topic Re: App Spree a good idea at this point? in Credit Cards

App Spree a good idea at this point?

Anonymous — Sun, 14 Oct 2018 11:27:12 GMT

Hi, This time I want to apply multiple cards at the same time atleast 4 but I am not sure if it is a good idea doing that...the last card I got is CSP 11 months ago...
I am worried about applying though without knowing my odds. Could you take a look at my info and give me a rough idea of my odds?  

760 Transunion, 765 Equifax 764 Experian (I think it is low because of utilization)

Utilization: 19% (I am working to get this lowered!)

0 Derogatry marks 5 total accounts (4 cc 2 citi, 2 chase and one auto loan)

100% payment history 1 Year 9 months Credit HIstory 6 Hard Pulls (had more around 10 to 14 hard inquiries but have remaing 4 to 6 on each one of them)

Citi preffered 11,000
Citi 5,000
Chase unlimited 6,000
Csp 12,000

No other debts
I make $60k a year I do not want to get a hard pull and have no cards to show for it! 

Thank you

Re: App Spree a good idea at this point?

Anonymous — Mon, 15 Oct 2018 12:19:55 GMT

After being an observer here for about a year and now a participant in the forums for about 10 months, I cannot advocate nor condone an app “spree.” I personally have found them risky and detrimental and have seen numerous instances where the spree has led to closures of multiple new and existing accounts due to aggressive credit seeking behavior.

Having said that, you are responsible for your own choices, so it would help if you could please indicate what your normal spend looks like and what type of card(s) you are interested in (cash back, points, travel, etc.) and many here can give you more accurate and specific advice.

Additionally, you have an overall utilization, but a specific utilization per cc and original balance/current balance in installment loan is very helpful/useful information.

As an aside, are you wanting more cards just because you want them? Specific need? Specific goal?

Best of luck in all of your credit and financial endeavors!

Re: App Spree a good idea at this point?

Anonymous — Sun, 14 Oct 2018 12:12:44 GMT

I had auto loan inquiries on all of my reports but most of them are gone & score went up...thinking on getting travel, hotel cards that has a good bonus with the higher limits...I have been gardening for than 4 years now...what would be the best 2 cards?

Re: App Spree a good idea at this point?

Anonymous — Sun, 14 Oct 2018 12:12:26 GMT

@Kingnk

Welcome to the myFICO forum! We're happy to have you with us!

You already have a nice collection of credit cards,

and I see that you're a member of the FICO 700 Club

across the board. So you shouldn't have any problem

being approved for whatever cards you're looking for.

In the interest of getting maximum cards with the fewest

number of hard pulls, I would like to suggest the following:

-- I don't see any Amex cards in your current credit card portfolio.

So I'd advise you to go to their website and see which cards you

prequalify for. There's a prequal link at the top of their homepage.

After you get a list of prequal cards, go ahead and apply for one.

If approved, your first inquiry will most likely be a hard pull from Experian.

However, all subsequent inquiries should be soft pulls because Amex

soft pulls EX for current members (even if you are brand new.)

Tip: myFICO members have enjoyed great success applying for a

revolver card like Amex Every Day and a charge card like the new

Amex Gold. If all goes to plan, it'll only cost you one hard pull.

-- Next, I would advise you to consider joining PenFed credit union.

PenFed is a really big hit here in the forum, and they do a hard pull

on Equifax FICO 9. But the best part is that their hard pull is good for

30-90 days. So make sure you verify with PenFed customer service

that the EQ hard pull is good for 90 days before apping more than 1 card.

Tip: myFICO members who are currently PenFed members report that

you need a EQ FICO 9 650 for the Promise Visa (PenFed's most popular card)

and a FICO 9 680 for premium cards like Amex Pathfinder and the

Power Cash Rewards Visa. So again, app within the 30-90 day window

and it'll only cost you 1 hard pull.

Hope this helps. Please let us know what you decide to do,

and keep us posted on your progress. Thanks for sharing!

Re: App Spree a good idea at this point?

AverageJoesCredit — Sun, 14 Oct 2018 12:29:08 GMT

Welcome, i would pick one and go with it, one that would best suit your needs. You can always get another in 6 months if you choose. Sorry, i lol at wanting not get a hp and having nothing to show for it. This is me. Ive gotten so many of those recently i have hit the emergency brakes on apping anything

Re: App Spree a good idea at this point?

