Bulk App-o-rama questions

[Anonymous]

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@Anonymous wrote:

Capital One VentureOne-------------------Useless, unless you travel a lot.

Citi Double Cash-----------------------------Generally a low SL.

Wells Fargo Cash Wise--------------------Two cards with WF? Why?

Bank Americard CashRewards----------Good Luck.

Chase Freedom------------------------------Useless without a high SL.

Barclaycard Cash Forward----------------Psssh

Target Redcard-------------------------------Shop there a lot?

Sams Club Mastercard---------------------Synchrony... A guaranteed AA (Blue Envelope) with your actions.

Amex BlueCash Everyday-----------------Don't poke the bear, they love to blacklist people. This is too valuable a relationship to ruin!

Fidelity Rewards Visa Sig------------------No comment.

Victorias Secret Credit Card---------------Buy lingerie much?

Amazon Prime Visa--------------------------Chase issued, read up, instadenial if you're not careful!

Discover It Miles------------------------------Miles = useless

Walmart Personal Mastercard-------------Synchrony, An AA loving issuer.

TD Cash Credit Card------------------------Huh?

PenFed Power Cash Rewards Visa Sig- Instadenial, pyramiding debt.

Charity Charge World Mastercard--------Who?

USBank Cash+ Visa Sig--------------------Good Luck!

Visa Bonus Rewards (think this was through stl community credit union)-No comment

Wells Fargo Visa Signature (The only issuer I will dual app for since I have an almost paid off auto loan which should grant me brownie pts)

PNC Core Visa Credit Card----------------?

Commerce Bank Visa------------------------?

AE CU Preferred Platinum Visa-----------?

RBC Cash Back Mastercard---------------?

First Community Visa Gold-----------------?

Citizens Bank Clear Value Mastercard---?

Fith Third Trio Card---------------------------?

NFCU cashRewards--------------------------Same as PenFed

USAA Rewards Visa Signature------------Are you a member of USAA?

So, 29 total on the list.

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Ok...

I know you have to be a member of NFCU, PenFed and USAA to get their cards, so I'm thinking you've already taken the steps towards that. I still cannot believe that someone who reads or even is a member of this forum who would be so willing to completely and utterly destroy any chances for decent credit for at least the next 5 years for an experiment...

Yes. A creditor will shut down your accounts and flag them as fraud. AMEX, Chase and Synchrony will have no problem doing that. You think you're cute with the multiple screens and 3 computers... Okay, say you get 80% approvals... What will you do when you start getting shut down? How about when your existing creditors, who might get spooked at this action, start restricting your access or demanding you prove your income? 

Here's a shovel []------D 

Dig your credit grave.

[Anonymous]

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@Anonymous wrote:

Ahhh, that's what I wanted to know. You're saying the system will flag so many inquiries simultaneously. My question is how quickly and how many before it's flagged and possibly auto freezes my credit. The whole point of applying rapidly was to try and avoid the pulls later in the list getting a lower score as a result of the very recent inquiries. My roommate applied for 9 cards with a few minutes between them, got approved for all of them. 

Does anyone on here know of somebody trying so many HPs so fast?

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Nobody here knows, because nobody here wants to find out. Not by damaging their credit anyways. We're all about building, not experimenting. 

[UncleB]

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@Anonymous wrote:

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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. 

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I just want to clarify that on manual review an analyst might (?) take into account how an account is closed (by consumer or by creditor) but the FICO algorithm is totally indifferent (i.e. it does not impact credit scores).  That said, many people have a preference to see "closed by consumer" on their credit reports and opt to close cards themselves given the choice.  Of course if an account is closed due to AA (adverse action) there is no choice.

I personally feel this is a really, really bad idea.  I also feel that it's extremely likely that even if you get some initial approvals, many of the issuers are likely to close your accounts.  I also noticed that you mentioned that Wells Fargo was the only bank you were double-apping with, however Sam's Club MasterCard and Wal-Mart are both issued by Synchrony, and they are even more likely than most to close your accounts (see any of the various "blue envelope" threads on here - if you don't know what I'm referring to that's another sign you should reconsider).

If you're truly interested in getting a strong AAoA there are better ways, and even if you insist on getting a large number of accounts it's not necessary to get them all at once.  Building good credit and a healthy AAoA is a marathon, not a sprint. 

[UncleB]

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@Meanmchine wrote:

The best you could possibly get away with is probably 9 apps ( 3 inqs to each CRA ) Once your 4th inq hits your odds of survival decrese  greatly This is based upon the assumption that your apps do not double pull and that they hit the CRA you expected them to pulll ( just an educated guess )

Just noticed you have Cap1 listed.  They triple pull all apps so right away, that would be 32 inquiries

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^^^ This exactly.

Also, for my Citi and Chase apps, I've been double-pulled each time, and I'm not alone - many have the exact same experience.

[Meanmchine]

I apologize to everyone for the abnormally large amount of typos tonight on my part. Pain killers ( toof ake ) and a couple beers are the culprets

+1 to UncleB

[Aduke1122]

Please for the love of Fico tell me this is a joke right ? It's gotta be ? No one would really honestly want to test this out after working hard to get 800s scores just to SINK THEM

[Anonymous]

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. 

As far as why I would ruin my 800 score. 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. 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, so I'm willing to send in documents to try and maintain as many of the approvals as possible.

Are any more of the creditor's in my list ones I should try and avoid? 

[Aduke1122]

My question is what need do you have for all those cards ? Any at all ? Of not then WHY

[Aduke1122]

Your going to end up with close to if not over 100 Hps

[minski]

Fidelity is by Elan and US Bank and Elan are - same? (forgot the exact relationship)

Some data points: 

I dual apped for Fidelity and US Bank last year, one right after the other (along with 2 others) with US Bank first. I usually got instant approvals but with those two they immediately went into review. I think I had 760+ to nearly 800 FICO scores at the time with perfect payment history and no derogs, AAoA of approximately 5 years with oldest card greater than 10 years, and student loans. As for recent accounts/inquiries, I did have 2 5-month old cards, and 3 <2 years old. I got approved for both but US Bank ended up giving me the Cash Rewards (which is what you ended up with at the time if they didn't think you qualified for the Cash +) with a measly $1500 credit limit and my highest APR. It's been a year now and I still only have $2000 credit limit (they refused a CLI request but did end up giving me $500 auto CLI about 6 months after I PC'ed the Cash Rewards to the Platinum Cash+). Fidelity gave me a SL of $5000 and despite seeing regular use (basically as my general spend card), it hasn't grown. However, I also don't usually seek CLI either so YMMV. 

By apping for Fidelity and US Bank Cash+ at the same time, I only got pulled once on EX for both cards. 

Chase double pulled me. 

I understand that US Bank values relationships. Maybe opening up checking account and using it prior to the apping will give you a better chance at approval and higher SL. 

Don't know about Fidelity but I did have an unused IRA with them at the time of app, and I did open up a CM account as well.