topic Re: Pre-App Spree Prep Questions in Credit Cards

Pre-App Spree Prep Questions

Anonymous — Tue, 02 Jul 2013 15:21:29 GMT

Hello,

This will be my first time doing an App Spree

I currently have 2 CC that ive had for 6yrs with crazy high rates

Chase Student ($1000 Limit)

GE CarCareOne ($475 Limit)

Last time i checked my scores was Aug 2012 for my first car loan... average 720score

1) My questions are, what is best utilization % before i apply?... Under 10% or 0%

2) Does it work like car loans in which i can apply for as many and only take 1 hit?

3) Any recommendations on which to apply for? Im looking to get at least one $5k limit to expand my credit portfolio

Planning on applying for

* Local Credit Union ive been with for 2yrs

* Chase Freedom

* Walmart

* Amex

Any help is greatly appreciated!

Re: Pre-App Spree Prep Questions

Creditaddict — Tue, 02 Jul 2013 15:24:43 GMT

@Anonymous wrote:
Hello,
This will be my first time doing an App Spree

I currently have 2 CC that ive had for 6yrs with crazy high rates

Chase Student ($1000 Limit)
GE CarCareOne ($475 Limit)

Last time i checked my scores was Aug 2012 for my first car loan... average 720score

1) My questions are, what is best utilization % before i apply?... Under 10% or 0%
2) Does it work like car loans in which i can apply for as many and only take 1 hit?
3) Any recommendations on which to apply for? Im looking to get at least one $5k limit to expand my credit portfolio

Planning on applying for
* Local Credit Union ive been with for 2yrs
* Chase Freedom
* Walmart
* Amex

Any help is greatly appreciated!

have only 1 of your 2 cards reporting a balance of less than 10% in a perfect world... but with only 2 small cards for so long and high score any balance below 50% and you will probably see just fine results.

you will take an INQ for each app and they don't combine.

apply in this order:

Chase Freedom

American Express

Credit Union

Walmart

be sure to check the Citi pre-qual offers and also Discover... Chase actually has one too... but those are usually very good firm offers.

Re: Pre-App Spree Prep Questions

SwiftTone — Tue, 02 Jul 2013 15:26:17 GMT

@Creditaddict wrote:
@Anonymous wrote:
Hello,
This will be my first time doing an App Spree

I currently have 2 CC that ive had for 6yrs with crazy high rates

Chase Student ($1000 Limit)
GE CarCareOne ($475 Limit)

Last time i checked my scores was Aug 2012 for my first car loan... average 720score

1) My questions are, what is best utilization % before i apply?... Under 10% or 0%
2) Does it work like car loans in which i can apply for as many and only take 1 hit?
3) Any recommendations on which to apply for? Im looking to get at least one $5k limit to expand my credit portfolio

Planning on applying for
* Local Credit Union ive been with for 2yrs
* Chase Freedom
* Walmart
* Amex

Any help is greatly appreciated!

have only 1 of your 2 cards reporting a balance of less than 10% in a perfect world... but with only 2 small cards for so long and high score any balance below 50% and you will probably see just fine results.
you will take an INQ for each app and they don't combine.
apply in this order:
Chase Freedom
American Express
Credit Union
Walmart
be sure to check the Citi pre-qual offers and also Discover... Chase actually has one too... but those are usually very good firm offers.

Sometimes lenders will pull 2 or 3 inq per application. It depends.

Re: Pre-App Spree Prep Questions

Anonymous — Tue, 02 Jul 2013 15:41:38 GMT

Why only 1 card show below 10% utilization?

Also why that order for applying? Ive heard Chase loves to give people hard times lol

Just trying to figure out the system for future

Re: Pre-App Spree Prep Questions

Creditaddict — Tue, 02 Jul 2013 15:50:24 GMT

@Anonymous wrote:
Why only 1 card show below 10% utilization?

Also why that order for applying? Ive heard Chase loves to give people hard times lol

Just trying to figure out the system for future

1 card out of 2 cards showing balance would be a plus in scoring but like I said with just 2 accounts and lower limits and high scores... especially since you are a chase customer... the computer will probably ignore the util. to an extent... what are the balances on last statements... why are you not applying today/now!?

I put in that order just because of if any of them are going to have an issue with an inq... but with just the few that you are looking at I doubt any of them would really have an issue.

Re: Pre-App Spree Prep Questions

Anonymous — Tue, 02 Jul 2013 16:03:32 GMT

Ah i see

Im not applying right now because my statements come out on the 11th... so i would like to make one last payment at the desired utilization % to look best before i apply

My last statement my balances were 58% utilization

Chase $596.94

GE $253.89

Does it matter at all on what my checking amount balance is with Chase? I use my credit union so theres only $5 in chase account.

