Best way to app spree?

[Anonymous]

I just started rebuilding within the year (see my first post). I finally got approved for 2 prime lender cards and one tiny loan. I don't want to poke the bear that is Chase because they have my top pick card. Anyway,

Especially with a thin file like mine, what is the best way to go about building up a nice thick one? Are multi card app sprees a good idea, as in all in one go within a few minutes (I just learned about multi apps at the same time with one lender- plz advise so I know better next time)? Is it best to stagger: app, garden for a certain time, app again. Rinse. Repeat?

I don't really have a huge endgame. I own my primary home free n clear, but I have not discounted the idea of buying a bigger one with acreage one day with lender help. I really just want to have a strong score with a thick enough file, just in case I need something.

I don't want to make a rookie mistake now that my score is ok. If this is not the right area for this discussion, I apologize. I'm new and don't know much about forums. Thanks!

[Anonymous]

The best way to have thick file is to get a couple of cards that you actually need and let them age and grow.

Guessing from your original post you have more than 2 cards and a loan reporting which is what is needed for scoring purposes.

Imo multi app sprees are good only if they serve a specific purpose like getting 2-3 cards with 1 inquiry or bypass limitations a lender has in place for certain cards. Generally applying for a lot of cards for the heck of it looks bad for a time since you seem desperate for credit. 

[KELSTAR]

Firtsly, why do you want to app spree?

Your score will most likely go down with any application much less a spree.

You posted that you have a  730 score. Is that FICO and if it is, what bureau?

You want a different home in the future? A middle FICO mortgage score of 720 will qualify you for manual underwriting at 43% total DTI. You will have to prove income and most likely some cash reserves of 3-6 months. At least with this, you dont have to deal with the DESKTOP UNDERWRITING process.

[HeavenOhio]

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@Anonymous wrote:

The best way to have thick file is to get a couple of cards that you actually need and let them age and grow.

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^^This. Especially if you want to apply for Chase at some point. Their have their 5/24 rule where if one has acquired five or more cards in the past 24 months, a denial is likely. They also like to see that your oldest card is at least a year old. The other thing that's frequently helpful is a bit of gardening (a period of time where you haven't acquired any new accounts). Three months is good; six months is better.

If you want to get a Chase card or two fairly early in your build, getting two or maybe three cards in your first year is the way to go. When your oldest card is a year old and after you've gardened, you should be in a good spot for one of the Freedom cards.