"Spree" method and after-effects

[Bman70]

So here on MyFICO is the first time I'd ever heard of application "sprees." And apparently it's a fairly successful practice! I understand the logic behind letting accounts age together, but what about lenders' view of sprees? Are there any experiences of banks limiting or closing credit lines after all the new TLs show up at once? Ostensibly that changes the credit profile from what it was at time of approval. I know Amex and some others "track" new holders via SP, just wondering if there's any risk to the spree methodology here. Thanks

[Creditaddict]

I think very few have issues when the new accounts hit, now increasing debt I think is more tracked then new accounts and barlcay I think is the #1 offender of CLD and closure with new accounts and increasing debt after opening of account even if not with them.

otherwise not really that I have seen.

[Bman70]

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@Creditaddict wrote:

I think very few have issues when the new accounts hit, now increasing debt I think is more tracked then new accounts and barlcay I think is the #1 offender of CLD and closure with new accounts and increasing debt after opening of account even if not with them.

otherwise not really that I have seen.

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OK so in your appraisal racking up sudden debt (over say 20%) on a new CL might raise a flag.. But new accounts themselves not so much. I'm mainly wondering about my Sallie Mae, which was my first app in 5 years, but thinking of opening 2 or 3 additional new cards within the same week.

[Skye12329]

Long story short App sprees are only successful if your profile can handle X amount of new cards. Judging by your limits and last opened card (Sallie Mae) my guess you could handle quite a bit. Myself personally when i had a very thin profile allowed me to get 5 cards total which was 2 years ago.

[lg8302ch]

I did 4 cards but not fast enough so the result was horrible terms on card  nbr 4 which was Chase Freedom with 22.99% APR and no Signature version. I wish I had waited with this app as now I am stuck for life with these horrible terms. Chase will not touch the initial terms  Many other lenders would be willing to review later on but not Chase..so keep this in mind when you spree.

[Bman70]

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@lg8302ch wrote:

I did 4 cards but not fast enough so the result was horrible terms on card  nbr 4 which was Chase Freedom with 22.99% APR and no Signature version. I wish I had waited with this app as now I am stuck for life with these horrible terms. Chase will not touch the initial terms  Many other lenders would be willing to review later on but not Chase..so keep this in mind when you spree.

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Interesting! Definitely want to avoid that scenario, thanks. But how long was the wait between apps? I can't believe with your scores a few new TLs would drop your FICO to the point you don't get best APR and Sig line. My scores are actually rising after two new approvals and even with one new TL reporting already. Did you check your FICO before the last app? They must have sent it to you after denying best APR

[lg8302ch]

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@Bman70 wrote:

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@lg8302ch wrote:

I did 4 cards but not fast enough so the result was horrible terms on card  nbr 4 which was Chase Freedom with 22.99% APR and no Signature version. I wish I had waited with this app as now I am stuck for life with these horrible terms. Chase will not touch the initial terms  Many other lenders would be willing to review later on but not Chase..so keep this in mind when you spree.

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Interesting! Definitely want to avoid that scenario, thanks. But how long was the wait between apps? I can't believe with your scores a few new TLs would drop your FICO to the point you don't get best APR and Sig line. My scores are actually rising after two new approvals and even with one new TL reporting already. Did you check your FICO before the last app? They must have sent it to you after denying best APR

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It was 2 weeks later due to verification docs with Chase. So they have seen my new accounts and recent inq ..that was the reason for the low internal score (application score 671 but EQ Fico was 790 according to their letter). Tried now twice to change to a Siggy for my Freedom and last denial was last week thru the EO but I could not resist in apping for CSP any how and got a very nice limit and this is a Siggy...lol. Now I will push it even further and asked Chase to at least give me a reason to work on! Curious on their reply. My scores are normally 750-760 if I let my accounts report normally and not do the trick with micromanagement but hey that is fine as long as I do not app.

edit : for the denial of the conversion to the Freedom Siggy Chase simply does not come up with a reason asked twice on the phone to give me something to work on but no chance. So I did request it in writing and hope to get any reply like this..we will see. I am ready to work on whatever Chase is complaining about on that account

[mongstradamus]

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@lg8302ch wrote:

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@Bman70 wrote:

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@lg8302ch wrote:

I did 4 cards but not fast enough so the result was horrible terms on card  nbr 4 which was Chase Freedom with 22.99% APR and no Signature version. I wish I had waited with this app as now I am stuck for life with these horrible terms. Chase will not touch the initial terms  Many other lenders would be willing to review later on but not Chase..so keep this in mind when you spree.

