08-26-2016 08:05 AM
08-26-2016 08:09 AM
That is a really huge lineup but acceptable for somebody with 8 years of history. I have many of those on the list, I didn't get them all in one year. Gotta get over the instant gratification, and realize if ALL spend woulda been thru just amex for example instead of spread through 15 cards you'd be swimming in MR.
An app spree sticking to one Bureau is marginally better but everyone sees the new accounts eventually, and depending on the rest of your profile the other lenders will either ignore it or punish for cheating on them.
If I may, how many?.
08-26-2016 08:23 AM
You know, the more I learn about credit scoring, the more I realise that I will never be able to predict my scores. I had 5 hp's in a month and I expected a big drop....and it did not happen. A while back I had a 20 point drop, for absolutely no apparent reason, and I searched through all the metrics comparing to previous report. I think Fico puts a ding against a score every now and then for 1 month just to prevent anyone from figuring out their scoring model using a computer. That may sound crazy, but the scoring model is their bread and butter, and doing so would prevent any computer program from coming up with the exact model through reverse analysis.
08-26-2016 09:01 AM
Thanks OP for the interesting post. Kinda of goes with what I have already experienced. HP do not necessarily affect your score but having a lot of Inq does affect your ability to get credit irregardless of the score.
08-26-2016 10:20 AM
Thanks for the detailed explanation. Would you have kept all the cards you applied for if you had been approved?
Yes I would but depends on the SL - I think after all these, I really should have waited, I could have gotten so much better SL and wouldn't have the "NEED" to keep applying to keep trying to get a higher SL.... I had to close Discover because it was secured and only $300. The rest of the card I have now I can see myself using them all, but I will be sock drawing Chase cards until they can give me a real credit.
I have my daughter using my $500 AMEX. The other 2 AMEX it's for Auto Bill so I think Im straight, if Capital One doesn't give me a good increase in next month or so I'll keep that in the sock drawer too. I just dont want to worry about UTI....
I learned alot from this and learned alot about myself and my spending habit.
FICO 8: 1/1/16 / 12/30/2016 [EQ: 518/681] [TU:522/714] [EX: 535/689] TCL: $108K INQ: 138 between the 3 NO MO CARD FOR ME
08-26-2016 12:38 PM - edited 08-26-2016 12:41 PM
For a long time I really wanted a Bank of America BBR but all the EX damage from comenity spree nixed that. It poisons reputation. FBNO same thing.
A classic poison pill that isn't always easy to get over even after closed.
In my case it was EQ trashed and to this day i am still picking up the pieces and refashioning it as they fall off one by one.
Sometimes i think it's just as important WHAT and WHO you choose to have placed on your credit reports as it is to maintain balance/history with them.
I ran into some issues early on that have since been resolved by steering clear of the anchors.
08-26-2016 03:32 PM - edited 08-26-2016 03:35 PM
You probably wouldn't be getting approved after the first several because the companies would start to see the pulls. Noawadays the pulls are reported more or less instantly so spreeing isn't as a relevant. The only advantage is the inquiries aging together but that only matters if you plan to continuously apply for things.
I've seen people do a LOT of cards at once but it was typically low limit store cards that pretty much you will get approved for no matter what.
It matters because any inquiry is either zero or a negative damage, and you want ANY negative in the algorithm done and taken right now so that by the time you next need it, your score is as recovered as possible.
Even if you don't apply for things constantly, the idea of spreading applications out makes even less sense: you never know when you might need your credit report to be as pretty as possible so unless one swears off applications altogether, spree.
Anyway regarding the question, someone had a reasonable answer of likely low 700's, that said individual inquiries stop counting after 10 or so per bureau, eventually they just stop hurting from significant diminishing returns similar to other negatives in the algorithm. 1 tax lien, ~70 points, 2 tax liens, an additional 5 points, 3+ tax liens /shrug. Only so bad anyone's file can get, collections similar.
08-26-2016 08:41 PM