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100 Apps in a day

Senior Contributor

Re: 100 Apps in a day

My personal opinion only , but yes I feel that Comenity is poison so to speak . They let ppl open all these accts with SCT and then the AA the hell out of you can one day close all your accts down for "too many new accts" this happened to my sister in her early part of rebuilding , it was not right at all and set her back on her rebuild .
Valued Contributor

Re: 100 Apps in a day


Aduke1122 wrote:
My personal opinion only , but yes I feel that Comenity is poison so to speak . They let ppl open all these accts with SCT and then the AA the hell out of you can one day close all your accts down for "too many new accts" this happened to my sister in her early part of rebuilding , it was not right at all and set her back on her rebuild .

I have been trying to reach 850 on and off for a while, and once reached 825. The only reason stated for why it was not 850 was there was a non-prime lender on my report. It turned out to be American Honda for Goldwing purchase which I refinanced at my CU before the first payment. I know for a fact now that the reputation/quality of lender can adversly affect scores.




TU fico08=820 11/10/17
EX fico08=812 10/25/17
EQ fico08=818 10/25/17
Garden since 4/5/2017
Senior Contributor

Re: 100 Apps in a day

Oh wow , I never realized this could affect your scores from reaching a certain tier . Thanks for sharing and letting me know this .
Valued Contributor

Re: 100 Apps in a day


Aduke1122 wrote:
Oh wow , I never realized this could affect your scores from reaching a certain tier . Thanks for sharing and letting me know this .

Yes, I did not either until I clicked on the items that were hurting my score...it was showing on just a couple of the scoring models, can not remember which ones. I also would have never dreamed that fico considered American Honda a sub-prime lender. Must be Harley Davidson fans.




TU fico08=820 11/10/17
EX fico08=812 10/25/17
EQ fico08=818 10/25/17
Garden since 4/5/2017
Super Contributor

Re: 100 Apps in a day


sarge12 wrote:

My fico 08 scores are all over 800 and I've always been concerned about how a hp makes my score go down. This is fairly common on these boards, but I've always wondered if I fill out 100 apps in a day...how much would my score actually drop? Does anyone know anyone who has tried it? I really am kind of tempted just to find out.


Terminology seems to be wandering in the thread ( no surprise )

 

100 applications in a day will result in some mix of EX, EQ, and TU pulls of one, two or Capital One All Three bureaus. It would not result in 100 HP on a single bureau, which I percieve to be OP initial question. Getting to 100 HP on a single bureau would take more than 100 credit applications, since different banks would have to be included.

 

Several of the responses have lumped all three bureaus to a total count. well that's 30 INQ per bureau, which is a much more common occurrence than 100 INQ on a single bureau.

 

And even in those cases where 30 INQ are seen, the effect of the INQ starts to be less. A single factor in FICO scoring does not send you to 350. In order to get to 350 you have to have a comprehensive, accross the board set of challenges on your credit, to hit all the right factors. Otherwise, you only drop to 500 and are disappointed you didn't get down to 350.

 

I'm in the opinion that the larger impact is from the new accounts beginning to show up, as well as AA from the various herd of creditors.

 

There's also the factor that opening up a lot of credit cards exposes your personal information for multiple possibilities of fraud or data breaches. If I have a credit account at every possible retailer across the nation, and one or more of those retailers has a data breach, my data is out with the breach.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727 FICO Simulator 2014: $20k balances = 812 FICO.
March 2017 $20k on $300k 6% util EQ 824 TU 824 EX 815

5 / 24 counting down to 1 Nov 2017... wait I guess it's 18 Dec 2017 to get 4/24
Moderator

Re: 100 Apps in a day


sarge12 wrote:

Aduke1122 wrote:
Oh wow , I never realized this could affect your scores from reaching a certain tier . Thanks for sharing and letting me know this .

Yes, I did not either until I clicked on the items that were hurting my score...it was showing on just a couple of the scoring models, can not remember which ones. I also would have never dreamed that fico considered American Honda a sub-prime lender. Must be Harley Davidson fans.


I can sort of see it, dealer / captive financing was at one point considered lender of last resort much like other CFA accounts.  Not sure why these days though given the market, was this a motorcycle purchase instead of a car?  Wonder if that reports somewhat differently?

 

Are you certain it's this account though?  Also how have you reached the conclusion this is what's keeping you from an 850?  Just because it shows up as a negative, doesn't mean it's a non-trivial penalty.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Valued Contributor

Re: 100 Apps in a day


Revelate wrote:

sarge12 wrote:

Aduke1122 wrote:
Oh wow , I never realized this could affect your scores from reaching a certain tier . Thanks for sharing and letting me know this .

Yes, I did not either until I clicked on the items that were hurting my score...it was showing on just a couple of the scoring models, can not remember which ones. I also would have never dreamed that fico considered American Honda a sub-prime lender. Must be Harley Davidson fans.


I can sort of see it, dealer / captive financing was at one point considered lender of last resort much like other CFA accounts.  Not sure why these days though given the market, was this a motorcycle purchase instead of a car?  Wonder if that reports somewhat differently?

 

Are you certain it's this account though?  Also how have you reached the conclusion this is what's keeping you from an 850?  Just because it shows up as a negative, doesn't mean it's a non-trivial penalty.


I doubt that was accounting for the whole 25 points, but it was the only thing that was showing up. It was identified as sub-prime...google search confirmed that American Honda finances those with low scores. Google search also gave me evidence that sub-prime lenders such as finance companies can damage your credit score. American Honda Financial appears to be a finance company. It is all speculative, but when that was the only thing negative that is stated...have to give it weight.




TU fico08=820 11/10/17
EX fico08=812 10/25/17
EQ fico08=818 10/25/17
Garden since 4/5/2017
Valued Contributor

Re: 100 Apps in a day

Ask Ron1 or Credit Addict they are the experts lol.  Would love to see someone else try!  Shame to waste a perfectly good 800 profile 


AX BCP 15k, (AU on ED 7k,) BC Ring 11.5K, BC Arrival+ 9.5k, BC AA Aviator 4K, AKUSA FCU -10k , Comenity Blue Nile 11k, Discover (2) 11k , Kohls-4k, CHASE Amazon Prime VS 500, BofA AK Air Siggy 9.8k, BofA Secured $500, Synchrony Cathay Pacific Visa 9k, Synchrony E-bates Visa $2.4k, PFCU Plat Rewards Siggy 18k, PFCU Power Cash Rewards 21.5 k, NFCU Go Rewards 24k , NFCU Flagship 31.5k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $3250, Target 1k, BLIS PAY 5k, Pay Pal 1k, CO Venture 23k, 259k total available credit. Utiliz-2%, Current FICO EQ-707, EX 702,TU 715 Chapt 7 BK D/C 11-2012. Starting scores 520-550
Valued Contributor

Re: 100 Apps in a day


morgacj2004 wrote:

Ask Ron1 or Credit Addict they are the experts lol.  Would love to see someone else try!  Shame to waste a perfectly good 800 profile 


You did notice the last post on this was over 8 months ago...right???




TU fico08=820 11/10/17
EX fico08=812 10/25/17
EQ fico08=818 10/25/17
Garden since 4/5/2017