topic Re: Pending App Spree! in Credit Cards

Pending App Spree!

Anonymous — Tue, 12 Feb 2013 20:11:19 GMT

Hello Everyone,

I plan to go on an app spree in march. I will have a utilization of 2% on my cards. My AAOA is 1 Year and 9 Months.

I have a 750 - TU

I have a 719 - EX

I have a 690 EQ

I have 3 Cap 1 Cards with a total of $8,000 in credit. My income is $125k / Year

No Lates and No Negs

Please tell me your thoughts on doing this app spree

Amex BCP

Amex Plat

Chase Saphire

Discover IT

Neiman Marcus (Store Card)

Saks (Store Card)

Target

Amazon

What do you guys think? Are those good cards to try with my scores? Thanks!

Re: Pending App Spree!

09Lexie — Tue, 12 Feb 2013 20:16:30 GMT

Are those FICOs or FAKOs scores? Also need to know what you are looking for I.e. cash back, rewards etc. Do you travel, shop, restaurant dining etc.

Re: Pending App Spree!

Anonymous — Tue, 12 Feb 2013 20:25:27 GMT

The Equifax and Trans are Fico the Experian is a Fako - I am a big Cash Back person, I am also big on purchasing clothes and love to dine out and plan to do lots of traveling soon, but not international just domestic.

Re: Pending App Spree!

SnackTrader — Tue, 12 Feb 2013 20:28:41 GMT

That is a lot of spending bonuses to hit (over $4,000). Are you going to be able to spend that much within the first 3 months?

Re: Pending App Spree!

Anonymous — Tue, 12 Feb 2013 20:31:09 GMT

@SnackTrader wrote:
That is a lot of spending bonuses to hit (over $4,000). Are you going to be able to spend that much within the first 3 months?

Yes, I can definately spend that in 3 months. So that wouldn't be an issue.

Re: Pending App Spree!

Anonymous — Tue, 12 Feb 2013 20:36:08 GMT

Coincidentally, I'm also considering a mini app spree in March. I plan to take out a car loan in a few weeks but I want to get a few choice cards before the loan shows up on my report as I know the loan will likely drop my score. I will be securing the loan through my credit union so what I will do is app for the cards right after I am approved for the loan.

I have the following cards in mind:

Chase Sapphire

Chase Ink Classic

Amex Hilton Honors

Citi Diamond Preferred

My current util is only 1%, I have $70, 000+ in total credit lines. The biggest factors working against me are the number of inquiries on my report: 12 on EX, 11 on EQ, and 9 on TU over the last 2 years. Some of those will fall off in April. I was trying to hold off until April but I don't think I can wait. I have also opened up a bunch of new accounts within the last 12 months... about 9 in total. I know I may be declined for too many new accounts and inquiries but I figure I'll pull the trigger one last time before I setlle down with the car loan. After that I plan to garden. I guess 20+ tradelines is enough for now.

Re: Pending App Spree!

Anonymous — Tue, 12 Feb 2013 20:40:30 GMT

@Anonymous wrote:
Coincidentally, I'm also considering a mini app spree in March. I plan to take out a car loan in a few weeks but I want to get a few choice cards before the loan shows up on my report as I know the loan will likely drop my score. I will be securing the loan through my credit union so what I will do is app for the cards right after I am approved for the loan.

I have the following cards in mind:

Chase Sapphire
Chase Ink Classic
Amex Hilton Honors
Citi Diamond Preferred

My current util is only 1%, I have $70, 000+ in total credit lines. The biggest factors working against me are the number of inquiries on my report: 12 on EX, 11 on EQ, and 9 on TU over the last 2 years. Some of those will fall off in April. I was trying to hold off until April but I don't think I can wait. I have also opened up a bunch of new accounts within the last 12 months... about 9 in total. I know I may be declined for too many new accounts and inquiries but I figure I'll pull the trigger one last time before I setlle down with the car loan. After that I plan to garden. I guess 20+ tradelines is enough for now.

Well I don't have as many inquiries, I finally got my scores High enough to feel ok with apping. I really want to become part of the Amex Club and want that Sapphire card since its metal and cool. Good luck on your spree! I will def update everyone.

Re: Pending App Spree!

