topic Re: 8 Apps, 7 Approvals in Credit Card Approvals

8 Apps, 7 Approvals

5KRunner — Sun, 17 Feb 2019 16:13:35 GMT

Good morning, everyone... this is my first post after several weeks of lurking and learning. I've been on an epic app spree with the following results (keep in mind that I started this with FICO 8's from all 3 bureaus in the 675-695 range, and I'm now at 734 EQ, 740 TU, 723 EX as of yesterday, possibly assisted by decreased UTI):

1/11 - Apped for PNC Core Visa to take advantage of their 18-month, 0% BT, and was approved on 1/13 with $12.5K SL (HP from EX)

1/24 - Apped for Target REDcard and was approved instantly, and when the card arrived, learned that the SL was $2K (HP from TU)

2/1 - Apped for AmEx Cash Magnet, and instantly approved with $2K SL (HP from EX)

2/1 - emboldened by the AmEx approval, applied for Discover it Cash Back and approved with $2.7K SL (HP from EX)

2/3 - Apped Chase FU, approved with $5.7 SL (HP from TU, EX)

2/8 - Apped Citi Double Cash, approved with $3K SL (HP from EQ, EX)

2/11 - Apped US Bank Cash+, approved after manual ID verification, but don't won't know the SL until the card arrives (aiming to use for utilities and cell, so I hope it's generous, but won't get my hopes up) (HP from TU)

2/16 - Apped for Cap1 Savor, and received my first denial (HP from all 3)

I've taken other measures to decrease UTI - paying off a whole slew of high-UTI cards as part of a cash-out re-fi on our mortgage, transferring a bunch of stuff to the aforementioned PNC Core and a small personal loan from PNC. Now I have only one card with a balance (my wife's Cap1 QS, on which I'm an AU, with 5.5% APR) and I'm paying that off in huge chunks on a monthly basis.

Now, off to the garden I go!

Re: 8 Apps, 7 Approvals

Anonymous — Sun, 17 Feb 2019 16:45:48 GMT

Great post, 5KR. Congratulations! on all those approvals.

Question: was the loan with PNC in place before the CC app (and thus contribute to you getting such a high SL)? If so, how long a relationship?

Re: 8 Apps, 7 Approvals

5KRunner — Sun, 17 Feb 2019 16:57:37 GMT

Thanks! We’ve been banking with PNC for a little more than 6 years, and the personal loan was only taken within the past week (in other words, about a month after the Core Visa was opened).

Re: 8 Apps, 7 Approvals

Remedios — Sun, 17 Feb 2019 17:04:52 GMT

Congrats. I hope they all stick the landing.

Re: 8 Apps, 7 Approvals

AverageJoesCredit — Sun, 17 Feb 2019 18:06:11 GMT

Very nice spree. Curious to how many inqs you had on each bureau before spree, what was/is aaoa, actual score etc before spree. I would be most cautious about the Chase approval. They will sp soon and their resent reactions hasnt been kind to many. Congrats again on your success!

Re: 8 Apps, 7 Approvals

Anonymous — Sun, 17 Feb 2019 18:08:53 GMT

COngrats on app spree approvals !!!!!

Re: 8 Apps, 7 Approvals

Anonymous — Sun, 17 Feb 2019 18:18:35 GMT

@5KRunner wrote:
Good morning, everyone... this is my first post after several weeks of lurking and learning. I've been on an epic app spree with the following results (keep in mind that I started this with FICO 8's from all 3 bureaus in the 675-695 range, and I'm now at 734 EQ, 740 TU, 723 EX as of yesterday, possibly assisted by decreased UTI):

1/11 - Apped for PNC Core Visa to take advantage of their 18-month, 0% BT, and was approved on 1/13 with $12.5K SL (HP from EX)
1/24 - Apped for Target REDcard and was approved instantly, and when the card arrived, learned that the SL was $2K (HP from TU)
2/1 - Apped for AmEx Cash Magnet, and instantly approved with $2K SL (HP from EX)
2/1 - emboldened by the AmEx approval, applied for Discover it Cash Back and approved with $2.7K SL (HP from EX)
2/3 - Apped Chase FU, approved with $5.7 SL (HP from TU, EX)
2/8 - Apped Citi Double Cash, approved with $3K SL (HP from EQ, EX)
2/11 - Apped US Bank Cash+, approved after manual ID verification, but don't won't know the SL until the card arrives (aiming to use for utilities and cell, so I hope it's generous, but won't get my hopes up) (HP from TU)
2/16 - Apped for Cap1 Savor, and received my first denial (HP from all 3)

I've taken other measures to decrease UTI - paying off a whole slew of high-UTI cards as part of a cash-out re-fi on our mortgage, transferring a bunch of stuff to the aforementioned PNC Core and a small personal loan from PNC. Now I have only one card with a balance (my wife's Cap1 QS, on which I'm an AU, with 5.5% APR) and I'm paying that off in huge chunks on a monthly basis.

Now, off to the garden I go!

