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CC Applications: Seeking Advice on Cards, Sequence, & Timing (App Spree?)

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LegalTender
Valued Member

CC Applications: Seeking Advice on Cards, Sequence, & Timing (App Spree?)

I want to improve/increase/fine tune my credit.

The next goal is obtain additional no fee CCs and diversity (I have no Visa) for a higher combined CL … I’d eventually like to have a combined CL of about $30k++. I’m accustomed to PIF every month and my monthly charges are usually under $50 so lower interest rates although nice, isn't primary.  
Generous sign-up bonuses would be nice ...  if they're offered for relatively low spending threshold.  
I’m looking for CCs without annual fees unless the fees are seriously offset by a bonus.
I suppose this qualifies as an App Spree (never done one) and I’m not averse to ‘churning’ to gain some bonuses if the spending threshold isn’t too high. I don’t intent to take out any loans or mortgages anytime in the foreseeable future.

 

Some credit history background:

I rebuilt my credit after some defaults in 2012 (no bankruptcies) and I’ve had no negative trade lines on my CRs for a few years. As mentioned I PIF each month (and have for the past decade). No other debts or loans. My monthly FICO scores are typically 800+/-, however just yesterday (right as I’m preparing to pull the trigger on new applications) my Experian free monitoring showed a FICO score decrease to 787 (dropping me from ‘excellent’ to ‘very good’ rating at least on Experian’s nomenclature) which I’m hoping doesn’t drop me a full level of credit worthiness in the eyes of potential banks.

I currently have only one CC: Discover w/$2k CL which I've had for 22 years (one of the only banks that stuck with me during my defaults).

 

The banks I defaulted with are:
-AmEx
-Citibank
-StateFarm
-Barclays
-PNC
-BOA

 

One question regards applying for and obtaining new CC accounts with banks one has formally defaulted with: I’d assume that’s a no and it’s not worth bothering?

 

What CCs are recommended and generally reputed to have easiest approval process, the highest CLs, best sign-up bonuses, and perhaps also best rewards? 
I don't want to get nailed by excessive hard pulls (and especially rejections). I'm not sure in what sequence I should apply for those cards, and if I should apply all at once or how long a time interval I should wait between new applications - particularly considering whether I'm approved or rejected by an application. I never receive any CC offers as long ago I signed up to have my name removed from bank application solicitations.


I want to do this tomorrow - Friday July 29th - as Amazon offers Prime members an Amazon Prime Rewards Visa Signature Card (Chase), with $200 GC sign up bonus (offer expires 7/29).


Any suggestions or advice on cards, application strategy, sequence, and timing ... or other tips?
Thanks a bunch for any suggestions!

 

Message 1 of 15
14 REPLIES 14
arifjk
Frequent Contributor

Re: CC Applications: Seeking Advice on Cards, Sequence, & Timing (App Spree?)

Since you don't have any new cards opened in the past 24 months, I think you should go for Amazon Prime VS first and any other Chase CC that you want.

 

If you defaulted AMEX and you haven't paid it back, chances are they won't give you any approval unless the amount is not that substantial. But if you try their pre-approval or pre-qual page and they offer you any credit cards, that means they have forgiven you, then you can go back in. 

 

BofA will forgive you after 10 years. 

 

All of these bank will pull from EX. And your score 787 is very good. And you have a great chance of approval.

 

Hope you score the cards that you want..

 

 



AVEN Visa $80k; BCU LOC $50k; PSECU LOC: $20K; Langley FCU LOC $10K; CuSoCal LOC $25k; BECU LOC: 15k; Apple FCU LOC $20k

Message 2 of 15
SouthJamaica
Mega Contributor

Re: CC Applications: Seeking Advice on Cards, Sequence, & Timing (App Spree?)


@LegalTender wrote:

I want to improve/increase/fine tune my credit.