Anonymous — Tue, 12 Feb 2013 20:55:42 GMT

@Anonymous wrote:
@Anonymous wrote:
Coincidentally, I'm also considering a mini app spree in March. I plan to take out a car loan in a few weeks but I want to get a few choice cards before the loan shows up on my report as I know the loan will likely drop my score. I will be securing the loan through my credit union so what I will do is app for the cards right after I am approved for the loan.

I have the following cards in mind:

Chase Sapphire
Chase Ink Classic
Amex Hilton Honors
Citi Diamond Preferred

My current util is only 1%, I have $70, 000+ in total credit lines. The biggest factors working against me are the number of inquiries on my report: 12 on EX, 11 on EQ, and 9 on TU over the last 2 years. Some of those will fall off in April. I was trying to hold off until April but I don't think I can wait. I have also opened up a bunch of new accounts within the last 12 months... about 9 in total. I know I may be declined for too many new accounts and inquiries but I figure I'll pull the trigger one last time before I setlle down with the car loan. After that I plan to garden. I guess 20+ tradelines is enough for now.
Well I don't have as many inquiries, I finally got my scores High enough to feel ok with apping. I really want to become part of the Amex Club and want that Sapphire card since its metal and cool. Good luck on your spree! I will def update everyone.

I have the Amex Zync for about 5 months now but they've refused to give me one of their revolvers so far. Two of the reasons they give is that I have too many inquiries and too many recently opened accounts. Many of those accounts are from my app spree last year. Most of them will hit the 6 month mark in a few days. My Amex Zync will hit its 6 month mark in March so I plan to do the App Spree after the 6th Amex statement cuts. If I don't get the revolver I'll try again next January for max backdating.

I plan to garden after the spree and the car loan though. I need to allow my current inquiries to fall off.

Re: Pending App Spree!

Anonymous — Tue, 12 Feb 2013 21:00:19 GMT

I would definately get the Discover It and it will probably be your easiest approval.

Re: Pending App Spree!

distantarray — Tue, 12 Feb 2013 22:00:19 GMT

@Anonymous wrote:
Hello Everyone,

I plan to go on an app spree in march. I will have a utilization of 2% on my cards. My AAOA is 1 Year and 9 Months.
I have a 750 - TU
I have a 719 - EX
I have a 690 EQ

I have 3 Cap 1 Cards with a total of $8,000 in credit. My income is $125k / Year

No Lates and No Negs

Please tell me your thoughts on doing this app spree

Amex BCP

Not very worthwhile imo, it's good if you like Cash back but remember that the best redemptions are points for hotels and travel. 1 point can get redemptions at 9+ cents per point on the best cards in the market. UR points from Chase, United airline cards etc are amazing for international travel. Domestic travel best is Flexperks by US Bank. imo. Starwood is best for hotels.

Amex Plat

American Express MR points lag way behind for most flights vs United. Although flexibility is nice with any airlines just be warned to get to Asia from America United costs 65,000 on a saver award for round trip, and best way to get that with Amex is to transfer the points to Air Canada / Aeroplan and 75,000 MR points for the same flight. and United miles are MUCH easier to earn with Chase Sapphire, Ink, and Freedom cards. With United Club card you can get 1 free ticket a year to anywhere in Asia for 65,000 for free if you do things right, can't say that with MR points. (Chase UR points transfers 1:1 to United miles)

Chase Saphire

Great card can't say enough about it, compares to the Platinum minus lounge access and global entry for $95

Discover IT

Decent card but personally don't like cash back at all. Although it can workout if nice promotions like ANY online purchase at 5% coughgiftcardscough

Neiman Marcus (Store Card)
Saks (Store Card)
Target

Store cards are a bad idea they give little to nothing in return compared to other cards, for instance I just recently got a Mileage Plus with United for 50,000 miles sign up bonus + 5,000 for adding an authorized user, and 10k points bonus for spending 25k in a year (very easy for most people if you include mortgage) This itself got me enough points to take 1 free trip across the world.

If you want cash back how about cash you never needed to spend? Use sites like plasticjungle and cardpool to get a nice discount on saks and neiman marcus gift cards 10-25% usually to buy your merchandise at a nice discount

Also you can link up a debit card to Target debit card to get 5% off anyways

Amazon

If you want a Amazon card just get a Citi Forward card 5 point categories includes restaurants, movies, music stores, bookstores (Amazon is classified as a bookstore)

What do you guys think? Are those good cards to try with my scores? Thanks!

