topic Re: Spree Question... Expert analysis please :) in Credit Cards

Spree Question... Expert analysis please :)

Jorgasm209 — Fri, 22 Apr 2016 17:00:32 GMT

Hello all. So I am in a slight predicament, and don't know what to do. This month I decided to thicken my file a bit and joined NFCU about a week ago and received a $15,900 Visa and a $15k CLOC. I also did the Alliant Shared secured loan trick at the beginning of the month as I don't have an open installment loan (current balance of $44/$500 or 9%).

None of these 3 accounts have reported yet. I am anticipating a score increase once these hit, probably next month (CC UTI will go from 18% to 1.7 and I should see a bump via the Installment/ Credit mix factor). Integer AAoA will not change, and my scores below already reflect the INQ's from these).

I want to get 2 additional cards (prefferably Discover and Lowes) then CLI'ing all my current cards before heading to the garden. (This will bottom out my AAoA at 12 months when these 2 report along with the 3 I stated earlier)

My question is:

1. Should I wait until May when the 3 new accounts hit my reports before applying for the other 2 cards and possibly get better Terms/ SL's on the Discover and Lowes and better CLI's on my current cards?

2. Or Apply right now due to the risk of my score dropping due to the 3 new accounts, even though it should actually raise them (Fico unpredicatablity)?

Below are ALL my accounts and Fico 8 scores.

Cards

Cap 1 QS1 - $0 BAL - $1500 LIMIT - OPEN 6/1/14 (CLI ready)

Credit One - $6 BAL - $900 LIMIT - OPEN 6/1/14

Barclays - $0 BAL - $1810 LIMIT - OPEN 4/1/15 (CLI ready)

Fingerhut - $0 BAL - $1100 LIMIT - OPEN 6/1/14

Best Buy Citi - $1333 BAL - $2000 LIMIT - OPEN 9/1/15 (CLI ready)

Installment

WFDS (Auto) - Paid Closed ($6,000 original balance) - 7/1/13

UTI- 18%

AAoA - 1.6 YR

Oldest - 2.8 YR

I have 0 Lates, 0 collections, 0 leins... however a BK7 discharged 4/1/2008. Otherwise clean.

EQ - 686 (10 INQ)

TU - 684 (8 INQ)

EX - 676 (8 INQ)

Just a small Update: So NFCU Visa for $15,900 and Lowes for $12,000 just hit my EX report this morning along with 1 INQ.... bumped my score +12 Pts. UTI went from 18% to 4%. Curious as to what will happen when the $15K NFCU CLOC hits, if anything.. and more important, when the Alliant SSL hits. I'll update when they do.

Re: Spree Question... Expert analysis please :)

myjourney — Thu, 21 Apr 2016 18:37:05 GMT

@Jorgasm209 wrote:
Hello all. So I am in a slight predicament, and don't know what to do. This month I decided to thicken my file a bit and joined NFCU about a week ago and received a $15,900 Visa and a $15k CLOC. I also did the Alliant Shared secured loan trick at the beginning of the month as I don't have an open installment loan (current balance of $44/$500 or 9%).

None of these 3 accounts have reported yet. I am anticipating a score increase once these hit, Maybe, maybe not ....The installment will help for mix of credit but that maybe offset by the new accounts and AAoA hit thus going the other way scoring wise
probably next month (CC UTI will go from 18% to 1.7 and I should see a bump via the Installment/ Credit mix factor). Integer AAoA will not change, and my scores below already reflect the INQ's from these). Why won't it change when the new accounts report....it certainly will change ....sorry

I want to get 2 additional cards (prefferably Discover and Lowes) then CLI'ing all my current cards before heading to the garden. (This will bottom out my AAoA at 12 months when these 2 report along with the 3 I stated earlier)

My question is:

1. Should I wait until May when the 3 new accounts hit my reports before applying for the other 2 cards and possibly get better Terms/ SL's on the Discover and Lowes and better CLI's on my current cards?

2. Or Apply right now due to the risk of my score dropping due to the 3 new accounts, even though it should actually raise them (Fico unpredicatablity)?

Below are ALL my accounts and Fico 8 scores.