The next goal is obtain additional no fee CCs and diversity (I have no Visa) for a higher combined CL … I’d eventually like to have a combined CL of about $30k++. I’m accustomed to PIF every month and my monthly charges are usually under $50 so lower interest rates although nice, isn't primary.  
Generous sign-up bonuses would be nice ...  if they're offered for relatively low spending threshold.  
I’m looking for CCs without annual fees unless the fees are seriously offset by a bonus.
I suppose this qualifies as an App Spree (never done one) and I’m not averse to ‘churning’ to gain some bonuses if the spending threshold isn’t too high. I don’t intent to take out any loans or mortgages anytime in the foreseeable future.

 

Some credit history background:

I rebuilt my credit after some defaults in 2012 (no bankruptcies) and I’ve had no negative trade lines on my CRs for a few years. As mentioned I PIF each month (and have for the past decade). No other debts or loans. My monthly FICO scores are typically 800+/-, however just yesterday (right as I’m preparing to pull the trigger on new applications) my Experian free monitoring showed a FICO score decrease to 787 (dropping me from ‘excellent’ to ‘very good’ rating at least on Experian’s nomenclature) which I’m hoping doesn’t drop me a full level of credit worthiness in the eyes of potential banks.

I currently have only one CC: Discover w/$2k CL which I've had for 22 years (one of the only banks that stuck with me during my defaults).

 

The banks I defaulted with are:
-AmEx
-Citibank
-StateFarm
-Barclays
-PNC
-BOA

 

One question regards applying for and obtaining new CC accounts with banks one has formally defaulted with: I’d assume that’s a no and it’s not worth bothering?

 

What CCs are recommended and generally reputed to have easiest approval process, the easiest approval process, the highest CLs, best sign-up bonuses, and perhaps also best rewards? 
I don't want to get nailed by excessive hard pulls (and especially rejections). I'm not sure in what sequence I should apply for those cards, and if I should apply all at once or how long a time interval I should wait between new applications - particularly considering whether I'm approved or rejected by an application. I never receive any CC offers as long ago I signed up to have my name removed from bank application solicitations.


I want to do this tomorrow - Friday July 29th - as Amazon offers Prime members an Amazon Prime Rewards Visa Signature Card (Chase), with $200 GC sign up bonus (offer expires 7/29).


Any suggestions or advice on cards, application strategy, sequence, and timing ... or other tips?
Thanks a bunch for any suggestions!

 


I think you should go for 1 card at a time.

 

As you suggested, the Chase Amazon Prime Visa is a nice card which seems to fit all of your criteria.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 3 of 15
LegalTender
Valued Member

Re: CC Applications: Seeking Advice on Cards, Sequence, & Timing (App Spree?)

arifjk,
Thanks for your input.


In case my post was a little ambiguous I wasn’t planning to apply at this time to the banks I listed as having defaulted with in the past - I listed them as banks I'd planned to avoid at present while soliciting suggestions for specific CCs that folks think might be a good fit for me based on my criteria. But it’s useful to know about BOA firgiveness and AmEx's pre-approval feature (with AmEx I’ve accepted we’ll likley have no relationship based on their reputed long memory,  even though my account with them was only in the four figures).

My original plan was to apply for 3 or 4 CCs Friday (no clue what cards to look at other than the Amazon Prime VS) ... although I don’t know if this spree approach is generally advisable or better to space out my applications over several months?

Message 4 of 15
LegalTender
Valued Member

Re: CC Applications: Seeking Advice on Cards, Sequence, & Timing (App Spree?)

Hi SouthJamaica

Thanks for your opinion.
Is there a reason for restricting applications to one CC at a time for someone with my credit history/rating?

Is there a downside to applying for 2 ,3, or 4 cards at the same time?

I agree the Amazon VS seems like as good a place to start as any and the sign up bonus is a nice perk.

Message 5 of 15
SouthJamaica
Mega Contributor

Re: CC Applications: Seeking Advice on Cards, Sequence, & Timing (App Spree?)


@LegalTender wrote:

Hi SouthJamaica

Thanks for your opinion.
Is there a reason for restricting applications to one CC at a time for someone with my credit history/rating?

Is there a downside to applying for 2 ,3, or 4 cards at the same time?

I agree the Amazon VS seems like as good a place to start as any and the sign up bonus is a nice perk.


