topic Re: Planning a Mini app spree in Credit Cards

Planning a Mini app spree

Anonymous — Tue, 18 Dec 2018 08:38:34 GMT

Hi guys,

I been gardening and gardening from a year now. Now time is near and I am all set to pull the trigger AND then go back gardening...this time I made my mind that I will be applying for these following products but I am not sure about the sequences on what to app first and how sooner or later I should be applying...🤔
1, for Penfed as a fesher,
2, Applying for Amex Platinum. (didn't have any product yet, but getting pre qualified for magnet, Gold, Everyday and green card )
3, Applying for Ink preffered. (Already have checking acc and fredom card with them since 1 year, 8 months and also have CSP from a year now and a month ago I opened a Business Checking Account with Chase and was pre qualified for all 3 ink cards according to banker )
4, Applying for Capital Venture card. (Pre qulified for Venture, Venture one and Savor)

At the moment my score is 750 with 18% UTi...after 0% UTi it would be 760 by next month hopefully...
I have 5 open accounts
1, Auto loan 100% on time payements so far.
2, Citi card 4,500
3, Citi card 11,000
4, Chase Freedom unlimited 5,000
5, Chase Saphire Preferred 12,000

By next month will app for CLI on Citi cards.

PenFed, Amex, Ink, Capital one...how to approach for these products? Please advise

Thank you so much for your time and effort!

Regards
K

Re: Planning a Mini app spree

CreditInspired — Tue, 18 Dec 2018 10:41:11 GMT

Hi OP and welcome to my FICO

IMHO, applying for 4 cards seem more like a Maxi spree.

Do you know your 3 FICO scores?

If you are preapproved, go for the cards you want, in that order.

GL2U

Re: Planning a Mini app spree

Anonymous — Tue, 18 Dec 2018 11:15:44 GMT

Go for PenFed first. PenFed doesn’t like seeing new accounts or a lot of inquiries. They also might give you a huge limit and curb your idea to go on an app spree.

Honestly you need to evaluate what you want and need from a credit card and then go from there. App sprees may sound fun but they can catch up with you pretty quickly and you already have some decent cards there so I really wouldn’t advise it.

But as @CreditInspired said, we would need more of an idea of your FICO scores with each bureau and other data points to be able to give recommendations.

You are definitely good paying down your utilization to <8.9% and letting that report before applying for a new card. Don’t pay down to 0, leave a few bucks at least, but get your utilization down and then let your scores update showing that change before applying for best results.

Also with your current cards, you’re likely eligible for much better than Capital One so I wouldn’t throw away a 3 bureau credit pull on them if it was me but I am sure others will chime in who also qualify for those higher tier cards that I don’t

Re: Planning a Mini app spree

Shooting-For-800 — Tue, 18 Dec 2018 11:14:02 GMT

I would do PenFed first.

Will you use denefits of $500 AF Amex?

Re: Planning a Mini app spree

HeavenOhio — Tue, 18 Dec 2018 11:43:56 GMT

Don't pay everything to zero. That will result in a lower score than 18% overall utilization. If you wish to optimize your scores, post a balance of $5 or a little more on one card. Or, as mentioned above, less than 8.9% should give you a bump. But 18% should also be fine.

All of the banks you mention except AMEX are sensitive to new accounts. I'd suggest doing Penfed first, then Chase. If the Penfed card puts you over 5/24, do Chase and then Penfed.

Make sure you consider the sign-up bonuses. You want to make sure you're able to meet them without changing your spending habits.

I agree with the posts above saying that four cards isn't "mini." How old are your current accounts?

Re: Planning a Mini app spree

Anonymous — Tue, 18 Dec 2018 11:56:30 GMT

Amex Platinum, venture, plus CSP, seems overlapping a lot. You travel alot to justify this?

Re: Planning a Mini app spree

NRB525 — Tue, 18 Dec 2018 14:24:13 GMT

OP, I would not try to go for all these at once.
For one thing, several of them have hefty spend requirement for the SUB. AMEX Platinum is $5,000.

You are already earning a lot of Chase UR points. How are you using those points? As asked, how much do you travel? The Platinum has good perks, but only if you are out there at the airport regularly. Is the AMEX 100,000 MR offer visible to you? You only get one bite at that apple ever, and many people wait a long time to ever see it.

Are you a PenFed member? Maybe I missed it but which PenFed card do you have in mind?

Your scores seem to be doing well, and one more card, the Chase business card, would make the most sense. Consider Product Changing your CSP to CSR. You will pay a higher AF, but will open up many of the same benefits of Platinum without the hard pull. You will also boost points earning immediately.

Re: Planning a Mini app spree

UpperNwGuy — Tue, 18 Dec 2018 14:40:24 GMT

OP, why do you need so many cards?

Re: Planning a Mini app spree

Anonymous — Tue, 18 Dec 2018 19:31:02 GMT

I will be completely new to PenFed so after opening a saving/checking acc with them I want to wait for atleast a month to show them my love😋 and then would like to app for PenFed platinum visa sig + PLOC on a same HP if posible.
these cards that I am planning on are already pre qualified for me. I am also aware of a hefty AF which is on Amex Platinum. Reason of app for Cap Venture is they are being generous with SL.
My scores from all 3 Bureaus are between 750 to 755. Yes, I will try to do AZEO on my cards before app. First after a HP from PenFed I will have time period of a month to app for other three cards but I am not sure what would be sequence after that. These app won't be at the same time for sure as a quick app spree. Please advise

Thank you

Re: Planning a Mini app spree

Gmood1 — Tue, 18 Dec 2018 19:52:20 GMT

Apply for your CC when you join Penfed. Forget about that AZEO non-sense. With your scores, it is unnecessary.
I've never used AZEO. You don't need it for CC apps if your scores are already excellent.
I would only use AZEO for a mortgage app. Other than that...waste of time.

Re: Planning a Mini app spree

Anonymous — Tue, 18 Dec 2018 19:52:57 GMT

If the main purpose of Venture is to pad your UTI, I would skip it, $95 AF and triple pull is not worth it IMO. At this stage of your game, you should be selectively apping for keeper cards carefully matched with your spending.

Re: Planning a Mini app spree

NRB525 — Tue, 18 Dec 2018 20:37:12 GMT

Prequalified is nice to see.
It is not a good enough reason to app the cards

What objectives do you have, reasons for getting each card? You are free to ignore my questions.

You know the annual fees. Are you also planning to / are you able to meet the spend requirement for the SUB?

Maybe work on joining PenFed, get the card and LOC, then stop for a bit and think at that time about possible next steps?

Re: Planning a Mini app spree

kdm31091 — Tue, 18 Dec 2018 20:52:18 GMT

I really don't recommend an app spree. Lenders are not taking kindly to this type of behavior lately, and that applies to all lenders. We have seen more AA occur with people who are too aggressive with apps. There is really no longer any advantage to a spree anyway (if there ever was one, but especially there is not now).

Choose the cards that really suit you and go from there. What do you want and need in a card that your current products don't offer? Is it something substantial, or are you apping just to app? Don't whimsically apply for cards you don't need (especially with annual fees). Just because you're prequalified doesn't mean you have to app or that the product is best for you.

Re: Planning a Mini app spree

CreditInspired — Tue, 18 Dec 2018 23:52:12 GMT

@gmood thanks for reiterating this.

It was driving me crazy micromanaging my accounts to maintain AZEO when there was really no need too.

Now life is relaxing 😁

Re: Planning a Mini app spree

UpperNwGuy — Wed, 19 Dec 2018 00:16:45 GMT

@Gmood1 wrote:
Apply for your CC when you join Penfed. Forget about that AZEO non-sense. With your scores, it is unnecessary.
I've never used AZEO. You don't need it for CC apps if your scores are already excellent.
I would only use AZEO for a mortgage app. Other than that...waste of time.

I've never used AZEO either. It's overrated. If you build your scores over a reasonable period of time, AZEO is completely unnecessary.

Re: Planning a Mini app spree

Anonymous — Wed, 19 Dec 2018 00:52:13 GMT

Not only is it unnecessary, it simply doesn't make sense. We all agree and accept the logic behind All Zero 20 point penalty because in the eyes of lenders, your profile looks like someone who doesn't use credit at all, and yet somehow it's all different when you report $5 on one card out of $100k+ total CL? It just doesn't make common sense. IMO it's a scoring algorithm hack that can actually work against you whenever applications go into manual review, what incentives do lenders have to grant more or new credit to someone who uses tiny to no credit?

Re: Planning a Mini app spree

HeavenOhio — Wed, 19 Dec 2018 00:52:05 GMT

I think one of the reasons AZEO came up was because the OP mentioned bringing his balances to zero. 0% overall utilization is a 20-point ding that he wouldn't want to take — especially considering that his current 18% utilization is a great spot to be in. Anything under 28.9% should be fine for a credit card app, provided other pieces of the puzzle are in place, such as not having too many recently opened accounts.

I'd submit that AZEO is a good idea for most mortgage apps, though. Data points in the scoring forum indicate that mortgage scores can range up to 60 points less than one's FICO 8s, particularly when one's credit is fairly new. Also, with mortgage scores, deviating from AZEO will lower scores much more significantly than with FICO 8 or 9.

Re: Planning a Mini app spree

Anonymous — Wed, 19 Dec 2018 00:59:42 GMT

Do bureau provides a Fico 9 or still Fico 8 report?

Re: Planning a Mini app spree

Anonymous — Wed, 19 Dec 2018 02:08:55 GMT

If we finished talking about AZEO then could some one put some light on my topic...?

Re: Planning a Mini app spree

Anonymous — Wed, 19 Dec 2018 02:12:33 GMT

what is your spending like?

If you don't travel alot, platinum is a very poor value card, Gold may do more for you than platinum.