topic Re: Going on an "app spree" questions in Credit Cards

Going on an "app spree" questions

Jungook — Mon, 19 Aug 2013 01:06:10 GMT

Is there any benefit of applying for multiple cards at once? Does the # of inquiries look smaller since I would be submitting several applications at once?

EDIT: I meant the # of inquiries that show up before they pull my credit not after. sorry for the confusion

Thanks,

I also have another thread open regarding student loans and how they report if anybody could help me.

http://ficoforums.myfico.com/t5/Student-Loans/Federal-Direct-Subsidized-Loan-and-Perkin-s-Loan/td-p/2382029

Re: Going on an "app spree" questions

chrisw1968uk — Mon, 19 Aug 2013 01:00:11 GMT

I think that they are all counted as separate apps, but on the bright side - they will all fall of your Fico score at the same time next year

Re: Going on an "app spree" questions

CREDITSURFER — Mon, 19 Aug 2013 01:01:26 GMT

When it comes to inquiries being scored as one, thats only when rate shopping for morgage or auto loan.

Most people submitt multiple cc applications at once to try and have the system not see all the inquiries after each other and if approved they age together.

Re: Going on an "app spree" questions

Jungook — Mon, 19 Aug 2013 01:03:57 GMT

@chrisw1968uk wrote:
I think that they are all counted as separate apps, but on the bright side - they will all fall of your Fico score at the same time next year

I understand that but when the companies are looking at my credit file will they see that I have inquiries from the other credit card companies that I submitted applications to only minutes apart from each app?

Re: Going on an "app spree" questions

Luscher — Mon, 19 Aug 2013 01:04:27 GMT

fill them all out and press submit all at the same time and try and beat the computers!

Re: Going on an "app spree" questions

Jungook — Mon, 19 Aug 2013 01:06:46 GMT

@Luscher wrote:
fill them all out and press submit all at the same time and try and beat the computers!

So basically I gotta be speedy gonzalez?

Re: Going on an "app spree" questions

Luscher — Mon, 19 Aug 2013 01:14:29 GMT

Fill out all of the applications in different tabs. once its all filled out press submit tab over press submit tab over, repeat.

Re: Going on an "app spree" questions

missjae — Mon, 19 Aug 2013 01:16:08 GMT

You can try, but credit pulls are instant. Alternatively, you can try picking different lenders that are known to pull different reports so you don't get tons of inquiries on one report.

Re: Going on an "app spree" questions

myjourney — Mon, 19 Aug 2013 01:18:57 GMT

To clear up any misunderstanding as fast as you hit send the INQ shows up on your CR...The computer trick does not work..CB's have faster computers LOL

Yes other lenders will see that you had other INQ's that day..This is why we tell people to select different cards that pull different CB's so A won't see B or C

Make sense?

Re: Going on an "app spree" questions

Luscher — Mon, 19 Aug 2013 01:19:11 GMT

ya, theres no 100 percent proof that my theory works. Ive tried it but I was most likely going to be approved no matter what for the 2 cards I tried it for considering my 0 utilization and high score at the time. but as always ymmv

Re: Going on an "app spree" questions

09Lexie — Mon, 19 Aug 2013 01:21:36 GMT

Inq's are in real time. Yes, there might be some delay with processing but in the end the lenders will see your inq's.

IIRC, you did not have any credit. Were you able to get a co-signer or have your Dad add you as an AU?

Re: Going on an "app spree" questions

Luscher — Mon, 19 Aug 2013 01:31:04 GMT

im not sure who that is towards^^^^

Re: Going on an "app spree" questions

Jungook — Mon, 19 Aug 2013 01:31:23 GMT

@09Lexie wrote:
Inq's are in real time. Yes, there might be some delay with processing but in the end the lenders will see your inq's.

IIRC, you did not have any credit. Were you able to get a co-signer or have your Dad add you as an AU?

Alright sounds good.

No, but I have plans to do it myself!!

Re: Going on an "app spree" questions

09Lexie — Mon, 19 Aug 2013 01:39:59 GMT

@Luscher

I was replying to the OP

Re: Going on an "app spree" questions

Anonymous — Mon, 19 Aug 2013 01:52:59 GMT

App sprees work for a few reasons.

1) the first few inquiries take the most off FICO score and effect of more inquiries becomes minor. However, some lenders will exclude based on too many inquiries. App spree will not "hide" inquiries.
2) app spree will "hide" new accounts. You app before any approved accounts hit credit report. As a result you avoid the normal FICO decrease because of AAoA reduction and new account hit.
3) a not so obvious reason is that app sprees typically are better planned than random apps. You spend more time planning out your strategy and hopefully maximizing your. Credit score beforehand. For example. Apping to lenders who pull different cra and setting ideal util before app one.

Re: Going on an "app spree" questions

emptypockets — Mon, 19 Aug 2013 01:58:16 GMT

@missjae wrote:
You can try, but credit pulls are instant. Alternatively, you can try picking different lenders that are known to pull different reports so you don't get tons of inquiries on one report.

This is what most people try to do, so each lender will only see 1 or 2 pulls, if you pick your apps carefully. This usually will keep you from spooking any lenders. Keep in mind, you never really know what some lenders want, and the effect on your scores may be less if your AAoA is longer.

Re: Going on an "app spree" questions

awiser — Mon, 19 Aug 2013 01:59:08 GMT

I like Luscher's thinking! It doesn't work like that, but it sounds like mad fun.

Re: Going on an "app spree" questions

myjourney — Mon, 19 Aug 2013 02:01:19 GMT

@awiser wrote:
I like Luscher's thinking! It doesn't work like that, but it sounds like mad fun.

Oddly enough that method worked.....long long ago tho

Re: Going on an "app spree" questions

Jungook — Mon, 19 Aug 2013 02:02:25 GMT

So applying for both the Citi Dividen for students and Forward for students is probably a bad idea?

Re: Going on an "app spree" questions

myjourney — Mon, 19 Aug 2013 02:05:39 GMT

@Jungook wrote:
So applying for both the Citi Dividen for students and Forward for students is probably a bad idea?

Not at all but both will most likey pull EX