Cap 1 QS1 - $0 BAL - $1500 LIMIT - OPEN 6/1/14
Credit One - $6 BAL - $900 LIMIT - OPEN 6/1/14
Barclays - $0 BAL - $1810 LIMIT - OPEN 4/1/15
Fingerhut - $0 BAL - $1100 LIMIT - OPEN 6/1/14
Best Buy Citi - $1333 BAL - $2000 LIMIT - OPEN 9/1/15
WFDS (Auto) - Paid Closed ($6,000 original balance) - 7/1/13

UTI- 18%
AAoA - 1.6 YR
Oldest - 2.8 YR

I have 0 Lates, 0 collections, 0 leins... however a BK7 discharged 4/1/2008. Otherwise clean.

EQ - 686 (10 INQ)
TU - 684 (8 INQ)
EX - 676 (8 INQ)

Long post ....Geez Lol

Re: Spree Question... Expert analysis please :)

Jorgasm209 — Thu, 21 Apr 2016 18:47:43 GMT

I thought you only got dinged for crossing an Integer value ie. 2.1 to 1.9 AAoA?

@myjourney wrote:

None of these 3 accounts have reported yet. I am anticipating a score increase once these hit, Maybe, maybe not ....The installment will help for mix of credit but that maybe offset by the new accounts and AAoA hit thus going the other way scoring wise

probably next month (CC UTI will go from 18% to 1.7 and I should see a bump via the Installment/ Credit mix factor). Integer AAoA will not change, and my scores below already reflect the INQ's from these). Why won't it change when the new accounts report....it certainly will change ....sorry

Re: Spree Question... Expert analysis please :)

Anonymous — Thu, 21 Apr 2016 18:44:14 GMT

@Jorgasm209 wrote:
@myjourney wrote:

None of these 3 accounts have reported yet. I am anticipating a score increase once these hit, Maybe, maybe not ....The installment will help for mix of credit but that maybe offset by the new accounts and AAoA hit thus going the other way scoring wise

probably next month (CC UTI will go from 18% to 1.7 and I should see a bump via the Installment/ Credit mix factor). Integer AAoA will not change, and my scores below already reflect the INQ's from these). Why won't it change when the new accounts report....it certainly will change ....sorry

I thought you only got dinged for crossing an Integer value ie. 2.1 to 1.9 AAoA?

mj is correct

Re: Spree Question... Expert analysis please :)

Jorgasm209 — Thu, 21 Apr 2016 18:45:59 GMT

So I should probably apply now?

Re: Spree Question... Expert analysis please :)

myjourney — Thu, 21 Apr 2016 18:48:12 GMT

@Jorgasm209 wrote:
@myjourney wrote:

None of these 3 accounts have reported yet. I am anticipating a score increase once these hit, Maybe, maybe not ....The installment will help for mix of credit but that maybe offset by the new accounts and AAoA hit thus going the other way scoring wise

probably next month (CC UTI will go from 18% to 1.7 and I should see a bump via the Installment/ Credit mix factor). Integer AAoA will not change, and my scores below already reflect the INQ's from these). Why won't it change when the new accounts report....it certainly will change ....sorry

I thought you only got dinged for crossing an Integer value ie. 2.1 to 1.9 AAoA?

Not sure where you heard this but AAoA is affected at all levels with the addition of new accounts to ones CR's

The impact may be less at 2,5, 10 etc etc but it is affected and with you wanting to add more accounts It would be safe to say you're going to take a substantial hit here

Re: Spree Question... Expert analysis please :)

Jorgasm209 — Thu, 21 Apr 2016 18:52:20 GMT

I see... not sure where I saw that, I must have misunderstood. Do you think the 3 new accounts hit will be greater than the benefit from the Installment loan and reduction in UTI? I know when I paid off my auto loan a few months ago I lost 32 points across the board.

Re: Spree Question... Expert analysis please :)

myjourney — Thu, 21 Apr 2016 19:03:11 GMT

@Jorgasm209 wrote:
I see... not sure where I saw that, I must have misunderstood. Do you think the 3 new accounts hit will be greater than the benefit from the Installment loan and reduction in UTI? I know when I paid off my auto loan a few months ago I lost 32 points across the board.