1.  Chase doesn't like spree behavior. They do soft pulls after granting you a card, and if they see a lot of new credit they might pull the card they approved you for.

 

2.  As a general matter, the more cards you add at once, the more your scores will go down. I recommend going at it gradually, so that you absorb the shock and can gauge when it's prudent to go for the next one.

 

3.  With your good scores there probably won't be any disastrous consequences from going after 3 or 4 cards, but I don't see what the rush is.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 6 of 15
LegalTender
Valued Member

Re: CC Applications: Seeking Advice on Cards, Sequence, & Timing (App Spree?)


Hi SouthJamaica,

I’m not in a rush unless I actually do an app spree in which case there IS time pressure as I intend to apply for the Amazon VS today, the last day of the sign-up bonus promo.


I’ve not applied for a new cc in a decade and it’s been a few years since I’ve actively researched the topic. From what I recall from that time the point of the app spree was to get approved for a few cards all at once, in a small time window, before CRAs report the HPs, to preserve one’s current FICO score to improve the chances of approval.
Since my bad TLs were removed (2019) I’ve not taken any measures to increase my CL (except request a CI from Discover my one CC, now at $2k). As mentioned I want to increase my CL esp. in the event where I’d need to use a CC in a particular for a particular purchase(s) or emergency. I also figure that the sooner I obtain new CCs the sooner they will benefit my CR (age of account, utilization, etc.).

 

One question regarding secondary CRAs.
I’ve seen mention made to secondary bureaus such as LexisNexis, Factor Trust, Innovus, Clarity, Sage Stream. I’ve not really heard of these agencies impact on credit except for Innovus. I’ve never seen my CR from these CRAs. In fact it’s possible I have a freeze on Innovus (I can’t recall but several years ago I put a freeze on the big three and possibly Innovus as well). How to find out? If there’s a freeze on the latter would it impact any CC application I undertake today?

 

Thanks again for sharing your knowledge.

Message 7 of 15
SouthJamaica
Mega Contributor

Re: CC Applications: Seeking Advice on Cards, Sequence, & Timing (App Spree?)


@LegalTender wrote:


Hi SouthJamaica,

I’m not in a rush unless I actually do an app spree in which case there IS time pressure as I intend to apply for the Amazon VS today, the last day of the sign-up bonus promo.


I’ve not applied for a new cc in a decade and it’s been a few years since I’ve actively researched the topic. From what I recall from that time the point of the app spree was to get approved for a few cards all at once, in a small time window, before CRAs report the HPs, to preserve one’s current FICO score to improve the chances of approval.

 

Well I'm pretty sure that won't work, because the HP is reported instantly, and the next HP will pick up the previous ones.


Since my bad TLs were removed (2019) I’ve not taken any measures to increase my CL (except request a CI from Discover my one CC, now at $2k). As mentioned I want to increase my CL esp. in the event where I’d need to use a CC in a particular for a particular purchase(s) or emergency. I also figure that the sooner I obtain new CCs the sooner they will benefit my CR (age of account, utilization, etc.).

 

New accounts don't benefit your age of accounts. They damage it. They reset your age of youngest account, and lower your average age of accounts.

 

One question regarding secondary CRAs.
I’ve seen mention made to secondary bureaus such as LexisNexis, Factor Trust, Innovus, Clarity, Sage Stream. I’ve not really heard of these agencies impact on credit except for Innovus. I’ve never seen my CR from these CRAs. In fact it’s possible I have a freeze on Innovus (I can’t recall but several years ago I put a freeze on the big three and possibly Innovus as well). How to find out? If there’s a freeze on the latter would it impact any CC application I undertake today?

 

I know nothing about that stuff. I've deliberately avoiding using any of my few remaining brain cells on that complex topic. I have enough difficulty trying to understand the primary CRA's.

 

Thanks again for sharing your knowledge.


 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 8 of 15
LegalTender
Valued Member

Re: CC Applications: Seeking Advice on Cards, Sequence, & Timing (App Spree?)


