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Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012

Better to do an app spree or to slowly add cards

I've been in the garden for a while and I'm not planning on leaving in the near future.

I've dabbled with the idea of a Walmart card but don't see me using it (no WM gas around here) so I don't see the point in having it for the report.

 

Everyone seems to go out on spree and apply for a bunch of cards at one time which to me seems backwards.

 

Once I decide to pull the trigger on some cards; would it be better to app all at the same time or to do 1 at a time stretching them out say once every couple months.

 

my thought process is adding 2 or 3 cards all at one shot would drop my AAoA drastically, but if I add 1 then add another one 6 months later wouldn't that lessen the blow? Pluse your not taking all those hard pulls at the same time.

 

Right now my AAoA is around 2 years and I won't be apping for anything for at least a full 9 months from now. Just not sure which would be the better scenario.



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Frequent Contributor
scientifics
Posts: 411
Registered: ‎05-01-2010

Re: Better to do an app spree or to slowly add cards

As long as you are applying for a reasonable amount of cards (and cards you actually need), I'd say do them all at once so all the HPs fall off your report at the same time.

Super Contributor
CS800
Posts: 6,542
Registered: ‎04-07-2008

Re: Better to do an app spree or to slowly add cards

My logic for app sprees:

 

1. All the inqs age/fall off at the same time

2. All the cards report at the same time so initially no drop in AAoA while apping.

 

On the flip side, some creditors might get nervous because of all the new inqs and CLD or FR might and I say might happen.






Contributor
irving_magik
Posts: 167
Registered: ‎07-13-2011

Re: Better to do an app spree or to slowly add cards

This is funny, I literally was about to post a very similar questions.........

 

 

I just got approved this morning for a BCP.... and was wondering if I should pull a couple more triggers......

 

 

OP, I do see the benefits and logic to doing an APP spree, but at the same time, you have to concider your very own situation. Here is my take on why I will personally not do an app spree and spread some apps around....... If anybody thinks my strategy is flawed, please, please let me know.....

 

 

I just got a 5k limit on this BCP... the other cards that are on my wish list are the Chase Sapphire or Freedom and US Bank Cash+... I really want a Visa Siggy.

 

 

I don't currently have any 5K limits, so for me, it may be best to wait 2-3 months to allow my BPC to report and then pull the trigger on the cards I really really want.

 

 

My point, is create a wishlist and the great members here will help you plan out your best strategy on applications......

Fico Scores: TU 734 (08/12/2012) and EQ 716 (12/08/2012)

AMEX BCP $10,000 (opened 09/2012) - Citi TYP $6500 (opened 12/2012) Chase Freedom $1500 (opened 09/2012)

GMAC Mortgage $181,000 (opened 07/2011) - Car Loan $18,000 (opended 01/2011)
Regular Contributor
XxRaVeNxX
Posts: 201
Registered: ‎08-19-2012

Re: Better to do an app spree or to slowly add cards


CS800 wrote:

My logic for app sprees:

 

1. All the inqs age/fall off at the same time

2. All the cards report at the same time so initially no drop in AAoA while apping.

 

On the flip side, some creditors might get nervous because of all the new inqs and CLD or FR might and I say might happen.


+1...but on that note...some people say, creditors may not see the inquiries if the app spree is done close together...like the same day...

Chase Southwest $5000 - November 2012 Wal Mart $1000 - November 2012 NFCU Visa $5,000 - Sept 2012 NFCU NavCheck $3,000 - October 2012 Amazon $900 - Aug 2012 Kay's Jewlery $2700 - Aug 2012 Buckle $250 (Shopping cart trick) - October 2012 Roaman's $250 (Shopping cart trick) - October 2012 Capital One Secured $225 - April 2012 Capital One Platinum $2500 - July 2012
Moderator
tinuviel
Posts: 4,871
Registered: ‎11-02-2010

Re: Better to do an app spree or to slowly add cards


XxRaVeNxX wrote:

CS800 wrote:

My logic for app sprees:

 

1. All the inqs age/fall off at the same time

2. All the cards report at the same time so initially no drop in AAoA while apping.

 

On the flip side, some creditors might get nervous because of all the new inqs and CLD or FR might and I say might happen.


+1...but on that note...some people say, creditors may not see the inquiries if the app spree is done close together...like the same day...


