Can someone explain the "APP SPREE"??

[Anonymous]

Hello everyone!

I am interesting in doing some app sprees based on what I read. But, I can't seem to find a post that explains the rationale of it and how it works.

 PLEASE HELP!

Thanks!!

[SouthJamaica]

---

@Anonymous wrote:

Hello everyone!

I am interesting in doing some app sprees based on what I read. But, I can't seem to find a post that explains the rationale of it and how it works.

 PLEASE HELP!

Thanks!!

---

It's just the idea of applying for a bunch of cards all on the same day.

I don't recommend it.

Better to build up slowly and gradually.

[OmarGB9]

If you don't know how it works or the rationale behind it, you probably shouldn't be going on an app spree. No offense or anything, just being honest.

[Anonymous]

Is this not a forum for inquiry? or to find out more information to be well informed?

[TrialByFire]

As SJ said, you apply for a bunch of credit in quick succession, with some saying doing so let's the accounts and inqs age together. There's pros and cons to it like anything else.

Also try the search function for more. Tons of info out there.

[Anonymous]

---

@TrialByFire wrote:
As SJ said, you apply for a bunch of credit in quick succession, with some saying doing so let's the accounts and inqs age together. There's pros and cons to it like anything else.

Also try the search function for more. Tons of info out there.

---

Thanks TrialByFire for your response! I have a better understanding.

[Themanwhocan]

When you apply for credit cards, you get one or more hard inquiries immediately placed onto some of your credit reports. IF you get the card, the new credit line is eventually placed onto all of your credit reports.

The reason you do a spree is that even though the inquiries are visible on certain reports, the new credit cards are not. And both Inquries and new credit lines will reduce your FICO score. So, if you do several applications at once, you only see the FICO score go down due to the immediate Inquiries, and not all of those inquries are going to be seen by each company you are applying with (except Capital One, since they pull all 3 credit reports, and thus generate 3 Inquiries per application).

If you applied with several days between applications, most likely you would still get the same cards, but your Credit limits would be lower and your APRs would be higher.

[TrialByFire]

This ^

Also for further reading using the search "what is an app spree"

http://ficoforums.myfico.com/t5/Credit-Card-Applications/App-sprees/m-p/3608867/highlight/true#M1126...

[Anonymous]

---

@Themanwhocan wrote:

When you apply for credit cards, you get one or more hard inquiries immediately placed onto some of your credit reports. IF you get the card, the new credit line is eventually placed onto all of your credit reports.

The reason you do a spree is that even though the inquiries are visible on certain reports, the new credit cards are not. And both Inquries and new credit lines will reduce your FICO score. So, if you do several applications at once, you only see the FICO score go down due to the immediate Inquiries, and not all of those inquries are going to be seen by each company you are applying with (except Capital One, since they pull all 3 credit reports, and thus generate 3 Inquiries per application).

If you applied with several days between applications, most likely you would still get the same cards, but your Credit limits would be lower and your APRs would be higher.

---

Oh.... Now it makes complete sense!

[Anonymous]

Before an app spree it is good to research which cards you really want/need. Then you can check the boards to see the best order to apply. Those of us who have had an app spree usually have a reason for it. I was rebuilding. I am done now and refining and combining my credit lines. I had a reason for doing it that way. For others, it is best to apply for one or two cards. You have to make that decision for yourself.

Read and read and read some more then make your decision is my humble advice.