IMHO it's hard to say what impact it will have some in fact do see increase because the mix of credit changing

Whereas others see an increase in scores for a installment and the perfect number of CC's ....I've had this happen

Another fact of Fico 08 it see's no installments as a negative which is what you saw when the auto was paid off so while I think you'll benefit from this I also see 3-5 new accounts sending things south....Lol just being honest here so don't shot the messenger

While I can't say you'll be approved if you're going to do it you are correct now is the time before all these new TL's report

Discover is the iffy one in this equation they can go either way

High scores denied

Baddies approved

Hard to say

Re: Spree Question... Expert analysis please :)

Jorgasm209 — Thu, 21 Apr 2016 19:09:38 GMT

@myjourney wrote:
@Jorgasm209 wrote:
I see... not sure where I saw that, I must have misunderstood. Do you think the 3 new accounts hit will be greater than the benefit from the Installment loan and reduction in UTI? I know when I paid off my auto loan a few months ago I lost 32 points across the board.
IMHO it's hard to say what impact it will have some in fact do see increase because the mix of credit changing
Whereas others see an increase in scores for a installment and the perfect number of CC's ....I've had this happen
Another fact of Fico 08 it see's no installments as a negative which is what you saw when the auto was paid off so while I think you'll benefit from this I also see 3-5 new accounts sending things south....Lol just being honest here so don't shot the messenger

While I can't say you'll be approved if you're going to do it you are correct now is the time before all these new TL's report
Discover is the iffy one in this equation they can go either way
High scores denied
Baddies approved
Hard to say

No.. I appreciate the honesty. I did get a prequal on Discover's site... but I know that doesn't really mean much. I suppose the good thing is if I apply and get approved with less than stellar limits, the Discover and Lowes are known to grow fairly quickly.

Re: Spree Question... Expert analysis please :)

myjourney — Thu, 21 Apr 2016 19:13:49 GMT

@Jorgasm209 wrote:
@myjourney wrote:
@Jorgasm209 wrote:
I see... not sure where I saw that, I must have misunderstood. Do you think the 3 new accounts hit will be greater than the benefit from the Installment loan and reduction in UTI? I know when I paid off my auto loan a few months ago I lost 32 points across the board.
IMHO it's hard to say what impact it will have some in fact do see increase because the mix of credit changing
Whereas others see an increase in scores for a installment and the perfect number of CC's ....I've had this happen
Another fact of Fico 08 it see's no installments as a negative which is what you saw when the auto was paid off so while I think you'll benefit from this I also see 3-5 new accounts sending things south....Lol just being honest here so don't shot the messenger

While I can't say you'll be approved if you're going to do it you are correct now is the time before all these new TL's report
Discover is the iffy one in this equation they can go either way
High scores denied
Baddies approved
Hard to say
No.. I appreciate the honesty. I did get a prequal on Discover's site... but I know that doesn't really mean much. I suppose the good thing is if I apply and get approved with less than stellar limits, the Discover and Lowes are known to grow fairly quickly.

Correct correct

You've already taken hits with HP's and new accounts coming

What's 2 more HP's for something you can use and want

Good luck I'm pulling for you X2

Re: Spree Question... Expert analysis please :)

Jorgasm209 — Thu, 21 Apr 2016 19:27:15 GMT

@myjourney wrote:
@Jorgasm209 wrote:
@myjourney wrote:
@Jorgasm209 wrote:
I see... not sure where I saw that, I must have misunderstood. Do you think the 3 new accounts hit will be greater than the benefit from the Installment loan and reduction in UTI? I know when I paid off my auto loan a few months ago I lost 32 points across the board.
IMHO it's hard to say what impact it will have some in fact do see increase because the mix of credit changing
Whereas others see an increase in scores for a installment and the perfect number of CC's ....I've had this happen
Another fact of Fico 08 it see's no installments as a negative which is what you saw when the auto was paid off so while I think you'll benefit from this I also see 3-5 new accounts sending things south....Lol just being honest here so don't shot the messenger

While I can't say you'll be approved if you're going to do it you are correct now is the time before all these new TL's report
Discover is the iffy one in this equation they can go either way
High scores denied
Baddies approved
Hard to say
No.. I appreciate the honesty. I did get a prequal on Discover's site... but I know that doesn't really mean much. I suppose the good thing is if I apply and get approved with less than stellar limits, the Discover and Lowes are known to grow fairly quickly.
Correct correct
You've already taken hits with HP's and new accounts coming
What's 2 more HP's for something you can use and want

Good luck I'm pulling for you X2

Well.. I went ahead and applied. Discover countered with a Joint Offer, no thanks. Any chance of recon with them? Lowes approved with a $700 limit... should I call CS now?

