topic Re: Credit Card Applications in Credit Cards

Credit Card Applications

Anonymous — Wed, 08 Jun 2016 21:19:52 GMT

So, I just read about a credit card spree? How often is that recommended and how many should you apply for before it hurst your score too much. I assume you choose which ones to apply for and submit all at the same time?

Re: Credit Card Applications

Anonymous — Wed, 08 Jun 2016 22:07:03 GMT

@Anonymous wrote:
So, I just read about a credit card spree? How often is that recommended and how many should you apply for before it hurst your score too much. I assume you choose which ones to apply for and submit all at the same time?

Common logic is only apply for credit cards that will be beneficial to you - don't apply just to be accepted or to increase your overall credit limit. With that said, applying for 2 or 3 cards within a short time (really any time amount less than a month) allows you to consolidate your inquiries so they all come off your credit report at the same time.

So applying to multiple cards in a short time allows for easy streamlining of inquiries on your credit report, but applying for too many cards at once can lower your credit score by drastically reducing your average age of accounts and giving you lots of new accounts & inquiries. I'd recommend applying for no more than 3 credit cards per year in order to avoid big dips in your credit score.

Re: Credit Card Applications

Anonymous — Wed, 08 Jun 2016 22:17:31 GMT

I know many here will say not to apply for many and wait months in between applications, but in my case, I was only able to get secured credit cards so after about 7 months I just applied to prequalify credit sites and if they gave me the green light then I really applied for the cards. (this is the safe way to go) Also later said screw it and applied for regular cards that mostly got denied with no hit to my credit, this may be due to me having some appoved? My point is that I couldn't get credit anyway so being careful with my credit score was pointless to me so I just tried until somebody said yes without worry of my score.

Re: Credit Card Applications

Anonymous — Wed, 08 Jun 2016 22:13:57 GMT

thank you! I'm new on my path to rebuild my credit after a divorce and want to increase the overall health of my credit.

thanks again!

Re: Credit Card Applications

UncleB — Wed, 08 Jun 2016 22:14:53 GMT

@Anonymous wrote:
So, I just read about a credit card spree? How often is that recommended and how many should you apply for before it hurst your score too much. I assume you choose which ones to apply for and submit all at the same time?

Welcome to the forum!

When people apply for multiple credit products in a short span of time, many refer to that as a 'spree', also 'app-o-rama', or AOR for short.

It's not for everybody or every profile, but if planned out correctly and carried out methodically it can be a good way to get cards that are on your 'wish list'. The benefit of applying for multiple products in a short time span is that each lender is unable to see the other accounts (since they aren't reporting yet) which in some cases improves your chances of approval.

For the wrong person or profile it can also be a recipe for disaster for numerous reasons, including excessive spending to meet spend requirements to get bonuses and in extreme cases even AA (adverse action) from existing lenders.

I consider it to be an 'advanced technique' and I would recommend anybody starting out (or starting with rebuilding) to read as much as possible before attempting their own 'spree'.

Just my 2¢.

Re: Credit Card Applications

Loquat — Wed, 08 Jun 2016 22:20:16 GMT

@UncleB wrote:
@Anonymous wrote:
So, I just read about a credit card spree? How often is that recommended and how many should you apply for before it hurst your score too much. I assume you choose which ones to apply for and submit all at the same time?
Welcome to the forum!

When people apply for multiple credit products in a short span of time, many refer to that as a 'spree', also 'app-o-rama', or AOR for short.

It's not for everybody or every profile, but if planned out correctly and carried out methodically it can be a good way to get cards that are on your 'wish list'. The benefit of applying for multiple products in a short time span is that each lender is unable to see the other accounts (since they aren't reporting yet) which in some cases improves your chances of approval.

For the wrong person or profile it can also be a recipe for disaster for numerous reasons, including excessive spending to meet spend requirements to get bonuses and in extreme cases even AA (adverse action) from existing lenders.

I consider it to be an 'advanced technique' and I would recommend anybody starting out (or starting with rebuilding) to read as much as possible before attempting their own 'spree'.

Just my 2¢.

^ sound advice right there

Re: Credit Card Applications

RonM21 — Thu, 09 Jun 2016 03:55:35 GMT

@UncleB wrote:
@Anonymous wrote:
So, I just read about a credit card spree? How often is that recommended and how many should you apply for before it hurst your score too much. I assume you choose which ones to apply for and submit all at the same time?
Welcome to the forum!

