topic Re: App spree aftermath in Credit Cards

App spree aftermath

Anonymous — Fri, 25 Apr 2014 14:30:01 GMT

In the middle of March, I acquired an AMEX, Citi AA and Huntington Voice. I had worked very hard to get my scores to where they were for my first app spree since rebuilding. My util was at 1% at the time of the spree and now that all three new cards have reported and I'm again at 1% reporting. I just had to check my Experian. It was and has been my lowest for quite some time.

EX pre app spree - at 66% util - 664

EX pre app spree - at 27% util - 686

EX pre app spree - at 1% util - 704

I added one new inquiry on EX and three new accounts, all reporting. I just HAD to know the slaughtering EX took due to the spree so I purchased an updated score on myFICO this morning. Results:

EX post app spree - at 1% util - 716 (one new inq, 3 brand new accounts) WHAT?

AAoA went from 6 years down to 5 years, util remained a constant and my paid state tax lien from 2008 is still on there. What the heck? I was expecting to see 650's or 660's. In fact, I thought EX would be hit so hard I would stand no chance with my AMEX 61 day CLI. I STILL have the "Too few account currently pays as agrees" ding but surprisely no "Too many new accounts" or "too many recent inquiries". EX recommends I get a new card. (lol) Maybe that CSP I've been wanting is not out of the question.

Anyone else experienced this after an app spree? I'm honestly blown away (in a good way). Just when I thought I had all of this figured out, well, I get a nice surprise and am totally wrong.

Side note- TU and EQ took a beating. Discover TU score went from 776 to 757 with only two of the three reporting so far (no new TU inquries) and does show "Too many new accounts". My latest CapOne CLI denial letter EQ score was 791 and that's down from 809 with only one new account reporting at the time of their pull. It looks like TU is a 10 point drop per new account. EQ about the same (or more).

Three new accounts posting 2 months positive history. Should I go for CSP? I'm thinking about waiting until October/November. The only reason I ask is because I'm 2650/3000 on Citi AA min spend already and 2100/1000 (lol) min spend on AMEX so I could easily do it now.

Thanks all.

Re: App spree aftermath

Swapmeet — Fri, 25 Apr 2014 14:42:58 GMT

Yes. In my recent app spree whereby I took 9 new inqs across the board, I expected to take a severe ding. My AAOA went from 6-5 years, and my EQ stayed exactly the same through the inqs--as well as the reporting of each new account. My TU and EX scores actually went up. I could not really explain it, but who am I to complain

My utilization was <10% the whole time and my scores weren't up more than 10 points or so, but I'll take that all day!

Re: App spree aftermath

Anonymous — Fri, 25 Apr 2014 14:44:55 GMT

@Swapmeet wrote:
Yes. In my recent app spree whereby I took 9 new inqs across the board, I expected to take a severe ding. My AAOA went from 6-5 years, and my EQ stayed exactly the same through the inqs--as well as the reporting of each new account. My TU and EX scores actually went up. I could not really explain it, but who am I to complain
My utilization was <10% the whole time and my scores weren't up more than 10 points or so, but I'll take that all day!

Thanks for responding, Swap. There is certainly different views across the 3 CRA's with regard to new accounts. That honestly made my day. I was prepared to be sick but think I got up from my computer and did a little dance.

Re: App spree aftermath

Involver — Fri, 25 Apr 2014 14:48:16 GMT

Yeah same thing happened to me, although my scores went up across all 3 . I totally killed my AAoA and was preparing for a big hit.

Added 3 new accounts within a 5 day window. TU up 2 (to 764), EX up 14 (751), EQ up 8 (758)

Re: App spree aftermath

Swapmeet — Fri, 25 Apr 2014 14:52:07 GMT

@Anonymous wrote:
@Swapmeet wrote:
Yes. In my recent app spree whereby I took 9 new inqs across the board, I expected to take a severe ding. My AAOA went from 6-5 years, and my EQ stayed exactly the same through the inqs--as well as the reporting of each new account. My TU and EX scores actually went up. I could not really explain it, but who am I to complain
My utilization was <10% the whole time and my scores weren't up more than 10 points or so, but I'll take that all day!
Thanks for responding, Swap. There is certainly different views across the 3 CRA's with regard to new accounts. That honestly made my day. I was prepared to be sick but think I got up from my computer and did a little dance.

