topic Re: Spree vs Snail in Credit Card Applications

Spree vs Snail

jesseh — Sun, 25 Oct 2015 10:02:14 GMT

Hi all!

As you can see in my sig, my credit history, which has only started a year and a half ago, has been going quite well. Discover raised my CL from 1.5k to 2k after the first half year.

My goal is to get a high total of credit limits (credit available), and a high fico score on the long term.

I checked the prequal pages for Amex, citi, barclay, Chase, cap1. They all gave prequal offers.

Should I do a big spree, raise the number of cards I have in my wallet?

Or should I snail: just apply once in eg every 6months.

What do you guys think? What will raise my total credit available and my fico on the long term, best?

Thanks, have a great Sunday!

Re: Spree vs Snail

Anonymous — Sun, 25 Oct 2015 10:25:05 GMT

If you decide to go on the spree... make sure you try to find an order to it. For instance, doing Chase first may be beneficial since they have a limit on how many new accounts they like to see. From there, you can continue based off of which bureau each card pulls to balance inquiries as you go. Just a thought....

Re: Spree vs Snail

elim — Sun, 25 Oct 2015 10:38:54 GMT

@Anonymous wrote:
If you decide to go on the spree... make sure you try to find an order to it. For instance, doing Chase first may be beneficial since they have a limit on how many new accounts they like to see. From there, you can continue based off of which bureau each card pulls to balance inquiries as you go. Just a thought....

+1 great advice either way. In most cases, Chase will not issue you a Slate, Freedom or CSP if you have opened 5 accounts in the past 24 months.

I think I would grab 1 every 3 - 4 months, or 2 every 6 months. You have years to compile a portfolio and a big Boom on your reports looks like a big Bust is coming (to creditors). Somewhere between snail and spree is my advice. Congrats on a great start!

Re: Spree vs Snail

jesseh — Sun, 25 Oct 2015 10:53:57 GMT

Thanks for the advice.

What I'm wondering, is the road to high limits just one card at a time? I just feel I need to get out of the <5k zone asap to grow further.

If I ruin my INQ's now (get a card with every issuer), in two years, I have a portfolio with 0 INQ's (dropped off), and eg 7 prime-lender cards with 2-3k limits.

Will that get me my 'beloved' 5k+ cards, or can I get one sooner, if I go slow and steady?

Re: Spree vs Snail

jesseh — Sun, 25 Oct 2015 14:37:52 GMT

Which card should I apply for now, if my goal is a high limit? Are some lenders more lenient for my 'portfolio'?

Re: Spree vs Snail

CreditCuriosity — Sun, 25 Oct 2015 15:26:23 GMT

I kinda go at a snails pace and apply for a card every 2 months.. Ideally IMO it would be every 6-12 months add 1 or 2 or whatever you desire. Each person is different though and has different short/long term goals

I agree if you do a spree if you want the freedom/csp then get those first and prioritize the other ones in importance as some are more inquiry sensitive than others

Re: Spree vs Snail

nenuco — Sun, 25 Oct 2015 16:59:11 GMT

Nice job being so responsible with your credit! Everyone has different ways on taking on new credit. For me, I like to app a couple of cards at a time. That way the inquiries fall off around the same time and the score pulled is roughly the same. As others have stated, being organized and applying in order helps. Make a realistic list that strikes a balance between what you want and what you can get. Don't waste inquiries for cards that are still out of your reach. Cards like the CSP require a minimum credit line of 5K for most if not everyone applying. I'm sure that if you keep things up, in a year or two you can get cards with a 5K SL. It took me about a year and a half to get there. Good luck!

Re: Spree vs Snail

Anonymous — Sun, 25 Oct 2015 19:52:06 GMT

Do what works best for you. I got into credit cards as it was the missing puzzle piece to couponing. Will you get rich from them? Probably not, but a extra piece of pie with a pie starts to add up! (bad analogy lol)

I would research what exactly you need first. Break down your monthly spending into categories. See how much you spend on general non category items. Make it about the cash back or money savings.

Remember with prequals, unless it states a specific APR its NOT legit.

If I were you and wasn't getting a mortgage any time soon, I'd focus on getting my scores good enough to get a nice bonus 2-3 times a year or so. This doesnt mean every year you add 3 cards. That would be excessive after 20 years lol. Maybe rewards arent for you though. I also try to get the most I can per inquiry in the form of cash back and a bonus.. But for you, your goal may just be super high limits.

May I ask why exactly you are so attracted to really high limits?

