Staggering of applications in spree?

[transufchik]

Hi all

For some reason or another, on nearly every credit card application that I ever made I got "in review". In the majority of the cases the application was subsequently approved via recon.

I currently have CK and Fico scores of ~710 and am planning several new applications for this month that I'm afraid may prove difficult to get approved due to relatively low AAoA (~20 months) , many new accounts (~15 in the last 2 years), utilization of ~15% (where my total credit lines are about the same as annual income).

So I'm wondering if it would make sense staggering some applications and recon calls, to maximize the chances of approvals.

I.e. by first making a round of just applications without recon calls, I could get each of the banks to pull a report that would at most see the new hard pulls, but not any new accounts (and the lower AAoA) due to the eventual approvals of some of them. Then I would make a round of recon calls, and presumabily the credit analysts won't make new pulls during the recon.

Does this make sense?

Does someone here have experience / data that would suggest doing the exact opposite (i.e. doing pairs of app+recon one by one...) ?

Any other tips for my situation?

Thanks!

[Skye12329]

The many new accounts could be an issue. But if you apply/recon. The UW will only see the hard pulls done for the applications, not the approvals. A new account generally shows up 1-3 mos. After approval. So you won't need to worry about them seeing new accounts, just your current accounts.

Just be aware that too many approvals at once could spook lenders.

[transufchik]

"Just be aware that too many approvals at once could spook lenders" 

You're saying that within an app spree the lenders won't see the *approvals* (only the HPs), so when will they be spooked about too many approvals? In the next spree that will be months away?

Would it therefore make more sense to spread the new applications a week or two apart?

[Anonymous]

Many inquiries in a short time makes you look desperate for credit, which is usually because you can't pay your bills.

This is why app sprees need to be carefully thought out and planned ahead of time. Especially on a file of someone with a lot of existing debt, or a thin file it is a huge red flag to lenders.

[creditguy]

You have 15 new accounts in the last two years and your thinking about some more rounds of apps? How many cards do you plan on apping for? With 15 new accounts your going to be hard pressed to get approved for much. It's probably time to sit back and lay off the apps for a while.

[transufchik]

I'm mostly in a rush to get some much needed chase co-branded cards before the 5/24 rule supposedly starts applying to them.

[OmarGB9]

Not to be rude or condescending, but do you honestly NEED them? At least at this very moment? If the 5/24 rule does go into effect for cobranded cards, you could always app for them once you have less than 5 new accounts in 24 months.

[lg8302ch]

Sorry but with that many new accounts  I would recommend to stay away from  app sprees and rather garden the "new accounts" off the 5/24 list and app once that requirement has been met. This would be a lot healthier.  Just my 2cents

[transufchik]

"do you honestly NEED them? At least at this very moment?"

What do you mean by "need"? I am planning to put those new cards (and their signup bonuses) to very good use in the near future. Things like the automatic Hyatt platinum status from the Hyatt card could be very useful and valuable, as is the annual free night award.

It's very unlikely that I will have less than 5 new cards in any 24 month period over the next several years, hence the urgency.

[kdm31091]

---

@transufchik wrote:

"do you honestly NEED them? At least at this very moment?"

What do you mean by "need"? I am planning to put those new cards (and their signup bonuses) to very good use in the near future. Things like the automatic Hyatt platinum status from the Hyatt card could be very useful and valuable, as is the annual free night award.

It's very unlikely that I will have less than 5 new cards in any 24 month period over the next several years, hence the urgency.

---

I understand the "urgency" but at the end of the day, you have to look at the big picture here. You have a lot of new accounts. I wouldn't advise applying for anything. If it means you miss out due to 5/24, that's probably for the greater good. Offers will come and go. We cannot obtain every single one that we would like because constant apping is detrimental to one's credit.

I completely get why the Hyatt is/may be valuable to you but it doesn't mean you "need" it, and I think you are better suited by waiting. It's not the end of the world and will help you in the long run.

Of course, you can feel free to ignore this input, but there's not much point in getting approved for the Hyatt if it means other creditors get nervous and shut off your accounts because of the aggressive credit seeking. Not trying to scare you, but it does happen. I would absolutely avoid apps for awhile but that's just me.