Unplanned App Spree - Big Success!

[jimmy2000]

So I was doing some online back to school clothes and supply shopping and got some pretty typical sign up offers so did an unplanned app spree for some store cards and a BECU Visa.

Offers were pretty typical - usual 20% off your first purchases and an Amazon GC. Obviously this isn’t that good, but hey, I’m down to save some money on clothes.

Amazon Prime Store Card - $3100
GAP Visa Card - $1500
Nordstrom Visa Card - $1000
Express Next - $500
BECU Boeing Cash Back Visa - $7500

I am not too concerned with inquiries atm, as I now plan to (and will) garden for the next 24 months, remove all inquiries, SP CLI’s and age accounts. I will also probably close the Nordstrom, Express and GAP accounts after the holiday season is over.

That was a big and unexpected success. I need to stop...haha

[gdale6]

Grats on all the approvals and yep its time to garden

[althes]

I would keep open the GAP and Nordstrom Visas.

They are good visas.

Nice sales every once in a while.

[nuohlac]

Congratulations on your approvals!!!

[AverageJoesCredit]

At least it wasnt 9 months after

[KELSTAR]

Congrats on the approvals.

I would suggest not doing an app spree again.

Build up AAoA and app once every 3 months if your credit profile means anything to you.

I have watched the forum for about two years and monitored that to my own experience. Unless you have a deep file of credit, it seems to me, that low starting limits abound on app sprees. IMO and IME, it is soooooo much better to apply every 3 months. 

Income, DTI ratio, and banking relationship means A LOT with these big banks that offer cards with exceptional benefits. The better you are on these the higher starting lines and thus never have to worry about them agin.

I started a little over 2 years ago getting hard pulls for a mortgage and 5 new credit cards. Dumb mistake before knowing better ALL AT ONCE. I closed a few low limits and cards I really didn't care about. 

I started a business last June providing contract nursing. Opened a Chase business checking account. They did not approve my request for $50,000 LOC for payroll as a new business. Had to use a factor company for a bit. They did approve a $14,000 Ink Cash Visa. CLI to $19,600 a few months after with about $5,100 in spend.

Saying that, a year or so later with sporadic new accounts, every Chase card is pre-approved in branch, both personal and business, to me and the first one I took was the Freedom Unlimited card with a pre-approval in branch. SL was $24,100. 

As many have said and I hope this makes a dent on a new entry. Take some time and plan it out.

Tke care all!

[jimmy2000]

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@KELSTAR wrote:

Congrats on the approvals.

I would suggest not doing an app spree again.

Build up AAoA and app once every 3 months if your credit profile means anything to you.

I have watched the forum for about two years and monitored that to my own experience. Unless you have a deep file of credit, it seems to me, that low starting limits abound on app sprees. IMO and IME, it is soooooo much better to apply every 3 months. 

Income, DTI ratio, and banking relationship means A LOT with these big banks that offer cards with exceptional benefits. The better you are on these the higher starting lines and thus never have to worry about them agin.

I started a little over 2 years ago getting hard pulls for a mortgage and 5 new credit cards. Dumb mistake before knowing better ALL AT ONCE. I closed a few low limits and cards I really didn't care about. 

I started a business last June providing contract nursing. Opened a Chase business checking account. They did not approve my request for $50,000 LOC for payroll as a new business. Had to use a factor company for a bit. They did approve a $14,000 Ink Cash Visa. CLI to $19,600 a few months after with about $5,100 in spend.

Saying that, a year or so later with sporadic new accounts, every Chase card is pre-approved in branch, both personal and business, to me and the first one I took was the Freedom Unlimited card with a pre-approval in branch. SL was $24,100. 

As many have said and I hope this makes a dent on a new entry. Take some time and plan it out.

Tke care all!

---

Ultimately, you're right.  The App Spree probably wasn't the best choice long-term.  But I have zero credit needs for the next 2 years anyways, I'm in school.  I'm gonna let the inquiries wear away, close 1 or 2 of the store cards, and let my profile age and get SP CLI's.  Even though the store cards are low starting limits, it's not a huge deal, I don't buy enough for utilization to be an issue.  I don't care, and will never care about my relationship with the big banks.  I had a chase checking account in high school, and it was terrible in comparison to what I have now. I get way better service, ATM reimbursement and a lot more from BECU over Chase, and the Boeing Cash Back Card has the same rewards as freedom unlimited + it's Visa Signature.

[Anonymous]

Awesome!  But watch the store card apps, IMO they are not worth the inquiry and temp score drop.  The Visa has a nice SL, congrats!

[SEAlifer]

Wow, quite the spree!

[zerofire]

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@jimmy2000 wrote:
So I was doing some online back to school clothes and supply shopping and got some pretty typical sign up offers so did an unplanned app spree for some store cards and a BECU Visa.

Offers were pretty typical - usual 20% off your first purchases and an Amazon GC. Obviously this isn’t that good, but hey, I’m down to save some money on clothes.

Amazon Prime Store Card - $3100
GAP Visa Card - $1500
Nordstrom Visa Card - $1000
Express Next - $500
BECU Boeing Cash Back Visa - $7500

I am not too concerned with inquiries atm, as I now plan to (and will) garden for the next 24 months, remove all inquiries, SP CLI’s and age accounts. I will also probably close the Nordstrom, Express and GAP accounts after the holiday season is over.

That was a big and unexpected success. I need to stop...haha

---

Yes you do and the unplanned part shows. You quite literally ran over Synchrony Bank with those credit requests. Regardless what the issuers were happy to give was rather good spread with high offers where it counts.

In the end it might be unplanned but it is better than a string of denials so congratulations.