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Moderator
Posts: 27,207
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?
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Registered: ‎03-24-2013
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Re: Going on an "app spree" questions

im not sure who that is towards^^^^
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Regular Contributor
Posts: 217
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!!

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Re: Going on an "app spree" questions

Valued Contributor
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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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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.


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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.
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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

This point should be stressed more here an app spree should not be encouraged because its not for every profile
A thick file will support more apps at one time while a thin file may see negative reaction to this process

IMHO 4+ at one time is to many for a new file and it should be kept to 1-3 a year but we get caught up sometimes in seeing the little wheel spin and the words approved
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Posts: 217
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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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

This point should be stressed more here an app spree should not be encouraged because its not for every profile
A thick file will support more apps at one time while a thin file may see negative reaction to this process

IMHO 4+ at one time is to many for a new file and it should be kept to 1-3 a year but we get caught up sometimes in seeing the little wheel spin and the words approved

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