Anonymous — Sun, 14 Oct 2018 15:08:29 GMT

App sprees are now not really a good idea since lenders are much better at detecting aggressive credit seeking behavior.

My advice is to garden for a few more months until your average age of accounts reaches 2 years. That's a significant benchmark in terms of FICO scoring and you will get a bump in your scores when that occurs. Also, you want to avoid multiple new cards since that will lower your AAoA and have a negative effect on your scores. Once your AAoA reaches two years, avoid any actions that will cause it to fall below that threshold.

Re: App Spree a good idea at this point?

bourgogne — Sun, 14 Oct 2018 19:40:56 GMT

you have some great cards with decent limits, why ruin a good thing? pick a side and go long, there are many more chase cards to get with great subs but they are not the only game in town. one should have purpose in getting cards and trashing their aaoa imo

Re: App Spree a good idea at this point?

Brian_Earl_Spilner — Sun, 14 Oct 2018 19:45:33 GMT

App sprees are never a good idea. You'll pay for it later when you want something and can't get it due to your spree.

Re: App Spree a good idea at this point?

Gmood1 — Sun, 14 Oct 2018 20:52:37 GMT

@Anonymous wrote:
I had auto loan inquiries on all of my reports but most of them are gone & score went up...thinking on getting travel, hotel cards that has a good bonus with the higher limits...I have been gardening for than 4 years now...what would be the best 2 cards?

Your scores are more than fine and you've been gardening for a while. 2 cards aren't going to be the end of the world. Especially if you find use for them. I'm not saying go crazy with it. But two new CC's isn't what I'd consider a spree.

I'd look at the Amex Hilton or SPG, Chase IHG or Chase Hyatt for hotel cards. They've been offering large SUBs lately. The new Wells Fargo Propel has a decent SUB. Takes forever to get it. lol But the categories are wide.

The banks could be a little tighter, but from what you've told us. I personally don't see an issue for you.

I apped for seven cards 2.5 months ago and closed four others. So two new CCs seems like nothing too me lol. I'm already back receiving preapproved offers from banks. My scores dropped 10 to 15 points on average depending on the FICO score used by most banks. None of that has really made much difference in obtaining credit. There will always be certain banks to avoid after you take a couple of hard pulls. Some are way more sensitive than others. Barclays and Capital One come to mind. While others could care less about your two hard pulls.

Amex being one of them. Good luck with whatever you decide.

Just to prove your world won't come crashing from adding two CC's. Here's one offer I received today. I'm in chill mode. So I won't be apping for anything, probably the rest of this year. Unless I really could use it. Oh and hard pulls and denials will happen from time to time. It doesn't matter how good your credit is or how old the AAoA. It's just the nature of the beast.

Re: App Spree a good idea at this point?

blindambition — Sun, 14 Oct 2018 20:14:29 GMT

I certainly would not recommend spree. The chance of limits being lowered... or CLoSED are way too high.
I would wait until 2 year mark. However, if travel card is necessary... Amex! You don’t have one, and they have great service. They also have some incredible SUB at the moment. No more than 1 though. Slow and steady win the race!

Re: App Spree a good idea at this point?

AverageJoesCredit — Sun, 14 Oct 2018 21:06:27 GMT

Good point Gmood1. In reality, 2 cards is not a spree but if you do go for 2, make sure what lenders are skittish about applying around their card, ie Sir Barclays or Chazzy Chase

Re: App Spree a good idea at this point?

Brian_Earl_Spilner — Sun, 14 Oct 2018 21:14:18 GMT

@AverageJoesCredit wrote:
Good point Gmood1. In reality, 2 cards is not a spree but if you do go for 2, make sure what lenders are skittish about applying around their card, ie Sir Barclays or Chazzy Chase

I don't consider 2 a spree. 3 is pushing it. Any more and it's a bad idea.

Re: App Spree a good idea at this point?

AverageJoesCredit — Sun, 14 Oct 2018 22:42:40 GMT

2's company, 3's a crowd?

Re: App Spree a good idea at this point?

