Bulk App-o-rama questions

[Anonymous]

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@Anonymous wrote:

You guys are pretty funny I appreciate the humor. Maybe you missed a few of my posts though, I thought I was being pretty receptive to all of the knowledge graciously being shared. Thanks to the warnings and info you guys provided I'm toning it down a bit. I've got 13 cards planned. I'm confident this is more of a sane balance of risk and reward. My Experian FICO is a 779, TU and EQ should be the same after an incorrect item get's removed (dispute completion is 29th of this month), but they're at 724/725 now.

I've prioritized the CCs with inquiry sensitive lenders first, to increase overall success. After the new accounts, I should be over a 720 still so I'm really not worried about AA with a much smaller number of new cards. I will definitely post the results. It's taking a lot of patience to not hit the start button now. My plan after this round is to garden for a year, while doing some CLI requests at the 7 month mark. After the year I'll probably do another spree. 

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Would you post an updated list of the cards you're going for? 

[AverageJoesCredit]

Dyn085, welcome to the forum and thanks for posting your view. Always appreciated.

2 things for me anyway,

1) what you did and what Op was originally planning are 2 different things entirely and he was getting good adviced from experienced posters who just didnt want to see him destroy his credit for the sake of a mega spree.

2) i dont condone beating down a poster for whatever reason so i like to keep my post upbeat and try my best to make sure ops not offended. Humor here on the forum sometimes gets the best of us but i find humor a good way to ease the always seriousness the credit world can be. But thats just me. We dont do it out of meaness and im sure there are other boards where that is rampant. Thats why i only enjoy Ficoland lol

Anyhow, Op, im glad to see you are gonna streamline it abit.. Yes 13 is alot at once but if you do it right i guess it can be done strategically.

This reminds me of a poster who came to myFico a few months ago but left early after posting multiple approvals and i guess some perceived slack she was getting for posting like 8 separate approvals in like 8 separate threads. I myself didnt mind i understood what she was doing but i transgress lol.

Point is she hadnt apped for a long time , her scores were really good . Her approvals were some amazing limits. It was impressive. I guess i just want to say good luck on your spree i hope your strategy pans out well . Cheers AVJ

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

You guys are pretty funny I appreciate the humor. Maybe you missed a few of my posts though, I thought I was being pretty receptive to all of the knowledge graciously being shared. Thanks to the warnings and info you guys provided I'm toning it down a bit. I've got 13 cards planned. I'm confident this is more of a sane balance of risk and reward. My Experian FICO is a 779, TU and EQ should be the same after an incorrect item get's removed (dispute completion is 29th of this month), but they're at 724/725 now.

I've prioritized the CCs with inquiry sensitive lenders first, to increase overall success. After the new accounts, I should be over a 720 still so I'm really not worried about AA with a much smaller number of new cards. I will definitely post the results. It's taking a lot of patience to not hit the start button now. My plan after this round is to garden for a year, while doing some CLI requests at the 7 month mark. After the year I'll probably do another spree. 

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Would you post an updated list of the cards you're going for? 

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PenFed Power Cash Rewards

Bank Americard Credit Card

Chase Slate

Barclaycard Ring

Citi Simplicity

US Bank Platinum Visa

Amex BCE

Amazon Prime Credit Card

PNC Core Visa (local bank's card)

Capital One Venture

Citi Double Cash

Sam's Club Mastercard (5% on gas, love it)

Wells Fargo Cash Card

Amex Everyday

Barclaycard CashForward

Might change it around a bit here and there. There's a few good cards for balance transfer. The reason I did that is I have an old auto loan that's almost paid off, interest rate is 14% with about 4k left on the balance. Was going to use the balance transfer (to my checking acct) or 0% apr periods to pay 95% of that off while paying off the principal without any interest using the cards. Save a little bit of money, and I don't have to dip into my cash reserves, which is nice, because I usually invest all extra cash as down payments for new rental properties. Good news is! Got my Cap1 Platinum PCed to Quicksilver, no hard pull. 