When people apply for multiple credit products in a short span of time, many refer to that as a 'spree', also 'app-o-rama', or AOR for short.

It's not for everybody or every profile, but if planned out correctly and carried out methodically it can be a good way to get cards that are on your 'wish list'. The benefit of applying for multiple products in a short time span is that each lender is unable to see the other accounts (since they aren't reporting yet) which in some cases improves your chances of approval.

For the wrong person or profile it can also be a recipe for disaster for numerous reasons, including excessive spending to meet spend requirements to get bonuses and in extreme cases even AA (adverse action) from existing lenders.

I consider it to be an 'advanced technique' and I would recommend anybody starting out (or starting with rebuilding) to read as much as possible before attempting their own 'spree'.

Just my 2¢.

Very true. Read up on it a bit and figure out if it is right for you.

Re: Credit Card Applications

Anonymous — Thu, 09 Jun 2016 04:03:23 GMT

I would say just get 3 or 4 cards that you will use weekly. Grow them for a while and ask yourself if you really need any more.

Also... Don't judge my advice by my signature here haha

Re: Credit Card Applications

Anonymous — Thu, 09 Jun 2016 06:10:51 GMT

The biggest app spree I have been into is 5 apps . All approved. Credit score went down by 10 points. Recovered after 2 months. I would recommend not having any inq in last 6 months.before you do the app spree.

Re: Credit Card Applications

Anonymous — Thu, 09 Jun 2016 20:57:15 GMT

@UncleB wrote:
@Anonymous wrote:
So, I just read about a credit card spree? How often is that recommended and how many should you apply for before it hurst your score too much. I assume you choose which ones to apply for and submit all at the same time?
Welcome to the forum!

When people apply for multiple credit products in a short span of time, many refer to that as a 'spree', also 'app-o-rama', or AOR for short.

It's not for everybody or every profile, but if planned out correctly and carried out methodically it can be a good way to get cards that are on your 'wish list'. The benefit of applying for multiple products in a short time span is that each lender is unable to see the other accounts (since they aren't reporting yet) which in some cases improves your chances of approval.

For the wrong person or profile it can also be a recipe for disaster for numerous reasons, including excessive spending to meet spend requirements to get bonuses and in extreme cases even AA (adverse action) from existing lenders.

I consider it to be an 'advanced technique' and I would recommend anybody starting out (or starting with rebuilding) to read as much as possible before attempting their own 'spree'.

Just my 2¢.

Wonderful advice.

Re: Credit Card Applications

Anonymous — Thu, 09 Jun 2016 21:23:45 GMT

@UncleB wrote:
@Anonymous wrote:
So, I just read about a credit card spree? How often is that recommended and how many should you apply for before it hurst your score too much. I assume you choose which ones to apply for and submit all at the same time?
Welcome to the forum!

When people apply for multiple credit products in a short span of time, many refer to that as a 'spree', also 'app-o-rama', or AOR for short.

It's not for everybody or every profile, but if planned out correctly and carried out methodically it can be a good way to get cards that are on your 'wish list'. The benefit of applying for multiple products in a short time span is that each lender is unable to see the other accounts (since they aren't reporting yet) which in some cases improves your chances of approval.

For the wrong person or profile it can also be a recipe for disaster for numerous reasons, including excessive spending to meet spend requirements to get bonuses and in extreme cases even AA (adverse action) from existing lenders.

I consider it to be an 'advanced technique' and I would recommend anybody starting out (or starting with rebuilding) to read as much as possible before attempting their own 'spree'.

Just my 2¢.

I agree with the advice, but want to add two things:

1) The new accounts won't show during the app spree, but, depending on who pulls what, inquiries will be visible. Part of careful planning might be to see which CRAs are likely to be pulled, but don't let that override your card selection (We see posts here asking for, e.g. TU pullers. You should identify the cards by usefulness, not by CRAs)

2) We've also seen lots of reports of post app-spree AA, where a bank reviews your AA and closes cards that "they" approved just days earlier. As in the recent Chase thread, this is usually different departments within the bank (approvals vs risk management) with different rules.

Personally, I think app sprees are best left to churners who really know what they are doing and have thick profiles. But views differ....