topic Re: App Spree Plan (is 3 mon too soon?) in Credit Card Applications

App Spree Plan (is 3 mon too soon?)

Anonymous — Fri, 07 Sep 2018 14:24:38 GMT

It's been 3.5 months now since my 1st App Spree (5 new cards $63k) with pretty heavy usage, but I just paid all my cards off (should be under 3% Utilization by end of next week) and I'm ready for another spree. Any thoughts? I can't do Amex or Discover (chargeoffs 2010), so this is what I'm thinking:

App Spree 2 Plan

DCU

Capital One Venture

Barclays

Citbank 2

BofA Travel Card (or Balance Transfer Card)

NFCU

USAA

HomeDepot

BestBuy

US Bank 2

Chase Slate CLI

Any advice or feedback is greatly appreciated.

Re: App Spree Plan (is 3 mon too soon?)

FinStar — Fri, 07 Sep 2018 14:44:17 GMT

I would narrow it down and be more strategic about the CCs you're attempting to obtain, especially since you got approved for some CCs a few months back and others several months before your last set of applications. Spacing things out doesn't hurt anything either.

Keep in mind that a variety of lenders have tightened up some UW criteria so your results will definitely vary.

What is the end goal?

Re: App Spree Plan (is 3 mon too soon?)

Anonymous — Fri, 07 Sep 2018 14:48:57 GMT

@Anonymous wrote:
It's been 3.5 months now since my 1st App Spree (5 new cards $63k) with pretty heavy usage, but I just paid all my cards off (should be under 3% Utilization by end of next week) and I'm ready for another spree. Any thoughts? I can't do Amex or Discover (chargeoffs 2010), so this is what I'm thinking:

App Spree 2 Plan
DCU
Capital One Venture
Barclays
Citbank 2
BofA Travel Card (or Balance Transfer Card)
NFCU
USAA
HomeDepot
BestBuy
US Bank 2
Chase Slate CLI

Any advice or feedback is greatly appreciated.

Are you applying with a specific purpose in mind based on your spend or anticipated spend, or just applying to accumulate? And with 5 new cards 3 1/2 months ago, I would suggest waiting at minimum another 3-4 months, but 8 1/2 more months would be much better.

Re: App Spree Plan (is 3 mon too soon?)

xaximus — Fri, 07 Sep 2018 14:58:09 GMT

Quite the extensive list. What are your goals? Personally, unless you have specific uses for each card (Some of the cards are redundant - Venture/BoA Travel Card comes to mind, USAA/NFCU is another depending on what you're looking for). I would wait, with 5 cards relatively new, adding anymore may cause AA or possibly trigger reviews. Also, credit seeking behavior is a real thing as well. It's something to keep in mind.

As before - might be a good idea to wait atleast 3-6 months, if not longer. I think it's too early currently. Also, I'd review the cards you have and remove the redundancies.

Re: App Spree Plan (is 3 mon too soon?)

Anonymous — Fri, 07 Sep 2018 15:23:12 GMT

I would say modify your list down a bit and go for a few more.

In Jan I got 4 which are 6 mo old now. (PenFed, Disco It, Chase FU, & Sam's Club MC)

Then I Added BBVA Compass now 3 mo old.

Apped Amex in here somewhere and was denied for prior bad relationship from 2009

Then 2 more which are now 1 month old ( WF Propel, and USB Cash +)

Then a nice size car loan for a local CU which is still 0 months old and The Citi/Best Buy Platinum Visa less than a week old.

I have my eye on the Savor but the 3 hard pulls has kept me from pushing the button. I would also like a Paypal 2% but since I only have a business acct with them they won't let me apply. Not sure how to get around this yet.

I plan to keep going every few months until I get a few denial based on somthing other than prior bad relationship.

Re: App Spree Plan (is 3 mon too soon?)

SweetCreditObsession — Fri, 07 Sep 2018 16:13:36 GMT

Am I correct in thinking you intend to apply for all of these in the shortterm? Why do you want that many additional cards at once? What are your datapoints?

Re: App Spree Plan (is 3 mon too soon?)

Anonymous — Fri, 07 Sep 2018 17:52:05 GMT

If you're talking about adding a single card.. maybe.. yeah. If you're planning on another multi-card spree 3.5 months out I wouldn't do it. That's just me..

Re: App Spree Plan (is 3 mon too soon?)

