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Should be on credit spree or not?? Biggest dilemma...Help me out....

Wile
Regular Contributor

Re: Should be on credit spree or not?? Biggest dilemma...Help me out....


@simplynoir wrote:

@Brian_Earl_Spilner wrote:

Something else that hasn't been mentioned yet, when lenders do their AR and SP your credit, you may see a rash of AA due to opening so many new accounts so quickly. You could see limit decreases, spending limits installed, or even account closures because a lender wants to mitigate their risk 


This is the main point for me. Even if by some lottery chance you're successful in applying and getting approved for all the cards you want in this proposed spree, the SP reports will almost ensure it will get taken back just as quickly because they see you as a huge risk no matter the scores or income you have. Just apply for the 2-3 cards you want to have and take into account any signup bonus spending you need to accomplish as well. Take a break for six months and re-evaluate your position before taking further action


You are so right...I will do the same as you said...Would just apply for 3 cards as of now...and take things very slowly...Thanks...

Message 11 of 33
Wile
Regular Contributor

Re: Should be on credit spree or not?? Biggest dilemma...Help me out....


@Brian_Earl_Spilner wrote:

Something else that hasn't been mentioned yet, when lenders do their AR and SP your credit, you may see a rash of AA due to opening so many new accounts so quickly. You could see limit decreases, spending limits installed, or even account closures because a lender wants to mitigate their risk 


You are so right..Everything you said is so true...smart man....Thnx for your kind info.

Message 12 of 33
Wile
Regular Contributor

Re: Should be on credit spree or not?? Biggest dilemma...Help me out....


@OmarGB9 wrote:

I don't think now is the time for any sort of app spree. We're still in the midst of a pandemic, and lenders have tightened up considerably, including NFCU. If you try applying for 10-20 cards now, I honestly can't see you getting approved for all or even most of them. Not in this economic climate, even with a perfect credit profile.


I still believe that approval on most cards wouldn't be a problem because  my plan of credit spree was to strategically applying those accounts...like choosing lenders who pull specifically from a particular CB..This way most perspective lenders won't see much inquiries at the time they will pull the report on me. For example- If Penfed pulls from EQ then they will see only those inquiries who will pull from EQ and won't know who pulled from EX and TU...Nevertheless, I do understand that once an account will open then they all will know as these days lenders also get alerts/notification automatically whenever any account is created or any derogatory information is added to someone's profile. And then there is time when AR or SP will be done then they will know how many accounts were opened during the same time which might lead to either lower the credit limit or shut down the account. Thanking you....


 

Message 13 of 33
FinStar
Moderator

Re: Should be on credit spree or not?? Biggest dilemma...Help me out....


@Remedios wrote:

@Wile wrote:

Hello everyone...I am very much confused on my situation....Never thought to find myself ever in this situation. I am just unable to decide if I should be on a credit spree or not at this time....Its a catch 21 for me...Let me explain my dilemma.

 

I have been stragically preparing myself for the last 6 months for this time so that I could apply for at least 15-20 credit cards at the same time from banks and credit unions. I am darn sure that I have a pretty good chance to get most of them if not all...with good credit limit... because I have 821-842 credit score across all 3 credit bureaus right now...0% utilization...absolutely zero debt...never have had any late payment, collection.. bankruptcy...no any baddies whatsoever...not even any closed account except one (Discover) which shows that I closed that account even though Discover closed it down. Some might argue that closed accounts don't cause any problem if they are paid, but its not completely true as per my research, observation and experience. Lenders or their system don't see closed accounts favorerly if there are a few of them. And a closed account still falls under 5/24 rule with Chase and with many more lenders' internal rules...Anyway, I do not have to worry about it as well...And I also have a good verifiable income as well. My morgage and auto loan are shown fully paid on my credit report a few years back which is a combination of credit accounts (installment accounts) that lenders prefer to see in anyone's credit report...Further, I have only one credit account opened in 24 months and only one inquiry in 24 months. So I believe I have a very good chance to get good amount of credit right now.

 

However, here is the problem. I am very much interesting in Navy Federal's total exposure. And I know that in order for me to get their full exposure, it might take over a year or more if I do get lucky...but I believe I might never be able to get their full exposure if I go on a credit spree now...Why? If I apply for Navy Federal card now, I will get only one card...then after 91 days -3 statements later another one and then 6 months later...and don't know how much credit limit they would give...nobody knows...So its a long shot to get their full exposure which is still subject to be lucky...But if I do go on credit spree now then my chances will be gone for good with them  because- I already have too many open credit cards and over the top adding more will definately be a closed deal with Navy Federal for good since Navy Federal is extremely sensitive to those who have high score, high income, many accounts...many inquiries...and I also have over $600k available credit...so everything is already looking bad in my situation when it comes to NFCU given all the data points on various forums and then over the top going on a credit spree will definately close all doors for me for good for NFCU exposure.

