Bulk App-o-rama questions

[Anonymous]

Tbh, I've always wondered about the multi-screen app idea, but I've worked too hard on what I have...

[CreditInspired]

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@Anonymous wrote:

No one has brought up the notion of the various creditors thinking this is Identity Theft? 

I think the creditors will actually shut his cunning plan down before he can actually do serious harm to his credit. 

I also think this is a six page troll job, but it was an interesting read. 

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Meanmchine kind of touched on it earlier when he said,

The CRAs will think that this is some sort of hacking and block everything. Additionally and they will send all the banks requesting your file a  red flag alert. Heck, they might even notify Homeland Security ( a bit of a stretch on this one )

[AverageJoesCredit]

Wow Nevertooldtolearn, 25 year aaol, im jelly can you pass the peanut butter

[Anonymous]

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@AverageJoesCredit wrote:
Wow Nevertooldtolearn, 25 year aaol, im jelly can you pass the peanut butter

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lol

this is the ONLY time being an "Old Broad" comes in handy..lol

[Glen_M]

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@tcbofade wrote:

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. 

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+1 

Obviously going to have negative consequences, but if the OP really wants to do it, then I can't wait to see what the results are. 

Please make sure to get some before FICO scores, like a 3B with a bunch of scoring models.

[Anonymous]

This is not a troll, like I said, as soon as the trade in (and auto loan refinance) is finished within a week or two, I will be posting results and keeping you guys posted. I'll post a before and after, I know its gnna absolutely tank the FICO and it'll be 6 months before it goes back up a bit, and 2 years before it fully recovers. I 100% prepared for short term lack of usability of credit, which is exactly why I'm sorting out the auto loan first.

And I'm picking up what you guys are puttin' down. I agree with the "credit is a marathon, not a race" mentality and I would never recommend anyone else do this. Like I said, I'm willing to take the risk, as carefully as possible, in order to try and get to the goals more quickly. My mindset is "the more cards I start gardening now, the more cards I have a year of great history with 1 year from now." With around 20+ accounts, PIF every month, gardening, it'll be much easier to convince creditors to extend new cards as I climb up towards 30 and 40 cards. If I do 1 or 2 cards at a time I feel like it would take AGES to get to 1 million in credit, or even 500k. When lenders see I have managed so many cards responsibly as time progresses, I feel like I can present it as a positive thing. I have plenty of business expenses I can run through the cards. Rehabs, frequent, business lunches/dinner, marketing expenses, travel expenses. I have enough income to always PIF. This guy is one of the inspirations for this whole idea: https://www.thestreet.com/story/11411115/1/meet-the-man-with-50-credit-cards.html

As far as for my rental portfolio, I won't need personal credit. I will be running any and all mortgages through an LLC with established business credit. I have a network of financiers as well, thanks to being lucky enough to have a few great mentors and having a bit of a network. I'm not only a real estate agent, I also own a lease management company, and am developing a social media marketing agency focusing on the plastic surgery, and orthodontic/cosmetic dentistry niche. 

That being said, I will definitely keep you posted. Thanks to you guys' feedback I have struck out a few cards from my list as creditors who are more likely to give me a hard time. But it's still between 20 and 28 applications currently. 

If you guys have any more feedback on things I can do to make this successful, let me know. I've already started working on a list of points to make during the inevitable negotiation conversations I'm likely to have with a few of the issuers. 

If you're gonna take bets, make it on how low my score drops after 20+ new acocunts and probably 10+ inquiries per Bureau. I'm hoping it stays above 650

[Anonymous]

Allllrighty then!!! Yes, do keep us posted.

[Anonymous]

Just wanted to add a fair bit of warning against this as the others have. Also, one thing you keep mentioning is you know this will wreck your credit for about two years, and you're doing things like refinancing a car loan as well as getting a new car it appears in anticipation of this wrecking ball coming in. Have you thought about the unknown that happens every day? One of your cars being stolen and not returned, being involved in an accident that totals the vehicle, Mother Nature doing her thing and dropping a tree on a vehicle and it being totaled. The unknown happens and you are about to put yourself in a situation where you will have a hard time getting a new installment loan.

Just throwing this out there. Sounds like you've already made your mind up about what you're going to do anyway so....

[MrDisco99]

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@Anonymous wrote:

If you're gonna take bets, make it on how low my score drops after 20+ new acocunts and probably 10+ inquiries per Bureau. I'm hoping it stays above 650

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My money says you're not getting 20+ new accounts.  You'll be lucky to walk away with 2 after your lenders get spooked and drop you... if the CRAs don't freeze you out when they see more than two inquiries within 60 seconds.

But that's just my opinion.

[MrsCHX]

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@MrDisco99 wrote:

My money says you're not getting 20+ new accounts.  You'll be lucky to walk away with 2 after your lenders get spooked and drop you... if the CRAs don't freeze you out when they see more than two inquiries within 60 seconds.

But that's just my opinion.

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Yeah, regardless of whether or not it's a bad idea (it is), it just isn't going to happen...not 30 accounts. Maybe 8-10. Maybe. And that's if the profile is otherwise really strong. And AA is pretty much guaranteed to happen. 

Tons of people get approved for cards that are then shut down before they even receive them. 

But good luck I guess!