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09Lexie
Posts: 25,939
Registered: ‎09-13-2012
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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?
Established Contributor
Luscher
Posts: 1,048
Registered: ‎03-24-2013
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Re: Going on an "app spree" questions

im not sure who that is towards^^^^
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | DISCOVER IT | CHASE CSP
--------$32,000------------$22,700-------------$18,000----------$11,000--------$8,750-----------$5,000-----

FICO - TU: 780 EX: 785 EQ: 760
Contributor
Jungook
Posts: 186
Registered: ‎08-02-2013
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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!!

Moderator
09Lexie
Posts: 25,939
Registered: ‎09-13-2012
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Re: Going on an "app spree" questions

Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
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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.
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Established Contributor
emptypockets
Posts: 989
Registered: ‎02-03-2009
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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, Nordstrom Visa,US Bank Cash+, Chase (5), Huntington Voice, UMB Visa, Nasa FCU Plat Cash Visa, Barclay's Visa, Citi (4), Discover IT, Walmart Discover, Sam's MC, Cabela's Visa, Cap One QS, BOA (2), BMW Visa, Comenity Visa/MC (3), Ebates Visa Siggy, 5/3 RLR MC, Macy's AMEX; Several store cards.

Current Scores: EQ (6/14): 800; TU MyFico (6/14): 814; Walmart TU Fico 08 (10/2014): 813; EX (6/14): 775
Regular Contributor
awiser
Posts: 149
Registered: ‎03-06-2013
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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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Senior Contributor
myjourney
Posts: 26,602
Registered: ‎02-07-2013
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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

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Contributor
Jungook
Posts: 186
Registered: ‎08-02-2013
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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?

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myjourney
Posts: 26,602
Registered: ‎02-07-2013
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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

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13



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