@sexy_kitten7 wrote:
@Anonymous wrote:Anyone ever hear of this?
Yes. This is called an "App-O-Rama" and it has been around for years. Almost all churners use this strategy (myself included). You can google for more info. People on this site usually say "App Spree," but I think AOR is the preferred term
App-O-Ramas are usually more than 1 card at a time, this is more like just apping every now and then!
@Anonymous wrote:So once every 90 days is too much? Haha, okay. Looks like I'm just getting caught up in the thrill of the chase... After not having credit for years I come on this board and see the "App-O-Rama" and I guess I'm getting caught up in the moment. Back to the garden with me!!!!
@sexy_kitten7 wrote:
@Anonymous wrote:Anyone ever hear of this?
Yes. This is called an "App-O-Rama" and it has been around for years. Almost all churners use this strategy (myself included). You can google for more info. People on this site usually say "App Spree," but I think AOR is the preferred term
Yes, almost all of us at one point or another have gotten caught up in the thrill of the chase. Once your in the garden for awhile its not that bad though. Almost like a form of credit meditation!
;
@red259 wrote:
@Anonymous wrote:So once every 90 days is too much? Haha, okay. Looks like I'm just getting caught up in the thrill of the chase... After not having credit for years I come on this board and see the "App-O-Rama" and I guess I'm getting caught up in the moment. Back to the garden with me!!!!
@sexy_kitten7 wrote:
@Anonymous wrote:Anyone ever hear of this?
Yes. This is called an "App-O-Rama" and it has been around for years. Almost all churners use this strategy (myself included). You can google for more info. People on this site usually say "App Spree," but I think AOR is the preferred term
Yes, almost all of us at one point or another have gotten caught up in the thrill of the chase. Once your in the garden for awhile its not that bad though. Almost like a form of credit meditation!
I told myself I want 1 card from each creditor at a decent APR and CL. All these rewards and points and miles mean nothing to me. I define decent CL at $10k and rate at either first or second tier. I have no desire or need to have 3 Chase card or whatever. The creditors on my list are AMEX, Citi, Chase, Barclays, Capital One (last on my list because of limited credit lines given), Discover, USAA, BoA, US Bank, Synchrony Bank, am I missing anyone? Haha... I think it's very doable but might take a little time =)
AMEX, Citi, Discover, and USAA have already extended me credit so I don't think I'll have an issue with AMEX, Citi, and USAA to meet my goals - but I have a feeling Discover will be a pain =/
So that's my plan. Sure it's base on really nothing more than the thrill of the chase but Im sure there are worse hobbies than working on my credit goals, right?
@Anonymous wrote:
@red259 wrote:
@Anonymous wrote:So once every 90 days is too much? Haha, okay. Looks like I'm just getting caught up in the thrill of the chase... After not having credit for years I come on this board and see the "App-O-Rama" and I guess I'm getting caught up in the moment. Back to the garden with me!!!!
@sexy_kitten7 wrote:
@Anonymous wrote:Anyone ever hear of this?
Yes. This is called an "App-O-Rama" and it has been around for years. Almost all churners use this strategy (myself included). You can google for more info. People on this site usually say "App Spree," but I think AOR is the preferred term
Yes, almost all of us at one point or another have gotten caught up in the thrill of the chase. Once your in the garden for awhile its not that bad though. Almost like a form of credit meditation!
I told myself I want 1 card from each creditor at a decent APR and CL. All these rewards and points and miles mean nothing to me. I define decent CL at $10k and rate at either first or second tier. I have no desire or need to have 3 Chase card or whatever. The creditors on my list are AMEX, Citi, Chase, Barclays, Capital One (last on my list because of limited credit lines given), Discover, USAA, BoA, US Bank, Synchrony Bank, am I missing anyone? Haha... I think it's very doable but might take a little time =)
AMEX, Citi, Discover, and USAA have already extended me credit so I don't think I'll have an issue with AMEX, Citi, and USAA to meet my goals - but I have a feeling Discover will be a pain =/
So that's my plan. Sure it's base on really nothing more than the thrill of the chase but Im sure there are worse hobbies than working on my credit goals, right?
Santander, Fort Knox, PenFed, Wells Fargo, TD Bank, Consumers Credit Union, Lake Michigan Credit Union (low APR), NASA FCU (huge limits), Paypal, JCB Marukai, Navy FCU, Huntington, First National Bank of Omaha, DCU, Nationwide, PSECU, TobyHanna, UN FCU, UMB Bank.
@reneasworld wrote:
@coldnmn wrote:
@Anonymous wrote:
@CarnegieS wrote:
@Anonymous wrote:
@red259 wrote:
@Anonymous wrote:Anyone ever hear of this?
I read online about some airline travel guru (don't remember his name) that says this is his system and he has never been denied. Also, he states he get pertpetual 5 digit approvals.
So I ask anyone that is interested, have you ever heard of this system? Have you ever tried this system? Know anybody that uses it? Interested to know because I'm stuck in the garden for one year and if I come out with a nice score (estimated on the score calculator to be 750ish), I'd like to keep my score up and get some higher credit limits.
Thanks for looking.
There is no such thing as a system that works for everyone. Its based on your credit report and income etc. When just starting out every 90 days for apps is likely too much. For people with really thick files they can apply every 90 days and be ok, since they will have a long AAoAs. When starting out I would get 2-3 cards per app cycle and app once every six months. Of course, if there are no cards you really need then I would stay in the garden and let your accounts age until an offer you are interested in pops.
Understandable. I'm not trying to "beat the system". I have only 4 cards because I'm so new (5 including secured Cap1). Before that, my last loan was 3 years ago for a car. I never had BK, no write-offs, nothing. The reason my credit history is thin is simply, I hate credit. But I've come to realize that it is currently a necessary evil. Thats why in the last 6 months, I app/received 6 accounts (incl. secured). Obviouslty my credit score dropped like a rock, 35pts.
That being said, why not make the best of it? I need more accounts to increase my credit score so I'll apply even if I don't "need" them. I choose the no annual fee cards, rewards and cash back don't mean much to me as I don't travel anymore (got that out of my system) and I'd rather pay cash than charge stuff.
Like I say, I don't make the rules, I'm just playing the game. But thanks for your input =)
Curious why you think that? It been stated here that you need 3 cards to maximize fico scoring and you already have that. More accounts does not mean a higher credit score.
According to the Credit Karma site, 7-9 revolving credit accounts is the optimal number of account. I realize more accounts don't equate to higher score. I had 1 account with Capital One Secured and had a FICO of 730. I have 6 accounts not and have a 692 FICO. I'm building a credit history. For the past 12 years, I've been an enigma.
Credit Karma is a fako site only good for monitoring. Not even close to reality as far as a true Fico score is. They don't even include AAoA of closed accounts.
^^^^I was wondering about this because Credit Karma shows my AAoA to be less than 2 years (recent hit of opening a large amount of credit decreased it) but my reports from Experian and my FICO list my AAoA as 6.9 months. I could not understand why there was such a large difference in the AAoA. So, most CB use the closed account information? Thanks for this info.
In a word, yes. The 3 big CRAs (credit bureaus) just collate info provided by data furnishers (i.e. lenders). Almost all lenders use FICO (Fair Isaac Co.) scores based on one of the CRA's data to make lending decisions. It is the FICO algorithm that factors in AAoA of open and closed accts, not the CRA.
