Credit App Sprees - The Ups and Downs

[Anonymous]

I've seen posts by people saying that they are going on an app spree.

1. What is the benefits of applying for several cards at once?

2.What kind of score or condition of credit would you recommend having before going on a spree?

3.is it true you should have $3000 revolving credit to benefit your score into the 700 range?

4. If you go on a spree and the majority or even all denies you, how much will this hurt your credit score?

5.Is there anything important I should consider before an app spree?

I've been studying credit obtaining methods for months and am hoping someone could help me with these questions.

[Imperfectfuture]

1. I don't personally do this, but younger folks prefer that all accounts age at once. However, the quality of the credit gathered is lacking, low level charge cards, higher apr's, and low to insulting credit limits. I started with one secured card, added a rebuilder later, and now have some better cards.

2. I would recommend applying for only 2 cards at the most, and waiting 6 months to a year. For another account, I recommend a secured installment loan with a credit union. Higher apr's can occur Round 650 to 680, 689 minimum depending on profile, I won't personally be adding any more cards until I hit 720 across the board.

3. No. I had perfectly fine score growth with a single 500 secured card, and then a bump with a rebuilder starting at 750. Fico doesn't care about the limits, just how your report reflects usage,

4. That's why planning the spree is helpful, and limiting the spree to one or two cards. If you get two denials, quit. Wait 6 months. You don't want to look desperate for credit. If you want more cards, open secured with credit unions, they don' do hard pulls, no damage done.

5. Yeah, only app for cards you need (rewards cards are the best, though a low interest one is useful for some). Research the scores needed for your cards at whogavemecredit and credit pulls database (google). Pay attention more to recent 2014 data than older data,

Added: read the credit card forums, the garden thread in the cc forum, and the credit applications forum (all on this site). THE WORST ADVICE IS DOING THE SHOPPING CART TRICK, those cards will actually put you in a separate scoring bucket than regular credit cards, and will keep your score low.

[Anonymous]

Thank you so much!
I was surely going to apply for several cards like a dummy.

[Pway]

I just got done with a credit card application spree.  My credit has taken a hit though because of the recent hp I received fromthe lenders.  Although I will let them age and I will never do that again.  I have all maor credit cards and one store card.  I will use the benefits of my cash back card.

Currently in the garden.

[Anonymous]

I also recently did an app spree. I am done for now. 

9 months ago I got my first credit card with a $300 secured USAA. 6 months ago I was added as an AU for $300 secured CU card. I quit until January 1st. Since then I've apped for Fingerhut - approved $700 CL. I apped for CapOne QS1 - approved $500 CL. I apped for BoA - approved $500 CL. Target denied me and Amazon denied me - but that's because I have a Chase bank derogatory on my Chexsystems that I need to deal with. I'm feeling the effects of credit inquiries now on my score and those denials put me into garden mode. 

All things considered, 10 months ago I had ZERO revolving credit. Now I have $600 secured and $1700 unsecured. If I garden properly, my score should see a nice boost in a couple months.