topic Re: Question about an app spree? in Credit Card Approvals

Question about an app spree?

Anonymous — Thu, 29 Oct 2015 13:13:19 GMT

I went on an kinda unplanned app spree...all approvals. Now I'm worried about the effect on my credit. The madness all started with a $6000 overstock SCT. Then I just kinda went crazy I SCT Wayfair $6000, Jcrew $1000. Then I HP apped Pottery Barn $9000 Amazon $1200 Walmart $1400. I have been avoiding store cards, but blew it in the last 3 days. I guess I contracted "Approved"Fever!! All the cards will get used. At least I shop at all the stores. My real question is will the higher SL offset the damage from opening so many store cards? I feel like I just set myself back a year No self control!!

Re: Question about an app spree?

bstone — Thu, 29 Oct 2015 13:21:51 GMT

I don't think the higher SL will really help you as they are store cards vs. bank cards, but I don't think the cards themselves will hurt either. What is going to hurt is the hit from a bunch of new accounts as well as the drop in your AAoA.

Re: Question about an app spree?

Shawndoe79 — Thu, 29 Oct 2015 13:45:22 GMT

Congrats on the approvals

Re: Question about an app spree?

Anonymous — Thu, 29 Oct 2015 13:50:14 GMT

@bstone wrote:
I don't think the higher SL will really help you as they are store cards vs. bank cards, but I don't think the cards themselves will hurt either. What is going to hurt is the hit from a bunch of new accounts as well as the drop in your AAoA.

I'll be gardening for at least 6 months. Probably a year. I guess that's my punishment! BOO!!!

Re: Question about an app spree?

Country_Feller — Thu, 29 Oct 2015 14:20:36 GMT

AWESOME, Congratulations!!!!!

Re: Question about an app spree?

KSK1912 — Thu, 29 Oct 2015 14:34:47 GMT

I think you did the right thing, for the fact that now all those accounts will age all together and after the first 2/3 months, the benefits of having high cli's will definitely help you. That is exactly what i did too, coming from a very thing file, in may, i had a 7 months old $500 secured cc with wells fargo, and right now i have almost 30 accounts, with 2 installment and the rest revolving. My available credit went up from $500 to over $50K and with the help of paying and deleting some baddies, my scores went up from 500 / 510 to 670/690 range.

Re: Question about an app spree?

Anonymous — Thu, 29 Oct 2015 16:49:43 GMT

@KSK1912 wrote:
I think you did the right thing, for the fact that now all those accounts will age all together and after the first 2/3 months, the benefits of having high cli's will definitely help you. That is exactly what i did too, coming from a very thing file, in may, i had a 7 months old $500 secured cc with wells fargo, and right now i have almost 30 accounts, with 2 installment and the rest revolving. My available credit went up from $500 to over $50K and with the help of paying and deleting some baddies, my scores went up from 500 / 510 to 670/690 range.

Thanks for the encouragement! I have 2 Capital 1 cards and a Discover I use all the time. Looking forward to this time next year I would love to have at least 1 more bank card. Maybe a co branded Chase. I just hope I didn't blow my chance. I do LOVE Pottery Barn, so that one I feel no shame about!

Re: Question about an app spree?

Anonymous — Thu, 29 Oct 2015 16:52:08 GMT

@KSK1912 wrote:
I think you did the right thing, for the fact that now all those accounts will age all together and after the first 2/3 months, the benefits of having high cli's will definitely help you. That is exactly what i did too, coming from a very thing file, in may, i had a 7 months old $500 secured cc with wells fargo, and right now i have almost 30 accounts, with 2 installment and the rest revolving. My available credit went up from $500 to over $50K and with the help of paying and deleting some baddies, my scores went up from 500 / 510 to 670/690 range.

I have to agree.

Re: Question about an app spree?

