App Spree with 700 score. Bad idea?

[Anonymous]

Score is around 680-700. About 10 accounts totalling 150k and 150k available credit. Wanted to apply for like 5 business cards and 5 personal cards. Will this cause a red flag?

[Anonymous]

I'm assuming you have negative items on your credit report?  What is keeping your scores sub-700?  I would say it isn't high utilization, as high utilization on your high limits would be a pretty scary thing.

That being said, I certainly wouldn't recommend a spree with sub-700 scores.  Your chances for denials are greater and even if you see approvals, they won't be with nearly as favorable terms as if you had 720-740 scores, for example.

My advice would be wait at least 6 months and reevaluate where you stand.  Perhaps in the meantime work on removing the negative items or whatever it is that's holding back your scores.

[Anonymous]

I don't know why it's so low! I never missed a payment. In fact a year ago I paid it all down with $190,000 from some land I sold. Still had 50k debt however. But it only boosted me to 740. I applied for a couple of cards and little by little a year later I'm at sub 700. We have been living off the cards however and have added like 100k debt in that year. Which like I said leaves me 150k in debt with 150k left in credit available. I'm learning business credit. And my corporations have pretty good scores. Am looking into that end of it too. I feel I'm at a critical time.

[elim]

Utilization is too high for a spree. I always try to perfect my utilization before any spree (0% on all cards but one, with that one card at 1% to 9%). You have to wait my friend.

[SouthJamaica]

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@Anonymous wrote:

Score is around 680-700. About 10 accounts totalling 150k and 150k available credit. Wanted to apply for like 5 business cards and 5 personal cards. Will this cause a red flag?

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Yes it will cause a red flag.

Inadvisable.

Build gradually.

[Anonymous]

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@AnonymousWe have been living off the cards however and have added like 100k debt in that year. Which like I said leaves me 150k in debt with 150k left in credit available.

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Applying for additional credit, much less a spree, sounds like about the worst thing you could do here from a practical/responsible standpoint.  That's not even taking into consider your high utilization from a profile/scoring perspective, which of course is something you never want if you're considering apping for multiple accounts.

[Anonymous]

I agree with the others. What you really need to do is get that debt paid off and your utilization way back down before you even think about applying for anything else. I'm not sure whether you even would be able to get any CLI's at this point on your existing cards, assuming you haven't tried recently.

[Anonymous]

I'm not gonna tell you how to app but what cards do you have in mind? What's your overall UTIL? And do you have any cards over the 30-40% credit usage?

[Anonymous]

I would not apply for any cards if I were you, I'd work on lowering my debt.