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Credit App-Addiction Dungeon

Regular Contributor

Re: Credit App-Addiction Dungeon

LS2982 wrote:

 

I find myself promising loved ones and others "I will not app" and wait like a thief in the night when no one's around and hit that damn submit button!!! Smiley Sad

 

 


I do this, too!  I feel excited and guilty at the same time. Smiley Tongue


Starting Score: EQ 678 (8/10/11) -- TU 678 (8/10/11) -- EX Fako 639 (9/7/11)
Current Score: EQ 685 -- TU 686 -- EX 702 (lender pull)
Goal Score: At least 720 across the board by June 2012


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Message 31 of 381
Regular Contributor

Re: Credit App-Addiction Dungeon

Anyone in here have a good excuse for lots of inquiries besides the truth?

 

I don't think "I'm trying to collect all the best cash-back cards so I can take advantage of the banks." would go over too well.....

Message 32 of 381
New Contributor

Re: Credit App-Addiction Dungeon


shaddix wrote:

 

I don't think "I'm trying to collect all the best cash-back cards so I can take advantage of the banks." would go over too well.....



While I get what you're saying and think you're probably being at least a little tongue in cheek, I disagree that it's "taking advantage" to take them up on offers that they're extending. Presumably, somewhere along the line, someone at these banks has figured that it's generally worth their while to offer a sign-up bonus or a promo interest rate or better BT terms to entice new cardholders. Time will bear out if that's actually a profitable strategy for the banks, but frankly, it's a profitable strategy for ME and I don't feel bad for taking them up on it.

 

I haven't yet had to justify my inquiries to a CCC, all my apps have gone through instantly (or with just a quick phone call to verify income or identity) except Chase Sapphire. That one WAS declined for "too many inquiries," though it was only 3 others at that time. When I reconned, the rep said, "I see you have 2 other inquires from Chase (Freedom and Amazon) and one from Citi," I said, "Yes," and she overrode it and approved the card. No explanation necessary.

 

For me, I think I'm done apping now, but if I was asked to justify all the apps, I would tell them that I'm getting the cards that make the most sense for my spending habits and am grouping the apps so I take the AAoA/new accounts hit on FICO all at the same time rather than by apping for cards over time. While there have certainly been cards that that I wouldn't have necessarily apped for right away without a generous sign on bonus, I do collect cards that fill a niche in my spending, and have a plan to use them. It's just coincidental that they were all offering bonuses or terms that fit my needs at pretty much the same time.

Message 33 of 381
Regular Contributor

Re: Credit App-Addiction Dungeon


KLGFCG wrote:

shaddix wrote:

 

I don't think "I'm trying to collect all the best cash-back cards so I can take advantage of the banks." would go over too well.....



While I get what you're saying and think you're probably being at least a little tongue in cheek, I disagree that it's "taking advantage" to take them up on offers that they're extending. Presumably, somewhere along the line, someone at these banks has figured that it's generally worth their while to offer a sign-up bonus or a promo interest rate or better BT terms to entice new cardholders. Time will bear out if that's actually a profitable strategy for the banks, but frankly, it's a profitable strategy for ME and I don't feel bad for taking them up on it.

 

I haven't yet had to justify my inquiries to a CCC, all my apps have gone through instantly (or with just a quick phone call to verify income or identity) except Chase Sapphire. That one WAS declined for "too many inquiries," though it was only 3 others at that time. When I reconned, the rep said, "I see you have 2 other inquires from Chase (Freedom and Amazon) and one from Citi," I said, "Yes," and she overrode it and approved the card. No explanation necessary.

 

For me, I think I'm done apping now, but if I was asked to justify all the apps, I would tell them that I'm getting the cards that make the most sense for my spending habits and am grouping the apps so I take the AAoA/new accounts hit on FICO all at the same time rather than by apping for cards over time. While there have certainly been cards that that I wouldn't have necessarily apped for right away without a generous sign on bonus, I do collect cards that fill a niche in my spending, and have a plan to use them. It's just coincidental that they were all offering bonuses or terms that fit my needs at pretty much the same time.


Extremely helpful post! Thank you! That really hit the spot.

 

I have a declined chase freedom letter in my hands right now and it lists only too many inquiries as the reason for the decline. I will give them a call tomorrow. I have a chase amazon card that is 6 months old with perfect history so I am thinking my recon chances are good.

