@red259 wrote:I respect your approach as I can see you thought about your method. Your arguments are legitimate, but my concern with such an approach is that the end result is lower initial credit lines when doing apps close together. While this is not so much a concern with lenders like amex and other SP CLI lenders with other lenders like Chase I find its more difficult to get a CLI and you can get locked in to your lower credit line unless you take a HP for a CLI or are able to focus the bulk of spending on those specific cards to try to get an auto cli.
Don't get me wrong my thinking is aggressive and I understand I might get Low limits. Overall I am pretty happy with the limits I got with except Discover, Amazon store card which were my First a year ago and my Capital one card but that was a pre-approved app though the mail that was part of the Credit Steps program but they do have a SP CLI button so i don't mind. In 2 years When my reports are clean I could always use 1 or HP 's for CLI with Chase and see how it goes from there
Other way is great to but I prefer to group them all up and let them all fall off at the same time frame
@Closingracer99 wrote:
@red259 wrote:I respect your approach as I can see you thought about your method. Your arguments are legitimate, but my concern with such an approach is that the end result is lower initial credit lines when doing apps close together. While this is not so much a concern with lenders like amex and other SP CLI lenders with other lenders like Chase I find its more difficult to get a CLI and you can get locked in to your lower credit line unless you take a HP for a CLI or are able to focus the bulk of spending on those specific cards to try to get an auto cli.
Don't get me wrong my thinking is aggressive and I understand I might get Low limits. Overall I am pretty happy with the limits I got with except Discover, Amazon store card which were my First a year ago and my Capital one card but that was a pre-approved app though the mail that was part of the Credit Steps program but they do have a SP CLI button so i don't mind. In 2 years When my reports are clean I could always use 1 or HP 's for CLI with Chase and see how it goes from there
Other way is great to but I prefer to group them all up and let them all fall off at the same time frame
Yep that's true you can do a HP later on for a CLI with chase and probably get approved with a clean report. Another point I was thinking about was flexibility. With my approach I'm able to space out apps and apply when certain cards have a higher initial signup bonus during the course of the year (I got the higher signup for the citi exec card, ink card and spg card based upon the time of year I applied). In addition, I also leave the door open to pick up new card products that may be released over the next two years. Where if I front loaded all my apps I may have difficulty getting an approval on a new product or I may have missed out on a higher signup offer.
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@red259 wrote:
@Closingracer99 wrote:
@red259 wrote:I respect your approach as I can see you thought about your method. Your arguments are legitimate, but my concern with such an approach is that the end result is lower initial credit lines when doing apps close together. While this is not so much a concern with lenders like amex and other SP CLI lenders with other lenders like Chase I find its more difficult to get a CLI and you can get locked in to your lower credit line unless you take a HP for a CLI or are able to focus the bulk of spending on those specific cards to try to get an auto cli.
Don't get me wrong my thinking is aggressive and I understand I might get Low limits. Overall I am pretty happy with the limits I got with except Discover, Amazon store card which were my First a year ago and my Capital one card but that was a pre-approved app though the mail that was part of the Credit Steps program but they do have a SP CLI button so i don't mind. In 2 years When my reports are clean I could always use 1 or HP 's for CLI with Chase and see how it goes from there
Other way is great to but I prefer to group them all up and let them all fall off at the same time frame
Yep that's true you can do a HP later on for a CLI with chase and probably get approved with a clean report. Another point I was thinking about was flexibility. With my approach I'm able to space out apps and apply when certain cards have a higher initial signup bonus during the course of the year (I got the higher signup for the citi exec card, ink card and spg card based upon the time of year I applied). In addition, I also leave the door open to pick up new card products that may be released over the next two years. Where if I front loaded all my apps I may have difficulty getting an approval on a new product or I may have missed out on a higher signup offer.
Both ways has it's pros and cons and either way isn't "Bad" though doing it with a thin profile can be "Bad"... So far my scores have actually gone higher post spree so I haven't damaged my Scores with EX and TU. Yeah they show a lot of inqs but got about 10 cards out of it and laying low letting them all age while short terms muders my AAoA long term it improves it.
@Closingracer99 wrote:
@red259 wrote:
@Closingracer99 wrote:
@red259 wrote:I respect your approach as I can see you thought about your method. Your arguments are legitimate, but my concern with such an approach is that the end result is lower initial credit lines when doing apps close together. While this is not so much a concern with lenders like amex and other SP CLI lenders with other lenders like Chase I find its more difficult to get a CLI and you can get locked in to your lower credit line unless you take a HP for a CLI or are able to focus the bulk of spending on those specific cards to try to get an auto cli.
Don't get me wrong my thinking is aggressive and I understand I might get Low limits. Overall I am pretty happy with the limits I got with except Discover, Amazon store card which were my First a year ago and my Capital one card but that was a pre-approved app though the mail that was part of the Credit Steps program but they do have a SP CLI button so i don't mind. In 2 years When my reports are clean I could always use 1 or HP 's for CLI with Chase and see how it goes from there
Other way is great to but I prefer to group them all up and let them all fall off at the same time frame
Yep that's true you can do a HP later on for a CLI with chase and probably get approved with a clean report. Another point I was thinking about was flexibility. With my approach I'm able to space out apps and apply when certain cards have a higher initial signup bonus during the course of the year (I got the higher signup for the citi exec card, ink card and spg card based upon the time of year I applied). In addition, I also leave the door open to pick up new card products that may be released over the next two years. Where if I front loaded all my apps I may have difficulty getting an approval on a new product or I may have missed out on a higher signup offer.
Both ways has it's pros and cons and either way isn't "Bad" though doing it with a thin profile can be "Bad"... So far my scores have actually gone higher post spree so I haven't damaged my Scores with EX and TU. Yeah they show a lot of inqs but got about 10 cards out of it and laying low letting them all age while short terms muders my AAoA long term it improves it.
One positive with your approach is that it is a set and forget approach. You do all the apps up front and then just garden. With my approach I have to be looking at newcards every 90-180 days and figuring out apps, meeting initial spends, etc. Some people don't want to deal with that. Also, another positive with your approach is if you want to go for a mortgage in the next two years. I'm going to need to go for a mortgage at some point and most likely what I will do is go on a major app spree (granted it won't be as large as your approach since I have several of the cards I want already) picking up every card I want for the next two years and then going into the garden and staying there for two years and then apping for mortgages. So I can see some pros to your approach as well (assuming you don't trip FRs for agressive credit seeking etc!).