 

But the problem is- if I do not go on a credit spree now then my chances with other incredible lenders will hamper in the future because then they will see some of new inquiries and new accounts there which will not look good to them than how many open accounts and total available CL I already have. I mean I do want to apply at least for two cards if I do not go on spree...US bank and NFCU but then I would need to wait almost two years to get all the cards I want from other lenders if not now because this much time it will take to get the full exposure from NFCU if I do get lucky...

 

I just can not give up obtaining their exposure and I also can not think of not getting other incredible cards from other lenders too...but given how many open accounts and total credit line available to me then its a hard decision what to do because I might never get second chance because of these two factors alone. I understand some people are still getting approval after 68 inquiries and with $67k income and 48-65 accounts in 22 months but those are not norm...Those situations are very hard to believe but if those are true then they are certainly not norm...

 

So, don't know what to do...Should I go on a credit spree and get at least 10-12 more good credit limit cards and forget about full exposure from NFCU for good....or just get 2 cards now and wait almost 2 years to be done with NFCU exposure and then take my chances with other lenders??? Not that I need any credit now...but my only concerned is-time is the essence in my situation..And please don't ask me as to why I need any more accounts...etc...etc...All I can say is- obtaining as much as credit is my passion and I also like challenges...I get thrill from obtaining big-big credit lines from as many lenders as I can...especially from rough and rowdy lenders..I never go for SUBs, APR..or this and that reasons to seek credit, rather I go to get them for my passion....Anyway, anymore credit added to my profile from now on will lower/hinder my future chances with future lenders given how many open accounts I already have and how much total available credit available for me. Please help me to decide. Thanks....

 


 

Honestly, if you like challenges, your biggest challenge will be keeping the cards you already have, in addition to keeping new ones opened.

10-12 is excessive over the period of 2-3 years, and while in the past it was possible for some, but most ended up with some form of AA (especially when churning is suspected). 

 

If you're getting 😮 responses on CC forum, imagine how it will look to UW algorithm for any lender. 

 

Times have changed, and you need to change your thinking to how lending landscape looks now. 


Agree.  

OP, if you're after "big whales", why don't you try some of the ones you've already inquired about in numerous threads.  Go big or go home I say.  Try your luck with First Tech FCU, UNFCU, maybe dab into UBS Visa Infinite.

 

If you have the assets, then it's a matter of just getting your ducks in a row.  I realize that in numerous posts you keep inquiring about POI.  It's possible you may run into some IV issues with your previous comments about your SE for a variety of CUs, but since you're aware of the risks in today's lending environment as far as AA goes, then see what happens.  I honestly can't see how you'll land all 10-15 CCs with the expected limits you expect or desire, especially with the max CL with NFCU in one swoop, so roll the dice 🎲 🎲 

Message 14 of 33
Wile
Regular Contributor

Re: Should be on credit spree or not?? Biggest dilemma...Help me out....


@CreditSweeper wrote:

It seems to me that you already see some of the issues a planned spree of that magnitude will cause. I guess your decision is, do you want cards with useful limits that meet you needs, or do you want a bunch of useless limit cards sitting in a drawer somewhere so that you can feel like you've accomplished a goal of having x number of cards with x lenders?

 

That said, I don't care how good you feel your profile is or how confident you are that you'll see success on all of your planned apps, I doubt you'll make it 10 for 10 or 15 for 15. I'll place my bets on maybe 5 or 6 deep before it goes south. I don't know if there is ever a time for adding 10-15 cards in a matter of minutes, but if there is, now isn't it. 

Good luck though. 


 

As I said that I don't apply a credit card for SUBs, lower APRs, my needs and any other reason, rather its just my passion and I do like the thrill in challenging lenders at times. And I never said that I will definately get all the cards that I want...All I am saying is that I do believe that I could be able to get at least 80%-90% of cards given the totality of my whole profile and creditworthiness. Besides, data points have suggested that too many people have achieved so many accounts thru credit spree with even much less favorable profile/circumstances than mine...Some are still doing it...For example, there is one person who has crossed $700k...have 40+ accounts with $65k-$68k income and all these accounts he achieved within 22 months period...and over the top there is a discharged bankruptcy still showing up on that person's profile and he is still kept going on...good for him and I am very happy for him..While in my case, whatever cards I have, I acquired those in long 15 yrs, and never ever even asked for CLI either on any of my credit cards except only on one account which was rejected anyway 33 times...Capital One...I don't have any baddies..I did have 28-29 yrs ago but they are off from my report ages ago, while other person recently went thru a bankruptcy...I have a verifiable and consistent income of almost $300k/yr...have absolutely zero debt while that person still has some debt and still getting big credit limit left and right...

