App Spree After Effects

[mattmix36]

Well, I'm finally starting to see the after effects of my last app spree.  I started the spree with scores in the 770/760 range, and I know see my FICOs starting to fizzle out around the 720/730 range.  My latest app spree netted me the following 11 cards and limits in late Feb/early March:

AMEX Platinum: NPSL (fee waived for military)

USAA Rewards: 15k

USAA Max Rate: 16k

Chase Marriott Rewards Visa Signature: 12.5k

NFCU Flagship Rewards: 25k

Barclay Rewards: 4k

Logix: 15k

United Miliage Club through Chase: 8k (annual fee gets me United Lounge for less than I usually buy!!!)

Chase Ink (for my small business): 12k

Paypal: 3k

Walmart: $400

I also got an awesome CLI on my BankAmericard: 18k to 25k

Small bump on my Discover card: 3k to 5.5k

Now since the dust has settled, I have a ton of new cards in my wallet...a ton of new inquiries.  TBH, I'm actually quite glad that my FICO scores aren't dropping lower than the 720s for now...I think it's safe to say that I won't be apping anytime in the near or even not so near future.  However, in the 2-5 year range I may be looking at picking up a personal line of credit, potentially switch my Marriott card to the Ritz card (still not 100%), and maybe (very much a maybe) take out a loan for a timeshare.

Some of the good things that I got out of this spree:  Both the Marriott and United cards are extremely important to me (loyalty wise), NFCU credit limit at 25k (as well as the BoA increase to 25k), first business credit card for my LLC (won't show on my credit report though), my total credit available went up by about 120k, and the Logix Credit card gave me my best interest rate at 8.24% (even though I always PIF).  I was also able to bank $1,2050 in rewards from meeting the spend requirements.

I'm also seriously considering letting the wal-mart card close itself out for inactivity (havn't used this card, and I don't intend to)...I apped for this guy seriously to just have another discover card...but since they are switching to MC, I really see no point in actively trying to keep it open.

From those with experience, how long did you wait before your scores started increasing again? And how much, in your opinion, do you think my scores may increase--my goal is to join the 800 club within the next 5 years.

[Chris679]

You will probably regain most of the points lost over the next year but it may take longer to get back to where you were due to all of the new accounts. 800 will take awhile after opening 11 accounts.

[mattmix36]

haha yeah...I need to calculate my AAoA post spree.  Before the spree I had 4 cards ranging from 6 years to 10 months in age.  Plus a couple of paid off auto/motorcycle loans...

[mattmix36]

Oh yeah...AAoA took a dive from 2+years to 10 months.

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@mattmix36 wrote:

haha yeah...I need to calculate my AAoA post spree.  Before the spree I had 4 cards ranging from 6 years to 10 months in age.  Plus a couple of paid off auto/motorcycle loans...

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[youdontkillmoney]

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@mattmix36 wrote:

Well, I'm finally starting to see the after effects of my last app spree.  I started the spree with scores in the 770/760 range, and I know see my FICOs starting to fizzle out around the 720/730 range.  My latest app spree netted me the following 11 cards and limits in late Feb/early March:

AMEX Platinum: NPSL (fee waived for military)

USAA Rewards: 15k

USAA Max Rate: 16k

Chase Marriott Rewards Visa Signature: 12.5k

NFCU Flagship Rewards: 25k

Barclay Rewards: 4k

Logix: 15k

United Miliage Club through Chase: 8k (annual fee gets me United Lounge for less than I usually buy!!!)

Chase Ink (for my small business): 12k

Paypal: 3k

Walmart: $400

I also got an awesome CLI on my BankAmericard: 18k to 25k

Small bump on my Discover card: 3k to 5.5k

Now since the dust has settled, I have a ton of new cards in my wallet...a ton of new inquiries.  TBH, I'm actually quite glad that my FICO scores aren't dropping lower than the 720s for now...I think it's safe to say that I won't be apping anytime in the near or even not so near future.  However, in the 2-5 year range I may be looking at picking up a personal line of credit, potentially switch my Marriott card to the Ritz card (still not 100%), and maybe (very much a maybe) take out a loan for a timeshare.

Some of the good things that I got out of this spree:  Both the Marriott and United cards are extremely important to me (loyalty wise), NFCU credit limit at 25k (as well as the BoA increase to 25k), first business credit card for my LLC (won't show on my credit report though), my total credit available went up by about 120k, and the Logix Credit card gave me my best interest rate at 8.24% (even though I always PIF).  I was also able to bank $1,2050 in rewards from meeting the spend requirements.

I'm also seriously considering letting the wal-mart card close itself out for inactivity (havn't used this card, and I don't intend to)...I apped for this guy seriously to just have another discover card...but since they are switching to MC, I really see no point in actively trying to keep it open.

From those with experience, how long did you wait before your scores started increasing again? And how much, in your opinion, do you think my scores may increase--my goal is to join the 800 club within the next 5 years.

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^^^^

Just keep on paying on time and at least the minimum and within 6 months or so you should see it trend higher, if you want a stronger jump, always Pay in Full

[Networth]

Congrats on the approvals, geez thats a lot of cards lol.

[alvon123]

congrats on your cards

[takeshi74]

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@mattmix36 wrote:

From those with experience, how long did you wait before your scores started increasing again? And how much, in your opinion, do you think my scores may increase--my goal is to join the 800 club within the next 5 years.

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Time will vary with one's credit and the spree taken.  Neither are the same for everyone so you can't just assume that your recovery will be similar to another's.  We can't tell you how much your scores will increase or in what timeframe but with reponsible usage and maintenance you'll recover in time.

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@youdontkillmoney wrote:

Just keep on paying on time and at least the minimum

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While minimums keep an account current one should always keep utilization in check.