Also, my target is at least 1 $5k limit card. Should i ask for $10k limit to better my odds?

Re: Pre-App Spree Prep Questions

Creditaddict — Tue, 02 Jul 2013 16:10:43 GMT

@Anonymous wrote:
Ah i see

Im not applying right now because my statements come out on the 11th... so i would like to make one last payment at the desired utilization % to look best before i apply

My last statement my balances were 58% utilization
Chase $596.94
GE $253.89

Does it matter at all on what my checking amount balance is with Chase? I use my credit union so theres only $5 in chase account.

Also, my target is at least 1 $5k limit card. Should i ask for $10k limit to better my odds?

balance in chase account won't matter.

you may be able to request a limit with your credit union and if that is the case I always ask high and they will counter... so go $10.... but the others are just going to spit back an answer (most likely instantly when you hit submit button online!)

If your statements are the 11th... you would need to pay your balances down to the desired util. NOW so on the 11th when the statements post, that's also usually about the same time they post to the credit reports.

Re: Pre-App Spree Prep Questions

Anonymous — Tue, 02 Jul 2013 16:24:27 GMT

Remember AMEX may pull more than one report and they don't like to see app sprees. If so they generally give a lower limit with too many inquiries.

Re: Pre-App Spree Prep Questions

Anonymous — Tue, 02 Jul 2013 16:44:32 GMT

you should call to ask for product change for your chase student to chase freedom and apply for something like csp instead of wasting an inq..

Re: Pre-App Spree Prep Questions

Creditaddict — Tue, 02 Jul 2013 17:08:28 GMT

@Anonymous wrote:
Remember AMEX may pull more than one report and they don't like to see app sprees. If so they generally give a lower limit with too many inquiries.

lets clarify that 3 is not an app spree and they tend to only hit up TU if they probably are not going to approve... like sub 650 scores.

Re: Pre-App Spree Prep Questions

scenery_guy — Tue, 02 Jul 2013 18:32:46 GMT

@Anonymous wrote:
Hello,
This will be my first time doing an App Spree

I currently have 2 CC that ive had for 6yrs with crazy high rates

Chase Student ($1000 Limit)
GE CarCareOne ($475 Limit)

Last time i checked my scores was Aug 2012 for my first car loan... average 720score

1) My questions are, what is best utilization % before i apply?... Under 10% or 0%
2) Does it work like car loans in which i can apply for as many and only take 1 hit?
3) Any recommendations on which to apply for? Im looking to get at least one $5k limit to expand my credit portfolio

Planning on applying for
* Local Credit Union ive been with for 2yrs
* Chase Freedom
* Walmart
* Amex

Any help is greatly appreciated!

Just to be clear each card application will be at least one HP. If you are borderline it might be 2 or even 3. Your list could be 4 HP or up to 12 HP so tread lightly. It's instant on your report now days so the chances of Chase not seeing a HP from an AmEx application are slim unless Chase pulls EQ and AmEx pulls EX. Who knows what the credit union will do so it's hard to give advice without more background.

I would consider spacing the apps out a bit. Get approval on one then move to the next. Wait for an alert on Credit Karma or another free service so you can see who they pulled. Make sure you feel good about your next application (as in Chase pulled EX and AmEx will pull EX too so can you handle two INQ on same report). If you get a decline stop right there and recon and get reason why you were declined before moving on. This can save you a lot of HP in the long run. What if two of the lenders double pull you and decline you with no chance of recon? 4 HP stings a bit and will cause a 15-20 point drop on your FICO score. Slow and steady will make you a winner.

The main reason to time an app spree on one day is so in 12 and 24 months all the HP will drop off in one day. In reality it does not matter as what's a few days? I have had more success spacing a three card spree over a couple of weeks than doing it all on one day. I was 3 for 3 on my last set with all approved either instant or after a couple days wait and no action on my part.

Get your ULT down and apply for what you need or want the most. Good luck!

Re: Pre-App Spree Prep Questions

dddewdrop — Tue, 02 Jul 2013 19:09:56 GMT

Hi. would disagree with the other poster on utilisation. I think it is very important that you don't have large balances before your app spree. This will maximise your score and will also look good if an actual human being happens to look at it. I don't really think it matters all that much which one you apply for first. You neeurd to decide for yourself which card or cards you want. I would then apply for the one you want the most first. That way you will have the best change of getting it. You should figure out what your goals are and then act accordingly. There is ample information on this and other forum about the various products out there. Good luck.