 

Anyway, I am not saying that my profile is better than his or anyone else nor I'm saying that I have a better chance than anyone else...I understand that everyone's profile is unique and different...And in this game of credit, luck does play a big part as well...All I am saying is that acquiring new accounts won't be a problem in my opinion as I have done enough research on it.  I know there is a wide-spread assumption that obtaining this many credit cards in such a small period of time will make lenders to shut down those accounts...I am not saying that people are wrong in their opinions, but still these types of opinions are anyway only assumptions because we won't know for sure as to what would happen or how lenders will react in this situation. So far not enough datapoint available to suggest that lenders do shut-down accounts...Not only on this forum but also on other forums there is no any datapoint which could back this scary thought up of what lenders will do if they see I have opened so many accounts in a short period of time. Remind you that @ Aim and @UHhh.(and many more members from this forum)..who did RECENTLY obtain many credit cards within a year or two, and no shut-down and no lowering of credit limit occurred in their cases...and one is still kept going on and on...I mean, there are actually many members who are kept getting new credit accounts all the time and still kept going on. Nothing has happened to them. Some of them acquired too many accounts in a very short period of time....and I'm not talking about 2 yrs ago, rather acquired within a year and so ...and still going on...

 

Anyway, I just do not want to give up on the full exposure from NFCU. I have set up the whole framework with NFCU for nothing.  But I do completely understand whatever you said. You do have a valid point and good one. That's why first time in my life I have now decided that I need US Altitude Reserve card which might be useful to me. Thanks 

Message 15 of 33
Wile
Regular Contributor

Re: Should be on credit spree or not?? Biggest dilemma...Help me out....


@Carmy03 wrote:

Get the 2 cards and wait to get other cards. Although I love a good spree 10-12 IMO is excessive. Even if you get approved for all, you will see unfavorable results like low SL and high APRs. Believe me Ive been there. 


Agreed 100%...Will do that.... Can I get 3 cards..at least, plzzzzz?? lols... US Altitude Reserve which meets my need and the strict rule of this bank 1/12 account...and Chase business account as their 5/24 is also a very tough rule to wait for that long...and of course, Navy Federal Flagship (my baby)....Thank you so much...Very good insight...

Message 16 of 33
Wile
Regular Contributor

Re: Should be on credit spree or not?? Biggest dilemma...Help me out....


@FinStar wrote:

Agree.  OP, if you're after "big whales", why don't you try some of the ones you've already inquired about in numerous threads.  Go big or go home I say.  Try your luck with First Tech FCU, UNFCU, maybe dab into UBS Visa Infinite.


If you have the assets, then it's a matter of just getting your ducks in a row.  I realize that in numerous posts you keep inquiring about POI.  It's possible you may run into some IV issues with your previous comments about your SE for a variety of CUs, but since you're aware of the risks in today's lending environment as far as AA goes, then see what happens.  I honestly can't see how you'll land all 10-15 CCs with the expected limits you expect or desire, especially with the max CL with NFCU in one swoop, so roll the dice 🎲 🎲 

 


You are right...All those big whales were in my plan until now...and I already worked my way up to accomplish my goal by setting up all the framework,  but now I have decided to halt it because of my change-of-mind based on opinions over here, rather I have decided to first acquiring those cards wherein lenders  have tough internal rules like 5/24 and 1/12...

 

As for me inquiring a lot of info then most of the time I inquire stuffs for my family members and friends...And I like to know all these info to gain knowledge as well. All this is new to me. I knew nothing about any Credit Union until 2 and half months back even though I have a card from Penfed in last 6 months. I never heard of any of these credit unions because I was in my own world..just working hard and taking care of my family and work. I received a preapproved offer from Penfed last year in August and I just responded. Didn't pay attention if it was a bank or a credit union...nor I was ever into getting a higher credit or do this and that...from this lender and that lender...I came to know all this within 3 months period, otherwise I acquired all my accounts so far thru old traditional way and in many many years of hard work and patience . That's why I love getting knowledge and info from here to help others as well...Not necessary always for me, but to help others if I could.

 

I already became a member with First Tech, Navy Federal and UNFCU ...but didn't apply anything with them as of now as I had the plan to apply for 15-20 accounts altogether in a day or two but not anymore at least not for a year until full exposure from NFCU is acquired. But I will definately go after those big whales one day as I'm up for the challenge and First Tech and UNFCU seem very challenging to ME. Appreciated your response...You are a very knowledgeable person....

