I found a graph of my 40 store card app spree "new account ding". I guess a "ding" would be an understatement, more like a slegehammer to the credit. 
It does get pretty ugly for sure:. It's a CK FAKO score so the scores are not accurate but you can get a jist of what happens when you add a ton of new credit at once.
My "Real" FICO dropped to around 613 at that low point and First Premier probably would have denied me.
If you're going on an app spree, just know you're gonna have some serious gardening to do after
@Anonymous wrote:Funny part is, I see lots of app sprees by people with perfect credit who can afford to take the hit on their credit more than someone starting out. Someone starting out sees this, figures this is the way to go, despite their credit not being able to support it, and they wind up in deeper trouble.
I'm one of those who believes you apply for the cards that suit you best. For me that's 4 or 5, for others it may be more. Unfortunately for the 50+ card crowd, bankruptcy attorneys don't accept credit as payment.
Are you implying that someone who has 50 cards is automatically doomed to bankruptcy?
Also, what stops one from taking a cash advance for the attorney? 
It means of course that those of us who choose to have more cards than fingers and toes are certain to be in financial ruin.
See ya in the funny pages!
@Anonymous wrote:
@Anonymous wrote:Funny part is, I see lots of app sprees by people with perfect credit who can afford to take the hit on their credit more than someone starting out. Someone starting out sees this, figures this is the way to go, despite their credit not being able to support it, and they wind up in deeper trouble.
I'm one of those who believes you apply for the cards that suit you best. For me that's 4 or 5, for others it may be more. Unfortunately for the 50+ card crowd, bankruptcy attorneys don't accept credit as payment.
Are you implying that someone who has 50 cards is automatically doomed to bankruptcy?
Also, what stops one from taking a cash advance for the attorney?
Certainly not everybody is doomed for BK with that many, but there are a select few people who can handle that kind of credit. The ones that don't will wind up there. So, yes, I am implying. 
I'll chime in. My app spree was perfect timing for me. I closed on my home a month ago and once I had my keys in my hand I could app for what I wanted.
It just depends on your needs/wants. I wanted a couple new prime cards in my wallet since my focus over the past 24 months has been my new home. I also wanted to take advantage of as many signup bonuses I could get since I had to purchase a lot of new things for my new home. Now I have pretty much every card I could wish for (except my Fidelity card). So now I can sit back, let these inquiries fall off in the next 24 months. AAoA will bounce back and I will still be sitting with cards I want to grow.
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:Funny part is, I see lots of app sprees by people with perfect credit who can afford to take the hit on their credit more than someone starting out. Someone starting out sees this, figures this is the way to go, despite their credit not being able to support it, and they wind up in deeper trouble.
I'm one of those who believes you apply for the cards that suit you best. For me that's 4 or 5, for others it may be more. Unfortunately for the 50+ card crowd, bankruptcy attorneys don't accept credit as payment.
Are you implying that someone who has 50 cards is automatically doomed to bankruptcy?
Also, what stops one from taking a cash advance for the attorney?
Certainly not everybody is doomed for BK with that many, but there are a select few people who can handle that kind of credit. The ones that don't will wind up there. So, yes, I am implying.
I entirely disagree for the simple fact that it is not easy to rack up 50+ credit cards.
You make it seem like just anybody can get 50 credit cards at any time if they wanted to.
It is NOT easy, and there are multiple tricks involved and it takes YEARS of work.
Anybody who can actually spend the time, has the interest and the skill to rack up 50 cards is much more knowledgable than your average Joe with 5 credit cards.
In school, those who put in the time and earn the knowledge are more likely to succeed.
Your average Joe with no credit knowledge is 1000X more likely to go BK than somebody who has learned the way credit works.
You just can't get to 50+ cards without ALOT of responsibility, work and knowledge.
If it is so easy to get 50+ credit cards, how would YOU go about getting 50+ cards and how many years will it take you to do it?
@Anonymous wrote:
Anybody who can actually spend the time, has the interest and the skill to rack up 50 cards is much more knowledgable than your average Joe with 5 credit cards.
You didn't include "has the scores".
