topic Re: App Spree Damage in Understanding FICO® Scoring

App Spree Damage

Anonymous — Mon, 26 Nov 2018 16:56:14 GMT

So last month I finally decided to apply for the Discover card and I was approved. A few days ago I applied for a USBank card because of the 0% rate and was approved. Right now I am not sure if I am approved or not but I applied for an overstock card as well. My question is, I am wanting to add Citibank as my second major back as I go to California quite a bit and USBank is not as big there or at least, isnt where I tend to hang out lol. Would apping and probably getting approved for a citi personal line be damaging to my credit? I have about a 730-740 score (depends on the reporting agency) and these are the only inquires over the last near year, and total utilization is less than 19% with only one card at 29%

Re: App Spree Damage

RonM21 — Mon, 26 Nov 2018 17:48:44 GMT

Twilight, I would say "the usual" damage. Which would typically be the inquiry hits and new accounts factoring in. As always with any spree you would also want to be cautious of any of your lenders looking at this as you dramatically seeking credit. That causes AA's at times, which I am sure you know. But it is always a slight risk.

Re: App Spree Damage

Anonymous — Mon, 26 Nov 2018 18:04:33 GMT

hm good point there. What lenders tend to look at app sprees is there a list?

Re: App Spree Damage

HeavenOhio — Mon, 26 Nov 2018 19:09:51 GMT

Citi is known for denying if there are recent inquiries or new accounts. Comenity and Chase occasionally go the extra mile by approving the application then closing the card as new accounts hit the report.

Re: App Spree Damage

Anonymous — Mon, 26 Nov 2018 19:27:59 GMT

hm I guess I better be careful then!

Re: App Spree Damage

Anonymous — Mon, 26 Nov 2018 19:46:12 GMT

Suggestion, no expert opinion, what if you wait 6 months, you'd get points back and have cushion for the hit, AND you may even have given yourself cushion to apply for 2 new cards.

Re: App Spree Damage

Anonymous — Mon, 26 Nov 2018 20:21:22 GMT

Thats a good idea. I already applied for a citi checking account but I could let it set there for a bit. If I do, then I would only have 3 recent inquires and potential lines opened. Unless Overstock is accepted then 3.

Re: App Spree Damage

HeavenOhio — Mon, 26 Nov 2018 22:32:45 GMT

I see from your signature that you've acquired all of your open cards this year. Given that, I think the best solution would be to garden for a year before acquiring anything else. That brings your AoYA to one year, and all of your inquiries will become unscorable. That should also eliminate "too many recently opened accounts" as a reason for denial.

If the Citi card is the only thing left on your to-do list and you really want to get it done, I think you'll be OK in six months. But I'd garden for at least six months after that, letting everything else become a year old.

Re: App Spree Damage

RonM21 — Mon, 26 Nov 2018 22:40:04 GMT

@HeavenOhio wrote:
I see from your signature that you've acquired all of your open cards this year. Given that, I think the best solution would be to garden for a year before acquiring anything else. That brings your AoYA to one year, and all of your inquiries will become unscorable. That should also eliminate "too many recently opened accounts" as a reason for denial.

If the Citi card is the only thing left on your to-do list and you really want to get it done, I think you'll be OK in six months. But I'd garden for at least six months after that, letting everything else become a year old.

Good suggestion Heaven. I didn't even catch that in the signature. Giving it a year would be a wise move.

Re: App Spree Damage

Anonymous — Mon, 26 Nov 2018 23:16:54 GMT

Oh no sorry there is a misunderstanding. The dates I put are my last CLI.. I will make that correction in my signature. The only new lines opened this year are the following:

Credit Line Name	Opened
Amazon	11/2013
CitiBank Premier	09/2017
BarclayCard	10/2016
Capital One	08/2011
Freedom	12/2016
Prime	01/2017
CarCare	05/2014
NewEgg	11/2016
USBank Reserve	10/2016
USBank Premier	01/2018
USBank Cash+	10/2016
USBank Platinum	11/2018
BlissPay	02/2018
Discover	11/2018