Bulk App-o-rama questions

[Gidgetmom]

Good luck OP.  Please do keep us posted,  I'd sure like to know how it all turns out for you.  

[Anonymous]

Best of luck to ya!

[Anonymous]

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@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.

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To answer that question directly: No, no one has any tips on how to do this. We have no tips because we are trying to build, maintain and help our credit. What you are proposing is an anathema to all on here. 

Happy trails and best of luck to you. 

[PrinceCorwin]

This is not an accusation, just an observation and expression of my initial opinion on the subject...

Due to the fact that your description of yourself as a successful business person is goes completely against the possible outcome of this venture (100% bad, no doubt), I am immediately suspicious that you are attempting a fast hit and run identity theft. And this doesn't affect me in the least but I'm still suspicious. My point is, if this raises my suspicions, how do you think these financial institutions are going to feel and react to your little mischief. They will be 100% certain that some sort of fraud is afoot. There is no good ending to this. It raises a HUGE red flag that either you are not the person you say you are or your intentions are not what you claim. 

But that's just my opinion. Good Luck. May your results astound us.

[Anonymous]

Ugh, I jut went through 10 pages looking for the results and got to the last page and nothing.....

Talk about a let down.

To the OP, you aked "How to make it successful" - Do not do it - sometimes the only way to be successful it to just pick a different path.

[joltdude]

Op..

Have you ever talked with CreditAddict....

You sound like a few folks that have come before you... and have attempted similar things.... I'd advise against it.. That said.. opening up a few TLs at once to let them age if you have some experience and scores behind you is a good thing... but opening up that quantity is prone to backfire... Forget the term but theres a type of subscoring to detect a obtain a large amount of credit in a short period of time... and this will set off all the alarms ..... Your basically encouraging this "fraud detect" algo to flag all your accounts... and many or all banks will likely take some form of AA if you do this....  If you choose to take the risk and ignore our advice there is one thing I do ask.... Please do not vanish from the forums.. A lot of this want to know the details of what happened to you.. and possibly try to help you plan a repair plan if one is needed.... and learn from it.. 

Your not poking the bear, your poking it while sticking your head in its mouth covered in honey.....IMHO

Good luck.. 

-J

[Anonymous]

Seriously how do you quote posts on here?

To the guy who was worried about identity theft - Why would I go through this much trouble? I wouldn't try and get 20 cards If I wanted to commit identity theft... I'd play it safe and focus and get 4 or 5 good cards likely to have high initial limits and max those out. 

You do bring up a good point though, I could imagine it setting off red flags for that exact reason. Perfectly clean payment history and no derogs doesn't help much I guess if they think somebody just stole the idenity and is about to starty partying with a 780 fico-fiesta. If they AA because of that reason, wouldn't I be able to just send in documents verifying my identity so they know it's really me? Or if I send in my articles or incorporation for my lease management LLC then I've proven I'm myself as well as proven I'm the owner of the LLC that's in my name? Maybe even send in my Missouri Real Estate License and take a picture of me and my Mom hugging and get that exact picture notarized.... and then get it notarized to certify that it was indeed notarized, and include a notarized document from the notary verifying both me and my Mom's identity via multiple forms of ID? In seriousness, if the problem was proving this isn't a case of identity theft than that's a problem I'm willing to deal with. My thoughts (foolish hopes perhaps) were that not every single CC issuer is going to freak out over it, and I'd maybe lose 4 or 5 cards total. 

What happened to CreditAddict?

[Anonymous]

“Rationalization is a process of not perceiving reality, but of attempting to make reality fit one’s emotions.”

[UncleB]

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@Anonymous wrote:

Seriously how do you quote posts on here?

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How to quote a post:  http://ficoforums.myfico.com/t5/Community-Feature-FAQ-s/How-to-Quote-a-Post/td-p/2603189

[joltdude]

Never said identity theft.. i said fraud.... though they are a bit related in this case.. Theres an algo to detect folks getting multiple lines of credit and possibly intentionally max them out and not pay.... Fraud, not identity theft.... 

Forget what it was called on the fico powerpoint but its basically an algo to flag accounts that may commit / commiting max and walk fraud...

As to CA....

He loves getting cards.. and apps for them with good scores and such... but inquiries do pile up and hurt you... to the point they can cause AA....

And he doesn't app for nearly as many as your proposing....

In the spirit of being FSR.... I think your making a grave judgement error and will possibly end up in a not so good situation which even your current scores and lines will be affected.. But folks here can only tell you dont jump off a cliff.. you have freewill...... 

https://www.youtube.com/watch?v=W9ZD3_ppcPE

-J