hovers in the mid 700 range and I recieve pre-approved offers weekly.

 

Will going on an "app spee" and adding additional cards eventually increase my score further?  Looking at Discover and Citi (potentially)?

 

I dont carry a balance, just use them and pay them off.

 

Any advice, will be great advice. 


It wont in the beginning, you'll likely take a nice ding for new accounts/INQ's/AAoA hit. Over time though your scores will heal and increase as history grows on your new accounts.




EQ FICO 548 3/3/16
Message 5 of 8
wallstreet777
Member

Re: App Spree Question - New Member but long time viewer

So, the consensus here is go for it!   Deal with the initial credit ding because I will bounce back stronger.  Sound accurate?

Amex Gold (NPSL) - Amex BCE (18,000) - Chase Freedom ($14000) - Capital One Rewards (4500)
Message 6 of 8
Pilotdude
Established Contributor

Re: App Spree Question - New Member but long time viewer


@09Lexie wrote:
You appear to have what's 'required' for FICO scoring, installment loans, mortgage and revolving credit. What will help your score is age, keeping the cards at 'your' optimal' util rate and excellent payment history. Obviously, no baddies.

+1 and welcome to forums!


NFCU #1 Fan!! NO MOAR APPS TIL 10/13 Minimum!!
TU -746, EX - 721, EQ -745
Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000
Message 7 of 8
enharu
Super Contributor

Re: App Spree Question - New Member but long time viewer

Yes! Smiley Very Happy your profile looks good so you won't have any problems getting approval for discover
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.