I spoke with the creditor for the negative I'm waiting to get removed. They said it was deleted, sent out a letter to me and the CRAs. MY TU is 739 now so as soon as this drops off it should be super close to my Experian score which is 779. Point being I shouldn't have to wait until the end of the month. As soon as I get that letter and fax it to TU I should be able to start the spree a couple days after that. 

With around 779, do you guys think I'll stay above 720 after this spree?

[dragontears]

Someone correct me if I am wrong but I think you have to wait 8 days between citi card applications and amex will normally put a second revolver app on hold for 5 days and then do another HP.

Barclay can be new account sensitive (even on accounts opened after approval) so don't be shocked if they close cards after they see the results of your spree on your CR.

With your current very thin file it is impossible to predict what this kind of spree will do to your scores

[Anonymous]

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@dragontears wrote:
Someone correct me if I am wrong but I think you have to wait 8 days between citi card applications and amex will normally put a second revolver app on hold for 5 days and then do another HP.

Barclay can be new account sensitive (even on accounts opened after approval) so don't be shocked if they close cards after they see the results of your spree on your CR.

With your current very thin file it is impossible to predict what this kind of spree will do to your scores

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Thanks for the amex and citi info I wasn't aware of that part. I'll make sure the cards I want the most out of those are apped first. I was aware of barclay being sensitive.

My credit file isn't super thin, I'd say medium. I have 18 accounts total between open and closed, all positive reporting. Multiple closed loans paid off, good mix of credit. In my 4th year of that auto loan that's almost paid off with Wells Fargo. I was estimating at least a 30 point drop, likely to be around 50 pts total, but that's okay with me if that's what happens as I'll still be above the 720 mark. Those predictions (estimates)  sound reasonable?

[Anonymous]

Yeah I was about to say you won't get 2 Amex revolvers in one shot, two Citi cards in one shot, and I'm not sure if you mean the Amazon Visa (from Chase) or the Amazon Prime store card through Synchrony?

If the Amazon Visa, might be tricky to pull two Chase cards out of the same hat too. They can sometimes deny multiple apps for 'too many recent requests for credit'.

[dragontears]

Ok I am back to being confused. You posted on pg 4 of this thread that you have 2 credit cards, 2 AU accounts, 2 auto loans and a personal loan with your oldest account being 3 years (not counting the AU accounts), this is the information I used in evaluating your profile.

The other part of your plan which makes it impossible to guess what score drop will be is doing BT to pay off a loan. Depending on the limits you get you may end up with high utilization; multiple cards reporting mid to high utilization; closing a loan frequently causes a score drop; etc.

[Anonymous]

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@dragontears wrote:
Ok I am back to being confused. You posted on pg 4 of this thread that you have 2 credit cards, 2 AU accounts, 2 auto loans and a personal loan with your oldest account being 3 years (not counting the AU accounts), this is the information I used in evaluating your profile.

The other part of your plan which makes it impossible to guess what score drop will be is doing BT to pay off a loan. Depending on the limits you get you may end up with high utilization; multiple cards reporting mid to high utilization; closing a loan frequently causes a score drop; etc.

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Currently open, yes. As far as closed accounts I have 3 closed personal loans and some closed student loans as well that are older. Sorry for being confusing.

I won't fully pay off the auto loan, I'll be paying off 95% of the principal. With the principal only being around 4 grand before I BT it, it will be fairly easy to keep my utilization well under 10% both aggregate and on all cards individually. 

Also, my available credit to debt ratio should improve drastically. Hopefully, that counters some of the score drop related to the new accounts and inquiries. 

[MrDisco99]

Interesting you guys say that about Amex. I recall when I apped online for the BCE at one point I was asked if I wanted to add another card to my application. I wasn't interested in any at the time so I didn't.

[Anonymous]

With AMEX, I've heard that if you get approved for a revolver, turn around and apply for one of their charge cards (I'd recommend the PRG) and they'll usually approve you for that one as well. Do AMEX first, PenFed and then Chase, in that order. Those are the best cards. After that, do the Citi DC. As far as the Chase card, please, for the love of everything pure and holy, avoid the Slate... Go for the Freedom, Freedom Unlimited, CSP or Amazon... Anything but the Slate!!

You'll want to app for the strongest cards first, which I've stated here...

Best of luck to you!!!