20 cards in 9 months.... What I learned....

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

. But in the long term, having that card on your credit report when accessed by a creditor will reveal you were/are a subprime borrower. That shows up 10 years after you close the account.

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But..... what impact do you think that will have?   An issuer looking some years from now, they MIGHT notice it (a less than stellar card, but far from the worst)  but they would also see lots of higher quality cards, (hopefully) no lates etc.    Do you really think it will have any negative effect?  

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It could in a tighter credit market. Not really when the credit market is wide open.

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Sorry, just don't think that is very plausible.   This would be a market where one not even negative thing outweighs all the positive stuff?

Yes, I can see in a tight market one old 30-day late could make a difference whereas it might not in a good market, but there is nothing wrong with getting a Merrick card.   I'm sure lots of people get one without being subprime, just see an ad and go for it.

[AverageJoesCredit]

Im curious how many of these 20 cards were for Op and how many were for Dear Wife. There is a huge difference in getting 20 ccs in 9 months than 10 or 9 since he mentioned he was criss crossing.


All @BronzeTrader not everyone aims for a CSR, i couldnt qualify for one even if i tried or was 0/24. Nor would i want /need one. Not everyones credit goal is to obtain a Chase card or a premium card. Just an alternate view

[ToxikPH]

That spreadsheet is absolutely amazing and sometimes I really wish I went cashback instead of MR but oh boy I love my points!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

. But in the long term, having that card on your credit report when accessed by a creditor will reveal you were/are a subprime borrower. That shows up 10 years after you close the account.

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But..... what impact do you think that will have?   An issuer looking some years from now, they MIGHT notice it (a less than stellar card, but far from the worst)  but they would also see lots of higher quality cards, (hopefully) no lates etc.    Do you really think it will have any negative effect?  

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It could in a tighter credit market. Not really when the credit market is wide open.

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Sorry, just don't think that is very plausible.   This would be a market where one not even negative thing outweighs all the positive stuff?

Yes, I can see in a tight market one old 30-day late could make a difference whereas it might not in a good market, but there is nothing wrong with getting a Merrick card.   I'm sure lots of people get one without being subprime, just see an ad and go for it.

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To each his own. Creditors look at more than credit score, having Merrick bank that is paid satisfactorily is certainly better than having past dues on there.

I'm picky about what lenders are on my report. I'd rather have Chase than Credit One. I wouldn't want credit counseling on my report or any notes or remarks either.

[joltdude]

I do find the ops strategy of using 2 player mode interesting... That said, I still don't think thats how I would have played it....id probably would have done it at a much slower pace... not what amounts to a card+ every month on each players CR....  Do think it might have been better long term.. and possibly less denials.. Fortunately the high average age of accounts and the scores took the beating well.... Hate to be debbie downer but id still be concerned at raising eyebrows and sit tight for at least 6 months or more and let things settle... Don't poke the bear....As in regards to Merrick... A CL is a CL  ... unless its a manual review... I *DO* think UWs when its NOT automated/computer decided.... sorta do make a judgement call thinking Merrick is a bit of a blemish... but it also a sign you are moving up when paired with your score.... 

Wish you luck. I'm impressed with the haul..

-J

[AverageJoesCredit]

Im sure most would prefer to have a Chase card on their report than a Credit One or Merrick, me included lol, but unfortunately not everyone has that option all the time. When things go wrong in credit or your life, Chase wont be jumping through hoops to help you out so sometimes those subprime lenders are all thats there.

[Anonymous]

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@Anonymous wrote:

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But in the long term, having that card on your credit report when accessed by a creditor will reveal you were/are a subprime borrower. That shows up 10 years after you close the account.

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Isn't everyone subprime at some point starting out? 

[BronzeTrader]

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@Anonymous wrote:

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@BronzeTrader wrote:

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What purpose of applying those many CCs within a short time period? 

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I can't speak for the OP regarding the purpose, but one long term benefit would be that a decade from now the OP will have a pretty bulletproof AAoA with that many 10 year old accounts factored in. 

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I totally disagree for the purpose of having a future AAoA.  This the exact reason for folks to have application spree.  AAoA is only of the credit factors.  There are more important factors.  

On the other side, application spree can certain strain or damage consumer credit profile.  It is not good for most people.

[Anonymous]

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@BronzeTrader wrote:

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I totally disagree for the purpose of having a future AAoA. 

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I didn't say the purpose of having (in fact, I said I didn't know his purpose)... I said one long term benefit would be a bulletproof AAoA, which is a fact.  Whether there are more important factors doesn't change that simple point.

[BronzeTrader]

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@Anonymous wrote:

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@Anonymous wrote:

. But in the long term, having that card on your credit report when accessed by a creditor will reveal you were/are a subprime borrower. That shows up 10 years after you close the account.

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But..... what impact do you think that will have?   An issuer looking some years from now, they MIGHT notice it (a less than stellar card, but far from the worst)  but they would also see lots of higher quality cards, (hopefully) no lates etc.    Do you really think it will have any negative effect?  

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Just the fact that a huge number of closed account (say 100 CCs) can scare away some creditors.  This will come up when you are up to finance or re-finance mortgage.  They care less about the quality of the cards, but the numbers of new credits opened and closed.