Why go on an App Spree?

[fungoman]

Ok, I am new here and have been posting for a couple of weeks now. What I cant understand is why people go on these "app sprees"? What is the point of opening up 6 credit cards at one time?

[Open123]

Ah, mainly for sign-up bonuses.

For example:

1.  Citi AA - 50K bonus.

2.  Barclay Arrival - 40K bonus or US Air 40K bonus.

3.  Chase CSP - 40K bonus.

4.  Amex PR Gold - 50K or 100K bonus.

I see no reason for 6, since the only compelling general public offers (excluding CUs and Military associations) are from either Chase, Citi, Amex or Barclays.  The spree spreads out the HPs (Citi pulls Ex, Chase EQ, Barclay TU and Amex Ex) and allow for the accounts to age concurrently with all HPs falling off at the same time.

You shorten the score purgatory period.

[lg8302ch]

Well I found out the hard way. Got 4 cards in a spree in 2013 of which 2 with horrible terms ..Freedom with 22,99% APR and Discover with 2,5K limit ....(even with scores in the high 700) for me lesson learnt - no more sprees as I do not only want approvals but also best terms and decent limits. That happens only if I space out my apps. I am now on a 1 card every 6 months and got nice limits and best terms ever since

[fungoman]

That is quite a bit of spending to have to put through some of these cards in a short period. The average income from what I have gathered on most people posting around here can't support that type of spending. Doesnt adding all these cards at the same time crush your AAoA?

[fungoman]

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@lg8302ch wrote:

Well I found out the hard way. Got 4 cards in a spree in 2013 of which 2 with horrible terms ..Freedom with 22,99% APR and Discover with 2,5K limit ....(even with scores in the high 700) for me lesson learnt - no more sprees as I do not only want approvals but also best terms and decent limits. That happens only if I space out my apps. I am now on a 1 card every 6 months and got nice limits and best terms ever since

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This is exactly part of my point. I think some are doing these "sprees" just because others are having some success with it on the site and get sucked in.

[Open123]

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@fungoman wrote:

That is quite a bit of spending to have to put through some of these cards in a short period. The average income from what I have gathered on most people posting around here can't support that type of spending. Doesnt adding all these cards at the same time crush your AAoA?

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For most who are enterprising, the spend isn't an issue.

Those with thick files and old Amex membership dates will experience little to no adverse effects on AAOA.  Those with new or thin files will only be helped in time as all 4 beging to age, as opposed to reducing the average AAOA with a new app every 6 months.

However, for those with medium files, spend little money and aren't "creative," then this strategy isn't feasible.

[Open123]

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@lg8302ch wrote:

Well I found out the hard way. Got 4 cards in a spree in 2013 of which 2 with horrible terms ..Freedom with 22,99% APR and Discover with 2,5K limit ....(even with scores in the high 700) for me lesson learnt - no more sprees as I do not only want approvals but also best terms and decent limits. That happens only if I space out my apps. I am now on a 1 card every 6 months and got nice limits and best terms ever since

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Well, for pure sign-up bonus cards, I couldn't care less about the CL (so long as it can meet the spend requirement) or APR.  It'll be purged before the next fee is due anyway.

[fungoman]

That makes sense, I guess I am thinking most that I have seen on here are younger with limited files.

[lg8302ch]

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@fungoman wrote:

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@lg8302ch wrote:

Well I found out the hard way. Got 4 cards in a spree in 2013 of which 2 with horrible terms ..Freedom with 22,99% APR and Discover with 2,5K limit ....(even with scores in the high 700) for me lesson learnt - no more sprees as I do not only want approvals but also best terms and decent limits. That happens only if I space out my apps. I am now on a 1 card every 6 months and got nice limits and best terms ever since

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This is exactly part of my point. I think some are doing these "sprees" just because others are having some success with it on the site and get sucked in.

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I matters a lot if you have a strong file and long AAoA. When I did this I had only 2 cards and AAoA 18 yrs which I cut to 4 yrs ...scores recovered within 3 months but risk score for Chase was horrible that is why the horrible APR. