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@Revelate wrote:
Given that everything is time dependent in the FICO algorithms, app sprees for cards you can be approved for wind up being better statistically as long as you're applying for cards that actually have a purpose in your finances or in putting lipstick on one's report. Bunch of threads here discussing that.
+1
All things being equal, for those with young files or rebuilding, it is far more efficient to start with mulitiple quality TLs (Amex, Discover, National Banks) with HPs and new accounts close together (since they all fall off within this narrow range), than it would to apply for a new TL every year or two. This will accelerate the building and/or rebuidling much faster than a more tempered pace.
Also, early on, it's important to open TLs with the following: (1) AmEx, for obvious reasons; (2) initial TLs should all be no-annual fee, it possible; and, (3) then, garden for 2 years, with an annual January AmEx app.
Before you know it, Fico will be at or near 750. Voila, then use the credit score for whatever benefits fit your needs, and commensurate to your resources.
@Open123 wrote:
@Revelate wrote:
Given that everything is time dependent in the FICO algorithms, app sprees for cards you can be approved for wind up being better statistically as long as you're applying for cards that actually have a purpose in your finances or in putting lipstick on one's report. Bunch of threads here discussing that.+1
All things being equal, for those with young files or rebuilding, it is far more efficient to start with mulitiple quality TLs (Amex, Discover, National Banks) with HPs and new accounts close together (since they all fall off within this narrow range), than it would to apply for a new TL every year or two. This will accelerate the building and/or rebuidling much faster than a more tempered pace.
Also, early on, it's important to open TLs with the following: (1) AmEx, for obvious reasons; (2) initial TLs should all be no-annual fee, it possible; and, (3) then, garden for 2 years, with an annual January AmEx app.
Before you know it, Fico will be at or near 750. Voila, then use the credit score for whatever benefits fit your needs, and commensurate to your resources.
+2. Also for those who are more "seasoned" with higher scores, it's good "to know your price" regarding signup bonuses. Having a good idea of the minimum it takes for you to jump on an offer will make you think twice about cards that don't meet that standard.
For cards you intend to keep longer-term, look at not just what that card provides but also how it fits into the bigger picture of your credit portfolio. You should ask yourself the following questions:
1. Do I need it?
2. Does it fill a gap in my current lineup, or will it replace a current one because it's superior in some way?
3. Can I afford to take the INQ hit at this time?
4. Am I willing to pay the AF (if any) because the benefits to me outweigh the costs?
For cards that you plan to keep over the long-haul, your answer to all 4 questions should be yes.
@indiolatino61 wrote:
@USF813 wrote:
It's all about willpower.Well if that's the case, there is no hope for me...lol!
It's hope for everyone and it does take a lot of will power. you need to set you some goals
@tmbr10 wrote:Treat your inquires like gold. Every time I see the words "App Spree" in a post, I cringe. I have yet to read a justifiable reason for filling out 4 or 5 credit applications in a day.
Life isn't fair and credit is even more unfair. It takes time to get your credit where you want it. But only one billing cycle to put it on skid row. Realize this and ask yourself each time you get ready to click "submit"...Is this a need or a want. Your "need" credit cards should far outweigh your "want" credit cards.
I'll admit, I have both types of cards. Nothing wrong with that. But keep the bigger picture in mind.
+1
Focusing my goals more on cash helps, too. A million dollar CL would improve my score but have zero impact on quality of life.