Considering an app "spree"

[Anonymous]

Hi All! Long time listener, first time caller. 

I have fought 2 bouts of identity theft. My reports are now around 770 across the board and are being held back due to a medical debt that my attorney is handling. I make $120k a year with only $36k going to bills and have a credit history with 0 lates that goes back to 2004. I am READY to have some cards and live a nomal life. I presently have alerts on my reports and after this spree and approvals I am going to freeze them. I have chosen furnishings for my house, I'm having surgery that my insurance won't pay for, I'm buying my son a car (around Christmas) and I'm traveling a bit this year.

Cards I Tentatively Plan on Appying For (and why):

* Marvel - I want to be like the cool kids J/K From my notes, it seems easy to get a CLI right after approval

* Blispay - I like this because it's hidden (so far) and seems to give a nice starting credit line

* Neiman Marcus - that is where I am getting the furniture ($6k) and I shop there often

* Discover IT - Cashback Match, no annual fee

* PenFed Promise (I already set the account up) - no fees; seems like a card that would work with my desires since there's no foreign transaction fee;

* Chase Slate - 15 month 0% APR on purchases, which will be great for my goals

Questions:

*Should I take the alerts off before applying? 

* How much total credit can I handle having?

Thank you all who have contributed. It's really helped me get this list together and ask some questions I would not have thought to. 

[Anonymous]

I believe you have to take  the alerts off to have instant approvals, or else you'll have to call in and verify it's really you. Other than that, my score and income isn't as high as yours so I don't know  Good luck with your spree! 

[UncleB]

I'll let others chime in on the specifics of your spree, but I'll add that I would definitely remove the alerts before applying... it will make things much, much easier. 

Good luck! 

[Anonymous]

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@UncleB wrote:

I'll let others chime in on the specifics of your spree, but I'll add that I would definitely remove the alerts before applying... it will make things much, much easier. 

Good luck! 

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I agree with UncleB!

[Appleman]

I recommend further research and make a list of where everyone is going to pull from as far as which CSR. This way you spread your inquiries as evenly as possible across all CRSs.

If you are considering NASA FCU, it can be a soft pull for joining and getting a CC and PLOC. Not a bad set of tradelines for only a SP (again do research). I was not NASA material (too many inquiries) and have a savings account only with NASA.

PenFed, no brainer. Lots of good options for only 1 Equifax pull. Checking, savings, CC, PLOC and Auto Finance. Here is where you may want to consider carefully about the APP spree. PenFed has some really good Auto loan rates and if you are going to finance the purchase for your kid, this could be a good option. A nice clean report with few inquiries would be a great way to get the auto loan (if needed). But again, 1 Equifax HP for all applications (minus Mortgage I believe) for 90 days!

What is your current AAoA's? With just the 2 credit unions listed above you could be looking at 4-6 new tradelines which will dramatically drop your AAoA unless you already havea lot of accounts going back 15-20 years.

So far if everything went perfectly you have 1 HP on your report and a bumch of new trade lines.

Looks like you are wanting a new major bank CC, plenty of options you have listed. Remember the goal of the App spree is to improve your position.

A Synchrony card would also work, I have the Captain America in my portfolio but the lowest interest rate is 15.9% so not something you will likely revolve any purchases on. You are correct that getting CLIs are pretty easy if you call in and have a file that can support the limit.

Have you considered the AMEX Blue ED Cash card? I recently got in with an offer that earned me $150 for $1,000 of spend in three months. In addition I also get 10% CB on my wireless bill through the end of the year to a max of $200. And the 3X CLI option is great with AMEX.

Welcome to myFICO, I am popping the popcorn and we are all going to sit back and watch, cheer and live vicareously through your planned APP spree. PLEASE keep us updated!

[Meanmchine]

"* Neiman Marcus - that is where I am getting the furniture ($6k) and I shop there often"

Neimans for furnature??  /shrug

[Creditplz]

Don't forget to go for Chase first! 5/24

[westcoastpeach1965]

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@Anonymous wrote:

Hi All! Long time listener, first time caller. 

I have fought 2 bouts of identity theft. My reports are now around 770 across the board and are being held back due to a medical debt that my attorney is handling. I make $120k a year with only $36k going to bills and have a credit history with 0 lates that goes back to 2004. I am READY to have some cards and live a nomal life. I presently have alerts on my reports and after this spree and approvals I am going to freeze them. I have chosen furnishings for my house, I'm having surgery that my insurance won't pay for, I'm buying my son a car (around Christmas) and I'm traveling a bit this year.

Cards I Tentatively Plan on Appying For (and why):

* Marvel - I want to be like the cool kids J/K From my notes, it seems easy to get a CLI right after approval

* Blispay - I like this because it's hidden (so far) and seems to give a nice starting credit line

* Neiman Marcus - that is where I am getting the furniture ($6k) and I shop there often

* Discover IT - Cashback Match, no annual fee

* PenFed Promise (I already set the account up) - no fees; seems like a card that would work with my desires since there's no foreign transaction fee;

* Chase Slate - 15 month 0% APR on purchases, which will be great for my goals

Questions:

*Should I take the alerts off before applying? 

* How much total credit can I handle having?

Thank you all who have contributed. It's really helped me get this list together and ask some questions I would not have thought to. 

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I have a NM card and it is through Capital One.  I had no problems getting it and my scores aren't as high as yours are.  As to the furniture, I love that you can use your NM card at Horchow and they have beautiful things!  Good luck to you! 

[Anonymous]

Thanks so much for the input. I did receive important information that I missed or forgot in my research. 

Here's the update:

* I'm definitely going to take the alerts off. I'm freezing after the app spree, so that should be fine. (thanks for the resassurance on that, @UncleB and @Musiclover!)

* I despise CapOne and am in the process of suing them, so I can't get the NM card (thank you to @westcoastpeach1965 for that very important information!)

* I have 1/2 inquiries on each report and they're old with only 2 tradelines

* I'm going to change my Checking account to PenFed. I was going to go to USAA, but after doing research here, PenFed seems to be the better way to go.  I like the Access America Checking as well. 

* I was considering an AMEX, but I wanted to see what I was advised of here first. I just looked up the AMEX Blue ED Cash card and I'm loving it! (Thank you, @Appleman, you rule!) Right now I can earn $250 after spending $1k in the first 3 month plus up to $200 a year paying my wireless bill with it. So that's a yes for the application. 

Follow Up Questions:

* Do I need to give a reason for the PLOC?

* Will it matter if I do the auto loan now or near the end of the 90 days? I was thinking of doing it for Christmas, but he'll be thrilled no matter when it happens and he's about to graduate so it can be a graduation present. 

Again, thank you for all of the input, advice and suggestions! 

[Anonymous]

I would consider one of the Freedomost cards from Chase versus the Slate, both the Freedom Cards have 0% for 15 months and you get $150!