Re: Spree Question... Expert analysis please :)

myjourney — Thu, 21 Apr 2016 19:29:00 GMT

@Jorgasm209 wrote:
@myjourney wrote:
@Jorgasm209 wrote:
@myjourney wrote:
@Jorgasm209 wrote:
I see... not sure where I saw that, I must have misunderstood. Do you think the 3 new accounts hit will be greater than the benefit from the Installment loan and reduction in UTI? I know when I paid off my auto loan a few months ago I lost 32 points across the board.
IMHO it's hard to say what impact it will have some in fact do see increase because the mix of credit changing
Whereas others see an increase in scores for a installment and the perfect number of CC's ....I've had this happen
Another fact of Fico 08 it see's no installments as a negative which is what you saw when the auto was paid off so while I think you'll benefit from this I also see 3-5 new accounts sending things south....Lol just being honest here so don't shot the messenger

While I can't say you'll be approved if you're going to do it you are correct now is the time before all these new TL's report
Discover is the iffy one in this equation they can go either way
High scores denied
Baddies approved
Hard to say
No.. I appreciate the honesty. I did get a prequal on Discover's site... but I know that doesn't really mean much. I suppose the good thing is if I apply and get approved with less than stellar limits, the Discover and Lowes are known to grow fairly quickly.
Correct correct
You've already taken hits with HP's and new accounts coming
What's 2 more HP's for something you can use and want

Good luck I'm pulling for you X2
Well.. I went ahead and applied. Discover countered with a Joint Offer, no thanks. Any chance of recon with them? Lowes approved with a $700 limit... should I call CS now?

Lowe's yes call credit solutions ask for 25k

Discover try recon can't hurt but it's hard to bypass the joint decision they tend to standfast ...good luck and congrats

Re: Spree Question... Expert analysis please :)

Jorgasm209 — Thu, 21 Apr 2016 19:33:10 GMT

@myjourney wrote:
@Jorgasm209 wrote:
@myjourney wrote:
@Jorgasm209 wrote:
@myjourney wrote:
@Jorgasm209 wrote:
I see... not sure where I saw that, I must have misunderstood. Do you think the 3 new accounts hit will be greater than the benefit from the Installment loan and reduction in UTI? I know when I paid off my auto loan a few months ago I lost 32 points across the board.
IMHO it's hard to say what impact it will have some in fact do see increase because the mix of credit changing
Whereas others see an increase in scores for a installment and the perfect number of CC's ....I've had this happen
Another fact of Fico 08 it see's no installments as a negative which is what you saw when the auto was paid off so while I think you'll benefit from this I also see 3-5 new accounts sending things south....Lol just being honest here so don't shot the messenger

While I can't say you'll be approved if you're going to do it you are correct now is the time before all these new TL's report
Discover is the iffy one in this equation they can go either way
High scores denied
Baddies approved
Hard to say
No.. I appreciate the honesty. I did get a prequal on Discover's site... but I know that doesn't really mean much. I suppose the good thing is if I apply and get approved with less than stellar limits, the Discover and Lowes are known to grow fairly quickly.
Correct correct
You've already taken hits with HP's and new accounts coming
What's 2 more HP's for something you can use and want

Good luck I'm pulling for you X2
Well.. I went ahead and applied. Discover countered with a Joint Offer, no thanks. Any chance of recon with them? Lowes approved with a $700 limit... should I call CS now?
Lowe's yes call credit solutions ask for 25k
Discover try recon can't hurt but it's hard to bypass the joint decision they tend to standfast ...good luck and congrats

Will do.. Thanks for you help. Quick question, this is my first time calling Credit Solutions. How should I word my request? Won't they think I'm crazy going from $700 to 25K?

