Credit Addict has, lets just say lots of credit. OP, i know your plan is an interesting one, im sure many would agree , in theory anyway, but i cant stress it enough because im coming from an average background, you can go about this much differently. You dont even need to app 30 cards for sake of a bullet proof aaol in future or not scaring them off when you do an app spree. Do you know how many here go on app sprees and dont really worry about possible AA because they have thickened their profile through years of work.
If you want, like i said earlier , go for the big boy / girl cards now where your chances at really good cli are really good from the start. Penfed and Navy could start you out at reslly high limits on mutliple products. 100k to some might not be slot but yo me i know that 200k opens alot more doors than im privy to. Navy gives 20k limits to people with 500's to low 600 score and ill tell ya its not the scores doing the talking.
You get a couple good cards now, with plenty of great cli opportunities during the next year, as you move on to your next apps, they are gonna see your big limits , great payment history and big spend and more than likely will wantvto counter those other limts. Chase, so long as you're under 5/24, if you can get the CSR, you might get a 20-30k limit and if Chase likes ya more where that came from. In my humble opinion, this is the route you should go, heck you could do an app spree once a year , 4 or 5 cards, and within 5 years youll have great cards , big limits and then within 10, youll be rock solid. Listen well to your friend at Chase, blacklisted for life is extreme and it could happen that you are placed on a special list shared with sll banks, hope not but in this day and age, ones gotta assume they exist. Good luck, im outy
If you want, like i said earlier , go for the big boy / girl cards now where your chances at really good cli are really good from the start. Penfed and Navy could start you out at reslly high limits on mutliple products. 100k to some might not be slot but yo me i know that 200k opens alot more doors than im privy to. Navy gives 20k limits to people with 500's to low 600 score and ill tell ya its not the scores doing the talking.
You get a couple good cards now, with plenty of great cli opportunities during the next year, as you move on to your next apps, they are gonna see your big limits , great payment history and big spend and more than likely will wantvto counter those other limts. Chase, so long as you're under 5/24, if you can get the CSR, you might get a 20-30k limit and if Chase likes ya more where that came from. In my humble opinion, this is the route you should go, heck you could do an app spree once a year , 4 or 5 cards, and within 5 years youll have great cards , big limits and then within 10, youll be rock solid. Listen well to your friend at Chase, blacklisted for life is extreme and it could happen that you are placed on a special list shared with sll banks, hope not but in this day and age, ones gotta assume they exist. Good luck, im outy
Sorry meant 100k in second paragraph why do i have a dumb phone
why do i have a dumb phone
This was an..... Interesting read.
I can't believe someone would blatantly ignore the warnings of the many fico gurus on this forum!
Have fun digging, keep us posted...
Cheers!
I can't believe someone would blatantly ignore the warnings of the many fico gurus on this forum!
Have fun digging, keep us posted...
Cheers!
Op:
Found the experian PDF about bust-out fraud... not exactly the doc i was looking for but it will do..
Do remember seeing mention of it in a FICO ppt file but this is what i was referring to..... bust-out fraud
https://www.experian.com/assets/decision-analytics/white-papers/bust-out-fraud-white-paper.pdf
@Anonymous wrote:Update:
Had to postpone the auto trade-in, an old student loan that was previously successfully disputed reared it's ugly head thanks to a new debt collector purchasing it. (Great timing... but at least it happened BEFORE and not after and freak out all the potential new CC issuers.)It's already off of my Experian, sent in the documents, should be off the TU and EQ within a couple weeks. Super annoying... Experian FICO 8 (at least that's what it's FICO 8) is a 786. Before I added those 2 trade lines it was around 720ish.
I still don't know how to quote people on here for replies, my apologies, If somebody wants to explain it, thank you.
Just to clarify, I still completely understand all the caution you guys are giving me. Hopefully, I don't have to eat my words, but I can't imagine it being as bad as you guys are making it out to be. I have perfect payment history, pretty good income, and a healthy mix of accounts and Positive closed accounts. I never said I was super rich... 100k a year is definitely not rich.
I will say that I did read quite a few horror stories from Chase. I've got a contact with one of the executives, I plan on discussing this with her beforehand, depending on how well that goes, I may or may not remove all the chase cards from the list altogether. Apparently, they have blacklisted people for life and that would definitely put a damper on the goal of getting to 30+ cards and 500k-1million in credit.
One of the main reasons I'm motivated to do this, is because future app-o-ramas would get easier each time. When I've managed 15-20 cards for a year or 2 years in addition to my current history aging along with it, creditors would hopefully be less spooked when I do smaller app sprees (4 or 5). They let this guy get to 40 cards so I see no reason why I couldn't achieve the same thing: https://www.thestreet.com/story/11411115/1/meet-the-man-with-50-credit-cards.html
"According to Bilker, banks rarely turned him down thanks to his perfect payment history.
"I've never missed a payment in my life," he says, adding that his credit score, hovering around a solid 790, has been as high as 819."
If this idea fails, I'll still have a decent FICO, whether a few CCs close the accounts or not. If I don't get as many accounts to stay open as I'd like, then I'll have to play it a little slower. This is a risk/reward long-term play here. As I said, I'm thinking of the future. After a few years pass, my AAoA would be pretty much unaffected when adding new accounts.
Quit referring to this trolling thing too, it's not very constructive. I said it before but nobody here really answered; if anyone has any tips on how to make this venture more likely to succeed please let me know.
This is ridiculous! "One of the main reasons I'm motivated to do this, is because future app-o-ramas would get easier each time."
Future 'app-o-ramas' don't get easier, they get harder!
@Cashbackjunky wrote:
This was an..... Interesting read.
I can't believe someone would blatantly ignore the warnings of the many fico gurus on this forum!
Have fun digging, keep us posted...
Cheers!
LMAO! I love this response! "have fun digging"