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Interesting! Definitely want to avoid that scenario, thanks. But how long was the wait between apps? I can't believe with your scores a few new TLs would drop your FICO to the point you don't get best APR and Sig line. My scores are actually rising after two new approvals and even with one new TL reporting already. Did you check your FICO before the last app? They must have sent it to you after denying best APR

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It was 2 weeks later due to verification docs with Chase. So they have seen my new accounts and recent inq ..that was the reason for the low internal score (application score 671 but EQ Fico was 790 according to their letter). Tried now twice to change to a Siggy for my Freedom and last denial was last week thru the EO but I could not resist in apping for CSP any how and got a very nice limit and this is a Siggy...lol. Now I will push it even further and asked Chase to at least give me a reason to work on! Curious on their reply. My scores are normally 750-760 if I let my accounts report normally and not do the trick with micromanagement but hey that is fine as long as I do not app.

edit : for the denial of the conversion to the Freedom Siggy Chase simply does not come up with a reason asked twice on the phone to give me something to work on but no chance. So I did request it in writing and hope to get any reply like this..we will see. I am ready to work on whatever Chase is complaining about on that account

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I am just curious what chase comes up with, you do already have another visa sig with your CSP right? so it wouldn't be an huge deal if they deny you again right ?

[Fico2Go]

My experience from six months ago confirms to me that app spree is the only way I will be doing future apps. 

I apped for most of my cards on the same weekend and was approved for all.  My eventual app was mainly with AMEX because they refused to PC my BCP to the Blue Cash.  I had not choice but to boldly go for the BC...and was approved.

With some research one could pinpoint the type of product needed and the relevant bureau score used. 

Keep in mind that this was when I had literrally no revolving credit except for one First Premier line at $600.  In one weekend I had added 6 new cards.   Each time I peek at my CRs I notice regular SPs from all the issuers but I'm not bothered by this.

If I can do this with a single revolving credit line my guess is the next app spree will go much smoother with better result given the thicker file.  The next spree will involve a four step process for me:

1:  Determine which issuer can increase CL without a HP.

2:  Request at least 50% CL increase;

3:  After the new CLs are reported, determine which issuer uses which CB;

4:  App spree in January or Febuary to maximize member date for AMEX or do it all in one sitting.

[DrMac210]

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@lg8302ch wrote:

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@Bman70 wrote:

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@lg8302ch wrote:

I did 4 cards but not fast enough so the result was horrible terms on card  nbr 4 which was Chase Freedom with 22.99% APR and no Signature version. I wish I had waited with this app as now I am stuck for life with these horrible terms. Chase will not touch the initial terms  Many other lenders would be willing to review later on but not Chase..so keep this in mind when you spree.

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Interesting! Definitely want to avoid that scenario, thanks. But how long was the wait between apps? I can't believe with your scores a few new TLs would drop your FICO to the point you don't get best APR and Sig line. My scores are actually rising after two new approvals and even with one new TL reporting already. Did you check your FICO before the last app? They must have sent it to you after denying best APR

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It was 2 weeks later due to verification docs with Chase. So they have seen my new accounts and recent inq ..that was the reason for the low internal score (application score 671 but EQ Fico was 790 according to their letter). Tried now twice to change to a Siggy for my Freedom and last denial was last week thru the EO but I could not resist in apping for CSP any how and got a very nice limit and this is a Siggy...lol. Now I will push it even further and asked Chase to at least give me a reason to work on! Curious on their reply. My scores are normally 750-760 if I let my accounts report normally and not do the trick with micromanagement but hey that is fine as long as I do not app.

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I think it is just a matter of Chase being Chase.

When I did an app spree last month, I got a Freedom with a CL of $11K and did NOT get the signature version and also had the 22.9% APR after the inital 0% expires. (BTW, where in the letter from Chase did you see a credit score, as I can't find one anywhere in the info I received from them)

On all the other cards I app'd for I received APR's from 12.99 - 15.99%.

I even apped for a Citi TYP two weeks AFTER the app spree (when most of the new credit lines had already reported) and got a $6.7K CL, 12.99% APR and the Signature version.