Message 17 of 33
ImTheDevil
Community Leader
Senior Contributor

Re: Should be on credit spree or not?? Biggest dilemma...Help me out....

Couple of points regarding statements you made:

 

In regard to apping strategically with respect to bureau, many (if not most) lenders will HP one or two bureaus but will SP others as part of the approval process. The chances that other apps will stay hidden from their view at the time, to say nothing of down the road, are VERY slim.

 

You mention getting the accounts but not keeping them due to SPs later - if you recognize this risk, why bother apping for the cards? Being approved and then shut down is worse than a denial because of the additional weight on a zero-month AoYA that comes with each additional approval. If they're subsequently closed, that doesn't go away. Neither will the slew of open-and-shut accounts that lenders will see on there for up to ten years in the future. Seeing a bunch of closed, zero- or one-month tradelines isn't going to be a good look.

 

Regarding the member with 60+ pulls and $750k in tradelines on a $68k salary, understand that he has a somewhat unique set of circumstances that make this possible. His results are tremendously unlikely to be duplicated by someone without said circumstances.

 

And to reiterate what Remedios said above, times have changed. The lending landscape is far different than two years ago. This idea has disaster written all over it and I hope you do stick with what you said in your followups, that you'll abandon the idea of going after a dozen or more cards and focus on 2-3 per year to forge ahead. Credit isn't a sprint and the reports of others who've thought otherwise are littered with wasted HPs and closed accounts.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy Platinum | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





TCL $112,400 | Agg. Util under 10%
Message 18 of 33
stonedog23
Frequent Contributor

Re: Should be on credit spree or not?? Biggest dilemma...Help me out....

Good Lawd, no matter the economic climate, applying for 15-20 cards at one time is poor strategy, a bit irresponsible, and an awful way to show this passion you have for high credit limits. I would love to have high limits one day, but I realize I must cultivate what I have. Apply for 2, one being that NFCU, since it's the one that is really tickling your fancy. 

PenFed Power Cash ($20,000), NFCU GoRewards Sig ($24,600), PNC Cash Rewards ($18,400), PNC Cashbuilder ($18,700), NFCU CashRewards Sig($15,000), Comenity MC ($12,000), Walmart MC ($8000), Wells Fargo CashWise Sig($7000), Amex BCE($6000), Amex ED($6600), BBVA Clear Points ($3800), Amex Cash Magnet($2000), Fifth Third Truly Simple ($4000), BB&T Spectrum Cash Rewards($4500), BB&T Bright Card($4500), CapOne Quicksilver($1500), US Bank Cash+ ($2500), US Bank Cash+ ($1,000), Overstock($13,350), Dell($3000), WF mortgage 195K Fico 8: EQ 707, TU 716, EX 723, AAoA-86 months, AoOA-23 years, Fico 9: EQ 734, TU 737, EX 713
Message 19 of 33
Wile
Regular Contributor

Re: Should be on credit spree or not?? Biggest dilemma...Help me out....


@stonedog23 wrote:

Good Lawd, no matter the economic climate, applying for 15-20 cards at one time is poor strategy, a bit irresponsible, and an awful way to show this passion you have for high credit limits. I would love to have high limits one day, but I realize I must cultivate what I have. Apply for 2, one being that NFCU, since it's the one that is really tickling your fancy. 


Not to disrespect yours or anyone else's opinions, but I think the way you are entitled to your opinions, so does I am entitled to mine. And we don't have to agree on everything. Being that said, I do not agree at all when people say -(1) oh god...15-20 cards in such a short period of time is bad/irresponsible (2) it will shut down accounts in the future; (3) things have changed now.....(4) we are in the midst of pandemic....(5) economic crisis...(6) this and that...Expressing your opinions is one thing, but that doesn't mean its right/correct.... besides backing up with facts is another thing. Actually there is not even one case reported, not on this forum and not on any other similar forums out there, wherein someone, who was ever on a credit spree, was to be shut down any of his/her credit cards unless I have missed out on something.  Please do point that out to me if there is any datapoint to support these theories or to justify that those shutting down were related to a credit spree..I would love to see those factual datapoints. As a matter of fact, there are plenty of members on this very site...active ones as a matter of fact....who went on a credit spree not too long ago...and some are still on it...who were able to get so many credit accounts in a very short period of time...and got bigger credit line...and they are still going strong...Please don't take my words, rather go on record to check this out by your own.

