topic App Spree: All at once or spread over a couple of weeks? in Credit Cards

App Spree: All at once or spread over a couple of weeks?

Anonymous — Tue, 11 Apr 2017 14:16:43 GMT

I see a lot of people posting about their app sprees and doing them over a few days or even a couple of weeks. Is this strategic or just out of convenience? I know exactly which cards I want to app for and in what order. Is there any disadvantage to applying to all of them in the same day?

Re: App Spree: All at once or spread over a couple of weeks?

Anonymous — Tue, 11 Apr 2017 14:56:32 GMT

My own little app spree (2 cards, 1 installment loan) was done over a period of about 5 1/2 weeks. If you're applying for multiple items from one lender, it's generally a good idea to do those applications close together in time so that they only do one HP for all the apps. You also want to keep in mind, if any of the products you're applying for are issued by Chase, the 5/24 rule (if you don't know what that means, it refers to a more-or-less-official limit of 5 new credit card accounts within the past 24 months set by Chase, above which you're liable to be denied).

Re: App Spree: All at once or spread over a couple of weeks?

mirachi — Tue, 11 Apr 2017 15:06:16 GMT

I did a whole app spree out of a misunderstanding (this was when I first got interested in credit, read something about hard pulls within 2 weeks being counted as one and misapplied it, and was approved for a cc). By the time I realized this wasn't applicable to cc's, I had already applied (and been approved) for 10 more cards, with only one remaining...so I just applied for that one too....and was promptly denied due to the number of recent inquiries (I did reapply about 6 months later, and was approved then). The entire spree took about 2-3 days.

My EX score (which all but one pulled) still hasn't fully recovered...

Re: App Spree: All at once or spread over a couple of weeks?

MyLoFICO — Tue, 11 Apr 2017 15:11:59 GMT

I did mine all at the same time and got lots of cards. I cannot tell you how stupid this was for me to do. I do not recommend app sprees unless you have great credit. The only thing it will buy you with low scores is a very long time in the garden.

Re: App Spree: All at once or spread over a couple of weeks?

MyLoFICO — Tue, 11 Apr 2017 15:13:15 GMT

@mirachi wrote:
I did a whole app spree out of a misunderstanding (this was when I first got interested in credit, read something about hard pulls within 2 weeks being counted as one and misapplied it, and was approved for a cc). By the time I realized this wasn't applicable to cc's, I had already applied (and been approved) for 10 more cards, with only one remaining...so I just applied for that one too....and was promptly denied due to the number of recent inquiries (I did reapply about 6 months later, and was approved then). The entire spree took about 2-3 days.

My EX score (which all but one pulled) still hasn't fully recovered...

Preach it! This here is the gospel! I feel your pain. I am a year out and still suffering the effects.

Re: App Spree: All at once or spread over a couple of weeks?

Anonymous — Tue, 11 Apr 2017 16:37:23 GMT

Thank you all for the input. Definitely reconsidering.

My hope was to get 1 auto (DCU) and 4+ cards (NFCU, Discover, Amazon, Jared's, and maybe a couple others if I'm feeling lucky) before hitting the garden. I currently have brand new credit (No FICO yet with oldest account at 5 months) and made mistakes before finding this forum. Currently:

DCU Visa: $3000

BOA Alaska: $1500

CapOne Platinum: $400

Wayfair: $3000

Overstock: $1800

Williams-Sonoma: $1500

Closed (but still reporting open):
CreditOne

Fingerhut

Brylane Home

Since my AAoA is already so low, I figured I'd get started on the cards I want and let them all percolate together for a minimum of two years. By that time they'll all have short but respectable ages and hopefully decent limits and my self-inflicted inquiry pains will disappear.

Knowing that, my experienced credit friends, do I get my car and hit the garden immediately for a year or load up and hit it for two years+?

Re: App Spree: All at once or spread over a couple of weeks?

MyLoFICO — Tue, 11 Apr 2017 16:45:30 GMT

I would avoid any more store cards. NFCU and Discover if you prequalify. No need to burn a HP on a guess, especially with new credit. Store cards, their APR is not the best, no cash back and any interest free promo period is usually not worth it. Just my .02 cents though.

Re: App Spree: All at once or spread over a couple of weeks?

vanillabean — Wed, 12 Apr 2017 16:29:44 GMT

People may not fully picture doing nothing forever after. Ask people to do Facebook all day and then take a break for a week; not many can stay away from that either. It doesn’t matter if you get the best cards with the best credit limits and keep the best scores; it’s not easy to let go of apping!

Re: App Spree: All at once or spread over a couple of weeks?

SecretAzure — Wed, 12 Apr 2017 16:41:25 GMT

@MyLoFICO wrote:
I would avoid any more store cards. NFCU and Discover if you prequalify. No need to burn a HP on a guess, especially with new credit. Store cards, their APR is not the best, no cash back and any interest free promo period is usually not worth it. Just my .02 cents though.

Does the Discover prequal work not? Because before everyone pre-qualified.

Personally, I think getting all the cards at once is the best but I would avoid store cards. You get a nice boost the day your inquiries fall off your report at the same time and your AAOA will be affected either way. Rip off the bandaid...but only if your scores can support it. I don't know if I'd do more than 2 cards at once with scores under 730...unless you're okay with your score dropping below what is considered good enough for decent APR's on loans.