Pros and Cons of Credit Card App Sprees

[Anonymous]

---

@CreditDunce wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:
I personally never saw a reason for a spree. I have plenty of available credit with only 5 CC. I have a 6yr AAoA and would hate to lose that. New inq don't bother thought...they only matter if you're seeking more credit which I'm not.

We see a lot of app spree regret on this board...credit decisions should not be taken lightly!

PS: I like the movie reference, if we were only talking pros, "For a Few Dollars More" could work.

---

When I apped I had an overall plan and order of apping which is why I have good cards with good limits.  I began apping after Chapter 13 recovery because all my old cards were no longer in use and I knew I needed new ones to fill the gap as  the old ones fell off my reports. I do not recommend App sprees even though I went on a few. Rebuilding is a b***h! lol Anyway, now is more normal and I have no need or plan to ever do it again.

That being said, I guess I worry about those who spree with no plan and get caught up in the adrenaline rush. Because I had an overall plan, I really didn't feel much of that. 

Like your comment about "For a Few Dollars More." lol

---

App spree result: "A Fist Full of Cards"

---

Ah, perhaps. lol

[Anonymous]

Thank you to everyone who posted. I am hoping it will benefit those of us who are interested in sprees and their consequences. Thank you!

[Anonymous]

I say its always bad to app on impulse.  Waiting until theres a great bonus, or some offer that will greatly benefit you.  (eg a real preapproval with a low APR with a bank you know will give you good CLIs, and fast)

I would always advocate a person seek a local credit union first if possible.

I think my only regret was Lenovo Preferred...luckily it was only a SP, but still a hit to AAOA.

[Kidcat]

Good thread.  

I wish I had thought more on my early app sprees.  My last app spree was fruitful and I got the cards I wanted.  But the inquiries piling up really started bothering me.  I do not see an app spree in my future.  

If there is a specific card I want, I will go for only that one.

So regrets on the early app spree (some of which were closed within months).  No regrets once I only went for cards that I had planned to go for months before.

[CJ7]

---

@GalaxyStars wrote:


1. The cool looking card, I only apped for Citi Diamond because it looked cool. Kinda like the infamous black card lol.

---

You forgot the "Preferred" part... that makes it twice as prestigious!

[Anonymous]

---

@Anonymous wrote:

I say its always bad to app on impulse.  Waiting until theres a great bonus, or some offer that will greatly benefit you.  (eg a real preapproval with a low APR with a bank you know will give you good CLIs, and fast)

I would always advocate a person seek a local credit union first if possible.

I think my only regret was Lenovo Preferred...luckily it was only a SP, but still a hit to AAOA.

---

Thanks, jfriend. Good advice.

[Anonymous]

---

@Kidcat wrote:

Good thread.  

I wish I had thought more on my early app sprees.  My last app spree was fruitful and I got the cards I wanted.  But the inquiries piling up really started bothering me.  I do not see an app spree in my future.  

If there is a specific card I want, I will go for only that one.

So regrets on the early app spree (some of which were closed within months).  No regrets once I only went for cards that I had planned to go for months before.

---

Kidcat, that is the very reason I thought we might want this thread, so that those considering app spress might give more thought to them! Thanks for the comments.

[Anonymous]

---

@CJ7 wrote:

---

@GalaxyStars wrote:


1. The cool looking card, I only apped for Citi Diamond because it looked cool. Kinda like the infamous black card lol.

---

You forgot the "Preferred" part... that makes it twice as prestigious!

---

Oh yeah!

[Anonymous]

Sorry to bring this back up, I'm getting back into the myfico loop!

Kudos to those who admit they got the Citi diamond card for its looks, that card is gorgeous. I got it because I needed to use it for a balance transfer and now that the card is paid off I don't want to switch because it's so pretty! Everyone always ask if it's the "black card" when they see it. I'll be honest, I just like having it my wallet.

I started my app sprees almost two years ago and I've slowed down tremendously. I apped in November (I think) and then in January but I haven't apped since then. Before my november app I think I was like almost 5 months without apping..

I really don't regret anything! I've learned so much! My hotel cards are like my babies! I've been doing a lot of traveling and anytime they see you are a member they treat me like royalty. I think out of all my cards I get the most use out of the marriott, discover, freedom, and my BOA travel rewards.

[longtimelurker]

IMO. app sprees really make sense only for bonus churners, those with very thick files and deep knowledge of offers, so we had old Flyer Talk hands getting 1-2M miles per year (quite a bit harder now).

Failing that: as others have commented, at least KNOW the cards that you are apping for (rather than other people in myfico are mentioning it).   I think we've all seen the pattern:

1) In approvals: "OMG I'm approved for the blah blah blah Amex, I'm so excited", followed by weeks later

2) "How do MRs work, they seem useless"   etc

Reasons for app sprees such as "bullet proof AAoA" always seem circular to me, get lots of credit cards so you can get lots more credit cards.

So I would suggest slow careful applications: make sure that the card suits your needs, AND there isn't a better one that you could probably get.    And by not spreeing, you increase the chance that you can get the rare "must have" cards before they get nerfed, e.g the uncapped BCP, uncapped Cash Plus, and 5x TYP.