topic Re: Possible app spree? in Credit Card Applications

Possible app spree?

mysterythemoon — Mon, 05 Dec 2016 01:46:11 GMT

I've had a major update in my credit health. Even though the rebuild started only in July at 400s FAKO, I think I just got my last baddies off. Assuming I did, I'll just have my two secured CCs and my debt util of 3%. AAoA 4 mos and I'm guessing my FICO scores will be hovering somewhere in the 680-700 range. Assuming my Disco will auto unsecure in Feb or March. I know my Cap 1 won't. Still grateful for the part it played and plays. And I know I'll be eligible to apply for one of their products after my sixth statement. Also just joined NFCU, althogh obviously haven't applied for any products yet. Ok, so what should my strategy be? I'd like to get in with AmEx (who wouldn't?). Maybe with Chase, too. I want to be able to garden with some decent crops here. I know some companies are more app sensitive than others. I know some have limits on how many approvals you've had in the last 24 months. So I think the order I apply is all the difference. What options is there for a high 600-low 700/4 mo. AAoA guy like me?

Re: Possible app spree?

mysterythemoon — Mon, 05 Dec 2016 09:02:43 GMT

Middle of the night update. My updated FICO scores. That final baddie (Kohl's) has indeed been fixed, and it rasied my EX FICO 90 plus points to 747, oldest account 12 years, AAoA 4.2. My TU is 642, oldest account 3.1, AAoA 1.4 (there are two small baddies that I PFD'd last week. They clearly haven't updated yet). My EQ is 613 oldest account 3.1, AAoA 1.8 (no Kohl's update yet). Also another wrinkle. My EX is so high becasue a CC i got when I was 18 (a BofA card that was actually pretty shady, but that's for another day) is still reporting. I closed it in 2004, but for some reason they reported I made a payment in March 2009. All it says is a green OK in that month. Clearly an error, but totally in my favor. So it's aging my EX score like crazy. So that's where I stand now. My same quesions still apply. Any help would be awesome!

Re: Possible app spree?

Anonymous — Mon, 05 Dec 2016 13:29:46 GMT

I'm very conservative when it comes to "spree" recommendations. My opinion is that unless all of your scores are 720+ that you shouldn't spree... and also not if you've opened a bunch of accounts within the last 2 years and/or plan on opening several in the next year or two. Others will have different opinions on this, of course.

Re: Possible app spree?

805orbust — Mon, 05 Dec 2016 15:04:08 GMT

Totally agree with Brutal here. However, if your scores are all gonna be in that range, adding 2-3 cards won't kill them. With a number like that you're pretty much guaranteed approval with AMEX, Chase, etc. SL may perhaps be on the low side however. If it were me I'd app first with NFCU. Theyll give you a nice limit, and then go from there. Chase would probably be next as you don't wanna mess with 5/24. All my own opinion though, first and foremost you want to get what will work for you.

Re: Possible app spree?

Anonymous — Mon, 05 Dec 2016 15:17:57 GMT

At this point, I say carefully shop for a card you really want and apply for it, then wait 6 months and shop for another or just grow what you have. My list for the next 2 years is Capital One cash rewards and getting my discover unsecured. My long term goal is the Delta AmEx Card but thats 10 years out since i have BK.

Re: Possible app spree?

mysterythemoon — Mon, 05 Dec 2016 18:10:27 GMT

My goal now is to use my inquiries wisely. That's why I'm asking. I'd like to pick up three cards since my Cap1 card will never unsecure, so that will be closing soon. That will leave me with four total. I want to get into Chase. Are they the most app and recent card sensitive? More than AmEx? I think the three I want is Chase, AmEx and NFCU. The initial CL is irrelivant to me. Those are just the companies I'd like to get in with and start to grow with (along with my Disco with shoud unsecure in the next few months). I guess what I'm asking is what order I shoud apply so that I can get in with all three and then garden like mad?

Re: Possible app spree?

austinguy907 — Mon, 05 Dec 2016 18:29:37 GMT

What's that about Cap1?

http://ficoforums.myfico.com/t5/Credit-Cards/NEWSFLASH-Capital-One-Secured-MC-graduation-possible/m-p/4802298

Just take a deep breath Mystery and find your center for a moment. There's plenty of options and it's not a life or death scenario picking some CCC's to deal with. Also, there's not a deadline for it to happen either. It's good to see you thinking about your future through the process of inquiries though. Just spend some time using the search box on here and you shall find plenty of information. Become a Fico'r!!!

