Bulk App-o-rama questions

[Anonymous]

This is a plan with a high chance of backfiring. I'd be very concerned with what would happen to my existing tradelines once the new accounts start reporting. Most people are in agreement not to do this. But you seemed very determined...so best of luck. 

[Anonymous]

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@Anonymous wrote:

Thank you for the feedback. 

I'll state again, I have no need for credit in the short term. I understand all of those inquiries will kill my score for a while. I have 2 primary credit cards and they were credit-building options anyway. I also have 1 auto loan that's almost paid off and one that's 6 months old. The tradelines have my FICOs at or above 800 currently, so I figure to use that now to get approved for as many cards as possible, garden them all. If a few drop off a result of them seeing all the other accounts later, let's say even 10 of the 30 cards drop off, then I still have 20 cards gardening. As far as getting to 1 million in credit, it is definitely lofty won't be easy at all, but if this mass app session is somewhat successful it is definitely a good start. I'd rather just tough it out for 2 years with a crappy AAoA and then be done worrying about any new accounts being able to even affect it really. 

Do you guys who are saying they will AA my accounts later and pre-emptively close accounts, have any stories of this happening? I wasn't really able to find much info on something of this scale. I will definitely post the results in a couple weeks or so. I'm trading in my car so after that finalizes I'm doing the app-fest. My main hope is that with 3 computers and teamwork all of the hard pulls will be in such rapid succession that all they won't show right away. I don't couldn't find any info on that but I guess we're going to find out!

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That 800 score will go POOF for at least two years... 

You run the risk of having those creditors, even your existing ones, AA you. Are you prepared to haggle with multiple CC companies on why you need/want that much credit?

Unless you have time to sit and watch your scores drop like a rock and take years to build back up, I would urge you to take a step back and read up on it quite a bit more. These accounts will be on your report for 10 years. The ones that are open and the ones that an AA would close. !0 years is a long time. Say you want to buy another car in 3-4 years, your report is not going to get you a very good APR. Your bank won't even give you a good APR, not even if you're married to the branch manager!! Apartments, mortgages, car insurance, cable companies... Jeez... Everybody is going to see that!!

Reconsider, seriously...

[Blackswizz750]

I really hope you reconsider applying for 30 cards at once. Any one of the big lenders may flag you and do shut you down and you will have to explain you are not a fraud aping away with another identity. Search for Adverse Actions for excessive account in a short time. Hell, just look at what Cap1, Chase, Synch, and Alex are doing to folks.

[Anonymous]

Would an account closed as an AA (no balance owed) reflect as a closed derogatory? 

[Anonymous]

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@Anonymous wrote:

Would an account closed as an AA (no balance owed) reflect as a closed derogatory? 

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Any time a credit account is closed by anyone other than the account holder, "the customer", it is considered by most as a derog, balance or not. The inquiry will stick around for 2 years, and the actual account will stay on your report for 10 years. 

[Anonymous]

Is a closed account with no balance considered a derog specifically for FICO calculating purposes?

[thummel]

This plan just has bad written all over it. We know for a fact when the big lenders like for example chase see many accounts opened in such a short time they will shut you down. Credit takes time and history. Something you can't really rush. Sure you can go out there and apply for 30 new cards, but it's almost guaranteed your going to experience AA. This should be interesting if the OP goes through with their plan.

[Anonymous]

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@Anonymous wrote:

Is a closed account with no balance considered a derog specifically for FICO calculating purposes?

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Different companies calculate different fico scores. Your scores with one generally are different from another. The method of how the account was closed does affect the score, some more extreme than another, regardless of balance. 

Again, follow through on your action only if you've nothing better to do with your credit future. All replies from myself and others have tried to dissuade you from that plan, for we're here to help each other. 

[Anonymous]

Why not just apply for 1 card and grow it? I agree with @meanmachine. This can't be real. It's such a bad idea...

[AverageJoesCredit]

Unfortunately MeanMachine, often times we see hit and run posters and i sincerely hope this isnt one of them but if one does want attention, no better way to get it.

OP, ive been rebuilding about 2 years now and have fortunately or unfortunately depending on your view, have amassed 20+ credit cards . In about a year and a half ive gone from $500 in credit to over 100k and thats WITH a low income. You can take your current 800 and your other high limit cards, pick up a few select cards that will give you great starting limits and in no time can be set for a long time. No need to app 30 cards. Just kick off with what you have and be strategic , easy pessy.