Best Method to USE to Go on an App Spree

[Anonymous]

I have 8 CC BOA 3500CL, Hooters 750, Penfed 5000, DISCOVER 1000, Cap1 500, Amex 8700, CCCU 6500, KEYBANK 25000, ALL IN THE LAST 8 MONTHS. I WANT TO GET MORE CCS BUT I DONT WANT IT TO EFFECT ON MY SCORES NEGATIVELY. WHAT IS THE BEST WAY TO GET THEM. I HAVE BEEN APPLYING ONE EVERY MONTH. IF I APPLY FOR ONE AT A TIME IT SEEMS TO STAY STABLE. I AM A LITTLE ANXIOUS ABOUT APPLYING FOR MORE AND GET MORE INQUIRES.

Message Edited by sealdog on 05-20-2008 12:19 AM

Message Edited by sealdog on 05-20-2008 05:56 AM

[Anonymous]

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sealdog wrote:

I have 8 CC BOA 3500CL, Hooters 750, Penfed 5000, DISCOVER 1000, Cap1 500, Amex 8700, CCCU 6500, KEYBANK 25000, ALL IN THE LAST 8 MONTHS. I WANT TO GET MORE CCS BUT I DONT WANT IT TO EFFECT ON MY SCORES NEGATIVELY. WHAT IS THE BEST WAY TO GET THEM. I HAVE BEEN APPLYING ONE EVERY MONTH. IF I APPLY FOR ONE AT A TIME IT SEEMS TO STAY STABLE. I AM A LITTLE ANXIOUS ABOUT APPLYING FOR MORE AND GET MORE INQUIRES.

Message Edited by sealdog on 05-20-2008 12:19 AM

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Hi Sealdog,

I wish I knew the answer!  The true answer is it probably varies with each person's personal credit history/report. 

I *think* (not the expert) that if you generally have very low utilization then you shouldn't have to worry about strategy in terms of approvals.  As far as the inquiries go, I think that too will also depend on your situation.  If you think you'll be buying a house within a year or so.... you may not want to rock the boat at all and just make sure you keep clean and/or get some CLI's, though you want to really only try and do a CLI request on cards that will do a SOFT pull. 

When you *do* decide to app for the CC's - I personally like the 'all at once' approach, so that the pain (and the gain) happens all at once, as will the 'fall off' a year later.  I think that makes it easier to plan.  There are some cards that *hate* seeing inquiries (such as Pentagon Federal), so the order of the app spree does make a difference regarding CL's.

Just my two cents.  I'm sure there's others better informed who can answer better. 

Best of luck! 

[llecs]

I wouldn't be too concerned about the inquiries. They will hurt/not hurt you the same whether you app in one day or one month. As previous poster mentioned, watch out for ARs that could give your existing creditors fodder to engage in a FR of sorts. I didn't know Penfed did that. But Amex absolutely does. If they see you apping and opening new accounts, they'll either FR you or close you in a hurry. Best strategy with them is to space it out over time (1-2 new CCs/yr).

Score-wise, what will hurt you is the new credit. Sounds like your avg. credit history is low (8 new CCs in 8 months) and if your utilization is low, then expect a 15-25 point drop per CC. So, if you apply to 4 now, expect a drop next month of 60-100 points. If any of your other CCs are like Amex, expect problems. IMO, pace it out (1-2-3 per yr). If utilization is an issue, go for some CLIs.

Edit to clarify....any loss due to new accounts will be recovered mostly within next 6 months.

Message Edited by llecs on 05-20-2008 09:49 AM

[MidnightVoice]

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sealdog wrote:

I have 8 CC

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sealdog wrote:

 Best Method to USE to Go on an App Spree

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Why?  You have 8 cards and $51K credit?  For what purpose do you need more?

[marty56]

I also ask WHY?

More then 2 INQs in a year will show up as hurting your score.  Not to mention opening those new accounts and average age.

If your goal is to break 800, you are heading down the wrong path.

[Anonymous]

  Me on the other hand, I had to go on an App spree. My Fico scores where in the 650’s. I had one revolving credit line open. So I went on my App. Spree. I applied for 10 cards in about 2 weeks. I had my Mortgage, my car, and one Marbles card with a $300 limit. But! I needed money for an engagement ring for my G/F. It started with an Application to BOA, Denied do to Util. What is this I am denied? WTH, I haven’t been late on any payments in 4 years and I make 50k a year. How can this be? So I found this forum. I started to understand that in order to get credit, you must first not need it to begin with.

  Every time I applied for a prime card, it was denied do to my util. So in 2 weeks time I have a HSBC Sears card $1900 CL (I needed a riding Lawn mower for my house, 12 months same as cash). A Chase card $500 CL which I had to Recon to get. A HSBC Direct rewards Discover card $700 CL (HSBC has been good to me). A Hooters Card $500 CL, A Zale’s Card for $1000 CL. And a Wal-mart card for $300. I plan to use each of them once every other month for Gas or Food, something I would buy any ways and pay them off the same day if I can. I know this will hurt my Inquiries and Time of Accounts, but I had to do something. My UTIL. will be looking much better. I am tiring to get in shape for a BOA or AMEX card with a Big Limit. I had to start some where. And I am in a point in my life where I don’t need the cards but, if I don’t start now 5 years from now when I do need the criedt I wont have it?

Anyones Thoughts on this? A bad move or in 2 years will I be sitting pretty?

Funny thing is I got a Personal loan for the Money I needed for the ring, which I was approved for a much higher limit than I needed. I took what I needed and that was all.

[marty56]

Lets say that after a year, all the INQs drop off and the accounts are no longer considered new.  You would still have the problem of not being able to have more then 1 or 2 report a balance and if they do, the util needs to be under 10%.

[smallfry]

I made the mistake last year when I started rebuilding of applying willy nilly w/o any kind of plan. Make sure you want the card you are applying for and its one you have a reasonable chance to get. I know it can be hard if you read these types of boards to exercise self control but you gotta do it. While FICO stops scoring the inqs after 1 year don't make the mistake of thinking the issuers can't see those older inqs when you apply. They see them for 2 years.

[scramblingin2007]

Yes, I agree with the others, wait it out until your in the 700's so you can get a nice plump prime card. That's my plan. I got all excited when my scores hit mid 600's and got a few new cards wamu, disc, a few stores. Now I learned my lesson because my avg age dropped and I only got a few k limits. My eyes are on the prize now. I want high 700's in a few months. I will wait and wait until I am there and then I will app for a nice plumper. It is not worth dropping your score and avg age for a crappy card and limit imo.

Edited: Oh I see you are in the 700's but now your goal should be 800. Choose wisely my friend!

Message Edited by scramblingin2007 on 05-20-2008 05:08 PM

[Uniqua]

I'm with MidnightVoice on this one. Why do you need another card? Leave well enough alone before you get yourself into trouble.