topic Re: App Spree, Need Advice in Credit Cards

App Spree, Need Advice

mikesonthemend — Tue, 26 Mar 2019 21:33:42 GMT

Within a month I have made some real progress on my scores. It will be a few days before I can update my real FICO scores but here are some DPs: TU Fake 715 (6inqs, one 6+yr baddies, 24% util), EQ Fake 676 (3inqs, three 6+yr baddies, 20% util), and EX Fico 8 650 (6inqs, one 6+yr baddies, one 2 yr old , 20% util)

I had a recent very small baddie that has been removed from all reports according to alerts, but still shows on that EX 650 score until morning.

In addition to paying down my debt and removing the most recent lates I have been apping.

Asked for CLIs on all Capital Cards (Plat, QS1, Kohl's) and was denied each time. Reason given "too recent increase."
Asked for CLI on Commenity Big Lots card with 0/1250, denied, "new to credit limit"
Asked for CLI on Discover IT card with 900/3000, denied, "new to credit limit"
Used SCT at Wayfair, pre-approved.... not so fast, 7-10 denied. Letter stated TU 643 "recent late pmt" which is now removed. HP EQ

As TLs updated my scores started to improve.

Pulled triger on "Pre-qualified" for AMEX Delta Skymiles Gold, Approved SL $1k
Pulled trigger on "Pre-qualified" for Harley Davidson card from US Bank. Approved SL $3k, 15 months 04 on BTs and new purchases

Received the Fako 715 score this morning from TU.

Apped cold for Paypal Credit Approved SL $2250.

I am probably going to hit luv button on Amazon and Care Credit this evening.

When these new accounts post I expect my score to drop faily significantly for a brief period of time.

Question: Should I just shut it down now and garden at least until score recovers, OR continue to ride this wave while I have this window before new accounts post.

I know I am a no go with Chase due to 5/24. I have not researched Citi, but would like to have a relationship with them, and perhaps Wells Fargo. Not looking for any cards with annual fees. I really do not have the monthly spend, nor travel much anymore.

Thanks for the feedback!

Re: App Spree, Need Advice

Anonymous — Tue, 26 Mar 2019 21:59:29 GMT

Congrats on your app spree approvals , if i were you i would go garden atleast 6 months and watch them grow !!!!

Re: App Spree, Need Advice

Anonymous — Wed, 27 Mar 2019 01:52:23 GMT

No. Stop giving issuers reasons to shut you down.

They can just retroactively close your accounts when the new credit lines show on your reports if they felt it was big enough of a discrepancy compared to when you app'd.

Re: App Spree, Need Advice

UpperNwGuy — Wed, 27 Mar 2019 12:42:01 GMT

Time for you to go to the garden and stop seeking additional credit. Too much credit seeking in too short a time scares lenders, especially when you have low scores.

Re: App Spree, Need Advice

xaximus — Wed, 27 Mar 2019 12:48:43 GMT

I agree with the above posts. Once you start seeing denials, that's a good time to stop and garden. At this point, I would give it atleast 6 months to a year. Let the baddies age as well. Build up history and as your AAoA grows, so will your scores.

Re: App Spree, Need Advice

CreditInspired — Wed, 27 Mar 2019 23:31:34 GMT

6 declines/3 approvals. Why?

Time to garden and let cards age together.

Re: App Spree, Need Advice

HeavenOhio — Wed, 27 Mar 2019 23:56:45 GMT

Garden for a year. That'll give you the advantage of a lovely FICO bonus for your youngest account reaching a year of age, and your inquiries will have become unscorable.

During that time, go ahead and request CLIs on your Capital One and Discover cards. Because your AMEX card came in with a low limit, don't request a CLI without checking in on the AMEX 3X CLI thread. (Hint: you're much better off applying for AMEX cards or CLIs when your Experian FICO 8 is 680–700 or better.)

Be careful with Comenity. Soft pulls for new accounts are basically dead, and we're starting to see some hard pulls on CLIs too.

Re: App Spree, Need Advice

mikesonthemend — Sat, 30 Mar 2019 03:56:31 GMT

I appreciate and agree with all of the advice.

I will say, my declines were all soft pulls. The why is because I knew I would suffer a score decline and figured the more seeds in the garden...

Also, I have experienced the "cycle" three times now. I didn't handle the first two well. I was in debt in 2000. I was in debt 2008. I will be pristine with several 0% TL's when the oncoming credit collapse begins.

The further rates go down, the tighter credit will become. Lowering rates is a bad omen. I believe I am getting ahead of the cycle this time. I am adding available credit and I am not using it.

Thanks, again for all of the feedback.