If you want the fast track to high limit, that would be with a credit union. Try Nasa. Lots of folks get 10-20k cards with only 2 soft pulls. I guess since you have low inquiries and dont have a ton of cards, you could do the old fashioned venture/quicksilver combo. 3 inquiries for 2 cards. But the venture doesnt really make much sense to me as there are 2 percent cards out there with no AFs or restrictions. So you could move the venture limit to the quicksilver in 6 months. I wouldnt go for capital on unless you absolutely had to, that is just my opinion.

Can you get any of your secured cards unsecured without a hard pull?

I see a lot of chase cards here with big limits. Folks seem to move their big limits from a cobranded to their freedom fairly easily. As always YMMV. But if you want to see the effects on spree... everything in my signature has been obtained since may after the quicksilver. That couple month long spree has caused my major CC limits to be kind of stuck in the 2-3k range for now. I suspect with time they will increase. However in 1 year my scores have risen 100 points. So probably a small spree from time to time. IDK

Re: Spree vs Snail

Creditaddict — Sun, 25 Oct 2015 23:46:02 GMT

I have a post from last week helping a friend who had not done anything with his credit in years and in about 10 minutes he gained $42k and he still needs to do Navy.

I highly suggest SPREE so you take the hit at once plus your current cards are what you let grow to get to this point of spreeing, so you don't need to grow more by adding 1 here and there.

Take 2 chase back to back first (consolidate to 1 if you don't like both) either Freedom/CSP or CSP/airline or hotel will get you even higher limit.

Take Citi Next

Amex

Barlcay

Then 2 Capital One back to back (they can be consolidated in 6 months also (make sure 1 is venture since it gives highest limits.

Re: Spree vs Snail

jesseh — Mon, 26 Oct 2015 09:53:44 GMT

Chase gives me the following prequal page:

(my name above it)

(

So, does the fact that it shows a CSP, mean I can be sure to get a 5k limit?

Re: Spree vs Snail

jesseh — Mon, 26 Oct 2015 10:07:06 GMT

@jfriend33

I'd like to have the perks of having more premium cards (concierge, purchase protection). Also, I feel a credit report with only low limits does not look as good as one with higher limits. Utilization will not increase.

Would NasaFcu be a good option right now, or should I wait?

Unfortunately, Andrews fcu and state dept don't unsecure secured cards at all. Which really sucks, because I feel I'd like to get rid of these almost useless cards, besides the fact they are my oldest accounts..

Interesting how your limits got stuck in the 2-3k range because of your May spree, that's exactly what i would like to avoid. Thanks

---

@Creditaddict

Interesting, I tried to find that post in your history, but couldn't find it. Could you point me in the right direction? Unfortunately I'm ineligible for navy.

Could you please clarify what you mean by "your current cards are what you let grow to get to this point of spreeing, so you don't need to grow more by adding 1 here and there."?

Do you suggest doing double Chase, citi, amex, barclay, all as a spree?

Re: Spree vs Snail

OmarGB9 — Mon, 26 Oct 2015 13:49:08 GMT

@jesseh wrote:

Chase gives me the following prequal page:

(my name above it)
(

So, does the fact that it shows a CSP, mean I can be sure to get a 5k limit?

Assuming you get approved for it, yes. CSP has a minimum $5k SL.

Re: Spree vs Snail

Creditaddict — Mon, 26 Oct 2015 14:48:46 GMT

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Spree-for-a-friend-SUCCESS/td-p/4288781

What I mean by your current cards is you did the secured route and 1 unsecured card and now your scores are in the mid 700's so it's a great time to spree instead of another set of baby steps.

Chase: Yes, Since you are being offered the CSP, you are good for at least $5k... in my friends spree I posted above we did Slate and CSP because he actually needs a BT card and when they arrive he will move the $5k CSP to slate and close it.... In your case you do not need BT card so I would do CSP and if you like freedom sure but something like Marriott, United (hotel or airline card) as the 2nd app to the CSP will probably receive a higher CL than a freedom app.

2 Capital one (venture/Quicksilver)

1 Citi (Double Cash?)

1 Barclay if you like it

1 Amex

Re: Spree vs Snail

Cmikul — Mon, 26 Oct 2015 17:05:01 GMT

my .02

you should snag that CSP.

If you do anything else just make sure you hit that CSP button first.

I agree with having a plan to which buttons you hit and in what order if you do a spree.

I laid mine out and hit them in the order I wanted them and in the order I knew the hardest ones would get looked at first.

