Good Afternoon Fellow Fico'ers-
Curious, (having searched to no avail)...
Is there an 'How To App Spree' Guide anywhere to be consumed? I would like to begin strategizing for one, but can't quite seem to get a handle on the 'requirements*'. -yes, I"m ravenous, lol-
*Ideal score ranges, banks to attempt first, average AoAA, etc.
Any and all thoughts welcome!
Thank you all, as always!
Have a wonderful weekend!!!
Step by step guide:
1. Go to site of card you want.
2. Fill out application.
3. Click submit.
Keep repeating the above until you get a denial.
Duly noted! LOL
Thank you again.
I always read that Barclay is Inq-sensitive, so you might want to move them up on the list. Never app spree'd before though.
1. IMO. Sprees are best done early in your credit journey when you have atleast 6months of history each time.
2. It helps to know which bureau is pulled for each card(past pulls resulting in denials is a good way to find out)
3. Learn who is inquiry/new account sensitive, combine that with the bureau pull info, then apply in order. Barclays, Citi, Chase, FBNO, and to a degree-BofA are all said to be inquiry/new account sensitive. Cap1, Synchrony, Comenity, and Amex are said not to be.
4. Have ideal utilization(all cards reporting zero except one. One card reporting less than 10%)
5. Find out which banks purportedly give a 2-1(pulls credit once) deal when doing back-to-back apps for that bank(Cap1 and Chase).
6. Keep an eye out for approval amounts and APRs. Good indicator of when to stop.
7. If you are at the beginning of your credit journey, don't apply for the top cards. Get in with a bank with more attainable cards and build a rapport. The latter sprees will get your ideal cards with higher limits as banks are gun shy at first.
8. Check prequal sites to help you decide which cards are attainable for you(Chase, Cap1, and Citi are pretty solid).
9. Apply for all, or most, cards in one day so you don't get rejected for too many new accounts. The only thing creditors can see until the accounts show up, are the inquiries on the bureau they pulled. It's not too telling as they won't know how many new accounts resulted from the inquiries.
10. You can spree again when your reports(AAoA recovers and your tanked scores rise).
11. If rejected, don't shy away from reconning(even more than once for a specific card). If approved, don't shy away from reconning for higher limits(Barclays and Synchrony).
12. Understand that sprees are unusual in credit, and that at any time, your creditors can take adverse action against you(close card/lower limits). Prepare for it. Recon if it occurs. Accept their final decision. Then wait for time to pass. Show good history for a reversal.