Cred4All — Fri, 07 Sep 2018 17:58:01 GMT

I concur with most of the replies already provided, wait it out another 6+ months. Based on previously attained cards, the AAoA, and the fear that an 'App Spree Plan' of 11 additional inquiries/requests will definitely throw what you've already achieved down the drain in rapid fashion IF adverse action resulted from it. The saying 'It's a marathon not...' comes to mind here. OP, I'd keep using the fleet you already acquired and hold off until the new year hits at a minimum - my opinion.

Re: App Spree Plan (is 3 mon too soon?)

Anonymous — Fri, 07 Sep 2018 20:59:17 GMT

Choose your cards carefully based on matching rewards with your spending, blind app sprees like this will mostly result in a bunch of useless SD cards while dragging down your scores. You have plenty to work with, give your profile the time to recover then app selectively.

Re: App Spree Plan (is 3 mon too soon?)

Anonymous — Fri, 07 Sep 2018 22:27:03 GMT

At the risk of piling on, I'd like to echo the others: apply for cards that you really do want and expect to use, rather than just piling them on. That's why I've never made use of the SCT, for example (aside from possibly Overstock, but I actually got that card on a pre-approved offer), aside from the fact that most of the stores that "participate" in the SCT are categories of retailers that I rarely if ever shop at. There is also the salient fact that Comenity is a skittish lender notorious for abruptly closing down or inflicting other AA on customers if something alarms them (it often happens, in fact, to be a customer opening a Comenity co-branded major card, thus triggering a hard pull and actual review, after having obtained a large number of SCT cards that were handed out by the computer with nothing beyond a cursory digital review of whatever was in its programming).

Re: App Spree Plan (is 3 mon too soon?)

Anonymous — Sat, 08 Sep 2018 00:56:17 GMT

Thanks for all the replies and questions, they are super helpful!

My goal is to accumulate highest TCL possible (200k TCL by Sept 2019, $500k Sept 2020), for business and personal short term financing. I have a new business and don't yet qualify for other financing that requires years of tax returns.

Also planning some home improvements (hence the Home Depot and thinking of adding Sears)

It seems like those who have built high TCL quickly like Gmood1 have aggressively App'd and asked for CLIs every 3 months.

I am working in tandem with DH (dear hubby 65musclecar on myfico) who has TCL =$125k including Chase Sapphire $29k and Cap1 Venture $20k. Would it makes sense to go on his cards as AU?

I am thinking about doing some Balance Transfers to take advantage of the expiring BT offers on my BofA and US Bank Cash+, but if I do my Utilization will go up and I won't be able to App for awhile. That is another reason I want to App now.

I listed all the cards I am considering, but I was planning to App for about 5 (or until I get a denial). I am planning to look at which cards pull from which CRA's as part of deciding which to App for.

My top five at the moment are:

DCU

Capital One VEnture

Sears Card (home remodel)

Citbank 2

BofA Travel Card (or Balance Transfer Card)

Re: App Spree Plan (is 3 mon too soon?)

KELSTAR — Sat, 08 Sep 2018 11:27:06 GMT

@Anonymous wrote:
It's been 3.5 months now since my 1st App Spree (5 new cards $63k) with pretty heavy usage, but I just paid all my cards off (should be under 3% Utilization by end of next week) and I'm ready for another spree. Any thoughts? I can't do Amex or Discover (chargeoffs 2010), so this is what I'm thinking:

App Spree 2 Plan
DCU
Capital One Venture
Barclays
Citbank 2
BofA Travel Card (or Balance Transfer Card)
NFCU
USAA
HomeDepot
BestBuy
US Bank 2
Chase Slate CLI

Any advice or feedback is greatly appreciated.

I would be almost certain Barclays will deny you for too many recent inquiries(IME. Had 4 recent approvals before UBER app withzero bads/azeo/<2%/income 90k/wouldn't budge on recon)

US Bank will be inquiry sensitive too but I don't think as much(I had to recon for approval)

Chase cli I think would be a bad idea even before the apps you want to do above. You opened 5 accounts 3 months back and a hp cli gets eyes on you.

3 more months and Barclays will probably give you some love if you don't do anything until then and they are your first app of your next spree. Do one app every 60 days for sure and better at every 90 days and you can bonus chase until the cows come home if Chase 5/24 isn't a concern.

All above is IMO/IME.

Good luck on what you decide!

Re: App Spree Plan (is 3 mon too soon?)

Anonymous — Sat, 08 Sep 2018 12:01:17 GMT

@KELSTAR wrote:
@AnonymousDo one app every 60 days for sure and better at every 90 days and you can bonus chase until the cows come home if Chase 5/24 isn't a concern.

