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

SouthJamaica
Super Contributor

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


@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 credit available for me. Please help me to decide. Thanks....

 


I cannot for the life of me understand why you are applying for anything other than the NFCU card of your choice, let alone thinking of a spree.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 31 of 33
OmarGB9
Community Leader
Super Contributor

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


@Wile wrote:

@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...


There are reports of AA on here after going on sprees, though. A simple search will show that.

 

And you say back up with facts, but you say "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%)," without quoting a source for those statistics. Where did you get these numbers?


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Message 32 of 33
FinStar
Moderator

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

As the topic appears to have been covered at great length, and in the spirit of not beating a dead horse, it appears the OP has already addressed their potential and/or future strategy, therefore the thread has run its course and is now closed to new messages.

 

-FS

Message 33 of 33
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