topic Re: Planning App Spree - start at 0.1% or 8.9% utilization? in Credit Cards

Planning App Spree - start at 0.1% or 8.9% utilization?

Anonymous — Sun, 02 Jun 2019 16:54:34 GMT

I’m planning to go on an app spree. How much would it help me to bring my current overall utilization to just a little bit above 0% , as opposed to 8.9%? Would that little push to just above 0% increase my chances for approval and also for higher starting limits? What about for requesting CLI’s from my current cards as well?

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Anonymous — Sun, 02 Jun 2019 17:07:52 GMT

0% doesn't get you much but, 1%-8.9% should garner some points.

i don't know your card lineup though to really advise anything at this point. Your intial limits depend on more than your UTIL % though. AAOA, income, etc. come into play for the decision as well if you have any marks on your records.

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

NRB525 — Sun, 02 Jun 2019 17:09:54 GMT

OP what is your definition of “app spree” ?

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Anonymous — Sun, 02 Jun 2019 17:45:15 GMT

3 to 5 new open cards + CLI's on my existing 5 cards which I have been using extensively and have been open for more than 2 years.

My income is relatively high, and my payment history is great.

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Anonymous — Sun, 02 Jun 2019 17:48:57 GMT

Yeah but how much practical difference is there between having a util of 1% and 8.99% when doing app spree and/or CLI's?

@Anonymous wrote:
0% doesn't get you much but, 1%-8.9% should garner some points.

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Remedios — Sun, 02 Jun 2019 18:14:39 GMT

@Anonymous wrote:
3 to 5 new open cards + CLI's on my existing 5 cards which I have been using extensively and have been open for more than 2 years.

My income is relatively high, and my payment history is great.

Dont. You can thank us later.

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

NRB525 — Sun, 02 Jun 2019 18:45:21 GMT

@Anonymous wrote:
3 to 5 new open cards + CLI's on my existing 5 cards which I have been using extensively and have been open for more than 2 years.

My income is relatively high, and my payment history is great.

I was afraid of that.

That’s too many cards all in one go. This may have been standard procedure three years sgo, but not advisable in today’s CC environment.

Which cards do you have in mind, and which single card from that list do you see as most useful to your goals?

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Anonymous — Sun, 02 Jun 2019 18:48:15 GMT

That’s too many cards all in one go. This may have been standard procedure three years sgo, but not advisable in today’s CC environment.

What's changed since three years ago? why no longer advisable?

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Remedios — Sun, 02 Jun 2019 18:52:54 GMT

A few things
Chance of denial increases with each subsequent app
Terms, if approved, get worse and worse
Depending on a lender, secondary review and possible shutdowns

If you have specific cards in mind, might make guesswork easier

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Anonymous — Sun, 02 Jun 2019 19:02:06 GMT

3 new cards and a few CLI’s on my existing cards (which I haven’t gotten for the over 2 years since they’ve been opened) is too much to ask for?

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Anonymous — Sun, 02 Jun 2019 19:10:53 GMT

Also how much of a difference would it make for me to bring utilization down to 1% vs 8.9% for new apps & CLIs?

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

NRB525 — Sun, 02 Jun 2019 19:11:07 GMT

What is the list of cards?

It can make a difference which banks are involved. We can’t say for certain whether account closures or other risks will occur, but plenty of reports here about people doing too many apps in a short period of time, then being disappointed with the response of the banks.

So. What does your list include?

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Anonymous — Sun, 02 Jun 2019 19:15:03 GMT

I'd space them out between at least 6 months. Maybe one every two months. For some, such as Chase, maybe double that time table. That is still pushing it. Yes, there's a good chance you'd get away with it, but you might not. I need to apply for the FU so I understand the impatience, but I just got approved last month for an Ink so I'm taking it slowly.

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Anonymous — Sun, 02 Jun 2019 19:21:09 GMT

I haven’t decided which cards to go for yet. My main priority are higher starting limits. Which banks would you recommend for an app spree? Current cards are with Amex, chase, Discover, cap1, and synchrony.

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Gmood1 — Sun, 02 Jun 2019 19:25:12 GMT

1 to 9% is fine. Probably doesn't make much of a difference honestly.
You could spread that so called app spree over 180 days to be safe.
Especially if you have a not so thick file. Two years deep isn't a thick file.
It all depends on your overall credit profile. And what lenders you are looking at.

For example, I've added 11 new accounts since January. On top of the more than 60 already reporting. Not to say I won't get the door slammed in my face or rug pulled out from under me either.😂
It could happen to anyone.

The only thing I'm certain of when it comes to credit is, one size doesn't fit all in the credit world.😉😂

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

tcbofade — Sun, 02 Jun 2019 19:30:07 GMT

@Anonymous wrote:
3 new cards and a few CLI’s on my existing cards (which I haven’t gotten for the over 2 years since they’ve been opened) is too much to ask for?

As mentioned, everyone is different. I'd suggest that your limit might be set by what you intend to do after...

I just picked up four accounts in December, and four more in January. One lender in particular (Barclays) has taken AA, but no other lenders have.

...I've got no immediate plans to apply for anything else, so I'm sitting in the Garden letting scores recover.

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

AverageJoesCredit — Sun, 02 Jun 2019 19:39:57 GMT

1 or 10% , .1 or 8.9 , wont really matter much. Your aaoa, income, hps, credit history will all factor. 3 card approvals is not as insane as it might sound to some but the reason why everybody keeps asking you which cards you intend to go for can make a huge difference. Every lender has their quirks and rules. Plus by knowing the lender you might be able to get those 3 cards spread on your Credit reports instead of all on one. Knowing what lender also helps understsnd who is sensitive to more thsn 2 new csrds in a small time frame.

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Anonymous — Sun, 02 Jun 2019 19:45:28 GMT

Which lenders are the most sensitive to multiple cards opened within a short time frame, off the top of your head?

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

AverageJoesCredit — Sun, 02 Jun 2019 19:55:26 GMT

Definetly Chase, more than likely Barclays, and fo sho Comenity as of late doesnt like multiple inquiries.

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

NRB525 — Sun, 02 Jun 2019 22:22:09 GMT

@Anonymous wrote:
I haven’t decided which cards to go for yet. My main priority are higher starting limits. Which banks would you recommend for an app spree? Current cards are with Amex, chase, Discover, cap1, and synchrony.

What is your specific list of cards and current limits?

Setting up your file for CLI is certainly a place to start. If your main goal is basically increasing credit limits to improve utilization, some banks have SP CLI. Those are always preferred and may end up getting you what you want.

If you don’t have a card in mind for features you want, all the more reason to wait and do some research. The 5/24 rule for Chase is a block for some people. Once you have 5 new cards in a 24 month period, no new accounts from Chase. Only a few exceptions to this rule.

The once-per-lifetime AMEX bonus rule means you want to time any AMEX apps for max bonus.