Little app spree!!! success.

[GetMeSlick]

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@Anonymous wrote:

Today I finally mounted up the courage to apply for a chase slate card, unfortunately I was not approved. I got the dreaded application is in review. If you are approved, we will send you a card in 7-10 days. Called for a recon, it was even worse. So, I decided to go to my bank which is bank of america no success there as well. I have been with this bank for over 9 years and had a secured card for 5 years, just recently graduated. Anyways decided to check in with Barclays bam!!! approved for 1,800.00. Then I always wanted an american express card, bam!!! approved for 1000.00. I am so shocked! I cannot believe my eyes. Knowing that myfico score are not that great so I did not want to apply, however I am glad I did.

scores: EQ=657, TU=660, EX=658

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Congrats. way to go OP.

[Anonymous]

Maybe I could be wrong about this, but I just realize that my credit score has not gone down by much following my little app spree day before. I did not want to space out my apps in fear that creditor will consider me desparate for credit. So I decided to do all  my shopping in one day and then call it quit for at least 2 years while I work on getting my score back up. However to my biggest surprise my score only went down by 4 points and that is only my Equifax, transunion, and experian barely budged. I counted I dd 6 apps and according to myfico subscription alerts all 6 inqs came in: 1 Eq for bank of america, 1 Trans for barclay, and 4 Ex for chase, american express, barclays, and discover. How is it that I am not down by at least 20 points by now? I will monitor my report for these following weeks, but this blows my mind. Just wanted to share this, I wont be applying for any new cards soon while I work on these new accounts. 

[Anonymous]

When I did my App Spree of 8 cards + 1 Car Loan I was told mine would plunge by 75-80 points by some of the people in the forum and was prepared for that very thing to happen...Instead my points loss was: Transunion loss 32 points Experian Loss 22 points Equifax loss 10 points. Those loss in points in return gave me $61,300 in credit cards and $35,000 for a car loan. So for me it was definitely worth the loss of points. I know I will gain back every one of those points and more during my gardening period of 10/06/2016--->2018. So I am not worried at all. So you have to weigh the risk against the profit of credit for you. It's wise now for you to rest with what you got and foster those relationships with your creditors. That's what I plan on doing. I know a good solid 2 years of managing and handling the credit given to me will ensure I have a solid financial profile. In two years I plan on then applying for their business cards for my child care. By then my other 8 credit cards will have aged more and the new 8 cards will have 2 years of great payment. My car will also be 2 years in. I plan on trading it in 3 years. So the best thing is to have a plan for now and the future. Great payment history will ALWAYS overcome any short term loss. So congrats again on your spree and good luck with your financial future!!

[Anonymous]

wow! can't beleive it. I am gonna say I am 80% sure that if you are gonna be applying for credit cards do it all in one day or 2 do not space out your apps. In my case, I lost 4 points on my Eq scores, none for the other 2 bureaus. Now Barclays just reported my account and I dont even have the card yet and my score went up 4 points across the board. Now my scores are higher except for Eq which remains the same. I will see what happens once Amex reports.

I think credit card shopping if done right could be beneficial I added 2,800.00 in new credit that I am not using and all my other bank cards paid off, my util is like 20% now.

[Anonymous]

I would like to say that my scores are holding up well post app spree. Currently I am at Eq=666, Tu=669, and Ex=661, I am surprised to say that a 700 credit used to be a far distant dream but now seems alot more within reach.I know it will take a year or two, but I know i will get there.