App Spree, why not?

[Anonymous]

It worked for me for a specific reason. Being in Chapter 13 all my old closed accounts were aging off so I wanted to add new accounts during my rebuilding so everything could age at once. My AAofA did take a big hit, but it was so worth it for me. I now have great cards and for the most part excellent limits. I will never have the need to spree again. My future plans are to combine some cards and close some that have not proven useful. That being said, I am in no hurry to do either. My most important goal now is to get my scores back up to where they were before my app sprees. This forum is a fantastic place to learn from each other.

[redpat]

Funny, never heard of a app spree before until reading that term on these forums.

Most are done like a Shot Gun wedding, no planning.....

[Anonymous]

I apply for one or two cards every six months to a year, and will continue doing so until I'm done.  CSP and EDP are next on my wish list.  If my credit supports it (and that's a big one!)  I'll go for it.  Then I'll be done since I'll have everything I need in credit cards and I'll have a regular rotation of 4 cards. Don't need more than that. 

[red259]

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@noobody wrote:

I think every one new to credit should do a app spree at 6 month mark, ie: get 5 more accounts, because your AAoA is next to zero to begin with, and will not take much loss after spree.

now 12 month later you if add one more account, it will only take 2 month hit

You build a bullet proof AAoA this way

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While there are people who condone this method I think you just end up with mostly crap cards in the beginning when you do stuff like this.I rather have quality cards over quanity. I was quite successful in my first six months just by picking up two cards. By the one year mark I was elgible for every card I wanted. Under above method you are making it unlikely that you can get a chase credit card at all for two years. In addition, when you do a major spree like this then if a great offer comes out two months later you would have a lot harder time moving on it. We can't always predict when the next big card will come around, so it is best to always keep the door opening to a sudden app. 

[Anonymous]

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@noobody wrote:

I think every one new to credit should do a app spree at 6 month mark, ie: get 5 more accounts, because your AAoA is next to zero to begin with, and will not take much loss after spree.

now 12 month later you if add one more account, it will only take 2 month hit

You build a bullet proof AAoA this way

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It all depends on what your credit profile supports.  If all you aplply for is crap cards, then crap cards is all you'll get.  Wasting hard pulls on store cards and rebuilder cards can harm in the long run, whereas if you go for one or two beginner cards (Barclay Mastercard being a good example, or a simple no-rewards Capital One Platinum) and keep those paid and in good standing you're better off than if you had applied for 8-10 from comenity.  If you must get store cards, get one or two then lose them when you get better credit cards down the road.  As it is I've already dumped Walmart, and will dump Care Credit (Amazon is still 50/50) later.  

[Exonumist]

Mini sprees are great to build a profile quickly, but a full blown spree with 5+ apps is ridiculous. The most I've gotten at once was three cards. Then I'd wait six months or more and apply for one or two more. At this point I have a great profile and I don't bother unless a sign up bonus is too good to pass up. I went from no credit at all to 750+ FICO and all prime cards within a year and a half two years. Now I'm about 3.5/4 years in and you can see my stats below. Through credit cards I've had a $600 phone replaced when it was a few weeks old, car rental damage paid without using my insurance, they've helped me solve disputes with not so honest merchants, free travel perks like airline lounges, etc. Despite the ridiculous amount of rewards and benefits I get from my cards I've never paid a penny of interest and I've never been denied. RESPONSIBLE sprees will help you in the long run. Responsibility is the key when it comes to anything credit related.

[Callandra]

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@Anonymous wrote:

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@noobody wrote:

I think every one new to credit should do a app spree at 6 month mark, ie: get 5 more accounts, because your AAoA is next to zero to begin with, and will not take much loss after spree.

now 12 month later you if add one more account, it will only take 2 month hit

You build a bullet proof AAoA this way

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It all depends on what your credit profile supports.  If all you aplply for is crap cards, then crap cards is all you'll get.  Wasting hard pulls on store cards and rebuilder cards can harm in the long run, whereas if you go for one or two beginner cards (Barclay Mastercard being a good example, or a simple no-rewards Capital One Platinum) and keep those paid and in good standing you're better off than if you had applied for 8-10 from comenity.  If you must get store cards, get one or two then lose them when you get better credit cards down the road.  As it is I've already dumped Walmart, and will dump Care Credit (Amazon is still 50/50) later.  

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100% agree. A lot of times those who apply for 5+ cards in the beginning can only get store cards/"crap" cards. I only ever had one store card (and I regret it, from the SCT) which was Victoria's Secret. I built with that and Barclays Rewards (very good starter card) and then I got Freedom 6 months later. Since then I've been able to get every card I've ever wanted (*points to sig*), all instant approvals. Maybe my AAoA isn't that great but I'm not stuck with cards I don't need/like and my report isn't cluttered with so many accounts. So I'm happy with how I did things.