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Planning App Spree - start at 0.1% or 8.9% utilization?

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Established Member

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Also how much of a difference would it make for me to bring utilization down to 1% vs 8.9% for new apps & CLIs?
Message 11 of 23
Super Contributor

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

What is the list of cards?

It can make a difference which banks are involved. We can’t say for certain whether account closures or other risks will occur, but plenty of reports here about people doing too many apps in a short period of time, then being disappointed with the response of the banks.

So. What does your list include?
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 12 of 23
Contributor

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

I'd space them out between at least 6 months. Maybe one every two months. For some, such as Chase, maybe double that time table. That is still pushing it. Yes, there's a good chance you'd get away with it, but you might not. I need to apply for the FU so I understand the impatience, but I just got approved last month for an Ink so I'm taking it slowly.
Citi DC WEMC: 19,900|Chase CSR: 21,800|Chase Ink Cash: 7,000|Capital One QS VS: 8,000|Discover IT: 18,000|AMEX BCP: 10,000|AMEX Hilton Ascend: 20,000|AMEX GOLD: NPSL|Alliant CU VS: 15,000|Chase Amazon VS: 5,000
Message 13 of 23
Established Member

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

I haven’t decided which cards to go for yet. My main priority are higher starting limits. Which banks would you recommend for an app spree? Current cards are with Amex, chase, Discover, cap1, and synchrony.
Message 14 of 23
Community Leader
Super Contributor

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

1 to 9% is fine. Probably doesn't make much of a difference honestly.
You could spread that so called app spree over 180 days to be safe.
Especially if you have a not so thick file. Two years deep isn't a thick file.
It all depends on your overall credit profile. And what lenders you are looking at.

For example, I've added 11 new accounts since January. On top of the more than 60 already reporting. Not to say I won't get the door slammed in my face or rug pulled out from under me either.😂
It could happen to anyone.

The only thing I'm certain of when it comes to credit is, one size doesn't fit all in the credit world.😉😂

Message 15 of 23
Super Contributor

Re: Planning App Spree - start at 0.1% or 8.9% utilization?


@theguyincharge wrote:
3 new cards and a few CLI’s on my existing cards (which I haven’t gotten for the over 2 years since they’ve been opened) is too much to ask for?

As mentioned, everyone is different.  I'd suggest that your limit might be set by what you intend to do after...

 

I just picked up four accounts in December, and four more in January.  One lender in particular (Barclays) has taken AA, but no other lenders have.

 

...I've got no immediate plans to apply for anything else, so I'm sitting in the Garden letting scores recover.

 

 

10/01/19 Fico 8: EX 717, EQ 721, TU 742.

Zero percent financing is where the devil lives...
Message 16 of 23
Community Leader
Super Contributor

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

1 or 10% , .1 or 8.9 , wont really matter much. Your aaoa, income, hps, credit history will all factor. 3 card approvals is not as insane as it might sound to some but the reason why everybody keeps asking you which cards you intend to go for can make a huge difference. Every lender has their quirks and rules. Plus by knowing the lender you might be able to get those 3 cards spread on your Credit reports instead of all on one. Knowing what lender also helps understsnd who is sensitive to more thsn 2 new csrds in a small time frame.
#ChaseCreditCardHobby Enthusiast
2022
!
Message 17 of 23
Established Member

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Which lenders are the most sensitive to multiple cards opened within a short time frame, off the top of your head?
Message 18 of 23
Community Leader
Super Contributor

Re: Planning App Spree - start at 0.1% or 8.9% utilization?

Definetly Chase, more than likely Barclays, and fo sho Comenity as of late doesnt like multiple inquiries.
#ChaseCreditCardHobby Enthusiast
2022
!
Message 19 of 23
Super Contributor

Re: Planning App Spree - start at 0.1% or 8.9% utilization?


@theguyincharge wrote:
I haven’t decided which cards to go for yet. My main priority are higher starting limits. Which banks would you recommend for an app spree? Current cards are with Amex, chase, Discover, cap1, and synchrony.

What is your specific list of cards and current limits? 

 

Setting up your file for CLI is certainly a place to start. If your main goal is basically increasing credit limits to improve utilization, some banks have SP CLI. Those are always preferred and may end up getting you what you want. 

 

If you don’t have a card in mind for features you want, all the more reason to wait and do some research. The 5/24 rule for Chase is a block for some people. Once you have 5 new cards in a 24 month period, no new accounts from Chase. Only a few exceptions to this rule. 

The once-per-lifetime AMEX bonus rule means you want to time any AMEX apps for max bonus. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 20 of 23
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