 

The inquiry is recorded in real time, so if another lender pulls a report from a bureau, and you had just apped and had another lender pull from the same one, then they should see the inq.

 


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Platinum Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 8.95k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.2k, Kay Jeweler's 5.1k
Contributor
irving_magik
Posts: 167
Registered: ‎07-13-2011

Re: Better to do an app spree or to slowly add cards

Let us know what you decide to do...

Fico Scores: TU 734 (08/12/2012) and EQ 716 (12/08/2012)

AMEX BCP $10,000 (opened 09/2012) - Citi TYP $6500 (opened 12/2012) Chase Freedom $1500 (opened 09/2012)

GMAC Mortgage $181,000 (opened 07/2011) - Car Loan $18,000 (opended 01/2011)
Frequent Contributor
iMacDrew
Posts: 350
Registered: ‎07-13-2012

Re: Better to do an app spree or to slowly add cards

they see the inq, but if youre approved for that card they wont see that brand new card on your report which brings down your AAoA. There are plenty of topics that discuss this if you use the search bar.

Lender pulled 10-10-13
EQ Fico 715 | EX Fico 714 | TU Fico 703
Moderator
Revelate
Posts: 6,858
Registered: ‎12-30-2011

Re: Better to do an app spree or to slowly add cards

If you assume AAoA just for say the 3 cards alone (somewhat reasonable since you can average seperately mathematically before aggregating appropriately):

 

App spree at one year mark:

1 year on 3 tradelines = 1 year age / 1 year AAoA

 

Spreading it out 6 months at a time at one year mark:

1 year on one, six months on another,  0 age on a third = 6 months AAoA.

 

Also from a pure FICO perspective in addition to the AAoA shift, you're going to have 2 inquiries still counting against you (for a while still) in the second scenario instead of they're being gone for scoring purposes in the first.

 

Final point  in the spree's favor: payment history is the king of FICO, even though it's undersung on this forum taking second fiddle to the revolving utilization we talk so much about.  Positive unblemished history is the road to gold-platedness for all of us, and for both underwriting and FICO, we look a lot better with one year on a tradeline if we do need to apply for anything else, than a bunch of sporadic ones spread out throughout the year in this case.

 

End of the day, since FICO scoring is utterly time dependent, it's mathematically better for one's score between six months and two years definitely, and likely up to around four years total... that the app spree method winds up being better for one's FICO health.  4 years down the road it's mostly irrelevant with the way AAoA appears to be calculated, and there'd be diminishing returns eventually on payment history too.

 


Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 672, Wally TU 686, EX 702 (04/14)
Goal Score: 700 in all three (01/01/15)


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Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012

Re: Better to do an app spree or to slowly add cards

[ Edited ]

Revelate wrote:

If you assume AAoA just for say the 3 cards alone (somewhat reasonable since you can average seperately mathematically before aggregating appropriately):

 

App spree at one year mark:

1 year on 3 tradelines = 1 year age / 1 year AAoA

 

Spreading it out 6 months at a time at one year mark:

1 year on one, six months on another,  0 age on a third = 6 months AAoA.

 

Also from a pure FICO perspective in addition to the AAoA shift, you're going to have 2 inquiries still counting against you (for a while still) in the second scenario instead of they're being gone for scoring purposes in the first.

 

Final point  in the spree's favor: payment history is the king of FICO, even though it's undersung on this forum taking second fiddle to the revolving utilization we talk so much about.  Positive unblemished history is the road to gold-platedness for all of us, and for both underwriting and FICO, we look a lot better with one year on a tradeline if we do need to apply for anything else, than a bunch of sporadic ones spread out throughout the year in this case.

 

End of the day, since FICO scoring is utterly time dependent, it's mathematically better for one's score between six months and two years definitely, and likely up to around four years total... that the app spree method winds up being better for one's FICO health.  4 years down the road it's mostly irrelevant with the way AAoA appears to be calculated, and there'd be diminishing returns eventually on payment history too.

 


Thanks this was helpful! I guess when I'm ready for some better cards, I'll do them at the same time.

 

Something I didn't think about that someone mentioned - some pull different reports. So perhaps I should do my homework on which cards usually pull which reports and try to keep to ones that don't choose the same one.

 



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three

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