Honestly it sounds like her profile might fit the description of "aggressive credit seeking behavior", so I would lay low on applying for new cards right now or you risk getting adverse actions taken against the new and/or existing accounts.
She applied and got denied for an Amex yesterday, and then applied for and received a personal loan - I'd just leave it at that. If she applies for another card (especially a Chase card) immediately after failing to get an Amex and taking out a personal loan, it could get ugly. Even if Chase initially approves the new card, they could change their mind later after they see the other credit activity.
Total Loan Balance: $43k / $65k
Total SL: $78k
@coreysw12 wrote:Honestly it sounds like her profile might fit the description of "aggressive credit seeking behavior", so I would lay low on applying for new cards right now or you risk getting adverse actions taken against the new and/or existing accounts.
She applied and got denied for an Amex yesterday, and then applied for and received a personal loan - I'd just leave it at that. If she applies for another card (especially a Chase card) immediately after failing to get an Amex and taking out a personal loan, it could get ugly. Even if Chase initially approves the new card, they could change their mind later after they see the other credit activity.
I doubt that.
I'll admit if you go back far enough on this forum circa 2012 I basically was the initial proponent of spree methodology being smart. Summary stats, which demonstrates my spree and then gardening repeatedly, and this includes a total of 7 Chase cards being sprinkled in through there including recent datapoints under their modern UW guidelines.
| Total Accounts on file | 34 |
| Open Revolvers | 18 |
| Opened within 6 months | 2 |
| Opened within 12 months | 4 |
| Opened within 18 months | 4 |
| Opened within 24 months | 4 |
| Opened within 36 months | 4 |
| Opened within 48 months | 17 |
| Opened within 60 months | 17 |
| Opened within 72 months | 21 |
| Opened before 72 months | 13 |
| AAOA (months) | 57 |
Zero AA. I don't see any benefit in promoting these stories from a community perspective currently, lenders are not that skittish in the current market. I'm not trying to say that everyone is going to have the same experience, but to that point most people aren't going to get flagged for "aggressive credit seeking behavior" either, almost always something else is wrong and again it's a small subset of the population.
And frankly, if AA happens? So what? Means nothing long term, and nothing ventured nothing gained: an overabundance of caution simply retards one's credit portfolio.
@kdm31091 wrote:
There’s also the point that one doesn’t need to be opening a new card every couple months, whether or not we think they’d receive AA. I agree it’s best not to be paranoid about it, but you don’t have to invite it with constant apping, either.
Yes it is fairly rare but it does happen. Algorithms are becoming more sophisticated against credit seeking/churning behavior.
True that KDM, to be fair all my spree mechanic 'splaining also included a cycle of non-trivial gardening too and never pick up any tradeline just to pick up a tradeline: have a purpose for it. After I got through initial credit establishment which I'll call ended by 1/1/13 when I picked up the Freedom and BCE (nee BCP) among other accounts:
15 months gardening
Spree
14 months gardening
Mortgage + Spree
10 months gardening
Spree cause I didn't really rationally care about credit, mortgage goal obtained so w/e
22 months gardening
I suspect I could be labeled sloppy and stupid at this point (auto loan and some less than coherent choices to be fair, reindeer games and SUB chasing), but back in the saddle trying to keep that pretty mortgage mid score of a 767.
I suspect the striking thing about the pattern and number of accounts is that I could find so many accounts that had a use at a given time in my credit journey, literally I can go down all 34 accounts (open/closed) on my file and explain exactly what it did for me at that time: that's arguably the goal everyone should subscribe to, even if it's just "picked it up for the SUB" that's still a plan.
Ultimately it's about building a pretty file and at least maintaining some modicum of score, because s*** happens and it's better to have the score and file to support making credit changes when you need it, than not having it and trying to finance things at a suboptimal APR or worse.