Re: Spree Question... Expert analysis please :)

myjourney — Thu, 21 Apr 2016 19:46:30 GMT

@Jorgasm209 wrote:
@myjourney wrote:
@Jorgasm209 wrote:
@myjourney wrote:
@Jorgasm209 wrote:
@myjourney wrote:
@Jorgasm209 wrote:
I see... not sure where I saw that, I must have misunderstood. Do you think the 3 new accounts hit will be greater than the benefit from the Installment loan and reduction in UTI? I know when I paid off my auto loan a few months ago I lost 32 points across the board.
IMHO it's hard to say what impact it will have some in fact do see increase because the mix of credit changing
Whereas others see an increase in scores for a installment and the perfect number of CC's ....I've had this happen
Another fact of Fico 08 it see's no installments as a negative which is what you saw when the auto was paid off so while I think you'll benefit from this I also see 3-5 new accounts sending things south....Lol just being honest here so don't shot the messenger

While I can't say you'll be approved if you're going to do it you are correct now is the time before all these new TL's report
Discover is the iffy one in this equation they can go either way
High scores denied
Baddies approved
Hard to say
No.. I appreciate the honesty. I did get a prequal on Discover's site... but I know that doesn't really mean much. I suppose the good thing is if I apply and get approved with less than stellar limits, the Discover and Lowes are known to grow fairly quickly.
Correct correct
You've already taken hits with HP's and new accounts coming
What's 2 more HP's for something you can use and want

Good luck I'm pulling for you X2
Well.. I went ahead and applied. Discover countered with a Joint Offer, no thanks. Any chance of recon with them? Lowes approved with a $700 limit... should I call CS now?
Lowe's yes call credit solutions ask for 25k
Discover try recon can't hurt but it's hard to bypass the joint decision they tend to standfast ...good luck and congrats
Will do.. Thanks for you help. Quick question, this is my first time calling Credit Solutions. How should I word my request? Won't they think I'm crazy going from $700 to 25K?

Lol

Tell them you applied for the card to do a major remodel and that 700 won't get it done and you don't want to hurt your scores due to UTL by maxing out the card by it showing 100%

And dont worry about asking for 25k they'll counter offer in most cases

Good luck and let us know the outcome

Re: Spree Question... Expert analysis please :)

Jorgasm209 — Thu, 21 Apr 2016 20:17:03 GMT

So the Recon with Discover was a no go... cited by BK from almost 9 years ago.

Lowes went from $700 to $12,000... so that was awesome!

I really wanted a major bank card, but I guess that will have to wait another couple years.

Wondering if I should grab another SYNC card (Walmart or Amazon), or just head to the garden... BofA did prequal me on their site, but I don't know how solid theirs is.

Re: Spree Question... Expert analysis please :)

myjourney — Thu, 21 Apr 2016 21:12:30 GMT

@Jorgasm209 wrote:
So the Recon with Discover was a no go... cited by BK from almost 9 years ago.
Lowes went from $700 to $12,000... so that was awesome!

I really wanted a major bank card, but I guess that will have to wait another couple years.

Wondering if I should grab another SYNC card (Walmart or Amazon), or just head to the garden... BofA did prequal me on their site, but I don't know how solid theirs is.

Was Discover included in BK?

Congrats on the successful CLI

No more Lol

Time to hit the GC

Re: Spree Question... Expert analysis please :)

Jorgasm209 — Thu, 21 Apr 2016 21:49:09 GMT

@myjourney wrote:
@Jorgasm209 wrote:
So the Recon with Discover was a no go... cited by BK from almost 9 years ago.
Lowes went from $700 to $12,000... so that was awesome!

I really wanted a major bank card, but I guess that will have to wait another couple years.

Wondering if I should grab another SYNC card (Walmart or Amazon), or just head to the garden... BofA did prequal me on their site, but I don't know how solid theirs is.
Was Discover included in BK?
Congrats on the successful CLI
No more Lol
Time to hit the GC

Nope.. they weren't IIB. They did also mention the INQ for NFCU and Alliant... but not sure if that was a big part in their decision. Maybe next year...

I also CLI'd my Cap 1 from $1500 to $3500... so not bad there.

Started this week with a total CL of $7,900... now up to $52k, so I can't complain. Now time to sit back, let everything hit, and see what happens LOL.

Re: Spree Question... Expert analysis please :)

myjourney — Thu, 21 Apr 2016 21:51:40 GMT

@Jorgasm209 wrote:
@myjourney wrote:
@Jorgasm209 wrote:
So the Recon with Discover was a no go... cited by BK from almost 9 years ago.
Lowes went from $700 to $12,000... so that was awesome!