OVer all with a 125k income I really doubt a a maximum of $100 cash back ($10,000 spending) is really worth your while. Now if you get 10,000 points that's worth atleast $400-900+ for travel with points.

With Chase Ink, Sapphire, United Club or mileage plus (if you meet 25k a year), Freedom these 4 would add upto $190 annual fee or $490 pick whichever one you want depending on your spending habits, but my breakpoint would be 65k points a year with 30k spending if you use these cards effectively.

Re: Pending App Spree!

improvingmycredit — Tue, 12 Feb 2013 22:33:33 GMT

@distantarray wrote:
@Anonymous wrote:
Hello Everyone,

I plan to go on an app spree in march. I will have a utilization of 2% on my cards. My AAOA is 1 Year and 9 Months.
I have a 750 - TU
I have a 719 - EX
I have a 690 EQ

I have 3 Cap 1 Cards with a total of $8,000 in credit. My income is $125k / Year

No Lates and No Negs

Please tell me your thoughts on doing this app spree

Amex BCP

Not very worthwhile imo, it's good if you like Cash back but remember that the best redemptions are points for hotels and travel. 1 point can get redemptions at 9+ cents per point on the best cards in the market. UR points from Chase, United airline cards etc are amazing for international travel. Domestic travel best is Flexperks by US Bank. imo. Starwood is best for hotels.

Amex Plat

American Express MR points lag way behind for most flights vs United. Although flexibility is nice with any airlines just be warned to get to Asia from America United costs 65,000 on a saver award for round trip, and best way to get that with Amex is to transfer the points to Air Canada / Aeroplan and 75,000 MR points for the same flight. and United miles are MUCH easier to earn with Chase Sapphire, Ink, and Freedom cards. With United Club card you can get 1 free ticket a year to anywhere in Asia for 65,000 for free if you do things right, can't say that with MR points. (Chase UR points transfers 1:1 to United miles)

Chase Saphire

Great card can't say enough about it, compares to the Platinum minus lounge access and global entry for $95

Discover IT

Decent card but personally don't like cash back at all. Although it can workout if nice promotions like ANY online purchase at 5% coughgiftcardscough

Neiman Marcus (Store Card)
Saks (Store Card)
Target

Store cards are a bad idea they give little to nothing in return compared to other cards, for instance I just recently got a Mileage Plus with United for 50,000 miles sign up bonus + 5,000 for adding an authorized user, and 10k points bonus for spending 25k in a year (very easy for most people if you include mortgage) This itself got me enough points to take 1 free trip across the world.

If you want cash back how about cash you never needed to spend? Use sites like plasticjungle and cardpool to get a nice discount on saks and neiman marcus gift cards 10-25% usually to buy your merchandise at a nice discount

Also you can link up a debit card to Target debit card to get 5% off anyways

Amazon

If you want a Amazon card just get a Citi Forward card 5 point categories includes restaurants, movies, music stores, bookstores (Amazon is classified as a bookstore)

What do you guys think? Are those good cards to try with my scores? Thanks!
OVer all with a 125k income I really doubt a a maximum of $100 cash back ($10,000 spending) is really worth your while. Now if you get 10,000 points that's worth atleast $400-900+ for travel with points.

With Chase Ink, Sapphire, United Club or mileage plus (if you meet 25k a year), Freedom these 4 would add upto $190 annual fee or $490 pick whichever one you want depending on your spending habits, but my breakpoint would be 65k points a year with 30k spending if you use these cards effectively.

Hey OP! I pretty much agree with this assessment excluding the BCP. I think it's a great Cash Back card especially if you are a cash back person like you stated and you maximize the buying to fit the card's rewards. Forget the store cards. Not worth it and the BCP earns you 3% at most of the department stores you shop. If I were you- I'd get the CSP- Freedom Combo- Amex BCP- Amex PRG or Plat depending on your planned travel and spending habits. That's my .02. :-)

Re: Pending App Spree!

youngandcreditwrthy — Tue, 12 Feb 2013 22:44:30 GMT

AVOID Neiman Marcus and Target!!

they are HORRIBLE with credit limits!

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

Target is also notorious for giving low limits that never budge.

Re: Pending App Spree!

Anonymous — Tue, 12 Feb 2013 23:40:27 GMT

Thanks Everyone for your imput,

I am going to do a bit more research and update everyone on the Spree! I was a little worried that I was apping for too many cards but I saw that someone did way more than the amount I am looking to do so I feel good about that.

