Would this be considered an app o rama ?

anonymous4a — Mon, 12 Aug 2013 17:58:03 GMT

Hi, this would be my first time doing this, I want to apply for about 5 cards and some of the cards have a sign up bonus and I plan on using them for a bit but might cancel one before the annual fee. would it still be called an app o rama ?

My list of cards to apply for are Discover IT, Barclay's Arrival ( want to cancel before Annual fee ), Sapphire Preferred , US Bank cash+ , Schwab checking account ( think it requires a hard pull.. ) , and Bluebird ( don't know if this counts )

are these cards worth applying for at once ? Is it too many cards to apply for for the first time ?

What order should I apply for these cards in ?

I'll be traveling a bit overseas soon so I'm trying to find some cards with no foreign transaction fees, if you have any better suggestions, list them please.

My credit score with scorewatch here on myfico is 782 , AAoA is 3 years, and ratio of revolving balances is 7% . How many points can I expect my credit score to drop after this and how long to bring my credit score back up to the original score ?

Re: Would this be considered an app o rama ?

Anonymous — Sun, 11 Aug 2013 20:51:29 GMT

What's that saying? If you have to ask then you already know the answer. App o Rama or App Spree has nothing to do with why you are doing it. Its purely about numbers and you are well over it. Personally, I consider anything more than 2 an app spree.

New cards or applications affect your FICO score in a few ways.

1) Any new account will drop your score temporarily (say about 6 months).

2) Inquiries will affect your score for up to 2 years with the effect dropping every month. If all 5 inquiries goes on an inquiry free credit report, I would guess a 40-50 point hit initially. Funny thing is that 10 inquiries would probably only be like 50-55.

3) AAoA drop: Adding new accounts will drop your Average Age of Accounts. FICO uses this to score. No way to know how much effect it will have on your credit report as you gave us no details on your credit file.

4) Reduced Utilization: Your utilization percentage should go down and therefore raise your score unless you are already sub 10%.

Given these 4 factors, you should be able to answer your own question as to how long your FICO will be affected for. As for score drop, unless you give a lot more details, no one can even guess for you.

topic Re: Would this be considered an app o rama ? in Credit Cards

Would this be considered an app o rama ?

Re: Would this be considered an app o rama ?