@SouthJamaica wrote:

One question regarding secondary CRAs.
I’ve seen mention made to secondary bureaus such as LexisNexis, Factor Trust, Innovus, Clarity, Sage Stream. I’ve not really heard of these agencies impact on credit except for Innovus. I’ve never seen my CR from these CRAs. In fact it’s possible I have a freeze on Innovus (I can’t recall but several years ago I put a freeze on the big three and possibly Innovus as well). How to find out? If there’s a freeze on the latter would it impact any CC application I undertake today?

 

I know nothing about that stuff. I've deliberately avoiding using any of my few remaining brain cells on that complex topic. I have enough difficulty trying to understand the primary CRA's.

 


^
I just did a pre-approval for the Amazon VS (Chase … I didn’t realize they had a pre-approval). I was denied due to them not being able to access my CR.


Up thread it was mentioned Chase would pull Experian. I lifted the freezes on Experian and Transunion but not Equifax. So now I’m wondering if they do indeed pull Equifax and my CR was denied due to a freeze (I have no other Chase accounts)? I just requested a lift ont the Equifax freeze and will try the pre-approval again shortly (sign-up promo ends today).


It also made me wonder if Chase accesses any of these other secondary CRAs because I have a value recollection of placing a freeze on Innovus (or was it LexusNexus) some years ago when I was freezing everything, but I have no record of that or account info regarding these agencies.
Could it be for ex. that a freeze on Innovus has interfered with my pre-approval? Or Equifax? Or both? Or is it something else?

I thought one benefit of the app spree was for increasing possible approvals?

 

Thanks for the rundown.

 

 

Message 9 of 15
SouthJamaica
Mega Contributor

Re: CC Applications: Seeking Advice on Cards, Sequence, & Timing (App Spree?)


@LegalTender wrote:

@SouthJamaica wrote:

One question regarding secondary CRAs.
I’ve seen mention made to secondary bureaus such as LexisNexis, Factor Trust, Innovus, Clarity, Sage Stream. I’ve not really heard of these agencies impact on credit except for Innovus. I’ve never seen my CR from these CRAs. In fact it’s possible I have a freeze on Innovus (I can’t recall but several years ago I put a freeze on the big three and possibly Innovus as well). How to find out? If there’s a freeze on the latter would it impact any CC application I undertake today?

 

I know nothing about that stuff. I've deliberately avoiding using any of my few remaining brain cells on that complex topic. I have enough difficulty trying to understand the primary CRA's.

 


^
I just did a pre-approval for the Amazon VS (Chase … I didn’t realize they had a pre-approval). I was denied due to them not being able to access my CR. 

Not sure what you mean. Are you saying you were denied for the card, or just that you didn't get preapproved?

In either event you should certainly lift the EQ freeze.


Up thread it was mentioned Chase would pull Experian. I lifted the freezes on Experian and Transunion but not Equifax.

 

They do different things.  Sometimes they double pull.  If I were you I would lift the freeze on EQ, then if you were actually denied for the card, call up and try to straighten it out with them.  If you just didn't get the preapproval, I think you're wasting your time to try to get a new preapproval, since those are usually based on older soft pulls.  I would just go ahead and apply.

 

So now I’m wondering if they do indeed pull Equifax and my CR was denied due to a freeze (I have no other Chase accounts)? I just requested a lift ont the Equifax freeze and will try the pre-approval again shortly (sign-up promo ends today).

 

It also made me wonder if Chase accesses any of these other secondary CRAs because I have a value recollection of placing a freeze on Innovus (or was it LexusNexus) some years ago when I was freezing everything, but I have no record of that or account info regarding these agencies.

 

I think you're overthinking this, and overestimating the importance of minor credit reporting agencies.
Could it be for ex. that a freeze on Innovus has interfered with my pre-approval? Or Equifax? Or both? Or is it something else?

I thought one benefit of the app spree was for increasing possible approvals?

 

Of course if you shoot at a number of targets your odds of hitting one might increase. But that's no way to apply for credit.

 

Thanks for the rundown.

 

 


 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 10 of 15
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