How long to wait after app spree before more apps?

[iMacDrew]

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@Repo-ed wrote:

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@iMacDrew wrote:

well if most of those apps are Denied wouldnt they just be soft pulls and not affect his score?

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No sir. Every single one of them will result in a HP.  His already non-existant AAoA will cause his scores to dive with every approval or subsequent denial.

I think you are getting SP w/ denial, confused with those of us with Amex cards.  When we apply for other amex products, and are declined, it's only an SP.

All 20 of his apps will result in HPs.

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ok gotcha!

[ficojoe]

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@Repo-ed wrote:

His already non-existant AAoA will cause his scores to dive with every approval or subsequent denial.

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According to MyFICO, before the app spree my AAoA was 7 years. My oldest account is 10 years, 7 months. The problem is that I closed all my accounts and have basicly not used credit in about 7 years. Any bad stuff fell off, but the accounts are still showing up as closed in good standing. However, in 3 more years, those accounts closed for 10 years are going to disappear and my AAoA will take a real dive. At least that is from what I understand... 

[Repo-ed]

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@ficojoe wrote:

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@Repo-ed wrote:

His already non-existant AAoA will cause his scores to dive with every approval or subsequent denial.

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According to MyFICO, before the app spree my AAoA was 7 years. My oldest account is 10 years, 7 months. The problem is that I closed all my accounts and have basicly not used credit in about 7 years. Any bad stuff fell off, but the accounts are still showing up as closed in good standing. However, in 3 more years, those accounts closed for 10 years are going to disappear and my AAoA will take a real dive. At least that is from what I understand... 

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You are 100% correct.

[iMacDrew]

that is correct. i'd just double tap with NFCU and see what they need from you to make a decision. They are usually very generous. that way by the time the closed accounts dissappear youll have about 3 yrs establish credit with them.

[ficojoe]

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@DaveSignal wrote:

Try for the NFCU right away. 

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What are the chances of approval of a NFCU credit card assuming a FICO of 641 before a slew of inquiries? I currently have no unsecured credit card. The four recent approvals are Wal-Mart store card, Kay Jewelers, Amazon Store Card, and Cap1 Secured MC. Before that I had 0 open revolving accounts. However, I did have several revolving accounts reporting closed in good standing.

[Repo-ed]

www.whogavemcredit.com

[iMacDrew]

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@ficojoe wrote:

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@DaveSignal wrote:

Try for the NFCU right away. 

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What are the chances of approval of a NFCU credit card assuming a FICO of 641 before a slew of inquiries? I currently have no unsecured credit card. The four recent approvals are Wal-Mart store card, Kay Jewelers, Amazon Store Card, and Cap1 Secured MC. Before that I had 0 open revolving accounts. However, I did have several revolving accounts reporting closed in good standing.

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well from my experience in 09 i had no credit history and was approved 1000, same for a buddy of mine a week ago. Cash Rewards Visa

[DaveSignal]

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@ficojoe wrote:

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@DaveSignal wrote:

Try for the NFCU right away. 

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What are the chances of approval of a NFCU credit card assuming a FICO of 641 before a slew of inquiries? I currently have no unsecured credit card. The four recent approvals are Wal-Mart store card, Kay Jewelers, Amazon Store Card, and Cap1 Secured MC. Before that I had 0 open revolving accounts. However, I did have several revolving accounts reporting closed in good standing.

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Personally, I can't say.  I think I had around 675 EQ when they approved me.  But I have read about plenty of people approved with lower scores.  If you are already did all those apps, you might as well try NFCU before stopping apps for a year.

[migliogiorni]

1 year

[Middleswarth]

20 apps beats me (14)  .  Let the dust settle for a while.  Wait until you get the results from all your apps.  You may be able to recon a few of them.