Congratulations on your approvals. I would keep an eye on your Chase FU though. It looks like you were 4/24 (assuming you were 0/24 at the beginning of your spree) when you applied. That was quickly followed by 2 more approvals and a triple HP denial. Chase is notorious for viewing this credit seeking behavior and closing your account(s) even before your card arrives. There are several threads about this. I hope all your new trade lines survive, and we'll see you in the garden as you age your seedlings!

Re: 8 Apps, 7 Approvals

Marz2002 — Sun, 17 Feb 2019 18:25:44 GMT

Welcome to the FORUMS and CONGRATS on ALL of your Approvals!!!

Re: 8 Apps, 7 Approvals

xaximus — Sun, 17 Feb 2019 19:33:43 GMT

Congrats on the awesome haul of cards!

Re: 8 Apps, 7 Approvals

5KRunner — Sun, 17 Feb 2019 20:38:10 GMT

Here are some additional data points... I’ll probably miss a few of the questions you asked, and won’t be able to answer some as I didn’t have the data beforehand (actual FICO before the earlier apps in particular).

Regarding HPs from each before I apped for Chase FU:

EX: 3/22/18 (installment for home repair), 5/17 (ditto), 8/12 (Samsung revolving), 12/12 (mortgage company), 1/11/19 (PNC Core), 2/1 (Disco), 2/1 (AmEx), 2/3 (Chase), 2/8 (Citi), 2/9 (PNC installment), 2/16 (Cap1, denial) - Chase would be the 5th revolving acct in this list

TU: 12/12/18 (mortgage), 1/24/19 (Target), 2/3 (Chase), 2/11 (US Bank), 2/16 (Cap1, denial)

(if they count the Target card, which pulled TU like Chase did, I would be at 6/24 and thus in danger - I’ve received the card and have been successfully charging it, so it will be interesting, to say the least, to see how long it takes them, if at all, to respond according to 5/24)

EQ: 12/12/18 (mortgage), 2/8/19 (Citi), 2/16 (Cap1, denial)

AoOA is just over 21 years, AAoA is now slightly under 7.5 years (just including revolving accounts). I’m considering a few closures that fall below the AAoA, thus bringing the average up a little bit.

Total CL is now $99525, and they’re reporting around 29-35% depending on the bureau, and will be closer to 22% once everyone reports recent payoffs. A few accounts haven’t hit my reports yet - AmEx, Citi, Chase and US Bank.

Re: 8 Apps, 7 Approvals

Anonymous — Sun, 17 Feb 2019 20:45:32 GMT

Congrats on your spree!

On the AAoA front, closing cards has no impact on AAoA until they fall off around 10 years later because AAoA factors both opened and closed accounts. If you want to trim some accounts, get your utilization down first, but it won’t help your AAoA and you’re very close to the 7.8 year benefit anyway so just don’t add any new accounts.

Re: 8 Apps, 7 Approvals

AverageJoesCredit — Sun, 17 Feb 2019 20:47:19 GMT

Thanks for updating us. We wish you the best.

Re: 8 Apps, 7 Approvals

5KRunner — Sun, 17 Feb 2019 20:52:03 GMT

I should also note that I’ve never had any derogs - no late payments, collections, bankruptcies, etc... due to life circumstances, we had to charge medical expenses and didn’t make enough money to cover much more than monthly minimums. A lot has changed since then

Re: 8 Apps, 7 Approvals

Anonymous — Sun, 17 Feb 2019 21:15:20 GMT

Boom. Congrats on your app spree results.

Re: 8 Apps, 7 Approvals

difringe — Sun, 17 Feb 2019 23:15:49 GMT

Wow! Congratulations on the (mostly) successful app spree! Like everyone else, I'm worried about your Chase card, hopefully they don't cancel it!

Re: 8 Apps, 7 Approvals

5KRunner — Sun, 17 Feb 2019 23:27:34 GMT

@difringe wrote:
Wow! Congratulations on the (mostly) successful app spree! Like everyone else, I'm worried about your Chase card, hopefully they don't cancel it!

Me, too... I sorta forgot about the Samsung account (mentioned in my post about HPs), which pushed me over the limit before apping with Chase, then further about the possibility of them counting whatever I apped afterward.

I recently opened a checking account with them. I’m doubtful it will make a difference with respect to the rule, though.

Re: 8 Apps, 7 Approvals

Anonymous — Sun, 17 Feb 2019 23:34:11 GMT

Congrats!

Re: 8 Apps, 7 Approvals

800FICOGoal — Mon, 18 Feb 2019 00:36:47 GMT

@5KRunner wrote:
Here are some additional data points...

AoOA is just over 21 years, AAoA is now slightly under 7.5 years (just including revolving accounts). I’m considering a few closures that fall below the AAoA, thus bringing the average up a little bit.

Thanks for including that DP.

Congrats on all your approvals!!!!!

Re: 8 Apps, 7 Approvals

Stribe — Mon, 18 Feb 2019 02:01:20 GMT

Whoa. That’s a credit sprint! Way to go on the approvals and some good cards in the mix. 🤙🏼

Re: 8 Apps, 7 Approvals

pinkandgrey — Mon, 18 Feb 2019 02:07:46 GMT

You’re good lol. Congrats on all that. 7 out of 8 is impressive. Many of us wouldn’t have that kind of luck.