Message 34 of 381
Established Contributor

Re: Credit App-Addiction Dungeon

I've app'd and have been approved for 12 cards this year and each one of them had a reason behind it aside form "my finger was itching"...lol!!  The sign-up bonuses have been impressive this year (did 3 free-flight airline card bonuses) and most recently (after buying a new home) have done both 0% financing offers and/or cash back with spend requirements that I could feasibly do.  I do have to say that it is important to keep all of the app'ing under control and have a carefully thought out game plan so you don't shoot yourself in the foot and miss out on upcoming opportunities.  The banks, airlines, and retail stores are gonna be very aggressive to sign up new customers when the economy finally gets better and your credit can be your most important asset.  If you do app... do it smartly and with a true purpose Smiley Wink

CCs: Chase Freedom VS 12.9k, CSP VISA Sg 13k, BofA Amex 24.5k, Discover 12.5k, US Bank Cash+ Visa Sg 17k, Macy's Amex 8k/1.5k, Gap Visa 10k, Best Buy 11.1k, Citi TY MC 10.8k, Citi AA Amex 6k, Nordstrom VS 10k, Costco Amex 12k, BofA CR VS 5k, Amex BCP 13.5k, Amex ED 5k, Sears MC 9k, HD 7k, Target 600, Amazon 7k, US Bank MC 15k, US Airways MC 8k, NFL Visa 4k, Patelco Visa 10k, Penfed PR VS 44.6k, Chase Hyatt VS 8k, Citi Simplicity 13.3k, PayPal MC 7.5k, BBVA Visa 4k, WF VS 14k, FNBO Amex 14.1k, OCCU VISA 15k, TR Visa Sg 16.3k, C1 QS Visa 11k, FRN MC 15k, HSN 4k, Saks WEMC 10k/4k, Chase Ink 18k, Arrival WEMC 10k, Ebates VS 8k, Orbitz VS 12k, NASA V 30k, USBk FP VS 21.5k, DC 30k, VirgAm 15k, Sams MC 15k, Amex Bz Gold, Amex SC 10k, BofW Bz MC 18k
Message 35 of 381
Regular Contributor

Re: Credit App-Addiction Dungeon

After amex denied me like a hundred times I just got my mother to apply for a BCE(she won't do the BCP Smiley Sad) and I will just be on her account as an AU. I will spend an extra 300 dollars a year since its not the BCP but hopefully I can get approved either this coming january or next january and start out my own BCP with a nice fat 1 or 2 year history.

Message 36 of 381
Mega Contributor

Re: Credit App-Addiction Dungeon

Still kicking myself for that amazon app.....

 

I even thought they wanted to verify identity so I called in to ask about my status and theyre like "sir, you were declined" Smiley Mad




EQ FICO 548 3/3/16
Message 37 of 381
Regular Contributor

Re: Credit App-Addiction Dungeon

Chase still would not approve me for a freedom.. They said I could close my amazon card and open a freedom.. I think I'll do that, I never use that amazon card at all anyway. Citi forward ftw.

 

The reason they gave was there is a hard limit on how many new accounts that can be opened in a year and still be approved for any chase card. Even though the letter said inquiries they said they could override if it was that alone but I had too many new accounts.... which I do:

 

opened in last 12 months:

belk $200

walmart $400

discover more $3000

citi forward $6000

fidelity amex $2500

amazon store $900

cap 1 crap card $500

chase amazon $700?

Message 38 of 381
New Contributor

Re: Credit App-Addiction Dungeon

You guys are cracking me up!  "Too many inquiries".  I swear,  all the stores throwing those cards at your face when you are at any register, then you apply and they so NO. Too many inquiries... Then stop asking me!! How can you get a new credit card if you don't apply??? Hypocritical if you ask me..Smiley Indifferent

Message 39 of 381
Senior Contributor

Re: Credit App-Addiction Dungeon


butterflyblu wrote:

You guys are cracking me up!  "Too many inquiries".  I swear,  all the stores throwing those cards at your face when you are at any register, then you apply and they so NO. Too many inquiries... Then stop asking me!! How can you get a new credit card if you don't apply??? Hypocritical if you ask me..Smiley Indifferent


I think that we're supposed to be exercising something called "self-restraint", but I'm not certain.

 

(Tip:  If you're posting in this thread, you don't have it...  )



Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Message 40 of 381