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App Spree

Established Member

App Spree

Ok I went a little crazy with applying for new credit!!! I got approved for Capital One 300 Victoria Secret 350 Buckle 300 Maurice's 500 Best Buy 500. I also applied for Discover It, Chase Freedom, and Dillard's and got the message will send something in the mail. My question is how will this hurt my scores?
13 REPLIES
Established Contributor

Re: App Spree

bad at the beginning, then good if you  STOP apping so much at once.

 

for real STOP!

 

many people told me the same, now I have 18 hurting inqs.

 

yes you did good, now relax and enjoy them getting in the mail.

Amex PRG NPSL, Amex Delta 2k (AU) Discover iT 5k, BOFA Siggy $5k, BOFA AlaskaAir Siggy 5k, BBVA Compass $5k! Macy's $4.5k, C1 $2.5, SFCU $2.5k, SFCU LOC $2k, Paypal SmartC $4k, Sam's 5.5k Victoria Secret $2k, Kay's $1.7k.,76/Citi $1.5k Amazon $5k, Walmart Disco $3k JC Penny $4k, C1 $2.5, BBRZ 700.
Starting:TU:536 EXP:561 : EQ:552 Current:TU:680 Walmart (2-15-14)EXP:712 FICO!! (12-4-13):EQ:622 (FICO 2-6-14) Uti 27% Goal: 720 By 12-13.
Mega Contributor

Re: App Spree


tanwatson wrote:
Ok I went a little crazy with applying for new credit!!! I got approved for Capital One 300 Victoria Secret 350 Buckle 300 Maurice's 500 Best Buy 500. I also applied for Discover It, Chase Freedom, and Dillard's and got the message will send something in the mail. My question is how will this hurt my scores?

8 new INQ's and 5 new accounts. You'll see a nice ding but it will slowly go away if you garden your new accounts for a year and let those INQ's age. No new apping as well.

 




EQ FICO 548 3/3/16
Valued Member

Re: App Spree

The inquiries won't look great, but they aren't everything. Do you have any CC or other lines of credit before this? That is what would really effect your score is if your AAoA changed because you had 2 years then all of the sudden you are down to 2 months.




Starting Score: 637
Current Score: EQ:712 TransRISK: 724
Goal Score: 780


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Established Member

Re: App Spree

Not really I have a Target card that I've had for 6 years. The only reason I applied was to increase my scores to buy a house!!! So my current scores are going to drop? Ok I am going to stop!!! ! Thanks so much for the advice.
Established Contributor

Re: App Spree

Your credit is going to take a ding for the new inquiries and accounts but within a few months they should boost right back up.
Gardening Since: March 4, 2013.
In My Wallet: Chase: Freedom Visa Signature | Sapphire Preferred World Mastercard. |
New Contributor

Re: App Spree

To add on to what others have said - make sure to call for recons! Chase and Discover are pretty good with reconsideration if you were denied for a somewhat trivial reason (e.g. inquiries, 30 day lates). Hit up the back door number thread; if nothing else, you can find out the app status more quickly.

Good luck.
Established Member

Re: App Spree

What is recon? Where do I get the numbers from?
Contributor

Re: App Spree

Go to the backdoor number thread which is stickied in this forum. It lists numbers that you can call to have a credit analist reconsider your application. Worked for my brother with Chase just yesterday. Chase and Discover are both pretty good. If they turn you down call again.



I'll be in the garden... FICO Score | TU-08: 732 in May 2013
Valued Contributor

Re: App Spree

Not to alarm you or anything, but my EQ dropped 65 pts. in less than 2 mos. because of an app spree. (745 to 680)  I netted 8 new accounts with $55k in CL's. I did carry a few small balances as well.  AAoA is now about a year. 

 

It's a bit disheartening, but I know I will bounce back stronger than before.