Aftermath of cc application spree

ccaddict · ‎07-21-2007

I'm a student and have a BoA cc 1000 CLI for 3 months now (util 30-45%, always pif).

I read somewhere that one should have 4-5 cards with low util for a decent period of time to have a good score. So I went on a cc application spree some 2-3 weeks back. Applied for Amazon, Chase, Wamu, Wells Fargo, Orchard, Provident CU cards.

Got accepted on

Amazon (didn't know it was a chase card till after i applied for another chase card) 300 cli

Wells Fargo 800 cli

Provident CU 500 cli

Orchard reviewing application for secured.

Got denied for the 2nd chase Wamu denied me online for their card. So I went to the branch in a week to ask if they have a student or secured card for which i might have had a better chance. All went well for the secured .. until I was told they used something called CHexSystems which shows I have more than 4 inquiries in the past 30-60 days.

Okay so here's my question.. Do I send them a recon letter? After reading about recon in the forums I got the feeling that .. it is just for when getting denied after applying online. Since I went to the branch and had a human do my application.. would recon be of any use?

My aim is to get as high a score I can in the next 1.5 ~ 2 years so that I can look at getting me a mortgage loan. So I don't care about paying a fee for the secured ones as well.

ps edited to insert breaks

Message Edited by ccaddict on 07-22-2007 10:07 AM

Anonymous · ‎07-21-2007

Wife and I have recently finished up our app spree, and now all we need to do is let time ttake its course...

Seems kind of boring after you're done eh?

Itwas an exciting time, and even though it lasted just about a month or two, I know it will be the building blocks for the next several years of our lives.

Good luck.

Rob

Anonymous · ‎07-21-2007

6 inquires in a 6 month period hurts in a kinda red flag kind of way, excluding the considertations for mortages and auto loan shopping , or that's what i've read

Anonymous · ‎07-21-2007

rbbyrbsn wrote:
6 inquires in a 6 month period hurts in a kinda red flag kind of way, excluding the considertations for mortages and auto loan shopping , or that's what i've read

Flags may raise, but so will the FICO!

Rob

bl00dymary · ‎07-22-2007

FF & CCaddict- How much did your FICO drop after your spree and after what time period? I just recently had a minispree of my own, along with a bunch of hard pulls for car shopping & I am wondering when & how much I should expect. Also, how long until I can expect the score to bump back up from the new credit lines?

Anonymous · ‎07-22-2007

FICO_Focused wrote:
Wife and I have recently finished up our app spree, and now all we need to do is let time ttake its course... Seems kind of boring after you're done eh?

Itwas an exciting time, and even though it lasted just about a month or two, I know it will be the building blocks for the next several years of our lives.

Good luck.

Rob

yeah, kinda fun...I just got thru with that myself

BoA secured - couple months back, 500 cl

Orchard after that - $500 cl - waiting on cli request answer

Credit Union (cefcu) personal loan - $1000 - after six mo's of pmts they will convert to LOC

MilesEdge BoA - gave me a 2000 cli then immed got it raised to 5000 cli

Chase Continental Miles card - waiting on approval

In Sept the Per. Loan will be paid off, I'll then pick up a Line of Credit with them, hopefully a very large dollar amount and probably pick up a card thru them at the same time since they'll most likely do another hard pull.....

Then I wait.....

And refi next summer (keeping my fingers crossed re future interest rates)

Live Long & Prosper,

ctRob

ccaddict · ‎07-22-2007

@ccaddict wrote:
Okay so here's my question.. Do I send them a recon letter? After reading about recon in the forums I got the feeling that .. it is just for when getting denied after applying online. Since I went to the branch and had a human do my application.. would recon be of any use?

Anyone got views on that?

@bl00dymary wrote:
FF & CCaddict- How much did your FICO drop after your spree and after what time period?

Wish I knew more about all this score and stuff before I ever did anything like what I did. No clue on what the score was before I went on the spree. Right now my fako's are 673 tu,673 eq and 674 ex. I haven't check fico.. Am thinking of getting the scorewatch.

Just got a letter from orchard saying my check was denied.. so they cant send me a card. I think its good.. cuz this one had close to 150 in fees for a 300 cli.

Anonymous · ‎07-22-2007

I am about to surf that wave again. Inquiries are not counted on FICO scores after 12 months. They come completely off CRs in 24 months.

Message Edited by ilovepizza on 07-22-2007 11:02 AM

Anonymous · ‎07-22-2007

New revolving accounts, especially multiple accounts, will often cause a FICO score to stumble a little. The reason is that multiple new accounts can look like a "credit grab" done by someone who is desperate for new credit, and of course the inquiries racked up to obtain the new accounts also come into play.

Fortunately, the "half-life" of these negatives is short. After about six months of good management, you'll begin to reap the FICO gains of paying those extra bills on time each month. In the long run, you'll be better off with the accounts than without them.

One motto FICO rebuilders should take to heart is to never let a short-term ding (or the fear thereof) shy you away from taking a step that will help build your credit in the long run.

Eric958 · ‎07-22-2007

Great info. Thanks TNWM.

Never Give Up!!