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@Anonymous wrote:Companies often tend to pull either TransUnion, Equifax or Experian. Google "credit pulls" and have a look at what the card you're intersted in tends to gravitate towards. Or start up a thread on the Credit Cards forum here and ask about what peoples experience has been with a certain card or company. Spreading out the pulls may be to your advantage in getting approvals.
Sheridan_Smith, thank you for responding.
Ok, so someone would want to do this approach if they are trying to improve their chances of getting approved? But does it matter if you app on the same day? Would a lender be able to see the HPs from the other lenders if those apps were done back to back to back, on the same day? Is it that this approach improves the chances of them NOT seeing the other HPs done on the same day or does it have no barring except to improve chances of approval.
Sorry so many questions, I'm just confusing myself, I guess.
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:you should consider spreading your apps accross credit angents .. 1 for each.. and they wont see each other during apping...
smarzig, thank you for responding.
Across credit agents? Do you mean credit agencies or something else? How do I go about doing that?
Agencies yes.
Like 1 CC app hits EX, 1 CC app hits EQ, 1 CC app hits TU .. you would have to research which card pulls which.
Why ppl dont do more of that when spreeing is beyond me.
Ok. Got it.
This seems tedious. I'll have to decide the benefit of doing this versus app spree'ing. I guess I just want to get this part of my rebuilding done and over with. The quicker the better. But then again, when you rush things, that's when you tend to make mistakes. Sigh.
Thanks for the explanation.
@Anonymous wrote:
@Anonymous wrote:Companies often tend to pull either TransUnion, Equifax or Experian. Google "credit pulls" and have a look at what the card you're intersted in tends to gravitate towards. Or start up a thread on the Credit Cards forum here and ask about what peoples experience has been with a certain card or company. Spreading out the pulls may be to your advantage in getting approvals.
Sheridan_Smith, thank you for responding.
Ok, so someone would want to do this approach if they are trying to improve their chances of getting approved? But does it matter if you app on the same day? Would a lender be able to see the HPs from the other lenders if those apps were done back to back to back, on the same day? Is it that this approach improves the chances of them NOT seeing the other HPs done on the same day or does it have no barring except to improve chances of approval.
Sorry so many questions, I'm just confusing myself, I guess.
If you post these questions over on the Credit Cards section, I think you'll get some good responses from people who have experience with and empathy for the app spree concept. That part of the forum gets a LOT more views than this one.
@Anonymous wrote:Ok. Got it.
This seems tedious. I'll have to decide the benefit of doing this versus app spree'ing. I guess I just want to get this part of my rebuilding done and over with. The quicker the better. But then again, when you rush things, that's when you tend to make mistakes. Sigh.
Thanks for the explanation.
Not so much tedious as it is meaningless. Aside from a couple of FICO points for a couple of months there is zero benefit to doing this unless your goal is to end up with cards that may be worthless to you in a year or so.
@Anonymous wrote:
@Anonymous wrote:Ok. Got it.
This seems tedious. I'll have to decide the benefit of doing this versus app spree'ing. I guess I just want to get this part of my rebuilding done and over with. The quicker the better. But then again, when you rush things, that's when you tend to make mistakes. Sigh.
Thanks for the explanation.
Not so much tedious as it is meaningless. Aside from a couple of FICO points for a couple of months there is zero benefit to doing this unless your goal is to end up with cards that may be worthless to you in a year or so.
I would agree with you. Applying for cards in this matter doesn't make sense. I can't see myself applying in this way if that was the case.
However...
I did not take that replier's suggestion the same way you did. I thought they were saying: of the cards you will be applying for, find out which CBs the lender pulls from, and only select the cards that pull from different CBs such that each app would pull from a different CB. That's why I said it seem tedious. Granted, I'm only app'ing for 6 or 7.
I can see how this strategy would decrease the number of HPs a lender would see IF the lender only pulled from that CB. BUT... whose to say for certain they won't decide to pull the other CBs at a later date. I've read where some do that - that is, pull from two or more CBs.
I can see where those who seem to collect cards and want to improve their approval rate, may benefit from this strategy if nothing more than for the sole purpose of limiting the HPs that a lender may see. Again, that's unpredictable to me because a LO or UW may get a wild hair and decide to pull from all 3 CBs.
I tend to look at things on a more simple level as I can get lost in the details fairly easily. I have to keep it simple for my sanity sake. myFico.com has overloaded my brain!
@Anonymous wrote:The way "sweet spot" is most often used is to mean the best place for a thing to be. (Not to the left, not to the right, not higher, not lower, etc.) It's a term that originated from tennis or racquetball, I believe: meaning the single point on a racket at which it makes most effective contact with the ball. In that sense there is no single sweet spot, since higher is always better.
Racquetball is a relatively recent development. Yes, it is used as a descriptive term, but would be adopted along with many other tennis terms.
I would suggest "Sweet spot" likely originated in Golf
William Safire (no relation to Chase Sapphire Preferred I am sure) has this article:
http://www.nytimes.com/2007/04/01/magazine/01wwln-safire.t.html
My take on the above "across agencies" is that what the responder truly meant was across types. For example, most of the cards listed in the OP's question were VISA cards. Most seem to believe one should have at least one card each from VISA, MasterCard, American Express, and Discover. That is certainly what I recommend.
Hey NRB! The Safire piece looked liked a real delight. I only got a few sentences into it, however, before the NYT blocked me and told me I needed to buy a subscription. Apparently people can now only read up to 10 NYT articles for free each month.
@IncrsCreditScore wrote:My take on the above "across agencies" is that what the responder truly meant was across types. For example, most of the cards listed in the OP's question were VISA cards. Most seem to believe one should have at least one card each from VISA, MasterCard, American Express, and Discover. That is certainly what I recommend.
Personally, I am shooting for different "brand" of cards (if I can call it that). The cards on my wish list do include atleast 1 Visa, 1 MasterCard and 1 American Express. I would like to get Discover, but they seem really REALLY picky and considering they turned me down earlier this year, I won't apply for them again unless I think my scores,etc. are stellar!