App Spree: Good Idea?

[Anonymous]

Hi Guys,

The last time I checked-in, I was approved for the Citi TY Premier and AMEX Hilton Ascend. 

Over the last 5 months, I have hit every bonus. 

CFU ($500 for 15k UR Points)

AMEX ED ($2k for 25k MR Points)

Citi TY Premier ($4k for 50k TY Points)

AMEX Ascend ($3k for 100k Hilton Points)

However, I am now getting ready to apply for a car loan. I am trading in my car. However, if I am going to get any HPs might as well try my luck with some credit cards before my long, long garden. 

USAA Preferred Cash Rewards: Pre-Selected [HP]

Chase Sapphire Preferred: Green Check Mark [HPs]

Discover IT: Pre-Approved [SP]

PenFed Power Cash Rewards: Will ask since I am taking a [HP] for membership

AMEX PRG: Was pre-approved, no longer but may get by the end of June. (FICO updates June 18th). [SP]

Do you think this is a good idea to go on this spree before I let my accounts age? In a year, I will try for a mortgage. SUBs will not be an issue. 

[HeavenOhio]

Get the car loan first. Optionally, apply for a card or two soon after you have the car. Then stop dead in your tracks until your mortgage has closed.

[Anonymous]

Definitely getting car quotes from PenFed, USAA, and Chase. Also, the reason why I am apping for credit cards. Mortgage is about 1-2 years out, but I plan on staying in the garden until after close. Thanks for the advice. 

[HeavenOhio]

I think you'd be fine asking about cards with PenFed and USAA when you talk to them about a loan.

Certainly talk to Chase about a loan. But with all your recent new accounts, I don't think you'll be a candidate for a card from them for a while.

[Anonymous]

With recent news Chase will bypass 5/24, if you have a green check mark. I have had an 8 year relationship with Chase. They are my primary bank, my direct deposit goes through, and they accepted my CFU when I had a 580 credit score. They also 4x my limit in 2 months. 

[BronzeTrader]

Credit card app spree is a myFICO buzz word.  Most people like it.

But with your fragile credit file, it is very bad for you.  And you are going to apply for mortage etc.  If I were you, I won't do it. 

App Spree = Credit Suicide. 

[Anonymous]

Thanks for the advice. Mortgage wouldn't be until Spring 2020. Most cards are no additional HPs from the car loan. I do not have many inquiries. I plan on this being my last apps for the next two years. 

[SouthJamaica]

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@Anonymous wrote:

Hi Guys,

The last time I checked-in, I was approved for the Citi TY Premier and AMEX Hilton Ascend. 

Over the last 5 months, I have hit every bonus. 

CFU ($500 for 15k UR Points)

AMEX ED ($2k for 25k MR Points)

Citi TY Premier ($4k for 50k TY Points)

AMEX Ascend ($3k for 100k Hilton Points)

However, I am now getting ready to apply for a car loan. I am trading in my car. However, if I am going to get any HPs might as well try my luck with some credit cards before my long, long garden. 

USAA Preferred Cash Rewards: Pre-Selected [HP]

Chase Sapphire Preferred: Green Check Mark [HPs]

Discover IT: Pre-Approved [SP]

PenFed Power Cash Rewards: Will ask since I am taking a [HP] for membership

AMEX PRG: Was pre-approved, no longer but may get by the end of June. (FICO updates June 18th). [SP]

Do you think this is a good idea to go on this spree before I let my accounts age? In a year, I will try for a mortgage. SUBs will not be an issue. 

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It's a terrible idea to get new HP's before applying for car loan and a mortgage. You should stop applying for anything, even CLI's which get you a HP.

[JR_TX]

Car Loans and Mortgages are major apps that should take precedent over anything else that’s not emergency. You don’t want any inquiries and any new and recent trade lines in your file not just to get approved but to get the best rate as humanly possible which could end up either saving you or costing you thousands of dollars in the long run. You need to tie yourself up at a tree somewhere in the garden or Stay away from these forums altogether if the “itch” becomes uncontrollable! Lol

[BronzeTrader]

All mortage banks look at the new accounts and inquiries for at least the last two years.  Some have very tight underwriting standards.  You would need to stand ready to explain all the new accounts and new inquiries.  

If you get a $200,000/year disposible income, you get little to worry about.  But if you are tight with budget, better to get your credit in order.  Most of the credit card forum has the cultire to get you apply for more CCs and higher CL.