My App Spree Plan...Thoughts?

[Anonymous]

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@Anonymous wrote:

After nearly 2 years of rebuilding, my app spree is about to begin. I was able to get EX and EQ to remove a maxed-out AU account that was ballooning my util. EX is already updated from 39% to 12% util. Just waiting on EQ to update.  EX jumped from Fico 747 to 781. EQ should be about the same.

I'm thinking that I will hit each CB 3-4 times each. I'm pre-qualified for CapOne Venture and Discover It.

Any thoughts or feedback is very much appreciated. My goal is to add $50k in credit lines. Am I being to optimistic??

Here's my plan of action and the CB's that I think will be HP'd

1. CapOne Venture - EX, EQ, TU

2. Discover It - EX, EQ

3. Citi Costco Visa (just renewed my membership yesterday) - EX

4. Barclaycard Cash Forward World MC - TU

5. Marvel MC - TU

6. Lowes -  (unless y'all think i should wait until they stop freezing accts) - TU

7. PenFed - (3 accts with one HP) - EQ

   -Platinum Rewards Visa

   -Auto Loan

   -PLOC

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This does seem like a whole lot of apps at once, but then again I'm the type that would rather lose a finger than take a HP these days. I'd maybe consider thinning the list as if all are approved, you're talking about 9 new accounts in a month depending on reporting.

Perhaps consider what was previously stated about PCing and combining the Cap 1 cards. That will eliminate the need for the CashForward card with no minimum redemption level.

Other thoughts....app Discover first since there seems to be a pattern to them not lovin a bunch of new accounts. 

I don't know if I'd let the latest sync issue change your plans. Any lender could ask for income verification at any time and if you're OK with it, then you'll be OK.

[Credit_hawk]

I wouldn't do 7. I'd do 4 at the maximum. I think Citi and Discover are a great way to go. Discover will likely be one pull. For me it was TU but it's based on location. However, you can almost bet that Citi will pull both EX & EQ. Barclay is trash as a bank IMO. Venture is good for the bonus and limit.

If you do all those accounts your score will tank. Let us know how it turns out either way.

[Anonymous]

I really appreciate all of the feedback. That's why this forum is so important!

Unfortunately, EQ HASN"T deleted the maxed-out AU card on my report yet. It's still "under investigation". It's amazing to me how they will continue to drag a dispute out for a full 30 days even when you provide them with all of the documentation and information that they need to report it correctly. So, while waiting for them, my EQ score sits at 734 with 39% util instead of 770ish and 12% util. If I were to go ahead and begin app'ing, would those stats make a difference in approval, CLs and APR?

[Anonymous]

Also, I keep getting the 16.24% - 19.24% range from the Discover pre-approval site. Will it ever drop below this range or settle on one number?

CapOne continues to be 18.24% for Venture and QS. Will this ever drop? If so, should I wait until it does?

Thanks again everyone!

[Anonymous]

Good luck to you. I also agree that more than four is excess, but that is just me. Even four at one time is a lot. You could choose to let those accounts age six months or so then app again. You would be more likely not to effect your scores as much. But in the end it is your call.

[Anonymous]

What does the DIscover pre-qual say? It may not be an actual pre-qual if it gives you a range. The Cap One sounds solid as it gives you a specific APR.

While you are waiting for your reports to update, I would follow the earlier advice about CapOne. Try and drop that fee and combine. I honestly can't see what that Barclay card can do for you that makes it worth applying for.

[Anonymous]

I've been getting mailed offers with invitation codes from Discover for over a year. The rate range has shrunk from 10pt difference to 3pts.

Discover site says...

we found a personalized offer for you–the Discover it® card.

All with no annual fee.*

0% Intro APR* for 12 months on purchases.

Then 16.24% – 19.24% Standard Variable Purchase APR applies.

3% fee for each balance transfer.

[Anonymous]

Thinking about going ahead and app'ing for Lowes. I have a clean FICO TU 785 report.  If I can get a $35k CL with them it would really help with my util if that EQ report never updates.

[Credit_hawk]

What area do you live in? If it's NE do Discover you'll get it and it will be a TU pull. You'll be happy with Discover. I have a lot of "desirable" cards and Discover is still in my top 3 favs. They're quirky in a good way and look after you.

[RonM21]

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@Anonymous wrote:

I really appreciate all of the feedback. That's why this forum is so important!

Unfortunately, EQ HASN"T deleted the maxed-out AU card on my report yet. It's still "under investigation". It's amazing to me how they will continue to drag a dispute out for a full 30 days even when you provide them with all of the documentation and information that they need to report it correctly. So, while waiting for them, my EQ score sits at 734 with 39% util instead of 770ish and 12% util. If I were to go ahead and begin app'ing, would those stats make a difference in approval, CLs and APR?

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Yes.  The score difference you noted is large enough that it can play a factor.