As someone in another forum said.. Midas well wait for the rebound... plus it will give me a bit of time to drop the util a bit... Thinking Jun/Jul might go for the Disco... after the pulls fall off from from their denial 2 years ago =/ =/
@Anonymous wrote:
+1 to what everyone else said.
Thin files should never app spree, correct.
However I don't think 2 should be considered a spree and would help thicken your file and aaoa. Not saying you def should app for anther card, but if your can but that bonus easy enough, maybe do go get anther card.
Actually, everyone should app spree mathetmatically when just talking algorithm implementation: thin files especially or when initially building. My sprees have never been more than 4-5 accounts at a time FWIW, and not all of them CC's.
Short term damage doesn't matter, long term is where it's at. If you're a thin file, and you can qualify for some accounts to thicken it up, do so, like now... unless you have a mortgage coming up in within the next year, that requires more planning. I suppose another maybe caveat is if you're on a thin file with an AAOA of 5ish years, maybe: have to rip the bandaid off sometime, and might as well set yourself up now for the rest of your life rather than waiting.
@Anonymous wrote:
I'm totally all about thickening up a file asap and tracking the aaoa hit now rather than later. I was just more referring to opening the wrong cards with lower scores ala sct and/or banks doing fr. Idk how likely the second one is, just know its possible
AA is not likely at all, and nobody has ever blinked at my sprees of 4-5 accounts.
The risk is overrated and overblown, just some people push things to the edge and open up like 13 accounts at a time, unnecessary and illadvised really as they're going to be junk tradelines statistically.
I did the low and slow thing.... Still believe its what got me a good limit and apr even on a Chase card... That said my idea of an app spree (for my thinnish CR) would have been 2-3 apps... Not 4 or more... Trying to learn from some folks missteps...(Avoiding store cards and not apping for a dozen low limit cards) The going for quality/prime accounts vs quantity thing. But I keep looking at the AAoA issue...I don't quite figure out how AAoA is calculated and if im better off taking a few hits at once and letting them age together, vs waiting for a more ideal offer... (putting uti into a optimal number and only having one card with a balance reporting)...
@Anonymous wrote:
Went back and read the thread one more time, if you have nothing coming up like a mortgage or car loan in the next few months(about 1-4). Let it rip and go get new accounts. Find some cards that fit your usage and spend and go get em.
If after the approvals start reporting your score pops up at 690 or so, don't worry. That's fine. It's gonna rebound in just a few months and future you will be happy those cards are working for you and your aaoa now rather than later.
Fwiw, Chase UR is awesome. I love my BCP. My Discover is my highest limit by 6.5k, and about 10k from my 3rd highest.
There is no aging of inquiries until they fall out of scoring range; if you need a mortgage anytime in the next year minimizing inquiry count within the last year is absolutely essential if you're playing in the middle tiers (which a lot of people are). The difference between 2 and 3 inquiries on Equifax for me was 7 points playing in the 680-720 range... that's 1/3 of a tier, absolutely important.
Auto loan meh, worst case just refi in six months.
Beyond that, your analysis is fundamentally what underpins the spree methodolgy and the more general use case if you have to take any sort of negative in the FICO algorithm, do it today and get it aging immediately. At all times beyond that your score will be bettter than had you waited to pull the trigger: actually it's a 1:1 slip with how the algorithm is implemented by waiting.
Nope no mortgage coming up... Looks like im card shopping for one more card... At least for now..
-J
@joltdude wrote:Nope no mortgage coming up... Looks like im card shopping for one more card... At least for now..
-J
Yes, one more card will put you at 3, if I read your post/signature correctly. It's been speculated that 3 cc's is optimal for Fico scoring. Kudos for keeping things simple!