Re: Possible app spree?

mysterythemoon — Mon, 05 Dec 2016 18:40:07 GMT

Ok well this is very new news. The common knowledge is that Cap1 would never unsecure. I think almost everyone on this board would be shocked to hear this.

In terms of a deadline, I know I don't have one, technically. But with the oddness of having a card that I opened in 2003, and closed in 2004 STILL reporting on my EX and making my score and AAoA far better than it should be at this point, I figure I might as well use it. There's no telling when that account will fall off. It shouldn't be there to begin with.

Re: Possible app spree?

austinguy907 — Mon, 05 Dec 2016 19:01:01 GMT

There are quirks like that sometimes. I'm sure I've gained some points from a similar situation and don't mind the extra points as long as it doesn't actually go active w/o me noticing it. Just something to keep an eye on for any activity other than positive reporting.

Re: Possible app spree?

mysterythemoon — Mon, 05 Dec 2016 20:30:15 GMT

Which is why I'm intent on appliying for a few cards sooner rather than later. If that slips off my account it will take me man many years to get that AAoA back. Rather strike while the iron is hot.

Re: Possible app spree?

Anonymous — Mon, 05 Dec 2016 20:39:46 GMT

I would still cancel the Cap One if you can get two or three cards approved. Their rewards are not very good. I will include a list of cards that I would app for.

Join NFCU, then App for Cash Rewards.

App for Starwood Hotels from Amex.

App for CSP/CSR if you are under 5/24, if over App for Fairmont card.

App for Amazon Card if you are a prime member. 5% cash back!

Re: Possible app spree?

mysterythemoon — Mon, 05 Dec 2016 20:40:52 GMT

I get no rewards from Cap1... Shouldn't I apply for the Chase card first, then the Amex, THEN the NFCU? Chase wants to see less cards, AmEx second for the same reason. Then Navy Federal because they are more lienient?

Re: Possible app spree?

Anonymous — Mon, 05 Dec 2016 20:43:23 GMT

Yes that is a good order. I apologize I did not order them in any fashion, just threw them all out there.

Re: Possible app spree?

mysterythemoon — Mon, 05 Dec 2016 20:47:12 GMT

Btw, a big thanks to you for steering me to NFCU about a week ago. I was able to join in less than 48 hours. Looking forward to seeing about their products. Justtttt want to make sure all the baddies are off all three reports before I think about applying for anything. I think I'm in the clear but will know more about what has updated and what hasn't by week's end.

Re: Possible app spree?

Anonymous — Mon, 05 Dec 2016 20:50:46 GMT

@mysterythemoon wrote:
Btw, a big thanks to you for steering me to NFCU about a week ago. I was able to join in less than 48 hours. Looking forward to seeing about their products. Justtttt want to make sure all the baddies are off all three reports before I think about applying for anything. I think I'm in the clear but will know more about what has updated and what hasn't by week's end.

No problem NFCU is great.

Re: Possible app spree?

mysterythemoon — Mon, 05 Dec 2016 21:00:32 GMT

Why Starwood over Blue Cash? That's the one I was targeting

Re: Possible app spree?

Anonymous — Mon, 05 Dec 2016 21:03:54 GMT

I would choose Starwood due to the signup bonus and high value of points, Starwood points are worth 2.2 cents, the bonus alone is worth $550. In the end if you don't travel much or don't want to go to their properties app for the card you would like. It is kinda personal preference.

Re: Possible app spree?

Anonymous — Mon, 05 Dec 2016 23:56:02 GMT

@mysterythemoon wrote:
Which is why I'm intent on appliying for a few cards sooner rather than later. If that slips off my account it will take me man many years to get that AAoA back. Rather strike while the iron is hot.

Out of curiosity, what is your current AAoA and how many accounts are on your reports?

Say you have 10 accounts on your reports and your AAoA is 6 years with 1 of those 10 accounts being your 13 year old account. Removing that account from your reports would drop your AAoA to 5 years. In this example, it's possible that there would be little or no score change with a 1 year AAoA reduction.

Of course it depends on how many accounts you have and what your current AAoA is. If you have fewer acconts, the more volatile it will be to accounts dropping off (or adding on).

I opened 3 accounts this past June and my AAoA didn't drop at all in terms of FICO scoring. 7 years before the 3 new accounts and 7 years after the 3 new accounts.

Re: Possible app spree?

mysterythemoon — Tue, 06 Dec 2016 00:39:20 GMT

I have a closed Kohl's account that is 3.1 years old. And two secured CC's that are 4 months old. And on EX I have that 13 year old card. All positive TLs. The two secured CC arr the only ones that are still open. AAoAs: EX: 4.1, EQ:1.3, TU: 1.3