Thanks for the tips Kelstar!

What do you mean by "bonus chase"??

I think I'm headed for LOL/24 soon... Ha ha. I wanted to get a couple Chase cards so I applied for them first, but I was denied on Southwest/Chase App. I'm not waiting 18 months just for Chase! I don't see how some people have 3 Chase cards.

Re: App Spree Plan (is 3 mon too soon?)

bigpoppa09 — Sat, 08 Sep 2018 12:16:57 GMT

I would also take DCU off the list the rewards are a joke.

Re: App Spree Plan (is 3 mon too soon?)

CreditInspired — Sat, 08 Sep 2018 14:21:30 GMT

Wow OP

This stmt of yours scares me:

“I am thinking about doing some Balance Transfers to take advantage of the expiring BT offers on my BofA and US Bank Cash+, but if I do my Utilization will go up and I won't be able to App for awhile. That is another reason I want to App now.”

IMHO, before applying for any more CCs, get your UT down. It almost appears as if you’re shuffling debt around instead of paying it off. If I’m wrong, my apologies.

Creditors have been known to shut accounts down if they see undesirable credit seeking behavior, especially with high UT. This behavior is risky and could be considered breakout behavior by the algorithm gods.

I agree with everyone here, slow down—a lot. Maybe spend some time gardening before going on another spree.

GL2U

Re: App Spree Plan (is 3 mon too soon?)

Anonymous — Sat, 08 Sep 2018 15:09:27 GMT

@CreditInspired wrote:
Wow OP

This stmt of yours scares me:

“I am thinking about doing some Balance Transfers to take advantage of the expiring BT offers on my BofA and US Bank Cash+, but if I do my Utilization will go up and I won't be able to App for awhile. That is another reason I want to App now.”

IMHO, before applying for any more CCs, get your UT down. It almost appears as if you’re shuffling debt around instead of paying it off. If I’m wrong, my apologies.

Creditors have been known to shut accounts down if they see undesirable credit seeking behavior, especially with high UT. This behavior is risky and could be considered breakout behavior by the algorithm gods.

I agree with everyone here, slow down—a lot. Maybe spend some time gardening before going on another spree.

GL2U

It was very scary for us this past year! We racked up some serious debt while we battled through an ugly legal dispute ($40k+ in attorney's fees), but the gamble paid off and we won. We now have the cash to pay off the cards and then some, but we're thinking about taking advantage of some interest free money for awhile with some balance transfers. My utilitzation will be 0-3% by next week. The most I'd planned to do in BT's is $30k which would put me at 35% Utilization and I would then wait at least 6 months to pay them off and do another App Spree.

A lot of people are advising slowing down. Is the theory that I can build up my credit faster by moving slower? Perhaps focusing on credit limit increases instead of more cards? Should I close some accounts (I never use the store cards anymore)?

What is the optimal number of applications to put in over what time period, and the optimal number of accounts to have?

Will opening 20 cards in 12 months with four 5 card App Sprees (new app spree every 3 mon) get me to $200k faster , or;

will opening 10 cards in 12 months with 2 card Apps at 9mon and another 2 card Apps at 12 months?

It would be interesting to see a graph of TCL over time, with added data showing how many cards a person had at each TCL level.

My guess is that 4 new cards in a year would add about $40k in new SLs plus another $20k in CLIs ($60k total)

My guess is 15 new cards would probably add $100k in new SLs plus another $20k in CLIs ($120k total). Based off my husband's experience.

Another thing is, I don't understand the strategy around closing certain accounts, asking for CLIs on certain accounts, etc.

Of course having 4 - 8 cards with $25k+ CLs would be way better than 30 cards with $5k limits! My only big card at the moment is my BofA Cash Card at $19k.

Re: App Spree Plan (is 3 mon too soon?)

Anonymous — Sat, 08 Sep 2018 16:43:52 GMT

Lowes credit card is much easier to obtain than Home Depot from my experience and research.
But that's just my opinion!
Good luck on your app spree....

I would never apply for so many cards at one time.
Makes you look desperate for credit to lenders.
This also locks you out from any potential prime lenders for awhile.

Re: App Spree Plan (is 3 mon too soon?)

CreditInspired — Sat, 08 Sep 2018 19:03:07 GMT

The problem, IMHO, is you’re only looking at the upside of an extremely slippery slope.

