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Want to spree!

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CreditKick
New Contributor

Want to spree!

So, I've kinda started treating credit card collecting as something of a hobby....however, I also realize one needs to be somewhat careful with it.  Currently waiting for an x1 invite... requested it about a week ago.   Fico8 right now about 791 791 and 808.  New accounts are 1/6 (CSP),  2/12, 4/24, with one other hard pull for a cli about 12 months ago. I'd like to do a spree once for the fun of it.  How much damage do the gurus here think I would take if I applied for maybe 6, and managed 4-6 approvals?

Message 1 of 11
10 REPLIES 10
FinStar
Moderator Emeritus

Re: Want to spree!


@CreditKick wrote:

So, I've kinda started treating credit card collecting as something of a hobby....however, I also realize one needs to be somewhat careful with it.  Currently waiting for an x1 invite... requested it about a week ago.   Fico8 right now about 791 791 and 808.  New accounts are 1/6 (CSP),  2/12, 4/24, with one other hard pull for a cli about 12 months ago. I'd like to do a spree once for the fun of it.  How much damage do the gurus here think I would take if I applied for maybe 6, and managed 4-6 approvals?


The results will really depend on your risk tolerance. Since every profile is unique, the damage (if any) will largely depend on the thickness/depth of your profile, which lenders you're going for, which lenders you currently have, and so on. If you're doing it for fun and you are ok with whatever happens or YOLO, then go for it.

Message 2 of 11
Brian_Earl_Spilner
Credit Mentor

Re: Want to spree!

In addition to what was said above, remember that for most people, you'll be shutting the door on some lenders for the better part of two years. Chase and us bank being the favorites around here.

    
Message 3 of 11
SDMarik
Established Contributor

Re: Want to spree!

Some other great points were made. I would add that if you plan on applying for a mortgage in the next 12 months or so, all of those hard pulls and new accounts might smack your Fico home score pretty hard, if you don't have a super thick file. That being said, I live my life on the verge of an app spree so I feel you. If you can tollerate the potential score drop for 6-12 months and you don't care about Chase/US bank, go for it, and if you do go for it don't forget to post an update!

 

Maybe I can live vicariously through you on this app spree.



"When prosperity comes, do not use all of it"
Message 4 of 11
Taurus22
Valued Contributor

Re: Want to spree!

The best advice I could offer if you choose to move forward with something like this....

 

I've done a 4-card, 1-day spree once, and it was after a month of information mining and advice from MyFICO'ers. The key for my spree was determining the bureau that each lender pulled from, how sensitive the lenders were to inquiries and new accounts, etc., and the best order in which to apply given those factors. Each of the 4 cards were meticulously chosen for their cashback benefits and 3 still fit my spend now. (Barclay Uber was nerfed and later product-changed to the View, which now currently functions as a sock divider.) And I do freely admit, there is some level of excitement with a spree, but....

 

Just do your homework. Don't blindly start applying for A, B, C, D, E and F cards without some level of planning. Personally, I think 6 cards is pushing the envelope, but to each their own. And I can't really relate to obtaining credit cards as a collector's hobby.....perhaps you might evaluate a bit more if A-F cards are really beneficial to you before you tank your credit. Whatever your choice, best of luck to you....

My Wallet
Sock Drawered

On Deck: Possibly Aven 3% Visa
Message 5 of 11
CreditKick
New Contributor

Re: Want to spree!

Thanks for the replies.  My main concerns are any adversity on my new CSP, and one of the spree cards would be the evergreen-I've heard they react poorly to numerous new accounts.   I'll probably wait a bit to see if the x1 invite comes, and then go from there.  If I do spree, I'll surely update!

Message 6 of 11
GatorGuy
Valued Contributor

Re: Want to spree!

Chase can definitely be finicky about new accounts but it also profile dependent. If you have 3 cards and go do a large spree you will likely be treated differently than if you had 15 cards already. 

 

Many times there are a long list of cards that we would like but don't actually need so make sure what you going for is actually beneficial. Good luck 

Message 7 of 11
SouthJamaica
Mega Contributor

Re: Want to spree!


@CreditKick wrote:

So, I've kinda started treating credit card collecting as something of a hobby....however, I also realize one needs to be somewhat careful with it.  Currently waiting for an x1 invite... requested it about a week ago.   Fico8 right now about 791 791 and 808.  New accounts are 1/6 (CSP),  2/12, 4/24, with one other hard pull for a cli about 12 months ago. I'd like to do a spree once for the fun of it.  How much damage do the gurus here think I would take if I applied for maybe 6, and managed 4-6 approvals?


In general, I don't recommend sprees.

 

The buzzer that goes off for me is your Chase Sapphire Preferred card, recently acquired, a valuable premium card you wouldn't want to jeopardize.  Chase follows up on accounts, and doesn't like credit sprees after issuing a Chase card.  They've been known to close accounts after a subsequent spree.  How much time you need to wait before you're off their radar is a question I can't answer; I'll leave that to the Chase experts.

 

You'll lose plenty of points in the near term, when you rack up inquiries, reset your age of newest of account, and lower your average age of accounts.

 

But as others have said, if you're a risk taker and want to have some fun, go for it. You've earned the right Smiley Happy


Total revolving limits 568220 (504020 reporting) FICO 8: EQ 689 TU 691 EX 682




Message 8 of 11
PapaTunde
Established Contributor

Re: Want to spree!

Biggest app spree for me was about 8 years ago.  I apped for a Walmart card and then a SamsClub card, both  approved.

I then googled "List credit cards issued by Synchrony bank."  I did like an 9 card app spree (6 approved, 3 denied)

Three months later I apped for and got 5 more Synchrony cards.  I DO NOT RECOMMEND THIS.  I just did this before I learned better.

 

Note:  Synchrony has never AAd me.  I still have about 5 of these cards still open.

 

Best app spree Ive ever done.

All Fico9 835+ or there abouts

These violent delights have violent ends
Message 9 of 11
bigseegar
Established Contributor

Re: Want to spree!

I can say this. I did one but by "accident" (details are in other post here, involved Truist) where I got 8 new cards in 30 days with around $64K total new starting CL's and it dropped my FICO scores 45 points across the board. No way I'd ever do it again, even in the name of science and because of it I'm Farmer Brown tending to corn and tomatoes for a couple years in the biggest garden around.

 

Also as to the X1 you just emailed for an invite. Unless someone shares a code (which is a huge no no on here) with you be prepared to wait. I've been waiting over a year for an invite.

Message 10 of 11
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