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Valued Member
johnicek
Posts: 80
Registered: ‎05-12-2013
0

How Do "App Sprees" Effect Credit?

So I guess I just went on an "App Spree" of sorts. I apped for 4 cards tonight, and 1 card about a week or so ago.

 

I was approved for 3 cards instantly tonight (Last 3 in my siggy). 1 card, I was given a pending on (Discover it) and the one from a week or so ago was denied (Chase)

 

I plan on going the EO route for Chase and Discover if I get declined (Which I'm willing to bet I will.) But let's assume I don't get approved.

 

My score was 673 as of right before my apps tonight. So how will the 4 inquiries affect my score since I was approved for 3 (And a high limit in relation to my other cards on 2 of the approvals). Does getting approved (ie. new line of credit also shows up) make the inquiries have less of an impact?

Established Contributor
TheGardner
Posts: 642
Registered: ‎01-12-2014
0

Re: How Do "App Sprees" Effect Credit?

The inquiries will have the first impact immediately, if you were to check your score again right now it will be lower. As the new accounts report that will effect your AAoA causing a larger impact (depending how thick your file is). You may get a rebound from UTIL with the new available credit..

The impact will start rebounding each month going back up and may even exceed your starting score in a month or so as new payments report.

The larger TL doesn't add additional points outside UTIL But will help with future CLIs from current and future creditors.
If anyone needs me I will be In The Garden. Goal Score: 720 for all in 2014.
TU - 726 EX - 703 EQ - 697 myfico 3 score watch
Need to work on AAoA now..
In the Garden Oct 23, 2014 - ?
Valued Member
johnicek
Posts: 80
Registered: ‎05-12-2013
0

Re: How Do "App Sprees" Effect Credit?

Thanks for the info.

 

Before tonight I had 2 cards (Cap1 and 1FBUSA) which were recently CLI'd to the limits in my sig. I had them for 6 months And they were my first cards and the beginning of my credit history. I know it's going to kill my AAOA but that's not nessicarily a bad thing to me since I was more concerned about getting a card with higher limits because I find myself going high on UTIL (Rewards/Cashback reasons. I PIF every month). Wound up getting a few good limits with rewards, and in a year, a new card or two won't hurt me as bad since I'll have some more accounts with higher ages (relatively).

 

All in all I think it was a good decision to try for a few cards at once so they all age at the same rate. Hopefully this won't set off any red flags or make me look desperate for credit. I have limits now that should keep me well below 30%.

Moderator
Kenny
Posts: 5,934
Registered: ‎01-15-2009
0

Re: How Do "App Sprees" Effect Credit?

Well, I would just own it to Discover and Chase -- yes I am seeking credit because I'm starting my credit portfolio -- I don't know that it will take the EO route for any of it. Chase has a really good recon so long as you don't have derogs on your profile. I would suggest calling them on Monday -- well Chase & Discover.

Good luck and congrats on your cards! The Sam's club will grow for sure with little usage. The Barclaycard is great for CLIs and I recommend reading the Barclay card thread.
Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:776(11/05) - EQ04:770(10/31) - EQ08:796(11/08) - TU08:798(11/18)
Goal Score: 800+
Valued Member
johnicek
Posts: 80
Registered: ‎05-12-2013
0

Re: How Do "App Sprees" Effect Credit?

Thanks!

 

Are you suggesting I call the 800 number for Chase and/or Discover for a recon?

 

For Cap1 I went straight to the EO.

 

I'd really like to get the Chase card if at all possible.

 

No baddies. Just limited history (6-7 months now) and no installment loans or anything other than CCs.

Established Contributor
TheGardner
Posts: 642
Registered: ‎01-12-2014
0

Re: How Do "App Sprees" Effect Credit?

The good news is that your AAoA won't be hit as it rounds up for first year (shows 1 year for you right now) then rounds down years 2+.

Good luck you are off to a good start!
If anyone needs me I will be In The Garden. Goal Score: 720 for all in 2014.
TU - 726 EX - 703 EQ - 697 myfico 3 score watch
Need to work on AAoA now..
In the Garden Oct 23, 2014 - ?
Established Contributor
TheGardner
Posts: 642
Registered: ‎01-12-2014
0

Re: How Do "App Sprees" Effect Credit?

Recon can't hurt, let them know you want to start your relationship with them so it can grow with you! Good luck
If anyone needs me I will be In The Garden. Goal Score: 720 for all in 2014.
TU - 726 EX - 703 EQ - 697 myfico 3 score watch
Need to work on AAoA now..
In the Garden Oct 23, 2014 - ?
Moderator
Kenny
Posts: 5,934
Registered: ‎01-15-2009
0

Re: How Do "App Sprees" Effect Credit?


johnicek wrote:

Thanks!

 

Are you suggesting I call the 800 number for Chase and/or Discover for a recon?

 

For Cap1 I went straight to the EO.

 

I'd really like to get the Chase card if at all possible.

 

No baddies. Just limited history (6-7 months now) and no installment loans or anything other than CCs.


http://ficoforums.myfico.com/t5/Credit-Cards/Backdoor-Numbers/td-p/408066

 

I'd call the App recon number -- that way if it is a denial you can go ahead and explain your application. (Just start by saying, I applied for *this card -- whatever it is* and I just wanted to check the status of my application...)

 

What situation you go to Cap1 EO for ? CLI? Product change to Quicksilver? Not sure what you meant here. :smileyhappy:

Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:776(11/05) - EQ04:770(10/31) - EQ08:796(11/08) - TU08:798(11/18)
Goal Score: 800+
Valued Member
johnicek
Posts: 80
Registered: ‎05-12-2013
0

Re: How Do "App Sprees" Effect Credit?

Ah, ok I will try the back door for Chase.

 

I did EO for Cap1 when I append for the Journey card. No credit history and hardly any income to speak of. Wound up getting a guy who wound up putting it through after getting copies of ID/SS for $300.

Moderator
Kenny
Posts: 5,934
Registered: ‎01-15-2009
0

Re: How Do "App Sprees" Effect Credit?


johnicek wrote:

Ah, ok I will try the back door for Chase.

 

I did EO for Cap1 when I append for the Journey card. No credit history and hardly any income to speak of. Wound up getting a guy who wound up putting it through after getting copies of ID/SS for $300.


Ahhhhh, ok gotcha. Well, best of luck! 

Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:776(11/05) - EQ04:770(10/31) - EQ08:796(11/08) - TU08:798(11/18)
Goal Score: 800+

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