topic Re: Credit Spree Damage Report in Credit Cards

Credit Spree Damage Report

CreditJunkie — Sat, 09 Feb 2008 23:22:13 GMT

If someone is curious about the impact this will have on my credit score I thought It would be fun to share this.

Scores on the day of applying (TU 699, EQ 750, EX 734). This was all done in one day.

Auto Loan 19000

Auto Lease $370 24/m

Instant Approval American Express card (don't know credit limit yet)

Instant Approval Discover More card (don't know credit limit yet)

Instant approval Newegg Preffered card (2000)

Declined for local Credit Union card because of short work history and excessive use of revolving credit. Talk about stingy!

The reason for this is my credit file is kind of thin I plan to build it up this year, especially my auto credit.

Stay tune for the impact this will have on my credit.

Re: Credit Spree Damage Report

haulingthescoreup — Sat, 09 Feb 2008 23:24:33 GMT

I'm on the edge of my seat! ...nice spree!

Re: Credit Spree Damage Report

Red1Blue — Sat, 09 Feb 2008 23:30:16 GMT

Wow. Getting Discover More card is hard. Congrats.... My be I'll get it in the next year or two.

Re: Credit Spree Damage Report

Anonymous — Sun, 10 Feb 2008 00:24:11 GMT

keep us updated please

Re: Credit Spree Damage Report

Anonymous — Sun, 10 Feb 2008 00:37:01 GMT

I'll also be interested in seeing your results.

If you don't mind, though, could you post a general summary of what your report looks like now so we have a baseline once your score changes come in? Just basic stuff like how many existing CCs, any baddies, etc. Going on an app spree can have different effects on different reports depending on what the report looked like beforehand.

For example, when I added my first two revolving TLs I got a HUGE jump, but after that each new one dinged me a little.

Message Edited by cheddar on 02-09-2008 04:37 PM

Re: Credit Spree Damage Report

CreditJunkie — Sun, 10 Feb 2008 00:45:48 GMT

Sure Cheddar here are some more details.

This is what I have so far

BOA Platinum Visa 2000/10500

Macy's Visa 0/2500 (got a credit line increase from 1500 yesterday)

Capital One No Hassle rewards 0/300

Student Loan deferred till 2011 at 2500

No late payments or negatives in 5 years of my credit history.

I charged about another 8000 on the visa card this same day to finance some of those purchases (2 cars, new computer). I plan to BT some of that to the Amex and Discover cards and PIF before next year.

Re: Credit Spree Damage Report

Anonymous — Sun, 10 Feb 2008 00:52:29 GMT

CreditJunkie wrote:
Sure Cheddar here are some more details.

This is what I have so far

BOA Platinum Visa 2000/10500
Macy's Visa 0/2500 (got a credit line increase from 1500 yesterday)
Capital One No Hassle rewards 0/300

Student Loan deferred till 2011 at 2500

No late payments or negatives in 5 years of my credit history.

I charged about another 8000 on the visa card this same day to finance some of those purchases (2 cars, new computer). I plan to BT some of that to the Amex and Discover cards and PIF before next year.

Cool. Thanks for sharing that. Now we'll have a complete before-and-after snapshot once your new CCs start reporting.

On a note that is completely unrelated to your original post: Please forgive me if you already know this, but please be careful with that new Amex! I saw your plan to BT to a brand new Amex card and pay it off by next year, and it made my heart jump into my throat a little.

You know how they are, I'm sure. They're not as patient as everyone else when it comes to paying down balances.

Message Edited by cheddar on 02-09-2008 04:52 PM

Re: Credit Spree Damage Report

CreditJunkie — Sun, 10 Feb 2008 01:08:33 GMT

On a note that is completely unrelated to your original post: Please forgive me if you already know this, but please be careful with that new Amex! I saw your plan to BT to a brand new Amex card and pay it off by next year, and it made my heart jump into my throat a little.

You know how they are, I'm sure. They're not as patient as everyone else when it comes to paying down balances.

Message Edited by cheddar on 02-09-2008 04:52 PM

Yea I have been lurking around these forums for a while. I will probably not BT anything to the amex and just use it for small purchases at first.

Re: Credit Spree Damage Report

CreditJunkie — Wed, 20 Feb 2008 06:00:49 GMT

Here is an update of what my credit file looks like now, I will wait a month or two before pulling scores.

Credit Cards

BOA Platinum Visa 10000/10500

Discover 2000/4000

Amex 1000/4400

Newegg Prefered Card 1900/2000

Macy's 1100/2500

Capital One 0/300

Student Loan 3500

Car Loan 19000

Car Lease 370/m

I know the high UTL, credit inquaries, and lower average account age will drop my scores substantially. But I'm all set as far as new credit goes for at least a year.

Re: Credit Spree Damage Report

MidnightVoice — Wed, 20 Feb 2008 12:56:34 GMT

cheddar wrote:

please be careful with that new Amex! I saw your plan to BT to a brand new Amex card and pay it off by next year, and it made my heart jump into my throat a little.

I have a 0% APR on purchases for a year on my new AMEX and I will be PIFfing every month. I got the card to establish a long relationship with them for future travel esp, not to take advantage of the new card offers.

I am thinking very long term here!!!

Re: Credit Spree Damage Report

Anonymous — Wed, 20 Feb 2008 12:59:33 GMT

Nice CL on the BOA.

Have your scores dropped yet?

BTW, who did NewEgg pull? I think DH would be interested in the FREE Rush Processing for orders. Or at least I am since he pays the extra $ for Rush Processing. Grr..

Re: Credit Spree Damage Report

Anonymous — Wed, 20 Feb 2008 13:08:33 GMT

I am with you MV-

I am going to keep off the radar at AMEX-

MidnightVoice wrote:

cheddar wrote:

please be careful with that new Amex! I saw your plan to BT to a brand new Amex card and pay it off by next year, and it made my heart jump into my throat a little.

I have a 0% APR on purchases for a year on my new AMEX and I will be PIFfing every month. I got the card to establish a long relationship with them for future travel esp, not to take advantage of the new card offers.

I am thinking very long term here!!!

Re: Credit Spree Damage Report

llecs — Wed, 20 Feb 2008 14:53:26 GMT

I'm cross-eyed and didn't have any coffee yet, but did OP spend over $14k on CCs alone in less than a month?

If OP Pays in full next month, I'd wager a 25-40 point drop over the next 2-3 months due to the new credit, with a full recovery come late summer. If OP doesn't PIF next month, I'd wager a 80-100 point drop by Apr. 1.

Re: Credit Spree Damage Report

llecs — Wed, 20 Feb 2008 14:54:51 GMT

BTW, thanks OP for sharing. It's scenarios like this that keep us junkies going.