App Spree? Consider this

[azguy13]

There has been an influx of app sprees lately. It seems that the majority of these app sprees are being done by the newer members on the forum. This may be due to the holidays coming up or just finding a lot of new information on this forum. For all those thinking of going on an app spree for this holiday season, you should consider this:

Whatever you decide on, make sure your report is in order. A few of us were talking today and realized there has been a lot of app'ing with multiple baddies reporting. When I say baddies, I am talking about unpaid collections, CO's, and 120+ day lates currently reporting. I urge you, get your report in order before applying. There is no need to have multiple denials for credit due to what you already know is on your report. 

I understand that the holidays can be very stressful on finances. Just please, do not let yourself be denied for reasons that you can possibly fix. It is not worth the hit to your credit and the pure frustration that comes with it. 

Also, I am not saying this is what all new members do. I am simply trying to get a message across and if it helps one person then it was worth it. 

Stay Classy!

[09Lexie]

Besides the usual comments of applying for what you need and not for what you want; don't charge more than what you can afford ie PIF and finally - try not to fall victim to the plethora of 0% promos offers. Before you know it, the time has expired and you are stuck with multiple accounts with 20+% APRS.

[azguy13]

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@09Lexie wrote:
Besides the usual comments of applying for what you need and not for what you want; don't charge more than what you can afford ie PIF and finally - try not to fall victim to the plethora of 0% promos offers. Before you know it, the time has expired and you are stuck with multiple accounts with 20+% APRS.

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Absolutely. Most cards that offer the 0% promo are good for at least a year before the real APR kicks in. Instead of getting 4 at one time, get one a year or so IF you need it. There is no need for multiple 0% cards anyways. If the CL is less than desireable, then focus on repairing and anging your credit history. I am also a firm believer in growing the CL and not app'ing for new cards. I am almost stressed out because I feel like I am at my max amount of cards I need. If I get a new one, Ia m sure I will replace one that I do not use. 

[enharu]

Very nice points made so far! I just added some new cards, but for the most part I probably will be back to using CSP as my primary card once I meet minimum spending on my new cards for the bonus, unless I'm making use of some specific perks on those cards. So yea.... Doesn't seem to get that interesting to add new cards after a certain point.

Another point I figured I can add: the best way to fix one's utilization is to pay that debt. Juggling balances, adding more CL, or whatever tricks there are, is just a temporary non-sustainable solution.

[azguy13]

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@enharu wrote:
Very nice points made so far! I just added some new cards, but for the most part I probably will be back to using CSP as my primary card once I meet minimum spending on my new cards for the bonus, unless I'm making use of some specific perks on those cards. So yea.... Doesn't seem to get that interesting to add new cards after a certain point.

Another point I figured I can add: the best way to fix one's utilization is to pay that debt. Juggling balances, adding more CL, or whatever tricks there are, is just a temporary non-sustainable solution.

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Fantastic points. I understand a BT to a 0% intro card, but the illusion of paying the debt can get dangerous. 

[Anonymous]

I am one of those new members that went on an app spree. Finding this forum has been great. I used the information to my favor. However I have no baddies on any of my accounts or reports. My app spree was successful and I'll be the first one to say that I applied for one card too many and got them all. This forum gives you the courage I guess to keep apping. I went until I got denied. I didn't do it for the holidays, I did because I found this forum and said why not my CR looks a lot better than the people I saw on here apping. I have no AAOA but perfect payment history no inquiries and no baddies.

Now I am using the forum to wisely manage all this new credit. And to help where I can

[azguy13]

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@Anonymous wrote:
I am one of those new members that went on an app spree. Finding this forum has been great. I used the information to my favor. However I have no baddies on any of my accounts or reports. My app spree was successful and I'll be the first one to say that I applied for one card too many and got them all. This forum gives you the courage I guess to keep apping. I went until I got denied. I didn't do it for the holidays, I did because I found this forum and said why not my CR looks a lot better than the people I saw on here apping. I have no AAOA but perfect payment history no inquiries and no baddies.

Now I am using the forum to wisely manage all this new credit. And to help where I can

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Congrats on the approvals. I was more talking about the people that have a lot of repairing to do before they should apply for any credit. You already had yours in line so what I was saying didnt apply to you too much. 

You did what I would have done in your situation. Get cards to build your credit profile. Out of curiosity, what cards did you get and why? I am always interested to hear why people choose certain cards. 

[Steelersboy]

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@azguy13 wrote:

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@09Lexie wrote:
Besides the usual comments of applying for what you need and not for what you want; don't charge more than what you can afford ie PIF and finally - try not to fall victim to the plethora of 0% promos offers. Before you know it, the time has expired and you are stuck with multiple accounts with 20+% APRS.

---

Absolutely. Most cards that offer the 0% promo are good for at least a year before the real APR kicks in. Instead of getting 4 at one time, get one a year or so IF you need it. There is no need for multiple 0% cards anyways. If the CL is less than desireable, then focus on repairing and anging your credit history. I am also a firm believer in growing the CL and not app'ing for new cards. I am almost stressed out because I feel like I am at my max amount of cards I need. If I get a new one, Ia m sure I will replace one that I do not use. 

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I agree. Im going to grow my cards before apping again. I already have seven cards, no need for another right now. 

[JonStur]

They also must learn to distinguish between "invitation to apply", "pre-selected", and "pre-approval" offers they will soon begin receiving in the mailbox.

[bigblue7722]

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@azguy13 wrote:

There has been an influx of app sprees lately. It seems that the majority of these app sprees are being done by the newer members on the forum. This may be due to the holidays coming up or just finding a lot of new information on this forum. For all those thinking of going on an app spree for this holiday season, you should consider this:

Whatever you decide on, make sure your report is in order. A few of us were talking today and realized there has been a lot of app'ing with multiple baddies reporting. When I say baddies, I am talking about unpaid collections, CO's, and 120+ day lates currently reporting. I urge you, get your report in order before applying. There is no need to have multiple denials for credit due to what you already know is on your report. 

I understand that the holidays can be very stressful on finances. Just please, do not let yourself be denied for reasons that you can possibly fix. It is not worth the hit to your credit and the pure frustration that comes with it. 

Also, I am not saying this is what all new members do. I am simply trying to get a message across and if it helps one person then it was worth it. 

Stay Classy!

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Great post! When you say 120 day plus lates currently reporting what do you mean by that? I am asking because next month my rehab will be over for my student loan so my must current late would be october 2012 so it would be a year.