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Can someone explain the "APP SPREE"??

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Anonymous
Not applicable

Re: Can someone explain the "APP SPREE"??


@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.


+1

Message 11 of 22
Anonymous
Not applicable

Re: Can someone explain the "APP SPREE"??


@Anonymous wrote:

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.


Okay, I am in the phase of rebuilding my credit, so this method will work for me.

Message 12 of 22
Anonymous
Not applicable

Re: Can someone explain the "APP SPREE"??

I generally don't spree for the same reason I don't garden.  Spreeing implies randomly applying for multiple cards in one sitting, including ones you may or may not need and will regret getting in the future.  My last "spree" was 2 cards, Discover and Amazon, both of which I wanted.  Same with gardening.  If my credit profile supports it, and it's something I want or need, then time frame is irrelevant.  For newer profiles I generally don't recommend spreeing.  

Message 13 of 22
Anonymous
Not applicable

Re: Can someone explain the "APP SPREE"??

When I did my app spree I also search on here as to who pulls what. I knew my CU only pulled EQ so I tried to stay away from EQ pulls. So I have 5 on my EQ and 17 on TU and 10 on EX. if I need to do business with my CU they will see only 5 HP. I wanted to use EX because it's my highest score.
I researched here before I did it and I did it all in the same day. Also I kept in mind who was INQ sensitive because I don't want to lose those card.
Message 14 of 22
Anonymous
Not applicable

Re: Can someone explain the "APP SPREE"??

I will add I only did I spree as I had only 2 CC with 6 months. Before that hadn't had a CC for 3 years. Paid everything cash. It's not something I'll do again. By the time the INQ age off I will have some time on these cards and my over all profile will look good. At least that's my hope. Lol
Message 15 of 22
Anonymous
Not applicable

Re: Can someone explain the "APP SPREE"??


@Anonymous wrote:

  For newer profiles I generally don't recommend spreeing.  


+1000. It can set up a red flag for creditors of lots of credit seeking behavior on a newer profile that doesn't support it.

Message 16 of 22
Anonymous
Not applicable

Re: Can someone explain the "APP SPREE"??

Keep in mind that many people going on "app sprees" are the ones that want to apply for lots of credit cards just to have. Having more than a couple credit cards is a huge red flag on a credit report. Even though the inquiries fall off after 2 years, all the accounts and date the account started still show up on your credit report for 7-10 years. Generally app sprees lower your credit score/rating and to creditors are a sign of someone's inability to handle debt. For rebuilding credit, the best way to demonstrate this is pay off debts, keep utilization low by spending less and using cash or a debit card until your finances stabilize, and keep credit inquiries down.

Message 17 of 22
Imperfectfuture
Super Contributor

Re: Can someone explain the "APP SPREE"??


@Anonymous wrote:

I generally don't spree for the same reason I don't garden.  Spreeing implies randomly applying for multiple cards in one sitting, including ones you may or may not need and will regret getting in the future.  My last "spree" was 2 cards, Discover and Amazon, both of which I wanted.  Same with gardening.  If my credit profile supports it, and it's something I want or need, then time frame is irrelevant.  For newer profiles I generally don't recommend spreeing.  


I will spree if a really good offer comes up.  The US Airways card was going bye bye, and 89 got you 50k miles.  Decided while out of the garden, to apply for Freedom.  3 months later, Discover comes with Double promo, grabbed that one.  Then, 4 months later, Sallie Mae is disappearing, grabbed that one.  Next apps are business cards, maybe a personal loan at 6.9% interest (boosts the score), low interest credit union card (Barclays Ring has not updated terms yet, want BECU goes to 6.9%).  Cancel quicksilver (they won't lower the apr, and 23.15 is the breaking point here, card gone after uber special gone).  Convert Aviator to something else by March 2017, get Alaska Airlines Card, maybe Discover Miles.  Hope to be in 800s then.

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Message 18 of 22
Imperfectfuture
Super Contributor

Re: Can someone explain the "APP SPREE"??


@Anonymous wrote:

Keep in mind that many people going on "app sprees" are the ones that want to apply for lots of credit cards just to have. Having more than a couple credit cards is a huge red flag on a credit report. Even though the inquiries fall off after 2 years, all the accounts and date the account started still show up on your credit report for 7-10 years. Generally app sprees lower your credit score/rating and to creditors are a sign of someone's inability to handle debt. For rebuilding credit, the best way to demonstrate this is pay off debts, keep utilization low by spending less and using cash or a debit card until your finances stabilize, and keep credit inquiries down.


Huh?  Dave Ramsey, is that you?  Smiley Wink

 

i have many cards, and I keep getting upgraded, better pre approvals, offers on current cards, etc.  And, my scores are growing.  Big red flags?  The accounts show up until I close them.  Reading and studying credit (we have many sections in the forums, feel free to visit them all), is my recommendation.

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Message 19 of 22
NRB525
Super Contributor

Re: Can someone explain the "APP SPREE"??


@Imperfectfuture wrote:

@Anonymous wrote:

I generally don't spree for the same reason I don't garden.  Spreeing implies randomly applying for multiple cards in one sitting, including ones you may or may not need and will regret getting in the future.  My last "spree" was 2 cards, Discover and Amazon, both of which I wanted.  Same with gardening.  If my credit profile supports it, and it's something I want or need, then time frame is irrelevant.  For newer profiles I generally don't recommend spreeing.  


I will spree if a really good offer comes up.  The US Airways card was going bye bye, and 89 got you 50k miles.  Decided while out of the garden, to apply for Freedom.  3 months later, Discover comes with Double promo, grabbed that one.  Then, 4 months later, Sallie Mae is disappearing, grabbed that one.  Next apps are business cards, maybe a personal loan at 6.9% interest (boosts the score), low interest credit union card (Barclays Ring has not updated terms yet, want BECU goes to 6.9%).  Cancel quicksilver (they won't lower the apr, and 23.15 is the breaking point here, card gone after uber special gone).  Convert Aviator to something else by March 2017, get Alaska Airlines Card, maybe Discover Miles.  Hope to be in 800s then.


The first two could be classified as a Spree. The rest of the sequence, due to the time involved, is not a spree. It's just finding good cards and apping them when the time is right for each, or new information pushes that decision to the Go side.

 

OP, one other important point to keep in mind is, if the card you are including in your spree has a Spend requirement in order to earn a bonus, all those Spend requirements stack in the same timeframe, so your total spend, on most cards with an attractive bonus, can easily be $10,000 or more in 90 days.

 

And, while the comment that apps in sequence will result in lower starting lines, worse APR, that's possible, but the more basic reason is just that the applicant profile looks different to each bank, each bank has their slightly different underwriting criteria. The HP adding up, that does make a difference, but the underlying file is the main criteria.

 

The other thing to keep in mind, if you get denials right out of the gate, or soon after starting the spree, then one should really stop and think about the spree plan; it may not be working. Several Spree participants post about numerous denials on the same day, which is ultimately just damaging their file for no result.

 

I would echo JonE's comment.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 20 of 22
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