topic Re: App Spree results...should I keep going? in Credit Cards

App Spree results...should I keep going?

boogiesaveslives — Sat, 30 Apr 2011 00:14:53 GMT

Started my app spree today and here are my results:

Amazon Store card $700

JC Penney $400

WalMart $150

Chevron 7-10 day notice

Shell - 30 day notice

Super excited just to have been approved for 3 so far. Should I keep going?

Thinking about Target and Bloomindale's. Any suggestions?

Is there a maximum I should apply for?

Re: App Spree results...should I keep going?

Anonymous — Sat, 30 Apr 2011 00:20:55 GMT

Stop and garden what you got. Thats a lot of new cards already to learn online access and get used to paying. Congrats on the approvals

Re: App Spree results...should I keep going?

android01 — Sat, 30 Apr 2011 02:23:13 GMT

@Anonymous wrote:
Stop and garden what you got. Thats a lot of new cards already to learn online access and get used to paying. Congrats on the approvals

I agree. Learn to use what you have and let it grow. OP, I'm assuming you're new to credit and these are your first cards? Don't make the same mistake you'll read about time and time again here on these forums about people ""batch apping" for a lot of cards and having it hurting more than helping. Be paced and deliberate. Think strategically - you're talking about building something that will last a lifetime and affect choices you may want to make. Although it's VERY hard to do, don't get caught up in the instant gratification of approvals.

Re: App Spree results...should I keep going?

Anonymous — Sat, 30 Apr 2011 16:27:12 GMT

Hi laura,

Yep. IMO - It's definitely absolutely time to stop. Further apps are probably something like shooting yourself in the foot - they'll do some damage. For other folks reading this post, app for one card at a time and wait six months (or more) between apps. More cards does not equal higher FICO scores; and can in fact lower FICO scores - depending.

Now watch these new babies as they report on your CR's, pull a FICO score from here (either EQ or TU) and as gb mentioned, learn how to manage your new cards properly and learn when they report to the CRA's. Say no to any temptation to carry balances - consider them as slugs in your beautiful new credit garden. You don't want to allow any damaging critters in to eat up all the beautiful stuff you're growing.

Your new hobby is gardening which might include watching AAofA and utilization.

Next step, after 6-12 months, it'll be time to look at getting a bankcard. Do some homework here, compare your FICO score to the FICO scores they want to see - and when you're ready to app, post here and you'll get lots of helpful info on which cards folks might recommend. IMO - definitely no more store cards until you get a bank card - Or a CU card.

General advice for best FICO scores: Watch your AAofA. And for utilization, let all revolving accounts but one report a zero balance - let the remaining one report less than 9%.

Best wishes.

Re: App Spree results...should I keep going?

DI — Sat, 30 Apr 2011 16:47:59 GMT

@laurasiew wrote:
Started my app spree today and here are my results:

Amazon Store card $700
JC Penney $400
WalMart $150
Chevron 7-10 day notice
Shell - 30 day notice

Super excited just to have been approved for 3 so far. Should I keep going?

Thinking about Target and Bloomindale's. Any suggestions?

Is there a maximum I should apply for?

Yes, you should stop. None of those cards are worth having and the limits are too low.

Re: App Spree results...should I keep going?

boogiesaveslives — Sat, 30 Apr 2011 17:21:01 GMT

Thanks for the advice everyone. I probably should've clarified that I've been in repair mode for quite some time now. I'm more than happy to have been approved for the 3 cards, so I'm done with my app spree. I didn't have any revolving credit and also need to rebuild my payment history. Getting a bank card is definitely on my list, but I'm going to wait at least 6 months before I do (I have a 2 yr old B of A charge off that I'd like to get out of the way first).

FYI, JCP, Walmart and Amazon all pulled TU. I was hoping they'd pull EQ or EX because I have no inquiries on those, but oh well!

All I have left to say is myFICO rocks! You guys have helped me so much! I think I'll be in the 700 club by the end of 2012 (maybe even before) and I haven't been there in almost 10 yrs. I can't wait!!!

Thanks a bunch!

Re: App Spree results...should I keep going?

Anonymous — Sat, 30 Apr 2011 17:41:19 GMT

Congratulations on the New Cards!!!!

BTW I LOVE your siggy "Look out 700 Club, here I come!!!"

Keep us posted as your scores increase, I'd love to hear how you're doing.

Best of Luck!!

Re: App Spree results...should I keep going?

boogiesaveslives — Sat, 30 Apr 2011 17:50:17 GMT

Thanks! I definitely will keep you posted! Not much left to do except wait for some old baddies and inquiries to fall off and of course garden my little seeds

Re: App Spree results...should I keep going?

Anonymous — Sat, 30 Apr 2011 17:50:34 GMT

@laurasiew wrote:
Thanks for the advice everyone. I probably should've clarified that I've been in repair mode for quite some time now. I'm more than happy to have been approved for the 3 cards, so I'm done with my app spree. I didn't have any revolving credit and also need to rebuild my payment history. Getting a bank card is definitely on my list, but I'm going to wait at least 6 months before I do (I have a 2 yr old B of A charge off that I'd like to get out of the way first).

FYI, JCP, Walmart and Amazon all pulled TU. I was hoping they'd pull EQ or EX because I have no inquiries on those, but oh well!

All I have left to say is myFICO rocks! You guys have helped me so much! I think I'll be in the 700 club by the end of 2012 (maybe even before) and I haven't been there in almost 10 yrs. I can't wait!!!

Thanks a bunch!

Congrats on those cards, laurasiew! That's gotta make you feel terrific!

From what you've written here, you're on the right track, and you WILL be in the 700 Club, for sure...maybe even sooner than you think!

Re: App Spree results...should I keep going?

frddlawson — Sat, 30 Apr 2011 17:56:41 GMT

STOP.APPING NOW!!!! It does more harm than good and you will have a harder time getting the credit your looking for. Give yourself time, garden for awhile and you will be in a better position credit wise in no time. Give yourself at least a year, two is better.

Re: App Spree results...should I keep going?

Anonymous — Sat, 30 Apr 2011 22:21:54 GMT