Please help...I'm alittle nervous

[snowkitty]

There was a method to my madness for each card I applied for. BofA approached me first, the I applied for amazon and walmart in the same day because I shop both places and I read about the good cli they give. Then I got a preapproval from discover and followed through with it....I've always wanted one. I did fill out for old navy on a whim because I got trigger happy and I do shop there for my kids clothes. I wanted the bp because that is where I buy gas from and I wanted in with chase. I thought I was denied so I tried for shell because I go there sometimes too. That was instant plus it got me in with citi. I was shopping for my daughter on victoria secret and a preapproval popped up so I went for it. The reeds was purely on a whim....I wish I could take that one back. I'm very happy with my lineup....I just hope it don't get me in trouble because my favorite 2 cards would probably be the most sensitive to the new adds. (discover, bofa)

[snowkitty]

Thanks wolf.....I have been spreading the spending around on the cards and paying them in the same week. I have full intentions on using them all and paying them in full. I never want to be in the debt I was in 16 years ago....very expensive mistake.

[snowkitty]

Thanks Heather....that makes me feel better. I'm assuming this happens alot in the beginning and then we garden and grow wiser...lol

[maiden_girl]

I agree with the other posters. I would definitely stop applying on a whim and just focus on the cards you do have. Don't close them since the damage is already done--you've already taken a HP for all those cards. Don't apply for anything else. I made that mistake and opened up 3 new cards this month and my score dropped significantly. I don't regret the cards. I just wish I had spaced out my apps rather than going on a spree like I did.

[calihlove75]

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@Wolf3 wrote:

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@Jlu wrote:
You really had no idea that opening 9 new accounts in a month would affect an existing creditors previously favorable view of your ability to repay debts?

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A bit harsh, don't you think,   Snowkitty has been with us for 2 weeks!

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I don't think Jlu's comment was intended to be mean. All responses cannot be expected to be 'everything will be fine' ! I mean 9 accounts at once is a lot and yes creditors could question the ability to pay, especially when no payment history exists yet. Hopefully not, but it could happen. I am sure Snowkitty doesn't want everything sugarcoated.

[Revelate]

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@maiden_girl wrote:

I agree with the other posters. I would definitely stop applying on a whim and just focus on the cards you do have. Don't close them since the damage is already done--you've already taken a HP for all those cards. Don't apply for anything else. I made that mistake and opened up 3 new cards this month and my score dropped significantly. I don't regret the cards. I just wish I had spaced out my apps rather than going on a spree like I did.

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You may take a short-term, larger drop on the app spree method, but longer term (even as little as six months from now) your report and corresponding score will look better than if you spread them out by the six months this forum tends to historically recommend.

Without getting too detailed, pretty much everything is time-dependant in the FICO algorithm; as such, it behooves one to get any sort of negative (inquiry, new tradeline) aging as soon as possible by applying as soon as possible; and likewise, payment history and seasoning of a tradeline cannot begin until you actually obtain it.  The only constant in FICO scoring is that time passes, so ideally leverage that to one's advantage for future benefit.  Short-term strategies and FICO improvement are pretty mutually exclusive other than getting negative information removed if possible.

When it comes down to it, one's FICO is somewhat irrelevant unless it's needed for something; so interstial FICO scores, and that includes ones post application spree, don't matter so much as compared to when you're actually applying for something new.  A caveat though, app sprees do need to be followed by a solid time of "gardening," otherwise  any value inherent to them is derailed much in the same way that applying over time is. 

Also run screaming from app sprees or even apps in general if you're in the run-up to a mortgage.  

In this case, the OP's spree was just larger than most people's, but within a year, not a big deal, and keeping those cards for 2-5 years, well, I kinda wish I had that sort of profile but I'm taking a more conservative approach in my building strategy.

[Tommy5746]

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@Jlu wrote:
You really had no idea that opening 9 new accounts in a month would affect an existing creditors previously favorable view of your ability to repay debts?

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Had she known she wouldn't be askng for help...

[jsickz32]

Just garden for now and keep utl down and you should be ok. Thats what im doing. Good luck

[lithium78]

There are specific lenders like Amex and Barclays who are very sensitive to inquiries, but most lenders don't monitor you that closely.  You should definitely garden for six months to a year, however, and let your accounts age, so you can show how responsible you are with the credit you have.

[Jlu]

To everyone who thinks I'm just being a meankitty, I'm not. I was being real. This culture of extreme app spreeing isn't healthy. An app spree used to mean 3-5 well placed apps within a short time span. snowkitty is only the most recent, I seem to remember someone having 15 new accounts in a short period of time. I don't believe it is wise to encourage this behavior - it can lead to AA/closures and some of these folks may not be using credit for fun like some of us but instead actually need it as part of raising a family or even providing essentials for themselves (times are tough). So yeah, regardless of the fact that OP has a cute&cuddly name like snowkitty, I'm going to be real because people (unfortunately) use these forums for real financial advice.