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App spree. How many cards?

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vpae
Established Contributor

Re: App spree. How many cards?

This number varies for everyone depending on their credit profile and needs at the time, there isn't a fixed answer to this.

 

I've done 7 (and 2 CLIs, 9HP total) in the span of a few days, spree of 5 and 3, and random one-offs in between.

 

Knowing which CBA they pull, what my score/needs are at the time, allowed me to decide if it made sense to do it.

 

It's similar to asking, how many credit cards should I have? Everyone will be different.

 

12/19/19 06/11/20 07/02/20
Total CL: $708,900. Largest CL: Amex Bonvoy Brilliant $70K. Apple Card $40K. Chase Ritz Carlton $35K. Mouseover for individual CLs
Message 11 of 20
Dw4250
Valued Contributor

Re: App spree. How many cards?

OP there is no magic number for a spree. I did 6 apps in a week, but that was a lot IMHO. At the end of the day, it depends on what you want/need and how thick your file is. As others have said try to spread out the apps over multiple CRAs.

One suggestion...don't app for vanity's sake (to impress others). For one thing most people outside of this board could give a f---. And this board is littered with people who bit off more than they could chew credit-wise. Many people work like dogs to get themselves back on good credit footing, and end up sliding back into credit hell because they get a bunch of cards and go back to old spending habits (I like the read the rebuilding section once in awhile to remind myself how things could go south if I'm not careful).

But if you can take the INQ and AAofA hits and are confident you can manage the cards responsibly, go for it!
Message 12 of 20
kingkai1990
Contributor

Re: App spree. How many cards?


@Dw4250 wrote:
OP there is no magic number for a spree. I did 6 apps in a week, but that was a lot IMHO. At the end of the day, it depends on what you want/need and how thick your file is. As others have said try to spread out the apps over multiple CRAs.

One suggestion...don't app for vanity's sake (to impress others). For one thing most people outside of this board could give a f---. And this board is littered with people who bit off more than they could chew credit-wise. Many people work like dogs to get themselves back on good credit footing, and end up sliding back into credit hell because they get a bunch of cards and go back to old spending habits (I like the read the rebuilding section once in awhile to remind myself how things could go south if I'm not careful).

But if you can take the INQ and AAofA hits and are confident you can manage the cards responsibly, go for it!

This is one of the best posts I've seen in a while. Part of my problem is the impatience of seeing my fellow myficoers getting their shiny cards (Chase, Discover IT).  Thanks for the tip. I really don't plan on using the cards much, but want a very strong history in the future for if I have to get a new card or something.  

 

I've been learning a lot though through the app spree. Most don't like that I had lates in the past year, they could care less about my collection apparently. Also, some are VERY sensitive to inquiries in a short amount of time. 

 

I'm going to try to recon Barclay's again, and after than I'm done for at least 6 months. The next 6 months I'm going to take and rebuild my life in general. Hopefully by this time next year I'll be a very strong borrower. 

 

 

Message 13 of 20
hallas
Valued Member

Re: App spree. How many cards?

Honestly, if I am apping for one card, I will typically go on an app spree. However, I will ALWAYS app for the card (or two) that I want most first. For example, I wanted a Chase card and an Amex pretty darn bad. I apped for a Chase card first (under review > call to recon number (once, never had luck with them in the past with recon...did the whole 3 phone calls, they keep notes, and are not happy when they see you've called more than once) > denied > currently in recon with EO).

 

Second app was Amex, and they approved me instantly. I apped for a new Wells Fargo card (approved), did all of my SP 'luv buttons' (all but one CLI denied, even NCFU denied me lol), and then I applied for a couple of cards that I wanted (not as badly as I want(ed) the Chase and Amex), which were the Sallie Mae World MC and PNC CashBuilder Flex. I was denied for both, and Sallie Mae wouldn't allow me to recon without the denial letter in hand... -_- PNC doesn't allow recons apparently? I have a branch near me, considering going in person and talking to someone in the branch about it. 

 

Thus, I had relatively good success. I got an increase on my Merrill + from 6k > 8k (CLI), second Wells Fargo card (3K limit), and approval for the Amex Blue Cash Everyday. I am crossing my fingers that Chase will let me in, I pretty much told them I would take any credit limit to get my foot in the door. I have no idea why Chase refuses to give me a shot! We'll see!

 

Anyway, I try not to focus on too many inquiries. I've read some interesting forum posts about inquiries (on a different forum), and how some CC companies care, and most others don't ("it's not you, it's me"). For example, I had a lot of inquiries from June 2014 from auto loan shopping, and as such, I had just one inquiry per report (none on EX) other than those for the auto loans. However, Chase (just one example) still denied me based on the inquiries, initially. During recon, the rep was like "oh okay!" and then found a second reason to decline me, which was ONE of my cards (yes, one, a BT card), had 30%~ utilization on it, even though the payment history was perfect...lol. I don't really care much about inquiries anymore. Smiley Tongue If Amex will approve me for the BCE, and Chase won't approve me for a Chase Slate...I dunno what the credit world is coming to. For me, Chase, Citi, and Barclay hate me. Chase and Citi refuse to extend a card to me (great income, low overall utilization, at the time of apping low inquiries (except for the auto loan), and all accounts were 6 months or older. FICO scores are 725-760. I've had my Barclay Rewards card for almost a year, and I have not received ANY CLI since getting the card. It has never had high util, always paid on time, etc. They just refuse to give me a CLI, and I recon every single time. The lenders that hate me the most are the ones I hear the most positive 'recon' or 'approval' stories about. Not in my case! 

