Bulk App-o-rama questions

[CreditInspired]

Okay. After all the subperb advice given, you're still finding excuses/reasons as to why you're going to continue with this asinine scheme. I guess it's true. YOU CAN LEAD A HORSE TO WATER BUT YOU CAN'T MAKE HIM DRINK IT!! I've been a Realtor and after all my expenses, my income was not $100K. Then again, you could be selling $1M homes. Also, think about that when you're FR or asked for a 4506T. Also, I'm thinking that you must be dreaming of instant approvals across the board. What happens when you get an instant denial (people with high scores have been known to be denied). What happens if you get a 30-day review, a 7-10 day review, a 2-day review? See, it's Murphy's Law! You can't possibly plan for or conceive of all the variables. If something can go wrong, it usually will! However, since you are bent on following through with this, Good Luck. And as meanmchine said, "here's the shovel." I say, just be prepared to dig your credit abyss 7 years deep.

[AverageJoesCredit]

Ill add you can get 30 -50 credit cards or more, there are people here who do or have had them but just spread it out over the next few years. Im no expert but looking at your list im sure there are cards that can do the same. . Sams Mastercard, then no real need for Wally MC,and thats if you got approved for the mc version. Aduke brings up a very valid point, not all credit card apps are instant decisions. Some take forever some go manual etc. Too many variables. There are some issuers here i wouldnt dare play fire with because their bad sides can last for years, ie Amex , Chase, etc.

[Anonymous]

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@Anonymous wrote:

You guys are awesome, very helpful to have so many people giving feedback. I've taken the Walmart card off the list due to you guys' Synchrony Bank warnings. With all of the credit union and bank cards I will be opening checking or savings accounts with them first. You have to meet their membership criteria first and if you manage to open these account, they all run CHEX and by law they are reported & opening rapid accounts in a few days could trigger a whole lot of "oh sh&*" moments..just read the back of their pamphlets

As far as why I would ruin my 800 score. Yes, you could tank it My score was around the 720 mark. I had 2 CC accounts and 2 auto loan accounts, as well as a small personal loan I got just for the sake of varying the account types for credit mix purposes. My AAoA being around 2 years and oldest account being 3 years old is what was holding me back from the higher 700s towards the 800 mark. My utilization is always below 10% and I've always PIF. I added 2 trade lines to get to the 800 mark, and I specifically did this to prepare for my app-o-rama. One was a 2002 Discover card with 20k limit, and one was a 4 year old Bofa card. 

I'm definitely listening to everyone's warnings, I understand the risk and consequences. Sounds like worst case scenario, a few of the new accounts will close after the fact but I really doubt my primary accounts would close. One auto loan is almost paid off anyway, as in it will be before this year. And I highly doubt the newer one would go through the trouble of repo'ing my car when it's technically a secured debt and I'm ahead on payments. I suppose my 2 primary CCs COULD close but I'm prepared to explain and work with customer service should that situation arise. What would you tell them? I went on a app spree? Not only would they deem you high risk and close you down but probably tell stories at the water cooler about you for years  I've had a great relationship with them. One is a Cap1 Platinum Card and the other is a Discover It. As far as the new accounts AA'ing, I guess I'll just take the risk, and try my best to convince 'em to let the accounts remain. My income is over 100k as a real estate agent,According to most companies, that is not "stable" employment and they take a little harder look (as with any commission based employment..dare I mention housing bubble) so I'm willing to send in documents to try and maintain as many of the approvals as possible.  they ask for proof of income, they usually want tax returns for up to 3 years

Are any more of the creditor's in my list ones I should try and avoid? yes, take everyone off the list except the 1-2 that might actually benefit you and your career

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just a side note to..by using multiple computers you will more then likely get "tagged" as hacking and that could/will freeze all of your accounts...including your bank accounts (anything associated with your SSN) are  you prepared to "cash only" during the time it takes to get cleared up

also...while you state your income is 100k, thats not a lot and when they reveiw DTI, they look at if you could pay the bills should you max them out...if not hello AA

Good Luck

[tcbofade]

First, I'd like to go on record as agreeing with the crowd here, I think this is Fico foolishness.

On the other hand, I truly admire your um... bravery?  Dedication?  Curiousity?  I think its a fascinating idea, but I think you'll see negative results.

That being said, we do live in America and it is entirely your call OP.  Good luck and please DO keep us posted. 

[AverageJoesCredit]

Also, too add, in this day and age of computers, im sure they have algorithms set up for this kind of thing, especially someone trying to game the system. Heck i try a prequal site to see if im prequalwd and next thing you know im getting emails on card offers from same ccc so imagine if you try apping 30 different cards

[Anonymous]

He's gonna need a bigger mailbox!!!

OP, since you're hellbent on doing this, take notes and give us the results... Seriously, this is a train wreck and we're all looking to rubberneck, whether we admit it or not.

[AverageJoesCredit]

Sorry Op, just wanted to add that leveraging your credit on the possibility that theyll listen to you and your story and accept income tax returns is not something you should do. Ive been on this forum long enough to have read where the credit card company screws up because of a " computer flag anomaly" and the client explains everything and correctly, or offers to submit evidence, and it still turns up no. Read up on Boa closing out an account or to and for really no good reason. Sometimes when they make a decision, its final and no amount of talk or evidence, uh hmm ,blue envelope Sync lol, can do any good.

[medicgrrl]

Someone pass the popcorn...

[medicgrrl]

I just went back and read the comments. You're getting into real estate investing, I hope you realize that you probably won't be able to purchase any additional homes for awhile. And even then, you may have difficulty getting mortgages from some lenders if they flag you.

[dragontears]

Did I read that right, your "800" score is the result of AU accounts? If so be aware not all lenders count AU accounts, especially those that do manual review (i.e. US Bank, certain CUs, etc.) These banks will see your "true" profile of 2 cards, a few loans and a AAOA of 2 years