Re: Pending App Spree!

Anonymous — Tue, 12 Feb 2013 23:44:05 GMT

@youngandcreditwrthy wrote:
AVOID Neiman Marcus and Target!!

they are HORRIBLE with credit limits!

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

Target is also notorious for giving low limits that never budge.

I Was really wanting to add Store Cards to my credit so that I show different types of credit on my report. I heard that really helps, Which stores cards would you reccomend?

Thanks,

Re: Pending App Spree!

Anonymous — Wed, 13 Feb 2013 00:06:31 GMT

@Anonymous wrote:
@youngandcreditwrthy wrote:
AVOID Neiman Marcus and Target!!

they are HORRIBLE with credit limits!

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

Target is also notorious for giving low limits that never budge.
I Was really wanting to add Store Cards to my credit so that I show different types of credit on my report. I heard that really helps, Which stores cards would you reccomend?

Thanks,

Store cards hardly help in the credit mix category. Store cards are weighed a step below traditional bank credit cards. You need an installment loan like a car loan, personal loan etc along with your revolving lines of credit to have a healthy credit mix. If you have a mortgage that's even better as you get optimal fico scoring.

Re: Pending App Spree!

09Lexie — Wed, 13 Feb 2013 00:08:40 GMT

@Anonymous wrote:
@youngandcreditwrthy wrote:
AVOID Neiman Marcus and Target!!

they are HORRIBLE with credit limits!

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

Target is also notorious for giving low limits that never budge.
I Was really wanting to add Store Cards to my credit so that I show different types of credit on my report. I heard that really helps, Which stores cards would you reccomend?

Thanks,

If you want a store card, i would get WalMart for the free TU score. Plus the limit will grow fast!

Re: Pending App Spree!

Anonymous — Wed, 13 Feb 2013 00:09:10 GMT

@Anonymous wrote:
@Anonymous wrote:
@youngandcreditwrthy wrote:
AVOID Neiman Marcus and Target!!

they are HORRIBLE with credit limits!

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

Target is also notorious for giving low limits that never budge.
I Was really wanting to add Store Cards to my credit so that I show different types of credit on my report. I heard that really helps, Which stores cards would you reccomend?

Thanks,
Store cards hardly help in the credit mix category. Store cards are weighed a step below traditional bank credit cards. You need an installment loan like a car loan, personal loan etc along with your revolving lines of credit to have a healthy credit mix. If you have a mortgage that's even better as you get optimal fico scoring.

I actually have a Personal Installment Loan of $1,000.00, was given 2 years to pay it off, due to lack of credit history the amount was low, I was told to let it report for 6months and it will be month 6 in march and the loan currenlty only has a balance of $10.00.

I was thinking about applying for a Revolving Line of Credit. Would that be better?

Thanks,

Re: Pending App Spree!

Anonymous — Wed, 13 Feb 2013 00:11:01 GMT

@youngandcreditwrthy wrote:
AVOID Neiman Marcus and Target!!

they are HORRIBLE with credit limits!

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

Target is also notorious for giving low limits that never budge.

I wonder if I could contact the EO for the Neimans card since Cap one owns it now for an increase if I don't like the limit..

Re: Pending App Spree!

improvingmycredit — Wed, 13 Feb 2013 00:15:58 GMT

@Anonymous wrote:
@youngandcreditwrthy wrote:
AVOID Neiman Marcus and Target!!

they are HORRIBLE with credit limits!

NM is HSBC backed aka Crapital One!! I had a NM account and closed it because they had the nerve to cut a $750 limit to $505 even with all of the prime accounts I have/low util, etc.

Target is also notorious for giving low limits that never budge.
I Was really wanting to add Store Cards to my credit so that I show different types of credit on my report. I heard that really helps, Which stores cards would you reccomend?

Thanks,

Re: Pending App Spree!

Anonymous — Wed, 13 Feb 2013 00:19:54 GMT

Yes having revolving lines of credit in addition to a history of managing installment loans responsibly provides optimal fico scoring. My situation is the opposite of yours... I currently do not have any installment loan on my file. However I have several credit cards and a couple store cards. My credit mix scoring is below what it should be. I plan to get a car loan next month for a used car. I know it will ding my score at first with the inquiry and the new account showing but paying off the loan over time will be benifical to my score.

Then once I get a mortgage, I will have maxed out the credit mix potentional of my score.