topic App Spree Question - New Member but long time viewer in Credit Cards

App Spree Question - New Member but long time viewer

Anonymous — Wed, 03 Apr 2013 23:38:11 GMT

I have followed this forum for a while but officially signed up today. You all have provided a wealth of knowledge.

On to my question:

I have an Amex Gold, Amex BCE, Capital One & Chase Freedom card. I have a home mortgage, my car and my Wife's car.

My credit currently hovers in the mid 700 range and I recieve pre-approved offers weekly.

Will going on an "app spee" and adding additional cards eventually increase my score further? Looking at Discover and Citi (potentially)?

I dont carry a balance, just use them and pay them off.

Any advice, will be great advice.

Re: App Spree Question - New Member but long time viewer

09Lexie — Wed, 03 Apr 2013 23:41:43 GMT

You appear to have what's 'required' for FICO scoring, installment loans, mortgage and revolving credit. What will help your score is age, keeping the cards at 'your' optimal' util rate and excellent payment history. Obviously, no baddies.

Re: App Spree Question - New Member but long time viewer

Anonymous — Wed, 03 Apr 2013 23:42:30 GMT

@Anonymous wrote:
I have followed this forum for a while but officially signed up today. You all have provided a wealth of knowledge.

On to my question:
I have an Amex Gold, Amex BCE, Capital One & Chase Freedom card. I have a home mortgage, my car and my Wife's car.

My credit currently hovers in the mid 700 range and I recieve pre-approved offers weekly.

Will going on an "app spee" and adding additional cards eventually increase my score further? Looking at Discover and Citi (potentially)?

I dont carry a balance, just use them and pay them off.

Any advice, will be great advice.

I say go for the Discover It !! I see no reason you won't get it

Re: App Spree Question - New Member but long time viewer

Anonymous — Wed, 03 Apr 2013 23:43:03 GMT

Going on an app spree will lower your scores initially, due to new accounts posting, number of inquiries going up, and lowering your AAoA. However as they age over time, they will increase your scores as long you pay on time

Re: App Spree Question - New Member but long time viewer

LS2982 — Wed, 03 Apr 2013 23:43:22 GMT

@Anonymous wrote:
I have followed this forum for a while but officially signed up today. You all have provided a wealth of knowledge.

On to my question:
I have an Amex Gold, Amex BCE, Capital One & Chase Freedom card. I have a home mortgage, my car and my Wife's car.

My credit currently hovers in the mid 700 range and I recieve pre-approved offers weekly.

Will going on an "app spee" and adding additional cards eventually increase my score further? Looking at Discover and Citi (potentially)?

I dont carry a balance, just use them and pay them off.

Any advice, will be great advice.

It wont in the beginning, you'll likely take a nice ding for new accounts/INQ's/AAoA hit. Over time though your scores will heal and increase as history grows on your new accounts.

Re: App Spree Question - New Member but long time viewer

Anonymous — Wed, 03 Apr 2013 23:54:55 GMT

So, the consensus here is go for it! Deal with the initial credit ding because I will bounce back stronger. Sound accurate?

Re: App Spree Question - New Member but long time viewer

Anonymous — Wed, 03 Apr 2013 23:55:33 GMT

@09Lexie wrote:
You appear to have what's 'required' for FICO scoring, installment loans, mortgage and revolving credit. What will help your score is age, keeping the cards at 'your' optimal' util rate and excellent payment history. Obviously, no baddies.

+1 and welcome to forums!

Re: App Spree Question - New Member but long time viewer

Anonymous — Wed, 03 Apr 2013 23:56:28 GMT

Yes! your profile looks good so you won't have any problems getting approval for discover