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Regular Contributor
AlmostHome78
Posts: 139
Registered: ‎04-21-2011

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!!! :smileysad:

 

 


I do this, too!  I feel excited and guilty at the same time. :smileytongue:


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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Regular Contributor
shaddix
Posts: 149
Registered: ‎10-28-2011

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.....

New Contributor
KLGFCG
Posts: 58
Registered: ‎11-25-2007

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.

Regular Contributor
shaddix
Posts: 149
Registered: ‎10-28-2011

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.

Established Contributor
jefftca925
Posts: 674
Registered: ‎08-14-2008

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 :smileywink:

CCs: Chase Freedom VISA Sig/World MC 2k/6.9k, CSP VISA Sig 5k, BofA Amex 12.5k, Discover 10.5k, US Bank Cash+ Visa Sig 12.5k, Macy's Amex 8k/1.5k, Gap Visa 10k, Best Buy 11.1k, Citi TY MC 9.2k, Citi AA Amex 6k, Nordstrom Visa Sig 10k, Amex Zync, Costco Amex 12k, BofA CR Visa Sig 17k, Amex BCP 9.5k, Amex Blue 5k, Sears MC 9k, HD 7k, Target 600, Amazon 7k, US Bank MC 15k, US Airways MC 4k, NFL Visa 4k, Patelco Visa 10k, Penfed PR Visa 15k, Chase United Visa Sig 13k, Chase Marriott Visa Sig 8k, Citi Simplicity 11.4k, PayPal MC 5k, Compass Visa 4k, WF Visa Sig 14k, FNBO Amex 14.1k, OCCU VISA 15k, TR Visa Sig 10.8k, Capital One QS Visa 3k, FRN MC 12k, Vitacost MC 12k, HSN 4k, Saks WEMC 10k/4k... FICOs as of March '14...EQ 808 TU 807 EX ?
Regular Contributor
shaddix
Posts: 149
Registered: ‎10-28-2011

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 :smileysad:) 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.

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

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" :smileymad:




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
shaddix
Posts: 149
Registered: ‎10-28-2011

Re: Credit App-Addiction Dungeon

[ Edited ]

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?

New Contributor
butterflyblu
Posts: 64
Registered: ‎03-08-2009

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..:smileyindifferent:

Valued Contributor
tcbofade
Posts: 1,747
Registered: ‎09-26-2011

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..:smileyindifferent:


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...  )



Current Scores: EX 711 (FCR) TU08: 658 Wally (TU08). Last app 03/08/2014.

Gardening until October 2014.

(Thou shalt not app, thou shalt not app, thou shalt not app...)

Zero percent financing is where the devil lives...

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