I had reasonable success. Can't really complain.

you're scores look like you could withstand a spree/attack on at least 4 banks and should be able to walk away with at least 4 cards and $40k in new credit.

but that's just at a glance without knowing anything about your income or profile.

Re: Spree vs Snail

Anonymous — Mon, 26 Oct 2015 22:02:38 GMT

I would take the CSP if you can meet the minimum spend and would have a need for the points. It is a pretty awesome combo with the freedom. Just app for that and the freedom.

But if your goal is a big limit then right after that I would get a $5 nasa membership and app for the credit card. You will have to show proof of income and ID so be prepared.

Re: Spree vs Snail

Anonymous — Mon, 26 Oct 2015 22:03:31 GMT

You should apply for cards based on your specific goals. I get better results the more time I put in between credit card applications. It's one of the positive outcomes of gardening. When I apply for a credit card, my goal is to receive a high SL and low APR. I don't want to barely get in the door with a creditor and then spend the next 2 years asking for CLIs and trying to lower my APR.

Re: Spree vs Snail

NRB525 — Tue, 27 Oct 2015 03:36:17 GMT

@jesseh wrote:

Chase gives me the following prequal page:

(my name above it)
(

So, does the fact that it shows a CSP, mean I can be sure to get a 5k limit?

I would suggest taking only the Freedom for now. This will give you a start with Chase, you can start earning UR points on a no-AF card, using the quarterly categories that they have on the card in 2016. Using the Freedom will give you a track record directly with Chase, and then later you can decide whether you want the CSP or not.

What is the specific Prequalification you get from Capital One?

I would suggest getting a Capital One Quicksilver, no AF card. This will get you started with Capital One. Later, after you have a track record with Capital One, keeping the Quicksilver active, you can app for the Venture card, and will likely get a much larger CL than any other CCC would give you at that time. The Venture has a spend bonus which you can use to get some travel points. Then, after 6 months if you decide you don't want the annual fee, the Venture limit can be moved into the Quicksilver limit.

Using these two cards, since you are early in your snail growth phase, is a good way to keep your journey real. Can you get 5 cards right now? Probably. Is that the best choice for someone just starting out? In my opinion, not at all. not at all. Take some time to work with basic cards like Freedom and Quicksilver, then look at what else is available, ask a lot of questions, and take your time.

Good luck!

p.s. Since your scores are in the mid-700's, you don't need to include "no baddies" in your siggy. The scores say "no baddies" already

Re: Spree vs Snail

Creditaddict — Tue, 27 Oct 2015 03:39:56 GMT

It's common knowledge to get 2 chase cards and 2 cap1 cards with same pre-qual and same hard pulls... Why would you suggest not only just 1 of each of these cards but 1 of each of the lower tier cards known not to issue the higher limits??!! That's BONKERS!
If you are going to take 1 of each (crazy) but if you are take the premium and higher limit giving cards (venture, and csp)

Re: Spree vs Snail

NRB525 — Tue, 27 Oct 2015 04:14:52 GMT

@Creditaddict wrote:
It's common knowledge to get 2 chase cards and 2 cap1 cards with same pre-qual and same hard pulls... Why would you suggest not only just 1 of each of these cards but 1 of each of the lower tier cards known not to issue the higher limits??!! That's BONKERS!
If you are going to take 1 of each (crazy) but if you are take the premium and higher limit giving cards (venture, and csp)

Because not every one can handle 7 cards in their wallet when they are just starting out on their credit journey Or the bonus spend requirements of $7,000 in 90 days to thoroughly earn the CSP and Venture bonus. Heck, many of us with lots of cards and expenses can't even fathom that level of spend. Someone with currently low value cards, I'm almost certain canNOT in any visualization get $7k of spend done in 3 months.

By the time OP gets an understanding of the next phases of this journey, meaning deciding whether CSP makes sense, whether Venture is necessary, these HP will be a distant memory.

Besides, OP's original question is "Spree or snail" Not What is my best spree strategy?

Re: Spree vs Snail

Creditaddict — Tue, 27 Oct 2015 04:27:02 GMT

I believe one of ops original goals was high limits and high limits earn higher limits in future many times so bonuses aside if high limits is goal you don't pass up premium pre approvals!
And one of my original points was to take 2 and consolidate ( I never suggested op try for csp bonus just take csp and move it to the 2nd card for higher limit and take 2 cap1 because in 6 months you can consolidate to 1 higher limit!