topic Re: App Spree: Good Idea? in Credit Card Applications

App Spree: Good Idea?

Anonymous — Fri, 08 Jun 2018 00:08:15 GMT

Hi Guys,

The last time I checked-in, I was approved for the Citi TY Premier and AMEX Hilton Ascend.

Over the last 5 months, I have hit every bonus.

CFU ($500 for 15k UR Points)

AMEX ED ($2k for 25k MR Points)

Citi TY Premier ($4k for 50k TY Points)

AMEX Ascend ($3k for 100k Hilton Points)

However, I am now getting ready to apply for a car loan. I am trading in my car. However, if I am going to get any HPs might as well try my luck with some credit cards before my long, long garden.

USAA Preferred Cash Rewards: Pre-Selected [HP]

Chase Sapphire Preferred: Green Check Mark [HPs]

Discover IT: Pre-Approved [SP]

PenFed Power Cash Rewards: Will ask since I am taking a [HP] for membership

AMEX PRG: Was pre-approved, no longer but may get by the end of June. (FICO updates June 18th). [SP]

Do you think this is a good idea to go on this spree before I let my accounts age? In a year, I will try for a mortgage. SUBs will not be an issue.

Re: App Spree: Good Idea?

HeavenOhio — Fri, 08 Jun 2018 00:12:20 GMT

Get the car loan first. Optionally, apply for a card or two soon after you have the car. Then stop dead in your tracks until your mortgage has closed.

Re: App Spree: Good Idea?

Anonymous — Fri, 08 Jun 2018 02:44:04 GMT

Definitely getting car quotes from PenFed, USAA, and Chase. Also, the reason why I am apping for credit cards. Mortgage is about 1-2 years out, but I plan on staying in the garden until after close. Thanks for the advice.

Re: App Spree: Good Idea?

HeavenOhio — Fri, 08 Jun 2018 02:57:00 GMT

I think you'd be fine asking about cards with PenFed and USAA when you talk to them about a loan.

Certainly talk to Chase about a loan. But with all your recent new accounts, I don't think you'll be a candidate for a card from them for a while.

Re: App Spree: Good Idea?

Anonymous — Sun, 10 Jun 2018 03:49:16 GMT

With recent news Chase will bypass 5/24, if you have a green check mark. I have had an 8 year relationship with Chase. They are my primary bank, my direct deposit goes through, and they accepted my CFU when I had a 580 credit score. They also 4x my limit in 2 months.

Re: App Spree: Good Idea?

BronzeTrader — Sun, 10 Jun 2018 14:40:26 GMT

Credit card app spree is a myFICO buzz word. Most people like it.

But with your fragile credit file, it is very bad for you. And you are going to apply for mortage etc. If I were you, I won't do it.

App Spree = Credit Suicide.

Re: App Spree: Good Idea?

Anonymous — Sun, 10 Jun 2018 16:00:46 GMT

Thanks for the advice. Mortgage wouldn't be until Spring 2020. Most cards are no additional HPs from the car loan. I do not have many inquiries. I plan on this being my last apps for the next two years.

Re: App Spree: Good Idea?

SouthJamaica — Sun, 10 Jun 2018 16:25:27 GMT

@Anonymous wrote:
Hi Guys,

The last time I checked-in, I was approved for the Citi TY Premier and AMEX Hilton Ascend.
Over the last 5 months, I have hit every bonus.
CFU ($500 for 15k UR Points)
AMEX ED ($2k for 25k MR Points)
Citi TY Premier ($4k for 50k TY Points)
AMEX Ascend ($3k for 100k Hilton Points)

However, I am now getting ready to apply for a car loan. I am trading in my car. However, if I am going to get any HPs might as well try my luck with some credit cards before my long, long garden.

USAA Preferred Cash Rewards: Pre-Selected [HP]
Chase Sapphire Preferred: Green Check Mark [HPs]
Discover IT: Pre-Approved [SP]
PenFed Power Cash Rewards: Will ask since I am taking a [HP] for membership
AMEX PRG: Was pre-approved, no longer but may get by the end of June. (FICO updates June 18th). [SP]

Do you think this is a good idea to go on this spree before I let my accounts age? In a year, I will try for a mortgage. SUBs will not be an issue.

It's a terrible idea to get new HP's before applying for car loan and a mortgage. You should stop applying for anything, even CLI's which get you a HP.

Re: App Spree: Good Idea?

JR_TX — Sun, 10 Jun 2018 17:59:38 GMT

Car Loans and Mortgages are major apps that should take precedent over anything else that’s not emergency. You don’t want any inquiries and any new and recent trade lines in your file not just to get approved but to get the best rate as humanly possible which could end up either saving you or costing you thousands of dollars in the long run. You need to tie yourself up at a tree somewhere in the garden or Stay away from these forums altogether if the “itch” becomes uncontrollable! Lol

Re: App Spree: Good Idea?

BronzeTrader — Sun, 10 Jun 2018 19:29:17 GMT

All mortage banks look at the new accounts and inquiries for at least the last two years. Some have very tight underwriting standards. You would need to stand ready to explain all the new accounts and new inquiries.

If you get a $200,000/year disposible income, you get little to worry about. But if you are tight with budget, better to get your credit in order. Most of the credit card forum has the cultire to get you apply for more CCs and higher CL.

Re: App Spree: Good Idea?

signaturecardmember — Sun, 10 Jun 2018 20:25:50 GMT

From my app spree days I would wait 6 months between sprees. Also it might be wise depending on your profile to get your car loan lined up first. 3rd tip is save those UR points from Freedom until you have the Sapphire card, they are way more valuable when used with travel partners by transferring (not booking through UR portal) then if you cashed them out. Hope this help!

Re: App Spree: Good Idea?

Anonymous — Tue, 12 Jun 2018 22:48:12 GMT

Sorry for the late reply busy project at work.

These apps would not be before, but simultaneously with the auto loan. I am already an USAA member, but to app for a used car loan and checking account, it will be a HP. This is why I considered applying for a card that I am pre-selected for. Moreover, PenFed requires a HP for membership, which I would sort of do the same thing as USAA. Chase I have an offer for a car loan and CSP, which I would take a HP since I want the best rate. My inquiries are low - TU: 3 EQ: 2 EX: 3

Also, CLI do not always require a HP. AMEX, Citi, and Discover are all SPs.

Re: App Spree: Good Idea?

Anonymous — Tue, 12 Jun 2018 22:51:51 GMT

Definitely understand! Tradelines wouldn't appear before car loan app, as they would use the same HPs. Also, I have a lot of spend coming up and wanted to accumulate a lot of travel rewards, since it would be my last apps for two years.

From previous post:

Re: App Spree: Good Idea?

Anonymous — Tue, 12 Jun 2018 22:55:53 GMT

My inquiries are low. New accounts is 5. Car loan and apps would only take my inquiries to 4 across the board on all bureaus. However, thank you for the advance. Budget is not tight, but will definitely reconsider.