Pros and Cons of Credit Card App Sprees

[Anonymous]

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@Anonymous wrote:

I feel my experience and knowledge may be less than some here, but here's my input.

It terms of app-spree pros, my list is short. You get the cards you want, accounts all age together (really a "meh" point) and the inq falls off all at once.

As for the cons, the list is a bit longer. If you are doing enough research, you'll realize that you probably only need a few cards to get great rewards.

When you go through an app spree and are gathering a number of cards with rewards for spending (points for $ spent in 3/4 months) you're almost always going to buy things you don't need. This puts people into unnecessary debt. And this is where a lot of people get in trouble. If you spread cards out, and time new cards (think a marathon) you'll be able to hit your spending limits and bonus thresholds without going into unnecessary debt(a card this month... Then another in 4 months).

The last thing I'd like to add is if you spread out your applications and use a new card for 6-12 months, it gives you a solid idea if that particular card is worth keeping in your wallet.

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Thank you for your opinion. I see by your scores that all is well with you in the credit arena with the decisions you have made. . Congratulations on your scores. I want to be you. lol

[galahad15]

The 3 main reasons for my app spree of about 7-8 new accounts over the past year or so has been simple:  to add new cards to my collection that featured either (1) low APRs; (2) low APRs + rewards; or (3) higher APR cards with additional premium benefits like WEMC status or promotional 0% periods.

Pros:  in addition to the reasons mentioned above, added to my total available CL across all cards, for the most part increased score.

Cons:  vastly decreased my AAoA, lots of inquiries, lots of inquiry hits, some cards had lower CLs and higher APRs than  I would have ideally liked.

The cards I am happiest woith receiving during the app spree are my FNBO Amex, my Blispay VISA, FNBO BucksBack VISA, BoA BBR, Unify CU VISA Gold, and Cap1 BuyPower WEMC.  Others, such as the Chase Freedom, some of the Citi cards in my sig, etc., I am not so happy with, because although most of them still have nice 0% promos on them atm, the go-to APRs are astronomical, in mho! 

[Anonymous]

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@galahad15 wrote:

The 3 main reasons for my app spree of about 7-8 new accounts over the past year or so has been simple:  to add new cards to my collerction that featured either (1) low APRs; (2) low APRs + rewards; or (3) higher APR cards with additional premium benefits like WEMC status or promotional 0% periods.

Pros:  in addition to the reasons mentioned above, added to my total available CL across all cards, for the most part increased score.

Cons:  vastly decreased my AAoA, lots of inquiries, lots of inquiry hits, some cards had lower CLs and higher APRs than  I would have ideally liked.

The cards I am happiest woith receiving during the app spree are my FNBO Amex, my Blispay VISA, FNBO BucksBack VISA, BoA BBR, Unify CU VISA Gold, and Cap1 BuyPower WEMC.  Others, such as the Chase Freedom, some of the Citi cards in my sig, etc., I am not so happy with, because although most of them still have nice 0% promos on them atm, the go-to APRs are astronomical, in mho! 

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Thanks for adding to the thread, galahad, and giving us insight into your thinking about apping. 

[CreditDunce]

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@Anonymous wrote:

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@Anonymous wrote:
I personally never saw a reason for a spree. I have plenty of available credit with only 5 CC. I have a 6yr AAoA and would hate to lose that. New inq don't bother thought...they only matter if you're seeking more credit which I'm not.

We see a lot of app spree regret on this board...credit decisions should not be taken lightly!

PS: I like the movie reference, if we were only talking pros, "For a Few Dollars More" could work.

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When I apped I had an overall plan and order of apping which is why I have good cards with good limits.  I began apping after Chapter 13 recovery because all my old cards were no longer in use and I knew I needed new ones to fill the gap as  the old ones fell off my reports. I do not recommend App sprees even though I went on a few. Rebuilding is a b***h! lol Anyway, now is more normal and I have no need or plan to ever do it again.

That being said, I guess I worry about those who spree with no plan and get caught up in the adrenaline rush. Because I had an overall plan, I really didn't feel much of that. 

Like your comment about "For a Few Dollars More." lol

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App spree result: "A Fist Full of Cards"

[kdm31091]

I agree with the above that the pursuit of many cards with "special" reward categories tends to just lead to more spending. I think a slow, steady approach is best, and plenty of research and math to see what that 3 percent dining or gas card will really give you in dollars. You may find you don't need it.

[CreditCuriosity]

My spree has been a 2 year spree with 3 months breaks here and there..  I have gotten pretty much anything I have desired now and it is time to let my profile grow/recover.  With how i did it I never went a penny into debt nor did I spend money that I wouldn't of spend anyways for bonuses, they the long "spree" and a healthly amount of credit and bonuses enough for many trips including flights/hotels, etc.

Now to the question:

Pro's:

Thick Profile in long run aka big AAoA as each month/year passes

Alot of credit quickly (assuming profile supports it)

Sign-up bonuses (assuming one can handle several at a time without going into debt or doing the BT game)

lower Util if needed

Plenty more

Cons:

AAoA Hit

Inquiry Hits

Chance of AA of any sort

Possibly debt if one cannot afford to pay off cards or disciplined

Less favorable CL/APR's as spree continues

AF's (if applicable)

etc..

[Anonymous]

A myfico inspired spree is far worse than Joe Shmoe getting a fat raise at work, buying a harley, getting 3 random cards at once for mods to said Harley.

In the cases of our myfico spree you say you are done in December… then marvel and blispay come out in the spring… and you can do nothing about it

[Anonymous]

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@kdm31091 wrote:
I agree with the above that the pursuit of many cards with "special" reward categories tends to just lead to more spending. I think a slow, steady approach is best, and plenty of research and math to see what that 3 percent dining or gas card will really give you in dollars. You may find you don't need it.

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Thanks for your input, kdm. Some serious food for thought there.

[Anonymous]

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@CreditCuriousity wrote:

My spree has been a 2 year spree with 3 months breaks here and there..  I have gotten pretty much anything I have desired now and it is time to let my profile grow/recover.  With how i did it I never went a penny into debt nor did I spend money that I wouldn't of spend anyways for bonuses, they the long "spree" and a healthly amount of credit and bonuses enough for many trips including flights/hotels, etc.

Now to the question:

Pro's:

Thick Profile in long run aka big AAoA as each month/year passes

Alot of credit quickly (assuming profile supports it)

Sign-up bonuses (assuming one can handle several at a time without going into debt or doing the BT game)

lower Util if needed

Plenty more

Cons:

AAoA Hit

Inquiry Hits

Chance of AA of any sort

Possibly debt if one cannot afford to pay off cards or disciplined

Less favorable CL/APR's as spree continues

AF's (if applicable)

etc..

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Thank you for your insightful post, CC. 

[Anonymous]

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@Anonymous wrote:
A myfico inspired spree is far worse than Joe Shmoe getting a fat raise at work, buying a harley, getting 3 random cards at once for mods to said Harley.

In the cases of our myfico spree you say you are done in December… then marvel and blispay come out in the spring… and you can do nothing about it

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Ah, the constant temptation for apping when your profile doesn't support it? Is that what you are saying? Thanks for posting.