 

Lol. Good luck on your spree.  

NCFU cashRewards Visa Signature ($15K) | NCFU CLOC ($10K) | Merrill + Platinum Plus Signature Visa ($12K) | Amex Everyday Preferred ($8K) | Discover IT ($6k) | SallieMae World MasterCard ($5K) | Wells Fargo Platinum Visa ($3K) | Wells Fargo College Cash Back ($800) | BankAmericard for College Students ($1.5K) | American Express Blue Cash Everyday ($1K) | PayPal Extras MC ($2.5K) | Kay Jewelers ($4K) | Capital One QS ($1.3k) | Capital One QS1 ($1.3K) | SECU Visa ($1K) | CareCredit ($2K) | WalMart Store Card ($1.2K) | Amazon Store Card ($2K) | Macy's ($1.3K) | Barclaycard Rewards ($3K) | Target Red ($500) | Bill Me Later ($500)
Message 14 of 20
jamesdwi
Valued Contributor

Re: App spree. How many cards?

If you plan your spree right, spreading out the INQ's so they don't all end up on one or two reports, you could get away pretty easily with 6 cards, 2 cards per report. when doing sprees when your score is south of 740, avoid CAPONE, they hard pull all 3 reports, so that cuts your spree by 2 cards at least. Long term avoid Barclays since they get spooked if you recieve multiple cards after you get theirs. 

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 15 of 20
longtimelurker
Epic Contributor

Re: App spree. How many cards?

I'm not into sprees.   My advice, similar to one earlier poster, is to thoroughly research the cards and work out which ones really suit your spending and your goals.  Too often here you see people get a bunch of cards and then ask questions showing that they didn't really understand how a card works and perhaps it doesn't suit them at all (e.g. Amex cards for groceries at Walmart superstores, cashback value of MR/TYP etc)

 

Getting cards for the sake of getting cards might be exciting, but isn't necessarily either sensible or profitable.   And sprees don't disguise inqs, or impact the AAAoA (a longtimelurker trademark phrase, the average AAoA) you just get a big hit all at once rather than smaller hits throughout the year.

 

So be clear why you want to do it! And "because I read about it on myfico" might not be a sufficient reason.,,,

Message 16 of 20
mongstradamus
Super Contributor

Re: App spree. How many cards?


@longtimelurker wrote:

I'm not into sprees.   My advice, similar to one earlier poster, is to thoroughly research the cards and work out which ones really suit your spending and your goals.  Too often here you see people get a bunch of cards and then ask questions showing that they didn't really understand how a card works and perhaps it doesn't suit them at all (e.g. Amex cards for groceries at Walmart superstores, cashback value of MR/TYP etc)

 

Getting cards for the sake of getting cards might be exciting, but isn't necessarily either sensible or profitable.   And sprees don't disguise inqs, or impact the AAAoA (a longtimelurker trademark phrase, the average AAoA) you just get a big hit all at once rather than smaller hits throughout the year.

 

So be clear why you want to do it! And "because I read about it on myfico" might not be a sufficient reason.,,,


That advice is pretty spot on. You really have to know why you are apping for particular cards and the such. It makes me sad when people app for cards like ED or EDP or any of the amex charge cards and they don't use them for their main purpose imo , which is transfer to airline partners. Another thing I don't understand is when people app for cards that they can be approved for, not ones they actually need. Reaching for cards, just to get an card to report,  is usually an bad idea i think.



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 17 of 20
Kostya1992
Established Contributor

Re: App spree. How many cards?

It depends. In the next 2 years, are you planning to take out a morgage or a loan of any sorts?

Whatever you decide to do, these decisions will most affect you for the first 6 months. Once a year passes, they will no longer affect your score and lenders will not give much attention to them. After 2 years, they are forgotten.
TU08 FICO850
EX08 FICO850
EQ08 FICO850

Message 18 of 20
lg8302ch
Senior Contributor

Re: App spree. How many cards?

As other posters have said ..there is no fix number and this depends on you credit profile. As for me I hate sprees because I am not only trying to get approval but I like to get best terms. With my profile this does not happen in sprees Smiley Sad  Card # 4 of a spree is my Freedom and look at my APR of 22,99% ! That should explain it.  My results are far better by apping for 1-2 cards every 6 months and even separate pulls on CRAs.  I will stick to that plan and if the offer has bad timing like this one here

 
 
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 ...I will just let it go and wait until 2015 and  hopefully it will come back. Smiley Happy  I am not ready for another card right now  even though this offer would have been very nice and for once it does not say "existing Amex card members might not get it" ....and a lower spend requirement (normally 5K in 5 months) .... so wait for next offer for me. It is just bad timing right now.
Message 19 of 20
Supernatural
Valued Member

Re: App spree. How many cards?

I recently went on an app spree myself.  I really just wanted 2 cards with the possibility of a third but by the time I was done I had seven new accounts and my highest credit limit to date.  I have had bad credit for so long it felt so good to finally had a clean report and  to get so many instant approvals with good starting credit limits and APRs.  I just couldn't stop applying but I am glad that I did  I now have way too many cards for the amount of spending that I do.  I am very happy I now have this large safety net in cases of emergencies but for everyday use I just don't need this many.  The last thing you want is for one of the credit cards to think that you are desperate and searching for credit they might close the account or decrease your credit limit.  If I was you I would really look into what cards you really want (need) plus maybe one or two backups in case you get denied.  

 

 

Message 20 of 20
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