I really wanted a major bank card, but I guess that will have to wait another couple years.

Wondering if I should grab another SYNC card (Walmart or Amazon), or just head to the garden... BofA did prequal me on their site, but I don't know how solid theirs is.
Was Discover included in BK?
Congrats on the successful CLI
No more Lol
Time to hit the GC
Nope.. they weren't IIB. They did also mention the INQ for NFCU and Alliant... but not sure if that was a big part in their decision. Maybe next year...
I also CLI'd my Cap 1 from $1500 to $3500... so not bad there.
Started this week with a total CL of $7,900... now up to $52k, so I can't complain. Now time to sit back, let everything hit, and see what happens LOL.

Bravo

Re: Spree Question... Expert analysis please :)

SouthJamaica — Thu, 21 Apr 2016 21:54:49 GMT

@Jorgasm209 wrote:
Hello all. So I am in a slight predicament, and don't know what to do. This month I decided to thicken my file a bit and joined NFCU about a week ago and received a $15,900 Visa and a $15k CLOC. I also did the Alliant Shared secured loan trick at the beginning of the month as I don't have an open installment loan (current balance of $44/$500 or 9%).

None of these 3 accounts have reported yet. I am anticipating a score increase once these hit, probably next month (CC UTI will go from 18% to 1.7 and I should see a bump via the Installment/ Credit mix factor). Integer AAoA will not change, and my scores below already reflect the INQ's from these).

I want to get 2 additional cards (prefferably Discover and Lowes) then CLI'ing all my current cards before heading to the garden. (This will bottom out my AAoA at 12 months when these 2 report along with the 3 I stated earlier)

My question is:

1. Should I wait until May when the 3 new accounts hit my reports before applying for the other 2 cards and possibly get better Terms/ SL's on the Discover and Lowes and better CLI's on my current cards?

2. Or Apply right now due to the risk of my score dropping due to the 3 new accounts, even though it should actually raise them (Fico unpredicatablity)?

Below are ALL my accounts and Fico 8 scores.

Cards
Cap 1 QS1 - $0 BAL - $1500 LIMIT - OPEN 6/1/14 (CLI ready)
Credit One - $6 BAL - $900 LIMIT - OPEN 6/1/14
Barclays - $0 BAL - $1810 LIMIT - OPEN 4/1/15 (CLI ready)
Fingerhut - $0 BAL - $1100 LIMIT - OPEN 6/1/14
Best Buy Citi - $1333 BAL - $2000 LIMIT - OPEN 9/1/15 (CLI ready)

Installment
WFDS (Auto) - Paid Closed ($6,000 original balance) - 7/1/13

UTI- 18%
AAoA - 1.6 YR
Oldest - 2.8 YR

I have 0 Lates, 0 collections, 0 leins... however a BK7 discharged 4/1/2008. Otherwise clean.

EQ - 686 (10 INQ)
TU - 684 (8 INQ)
EX - 676 (8 INQ)

I don't see the predicament. You should wait and let your credit profile digest the big new stuff you added.

Re: Spree Question... Expert analysis please :)

SouthJamaica — Thu, 21 Apr 2016 21:55:46 GMT

@Jorgasm209 wrote:
@myjourney wrote:
@Jorgasm209 wrote:
I see... not sure where I saw that, I must have misunderstood. Do you think the 3 new accounts hit will be greater than the benefit from the Installment loan and reduction in UTI? I know when I paid off my auto loan a few months ago I lost 32 points across the board.
IMHO it's hard to say what impact it will have some in fact do see increase because the mix of credit changing
Whereas others see an increase in scores for a installment and the perfect number of CC's ....I've had this happen
Another fact of Fico 08 it see's no installments as a negative which is what you saw when the auto was paid off so while I think you'll benefit from this I also see 3-5 new accounts sending things south....Lol just being honest here so don't shot the messenger

While I can't say you'll be approved if you're going to do it you are correct now is the time before all these new TL's report
Discover is the iffy one in this equation they can go either way
High scores denied
Baddies approved
Hard to say
No.. I appreciate the honesty. I did get a prequal on Discover's site... but I know that doesn't really mean much. I suppose the good thing is if I apply and get approved with less than stellar limits, the Discover and Lowes are known to grow fairly quickly.

Correction: it doesn't mean anything at all