@Anonymous wrote:
Great to hear your story. New to the Forum. Have not used much credit. AOAA 28.6yrs. Amex pay over time $24K and Suntrust mortgage on 3 bureaus. Closed 2nd mortgage on TU. Income $125K. No baddies. 1 inquiry 5/2016. Overall util including mortage = 50%. Amex util reported as 100%. Not sure what to do about this. Myfico Eq=758, TU=765, Ex=757. Not sure what NexGen scores will be. Want to go after PenFed . Should I? Which first? Will poi be requested when I spree? What will they look for? Will want car loan for $25K in about 3 mos.Probably too conservative with credit. Appreciate your guidance. How do you conduct an App Spree? Simply apply for several cards within the 90 days of the credit pull at PenFed?
In some particular order:
1. You can never be too conservative with credit. Or finances.
2. Do you have a reason to go on an app spree? If you're doing it for the sake of doing it only because you think you need more credit, read item number 1 again.
3. If you do decide to go on an app spree, it's pretty much like you described: apply for a bunch of cards. There's no 90 day magic window, though. If you apply for 10 different cards, expect 10 inquiries. A few cards from the same bank on the same day will register as one pull, but assume the worst anyway.
4. Only you can answer if you should go for a PenFed card. If it's useful to you, get it. If it's not, don't.
5. It's pretty rare that a bank will request proof of income. They'll just ask you what your income is, and accept you at your word. If they do ask for it, they'll tell you specifically what they want.
6. Most banks just look for you to fill out the app. They'll run an inquiry on you and pretty much have everything they need. If they don't, they'll let you know.
7. You can never be too conservative with credit. Or finances.
With your scores, I really don't see the point of an app spree. If you want a particular card (such as PenFed), just apply for it.