KSK1912 — Thu, 29 Oct 2015 18:00:46 GMT

@Anonymous wrote:
@KSK1912 wrote:
I think you did the right thing, for the fact that now all those accounts will age all together and after the first 2/3 months, the benefits of having high cli's will definitely help you. That is exactly what i did too, coming from a very thing file, in may, i had a 7 months old $500 secured cc with wells fargo, and right now i have almost 30 accounts, with 2 installment and the rest revolving. My available credit went up from $500 to over $50K and with the help of paying and deleting some baddies, my scores went up from 500 / 510 to 670/690 range.
Thanks for the encouragement! I have 2 Capital 1 cards and a Discover I use all the time. Looking forward to this time next year I would love to have at least 1 more bank card. Maybe a co branded Chase. I just hope I didn't blow my chance. I do LOVE Pottery Barn, so that one I feel no shame about!

What is your TU score? If it is around 635 and up, i can definitely recommend Barclays. My fist real, not store - not secured - credit card. Actually the first 2. Apple Rewards Visa seem to have better approval odds for fair credit people and slightly higher limits. My Rewards Mastercard with them was an approval after a recon phone to customer service with a SL of $1000, and the same day in the evening i apped for Apple rewards card and it was an instant approval for $2K Had the cards for just about a month and already ran almost $3K thru Rewards MC and almost $6K thru Apple rewards card.

Re: Question about an app spree?

KSK1912 — Thu, 29 Oct 2015 18:08:11 GMT

@Anonymous wrote:
@KSK1912 wrote:
I think you did the right thing, for the fact that now all those accounts will age all together and after the first 2/3 months, the benefits of having high cli's will definitely help you. That is exactly what i did too, coming from a very thing file, in may, i had a 7 months old $500 secured cc with wells fargo, and right now i have almost 30 accounts, with 2 installment and the rest revolving. My available credit went up from $500 to over $50K and with the help of paying and deleting some baddies, my scores went up from 500 / 510 to 670/690 range.
Thanks for the encouragement! I have 2 Capital 1 cards and a Discover I use all the time. Looking forward to this time next year I would love to have at least 1 more bank card. Maybe a co branded Chase. I just hope I didn't blow my chance. I do LOVE Pottery Barn, so that one I feel no shame about!

I dont want to sound wrong but ignore most people that tell you store cards do no good, they don't help with nothing, blah blah... They do, maybe not to people that already have 750 fico scores, but for pople like myself, rebuilding, adding accounts, i watched my score rise gradually. And if you are a rebuilder especially, with not too many accounts, adding more accounts earlier during the rebuild process will help you more than adding one line, waiting 6 months, then another one, then wait another 6 months or so. Get all you can out of the way early, and then sit back and watch your scores grow nicely, knowing you will have a solid AAoA in the next couple years that won't even see any impact if you decide to add couple more lines down the road.

Re: Question about an app spree?

Anonymous — Thu, 29 Oct 2015 19:30:26 GMT

@KSK1912 wrote:
@Anonymous wrote:
@KSK1912 wrote:
I think you did the right thing, for the fact that now all those accounts will age all together and after the first 2/3 months, the benefits of having high cli's will definitely help you. That is exactly what i did too, coming from a very thing file, in may, i had a 7 months old $500 secured cc with wells fargo, and right now i have almost 30 accounts, with 2 installment and the rest revolving. My available credit went up from $500 to over $50K and with the help of paying and deleting some baddies, my scores went up from 500 / 510 to 670/690 range.
Thanks for the encouragement! I have 2 Capital 1 cards and a Discover I use all the time. Looking forward to this time next year I would love to have at least 1 more bank card. Maybe a co branded Chase. I just hope I didn't blow my chance. I do LOVE Pottery Barn, so that one I feel no shame about!
I dont want to sound wrong but ignore most people that tell you store cards do no good, they don't help with nothing, blah blah... They do, maybe not to people that already have 750 fico scores, but for pople like myself, rebuilding, adding accounts, i watched my score rise gradually. And if you are a rebuilder especially, with not too many accounts, adding more accounts earlier during the rebuild process will help you more than adding one line, waiting 6 months, then another one, then wait another 6 months or so. Get all you can out of the way early, and then sit back and watch your scores grow nicely, knowing you will have a solid AAoA in the next couple years that won't even see any impact if you decide to add couple more lines down the road.

Thanks again for the encouragemaent! It is nice to hear other opinions... Especially since the apps are done. Now all I can do is sit back and hope my scores improve over time. They range from 670-680,,, Started at 550 a little over a year ago.