 

Many people think that this is not the right time to seek credit since we are still in the midst of pandemic and that banks have tighten up their underwritting criteria and their lending rules....and economic situation is not that great at this time...banks do not want to risk losing their money...etc..etc..etc...I want to say that although I do 100% agree with all these statements, but at the same time I can not ignore nor deny the fact that despite of all these, still 97% of lenders have not changed anything and they are still operating the way they used to prior to pandemic...and people are still getting credit...a lot of credit..perhaps more credit than prior to the pandemic...and still growing strong credit-wise...Yes, there are a few cases here and there which perhaps seemed to be impacted by pandemic, but those are in minority (maybe 1% or 2%), otherwise vast majority of people (maybe more than 98%) do get approved...I mean an approval still in pandemic and in economic crisis..and with a big line of credit....And yes there are some banks which have changed a bit of their lending practice after the pandemic, but those are not big of the changes...See, Discover now honors request for CLI only after a year of opening a new account unlike in the past when people can request at anytime for CLI...and they are now denying most requests for CLI for whole bunch of different reasons unlike in the past when they were more lenient to approving such requests...However, they are still giving away good line of SL to people despite of pandemic and economic crisis...They haven't changed on it post pandemic.

 

Same goes to NFCU, they are still giving away big SL. The only change they have made is giving out only $4K on CLI at a time, but they are not denying it nor they have slashed out big SL....Same goes to almost all banks...I have not seen a big and drastic change to justify pandemic effect...If someone checks other sites then you will find how many people are getting approval with good line of credit...left and right...even though their profiles don't support those approval...and all this is happening while we are still in the midst of pandemic and in economic crisis. That being said, I respectfully reject the notion that this pandemic has slowed down things and that its not a right time to seek credit.

 

Evidences/footprints are everywhere to support my position on how easily people are being approved and be able to get credit during pandemic. Yes, lenders want to minimize their risk, but they always weigh their risk anyway.. even without the pandemic. Besides, they need to survive too, and without lending out money, they can't survive. To be honest, Chase, Amex and Bank of America have been lending 39% more after the pandemic as per the report by Wall Street Journal. And whenever I go to other sites similar to this, there would be at least 20-30 posts everyday about approval of Amex and chase cards...So, I reject this scary notion of negatively pandemic effect on credit seeking action. People used to get rejections as well as approvals before the pandemic and they are getting rejections and approvals after the pandemic...Nothing big change occurred in between except approval are more now than how it was before.

 

Speaking of being irresponsible when it comes to 15-20 cards, then I should remind you that I already have 47+ accounts...they are not recent ones...ok...except one which is now over 6 months...I have been responsibly taking care all of them just fine for the last 15 yrs..And I believe I can responsibly take care 4x of this many accounts very easily like almost everyone is doing it who has this many accounts....When it comes to be responsibile then I did take care of my morgage and auto loan many years ago...and owe nothing to anyone...totally zero debt...have credit score over 816-841 across all CB...And I have been managing my business just fine for the last few years with high income...Are all these not counted for being responsible?? When people have a thick profile and enough creditworthiness then anything abnormal doesn't matter...their score won't change much...nor there would be any negative implications...Lenders don't just close down accounts for being on credit-spree alone...They will take the whole picture in its totality in consideration when it involves someone with a thick profile and enough creditworthiness to evaluate risk to them before closing down any account.

 

It is not that I do not want to hear out your or anyone else opinions nor I'm disrespecting any opinion. I am the one who posted this thread to hear you guys out. Of course, I would eventually decide what I should be doing, but I will see and evaluate whole facts/data-points before I make up my final decision.

 

Speaking of applying/acquiring 15-20 credit cards at the same time then I know so well that this many accounts always raise eye-brow with most people...no matter what...whether we are in the midst of pandemic or not...Anything unusual and out of norm is usually hard for people to understand and digest, but when someone set and done then there is nothing people say except congratulation...I might be a newbie on this site, but not when it comes to the game of credit cards. I did not acquire 47+ credit cards and total available line of credit over $650k being a newbie. Nevertheless, I do welcome opinions from everyone and learn from them. Now I think I do have a change of heart again ...After reading all these postings it makes me more now into accepting the challenge...Besides, what I've got to lose...If they would decide to close down any of my accounts then so be it...I will re-apply with them again after a year or so...Its not like they will ban me for life for a credit-spree...And I know that lenders always review accounts...some lenders do it all the times...like each month or many times a month while others don't do it that often...perhaps once a year or in two years...Again, I am into this credit game for too long to know at least this fact....

 

Thank you everyone for your kind input...I really appreciate it even though I might not agree with all the opinions...Cheers...

Message 20 of 33
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