No one can predict what tomorrow will bring. So, why not pay off the outstanding debt vs BT and garden for 6-12 months. IME, that’s what garners higher SLs and CLIs.

As I was reading your latest response, the term “addictive behavior” kept popping in my head. I’m worried, and I probably shouldn’t be, because you know you best. But after all the solid advice/reasonings provided, you still want to apply for CCs surmising that you’ll get large SLs.

Now, granted, you may succeed in your planned endeavor—and I wish you all the best—but please realize the downside could be unfavorable or even catastrophic. You may be approved for CCs with smaller SLs than needed to make the BT you desire. You may be denied or get small CLIs on cards you already have. AA could be taken because you’re wracking up CCs and INQs in a short span of time (very risky behavior). CCCs could start balance chasing you. And, if creditors start shutting you down, it could be a domino effect, and then your UT will be at maximum load.

I’m not trying to scare you, but these are real possibilities. The reason we’re advising you to slow down is because we want you to be in control of your credit card fate. It’s better that you slow yourself down instead of the creditors doing it for you.

It’s difficult to specifically answer your questions because everyone’s credit profile is different and everyone’s mileage varies.

However, it appears we’re united in saying, “take it slow and wait 6-12 months before applying for new credit.”

Please understand that I’m not being judgmental. I just want you to slow down and consider all the variables before taking the plunge.

Again, GL2U on whatever you decide.

Re: App Spree Plan (is 3 mon too soon?)

Pikaboo-icu — Sat, 08 Sep 2018 19:24:31 GMT

Hello, In reading through all the replies here, I have to say they're giving you the BEST advice.

They base this on experience, their own and what they've seen happen to others here.

The worry isn't just denials and low SL's but some lenders have been known to get spooked and shut down cards you already have, regardless of how well you've used them. They could have perfect payment history and that will not matter.

If a LI raises an eyebrow at inq's, uti and multiple new accounts- they can and will shut you down, worse, others may follow.

Everyone that replied wants you to succeed! They want you to obtain the cards & CL's you desire- but most of them have been doing this for some time and understand the bad things that can happen from too fast too soon behavior.

I know it seems like "more is better" and it can be but in the credit world; slow and steady wins the race.

If you're itching to app for a new card; perhaps do ONE and done for 6-8 months.

Best of luck to you in whatever you decide..

PS- there are posts from members that were warned of this after obtaining a lot of new accounts and posts a few weeks/months later when their accounts started getting shut down. It does happen, NOBODY wants to see that happen to you!

CHEERS

Re: App Spree Plan (is 3 mon too soon?)

Anonymous — Sat, 08 Sep 2018 22:44:50 GMT

@CreditInspired wrote:
The problem, IMHO, is you’re only looking at the upside of an extremely slippery slope.

No one can predict what tomorrow will bring. So, why not pay off the outstanding debt vs BT and garden for 6-12 months. IME, that’s what garners higher SLs and CLIs.

As I was reading your latest response, the term “addictive behavior” kept popping in my head. I’m worried, and I probably shouldn’t be, because you know you best. But after all the solid advice/reasonings provided, you still want to apply for CCs surmising that you’ll get large SLs.

Now, granted, you may succeed in your planned endeavor—and I wish you all the best—but please realize the downside could be unfavorable or even catastrophic. You may be approved for CCs with smaller SLs than needed to make the BT you desire.

However, it appears we’re united in saying, “take it slow and wait 6-12 months before applying for new credit.”

Thanks for the input CreditInspired!

To clariy, I already have BT offers on my existing cards that are about to expire (i.e. - I have to do a transfer by Sept 30th to get 0% for 12 mon) so I'm not counting on new BT offers.

In light of the advice here I'm thinking about another strategy. I could make a large deposit ($100k) into a new Bank Account (maybe Merrill) or maybe a couple different Banks (any suggestions?) to start a preferred banking relationships there, then wait awhile (3mon? 6mon? 9mon?) and app with that bank(s). Then maybe I would be assured of a high SL (maybe $20k). Then I could rinse and repeat with a new bank. Then in theory I might have 2-3 cards with $20k limits in 12 months and stellar scores, putting me in position to get CLIs with my existing cards, hopefully taking a few of them up to the $20k level. This might still net me the $100k in additional credit in 12mon, but perhaps with better cards / better banks / less risk.

Any Thoughts?

Is there another way I could leverage $200k in cash to get some awesome low interest unsecured credit lines without POI and 2 years tax returns?