Brian_Earl_Spilner — Sun, 14 Oct 2018 23:28:39 GMT

@AverageJoesCredit wrote:
2's company, 3's a crowd?

What about Three's Company?

Re: App Spree a good idea at this point?

AverageJoesCredit — Sun, 14 Oct 2018 23:57:52 GMT

@Brian_Earl_Spilner wrote:
@AverageJoesCredit wrote:
2's company, 3's a crowd?
What about Three's Company?

Only works if you have a Janet and Chrissy

Re: App Spree a good idea at this point?

UpperNwGuy — Mon, 15 Oct 2018 00:43:11 GMT

You already have great cards. You don't really need more. Why tempt fate? If I were you, I would focus on paying down the balances on your current cards before applying for any additional cards. And I would only apply for one card a time. App sprees are risky.

Re: App Spree a good idea at this point?

Anonymous — Mon, 15 Oct 2018 09:06:14 GMT

I love this place! 😄

Well, I am getting prequalified offers as follows:

1, Citi AAdvantage Platinum Select world Elite
2, Cap Venture
3 Amex Green & Cash magnet card...

Yes, I am focusing on paying down on my current cards before I apply for any additional cards...
Thinking of going for Amex as it has a 3x cli option after completing 61 days time. At the same time Amex revolver and a charge card couldbe a good a idea but not sure whichone to go for 😊 with some good c limit

Re: App Spree a good idea at this point?

marty56 — Mon, 15 Oct 2018 09:52:28 GMT

IMHO I would not apply for any credit cards if I was carrying balances since you could wind up with AA againist existing cards which could lower your FICO score if the % util goes up. Once you can control your %util reported, even if your a subjected to AA, your FICO score won't go down.

Re: App Spree a good idea at this point?

Anonymous — Mon, 15 Oct 2018 22:47:29 GMT

@Anonymous wrote:
I love this place! 😄

Well, I am getting prequalified offers as follows:

1, Citi AAdvantage Platinum Select world Elite
2, Cap Venture
3 Amex Green & Cash magnet card...

Yes, I am focusing on paying down on my current cards before I apply for any additional cards...
Thinking of going for Amex as it has a 3x cli option after completing 61 days time. At the same time Amex revolver and a charge card couldbe a good a idea but not sure whichone to go for 😊 with some good c limit

I"m thrilled to see you got some prequal offers. That's an attractive list of cards!

Regarding your concerns about Amex: you don't really have to choose between a

an Amex revolver and a charge card. As I stated earlier, any subsequent cards you get

after your initial EX hard pull app should be an EX soft pull as a new Amex member.

And you're right: you can request a 3X CLI after 61 days for a new revolver.

However, one other point you may want to consider is that both Amex Green

and Amex Gold offer a pay over time (POT) feature. So even though you'd be

approved for a charge card, you'd still have the flexibility of paying over time

like a revolver card. You'd be getting the best of both benefits with one card.

BTW, the highest POT limit I've seen reported here in the myFICO forum is

$35,000. So POT is nothing to sneeze at. I know this is a Captain Obvious

statement, but I don't think you'd have any heartburn getting a $35,000 SL

on a revolver. With an Amex charge card, you can have both with one card.

You won't get POT automatically. You'll have to care and feed your charge

card and prove to Amex that you can handle your payments responsibly.

Just some food for thought. And Yes, the 2 year average age of accounts is an

important threshold. But it's not going to adversely effect you if you add 2 more

cards and it takes you a little longer for your AAoA to reach 2 years down the road.

As a matter of fact, FICO High Achievers (760+ scores) have at least six (6) open, active

accounts that pay on time. By adding 2 more credit cards, you'll hit that magic 6 number.

But as a long term goal, you'll want to improve your credit mix (credit cards, auto loans,

lines of credit, mortgage, etc) to boost your scores and prove you can handle all credit types.

Please continue to keep us posted on your progress and on which

cards you decide to add to your current portfolio. Best of luck to you!

Re: App Spree a good idea at this point?

Anonymous — Tue, 16 Oct 2018 01:10:25 GMT

Thank you so much for your help, I will keep you posted once I get the results.

Happy Halloween guys 😶🤤😖😃