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Going on an "app spree" questions

Moderator Emerita

Re: Going on an "app spree" questions

Inq's are in real time. Yes, there might be some delay with processing but in the end the lenders will see your inq's.

IIRC, you did not have any credit. Were you able to get a co-signer or have your Dad add you as an AU?
Message 11 of 31
Valued Contributor

Re: Going on an "app spree" questions

im not sure who that is towards^^^^
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 12 of 31
Regular Contributor

Re: Going on an "app spree" questions


09Lexie wrote:
Inq's are in real time. Yes, there might be some delay with processing but in the end the lenders will see your inq's.

IIRC, you did not have any credit. Were you able to get a co-signer or have your Dad add you as an AU?

Alright sounds good.

 

No, but I have plans to do it myself!!

Message 13 of 31
Moderator Emerita

Re: Going on an "app spree" questions

Message 14 of 31
Valued Contributor

Re: Going on an "app spree" questions

App sprees work for a few reasons.

1) the first few inquiries take the most off FICO score and effect of more inquiries becomes minor. However, some lenders will exclude based on too many inquiries. App spree will not "hide" inquiries.
2) app spree will "hide" new accounts. You app before any approved accounts hit credit report. As a result you avoid the normal FICO decrease because of AAoA reduction and new account hit.
3) a not so obvious reason is that app sprees typically are better planned than random apps. You spend more time planning out your strategy and hopefully maximizing your. Credit score beforehand. For example. Apping to lenders who pull different cra and setting ideal util before app one.
               LIMITS IN CARD DESCRIPTIONS
Message 15 of 31
Valued Contributor

Re: Going on an "app spree" questions


missjae wrote:
You can try, but credit pulls are instant. Alternatively, you can try picking different lenders that are known to pull different reports so you don't get tons of inquiries on one report.

This is what most people try to do, so each lender will only see 1 or 2 pulls, if you pick your apps carefully. This usually will keep you from spooking any lenders. Keep in mind, you never really know what some lenders want, and the effect on your scores may be less if your AAoA is longer.


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, UMB Visa, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (4), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 801; TU MyFico: 799; EX (My Fico): 797
Message 16 of 31
Regular Contributor

Re: Going on an "app spree" questions

I like Luscher's thinking! It doesn't work like that, but it sounds like mad fun.
Starting Score: WMT TU (3/13) 644. EQ FICO (3/13) 595
Current Score: WMT TU (8/14): 666. FICO's: EQ (8/14): 661. EX (7/14) 658. TU (7/14) 697 | Goal Score: 700s

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Message 17 of 31
Super Contributor

Re: Going on an "app spree" questions


awiser wrote:
I like Luscher's thinking! It doesn't work like that, but it sounds like mad fun.

Oddly enough that method worked.....long long ago tho

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 18 of 31
Regular Contributor

Re: Going on an "app spree" questions

So applying for both the Citi Dividen for students and Forward for students is probably a bad idea?

Message 19 of 31
Super Contributor

Re: Going on an "app spree" questions


Jungook wrote:

So applying for both the Citi Dividen for students and Forward for students is probably a bad idea?


Not at all but both will most likey pull EX

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 20 of 31