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Mini app spree regrets

Valued Contributor

Re: Mini app spree regrets

I wouldn’t fret but I also wouldn’t apply for anything else. Chase is the only one that would give me pause.

However, once those report and provided you don’t quickly go charging up balances, I’d suspect you’ll see a slight increase due to utilization improving. The larger score increase will occur once all of those new accounts start to age.

I’m with the folks above, garden for a minimum of 6 months and watch those scores rebound.

Also, congrats on your credit journey, your new home, and your new cards.


Beginning Journey April 2017 – FICO 8

Current Scores May 2018 – FICO 8
Message 11 of 22
Community Leader
Senior Contributor

Re: Mini app spree regrets


4theLoveofPoints wrote:
I wouldn’t fret but I also wouldn’t apply for anything else. Chase is the only one that would give me pause.

However, once those report and provided you don’t quickly go charging up balances, I’d suspect you’ll see a slight increase due to utilization improving. The larger score increase will occur once all of those new accounts start to age.

I’m with the folks above, garden for a minimum of 6 months and watch those scores rebound.

Also, congrats on your credit journey, your new home, and your new cards.

I would echo this as well OP.  Don't feel like you've ruined your progress or regret things.  If anything, you diversified your portfolio, albeit in one quick shot.  My suggestion is just to fly low on the radar.  Make your payments on time and handle your accounts responsibly.  Do not overextend yourself since it can be an easy thing to do for some folks if things are not managed properly.

 

I'm sure, you'll do fine.

Message 12 of 22
Member

Re: Mini app spree regrets

I will. Since my CO account was opened in June, I’ve never carried a balance once. Thank you for the encouragement and the congratulations!
Message 13 of 22
Frequent Contributor

Re: Mini app spree regrets

$1,000 for a TV, today? That must be a 4K monster. Either way, if you can afford it, go ahead and pay that off. It only hurts your credit profile to carry that balance, unnecessarily. Unless of course that is under 8.9% of the sum total of all of your revolving limits, and the only balance reporting.

 

I remember when TV's ran $3,500 just for a nice 42 inch. Now, if you spend over say $500 for a 55 inch TV, you're probably just brand hunting. It's amazing how we value things differently, over time. Although, I'm becoming increasingly pissed that PIP is not standard like it used to be. I digress.

 

By the way, it's pretty clear to me that these credit issuers are truly back "in the hunt" these days. Issuing limits that are not fantastic, but just tantalizing enough to salivate over, and tempt people to get into trouble. But, not too much to where those debtors wouldn't feel obligated to make payments on... at rates in the ballpark of 25-30% interest. - Some deal.

Message 14 of 22
Established Contributor

Re: Mini app spree regrets

I opened 28 CCs since July 2014.  I jumped in head first and got caught into the SCT.  I regretted all the store cards so I ditched them.

 

I now have 12 CCs and my AAoA dropped to 3 years and 3 months.  I have not applied for a new card since March of 2017.  That was for a $10k CapOne Venture One.

 

I stopped apping for new cards because I got what I feel is the best of the best with nice limits to boot.  All 3 of my FICOs are in the 780s and go up each time there is an update.

 

The solution to your delimma is to go to the garden and as your AAoA goes back up so will your scores.  I think I got lucky with the way I played the game because I chose cards that would grow quick which landed me with nice SLs on major bank cards.  It was hard kicking that $10k J. Crew card to the curb but it had to be done.  My major bank cards came late in the process and started out with great limits because I had worked the SP CLIs on my other cards.

Message 15 of 22
Valued Contributor

Re: Mini app spree regrets

I'm still puzzled by the fact a lot people in this board like to apply spree CCs.  I think it does more harm than good.  You put on so much stree on your credit and do not get much in return.  It is great if your new CC gives you $500 bonus.  But the weed cards (most store cards) are close to useless and you do not really get much.

Image result for bank of america cash rewards
Message 16 of 22
Established Contributor

Re: Mini app spree regrets


BronzeTrader wrote:

I'm still puzzled by the fact a lot people in this board like to apply spree CCs.  I think it does more harm than good.  You put on so much stree on your credit and do not get much in return.  It is great if your new CC gives you $500 bonus.  But the weed cards (most store cards) are close to useless and you do not really get much.


You get high.  You then get sick.  Then you feel the need to get high again.  When you become an addict you go to a worse place than if you had never started at all.  Some people go to the rehab garden and get cleaned up.

 

Out of 28 cards I had 29 applications.  The only one I was ever rejected for was the BBVA NBA AmEx.  Glad I did not get it.  There wasn't much there discouraging me from engaging in my particular behavior.

 

I got clean and I still have all of my teeth. Smiley LOL

Message 17 of 22
Valued Contributor

Re: Mini app spree regrets

The point of getting high FICO scores is to get credit approvals.  Mission accomplished.

Treat those new accounts well and let them age and your scores will be back up before you know it.

Message 18 of 22
Regular Contributor

Re: Mini app spree regrets

You’ll be fine. It’s called “shock”. I paid off a mortgage and my score dropped 50 points. A month later it was right back where it was. Leave everything be, keep your new uti low, and make your pmts. Check it in 2 months and you’ll be right back. No creditor is going to “recall” a new account they just issued; you just bought a $300,000 house for crying out loud. Congrats on your rebuild!!! Nice job.
Scores TU 723 EQ 705 EX 729
FAKO TU 753 EQ 747 EX 738
Inquiries 8-10 across.
UTI 13% AAoA 2.4
No baddies
Total CL $104600
Almost AZEO
Revised goal 2018 $125k

Message 19 of 22
Established Contributor

Re: Mini app spree regrets

Congrats on your success.

 

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Message 20 of 22