topic Re: April App Spree Fallout.... in Credit Cards

April App Spree Fallout....

Anonymous — Wed, 20 May 2015 22:48:37 GMT

Back in April I did an app spree, first one ever, and got some great cards and nice CL. Then reality struck - I was turned down for a lowly Sheetz gas card from First National Bank Omaha because of too many inquiries. I wasn't using myFICO yet at that point, so I wasn't aware of the too many inquiry factor.

When I started my App Spree, my numbers were EQ:803; TU:813; EX:786. Now that all of these new cards have reported, I'm seeing a huge change in my FICO scores. As of today EQ:786; TU:796; EX:786. I know that's not TOO bad, but still it hurts to see them falling below 800.

Using reward cards for the points is a great idea, I pay them in full every month, but one small thing I sort of missed was paying them BEFORE the close dates. I paid them after the close but before the due dates. The 3 CRAs see me with a 3% usage now. Yes, that's low, but I've got them nervous because of the app spree, the new cards being reported, and all of them with balances. I will correct this, and hopefully this is just a small bump in the road, but dang it, none are at 800 anymore. Hanging out in the garden for a long term commitment.

Re: April App Spree Fallout....

Creditaddict — Wed, 20 May 2015 22:54:47 GMT

FNBO is a bad gauge of if you went overboard since some have been denied with 3 INQ's... I wouldn't worry at all about your inq's, new accounts, or especially 3% util!

Re: April App Spree Fallout....

Anonymous — Wed, 20 May 2015 23:14:33 GMT

@Creditaddict wrote:
FNBO is a bad gauge of if you went overboard since some have been denied with 3 INQ's... I wouldn't worry at all about your inq's, new accounts, or especially 3% util!

Thanks. I hear FNBO is tough. Over the past 12 months I do have 10 EX, 6 EQ, and 9 TU INQ's.

Re: April App Spree Fallout....

dethkultur — Thu, 21 May 2015 01:22:52 GMT

@Vulcan1600 wrote:
@Creditaddict wrote:
FNBO is a bad gauge of if you went overboard since some have been denied with 3 INQ's... I wouldn't worry at all about your inq's, new accounts, or especially 3% util!
Thanks. I hear FNBO is tough. Over the past 12 months I do have 10 EX, 6 EQ, and 9 TU INQ's.

Are you sure that's all that happened? Man, your credit got decimated you should contact some credit repair companies asap! Maybe you missed a mortgage payment or something.

Re: April App Spree Fallout....

Anonymous — Thu, 21 May 2015 01:40:17 GMT

@dethkultur wrote:
@Vulcan1600 wrote:
@Creditaddict wrote:
FNBO is a bad gauge of if you went overboard since some have been denied with 3 INQ's... I wouldn't worry at all about your inq's, new accounts, or especially 3% util!
Thanks. I hear FNBO is tough. Over the past 12 months I do have 10 EX, 6 EQ, and 9 TU INQ's.
Are you sure that's all that happened? Man, your credit got decimated you should contact some credit repair companies asap! Maybe you missed a mortgage payment or something.

I see your humor in this, however to me, yes there were consequences for me personally, and I guess I sort of wanted to share this with others.

Re: April App Spree Fallout....

Anonymous — Thu, 21 May 2015 01:45:03 GMT

I wouldn't worry! Yeah you know going into it that your credit would take a hit when getting pulled, but thankfully it's a low factor in your overall credit score. They will fall off and you will be golden!

Re: April App Spree Fallout....

gdale6 — Thu, 21 May 2015 02:33:24 GMT

FNBO sees all the inquires to your address not just the ones on a single report. They pull ARS

Re: April App Spree Fallout....

FinStar — Thu, 21 May 2015 02:49:05 GMT

@Anonymous wrote:
I wouldn't worry! Yeah you know going into it that your credit would take a hit when getting pulled, but thankfully it's a low factor in your overall credit score. They will fall off and you will be golden!

I agree.

OP, yes I know it's a bit sad to see them slip a bit but they will recover. Mine were above 800 as well but thankfully I didn't take too much of a big hit but they still slipped - it was expected and I knew about the impacts just like Oliv8683 mentioned above. The trade off, some nice sign up bonuses/rewards, new CCs and strengthening my profile at the same time.

Re: April App Spree Fallout....

Anonymous — Thu, 21 May 2015 03:38:27 GMT

@FinStar wrote:
@Anonymous wrote:
I wouldn't worry! Yeah you know going into it that your credit would take a hit when getting pulled, but thankfully it's a low factor in your overall credit score. They will fall off and you will be golden!
I agree.

OP, yes I know it's a bit sad to see them slip a bit but they will recover. Mine were above 800 as well but thankfully I didn't take too much of a big hit but they still slipped - it was expected and I knew about the impacts just like Oliv8683 mentioned above. The trade off, some nice sign up bonuses/rewards, new CCs and strengthening my profile at the same time.

Yeah, I did my app spree before I knew about myFICO. I most likely wouldn't have done it if I'd have realized the ramifications. Like you said it will recover rather quickly.

Re: April App Spree Fallout....

score_building — Thu, 21 May 2015 13:14:43 GMT

Anything >mid 700s give or take is moreso bragging rights, so take it in stride as the temporary hit from the new accounts and INQ, will bounce back in short order as accounts age. Given you still generally qualify for the best rates from virtually any lender there's not much fallout, at least nothing to speak of

Re: April App Spree Fallout....

takeshi74 — Thu, 21 May 2015 12:48:27 GMT

@Vulcan1600 wrote:
When I started my App Spree, my numbers were EQ:803; TU:813; EX:786. Now that all of these new cards have reported, I'm seeing a huge change in my FICO scores. As of today EQ:786; TU:796; EX:786. I know that's not TOO bad, but still it hurts to see them falling below 800.

Shouldn't take long to recover with responsible usage and time. 800 doesn't really mean anything anyway. It's around 740-760 that best terms are offered.

Re: April App Spree Fallout....

Anonymous — Thu, 21 May 2015 14:30:36 GMT

Lesson of the day... FNBO earns a place at the beginning of an app spree alongside JCB and Simmons. If you really want the damn things in the first place