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Why do people apply in sprees?

Valued Member
71.232.197.75

Why do people apply in sprees?

as opposed to getting the ones they truly want? Is there any benefit with either method?

Message 1 of 21
20 REPLIES
Valued Contributor
71.232.197.75

Re: Why do people apply in sprees?


etothejomegan wrote:

as opposed to getting the ones they truly want? Is there any benefit with either method?


You can get approved for more cards because the stuff you are approved for doesn't hit your reports instantly.  And the inquiries all fall off at the same time next year.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 2 of 21
Frequent Contributor
71.232.197.75

Re: Why do people apply in sprees?

Inquiries fall off together.  Accounts age together (helps with AAoA).

 

In my case I'm working toward a mortgage in 2 years.  I apped now so my record will be free of INQs and I will have 5 accounts all aged over 2 years. 

Message 3 of 21
Valued Contributor
71.232.197.75

Re: Why do people apply in sprees?


etothejomegan wrote:

as opposed to getting the ones they truly want? Is there any benefit with either method?


Whose to say they are not doing the app spree for all the cards they truly want?

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 4 of 21
Frequent Contributor
71.232.197.75

Re: Why do people apply in sprees?


etothejomegan wrote:

as opposed to getting the ones they truly want? Is there any benefit with either method?


 

 I think it makes sense to apply in sprees for cards you want!

 

1) You app in sprees so that when they pull your report the 2 other credit cards you got that day arent showing

 

2) All your inquiries are on the same day, it wouldnt make much sense to wait 4 or 6 months to app a card at a time, then you would always have an inquiry on your report!

 

  Apply till youre denied!!!!!!! lol

Lender pulled 10-10-13
EQ Fico 715 | EX Fico 714 | TU Fico 703
Message 5 of 21
Established Contributor
71.232.197.75

Re: Why do people apply in sprees?

+1 to all above Smiley Very Happy

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
Message 6 of 21
Super Contributor
71.232.197.75

Re: Why do people apply in sprees?

+2 to the above statement




Message 7 of 21
Regular Contributor
71.232.197.75

Re: Why do people apply in sprees?

I know all on the same day is good but how about in a certain time period, like one or two weeks?  I have a pre-qualified JCP offer that expires on 8/10, a pre-acceptance offer for Merrick Bank that is good til 8/23 and I plan on appling to a number of banks/credit unions after I pay off a credit card and it posts to my reports around 8/13.  I don't care if I get the JCP card. I rather refi the car instead and I don't think that will hurt the Merrick offer. I may put an app into Walmart at the same time. If I get it, fine, if not, that's ok too. 

 

I may just toss the JCP, send the Merrick in around the same time that I apply for the loan then go for the Walmart when I have that approved and before I accept it. 

 

EX 638 (Lender 9/1) TA 650(Walmart 9/1) EQ 655 (FICO - 9/17)
Goal - 700 Club in '13!!!

My Wallet - Cap 1 - $300. Cap 1 - $750. Orchard - $950.
New as of 8/29 - Target - $3000. Barclay's - $2000. Merrick - $1000. Walmart $600. And as of 9/22 - JCP $200.
Message 8 of 21
Senior Contributor
71.232.197.75

Re: Why do people apply in sprees?


pozativelyliving wrote:

I know all on the same day is good but how about in a certain time period, like one or two weeks?  I have a pre-qualified JCP offer that expires on 8/10, a pre-acceptance offer for Merrick Bank that is good til 8/23 and I plan on appling to a number of banks/credit unions after I pay off a credit card and it posts to my reports around 8/13.  I don't care if I get the JCP card. I rather refi the car instead and I don't think that will hurt the Merrick offer. I may put an app into Walmart at the same time. If I get it, fine, if not, that's ok too. 

 

I may just toss the JCP, send the Merrick in around the same time that I apply for the loan then go for the Walmart when I have that approved and before I accept it. 

 


Those expiration dates are meaningless.  If there's some sort of special targeted signup offer attached to a preapproval, the expiration date might mean something, i.e., the bonus offer might expire.  But as far as approval is concerned, the only reason they put an expiration date on it is to manipulate you into applying thinking you might miss out on something.  They do not relax their approval criteria during the time period.   If you'd be approved on 8/9, you'd still be approved on 8/11. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 9 of 21
Senior Contributor
71.232.197.75

Re: Why do people apply in sprees?

Being approved feels good.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Message 10 of 21