This is true. But remember that it isn't just new accounts....this happened in spite of the inqs, the new accounts reporting, and the blow to AAoA.

Re: App spree aftermath

Anonymous — Fri, 25 Apr 2014 14:52:34 GMT

@Involver wrote:
Yeah same thing happened to me, although my scores went up across all 3 . I totally killed my AAoA and was preparing for a big hit.

Added 3 new accounts within a 5 day window. TU up 2 (to 764), EX up 14 (751), EQ up 8 (758)

Sounds like you got rid of the "Too few accounts currently pays as agrees" or got closer (lol). How many credit cards does EX want a person to have? Goodness. I have 6 and still have that ding/message.

Both you and Swapmeet had quite a successful spree with no ill effect. I expected my TU and EQ to take a hit and they surely did.

Re: App spree aftermath

Kenny — Fri, 25 Apr 2014 16:27:24 GMT

@Anonymous wrote:
In the middle of March, I acquired an AMEX, Citi AA and Huntington Voice. I had worked very hard to get my scores to where they were for my first app spree since rebuilding. My util was at 1% at the time of the spree and now that all three new cards have reported and I'm again at 1% reporting. I just had to check my Experian. It was and has been my lowest for quite some time.

EX pre app spree - at 66% util - 664
EX pre app spree - at 27% util - 686
EX pre app spree - at 1% util - 704

I added one new inquiry on EX and three new accounts, all reporting. I just HAD to know the slaughtering EX took due to the spree so I purchased an updated score on myFICO this morning. Results:

EX post app spree - at 1% util - 716 (one new inq, 3 brand new accounts) WHAT?

AAoA went from 6 years down to 5 years, util remained a constant and my paid state tax lien from 2008 is still on there. What the heck? I was expecting to see 650's or 660's. In fact, I thought EX would be hit so hard I would stand no chance with my AMEX 61 day CLI. I STILL have the "Too few account currently pays as agrees" ding but surprisely no "Too many new accounts" or "too many recent inquiries". EX recommends I get a new card. (lol) Maybe that CSP I've been wanting is not out of the question.

Anyone else experienced this after an app spree? I'm honestly blown away (in a good way). Just when I thought I had all of this figured out, well, I get a nice surprise and am totally wrong.

Side note- TU and EQ took a beating. Discover TU score went from 776 to 757 with only two of the three reporting so far (no new TU inquries) and does show "Too many new accounts". My latest CapOne CLI denial letter EQ score was 791 and that's down from 809 with only one new account reporting at the time of their pull. It looks like TU is a 10 point drop per new account. EQ about the same (or more).

Three new accounts posting 2 months positive history. Should I go for CSP? I'm thinking about waiting until October/November. The only reason I ask is because I'm 2650/3000 on Citi AA min spend already and 2100/1000 (lol) min spend on AMEX so I could easily do it now.

Thanks all.

I don't see that you would be denied. It should be an instant approval with a very nice limit if you have a good income, which if you can meet those spends and meet the next one with CSP you should. Can't wait to see your approval thread for the CSP!

Re: App spree aftermath

BigBS — Fri, 25 Apr 2014 17:05:19 GMT

That's great news on the EX score! The other 2 will rebound quickly. I think the CSP will be the next thing I apply for, but absolutely not until the fall so I can use the spend on Christmas stuff.

Re: App spree aftermath

Anonymous — Fri, 25 Apr 2014 17:13:01 GMT

@BigBS wrote:
That's great news on the EX score! The other 2 will rebound quickly. I think the CSP will be the next thing I apply for, but absolutely not until the fall so I can use the spend on Christmas stuff.

I was thinking the same thing until I found ChargeSmart. I've paid my mortgage the past two months with Citi AA and it was a breeze. Worked like a charm. Yes, there's a fee but the signup bonus far offsets that.

Good luck when you apply and thanks for the kind words.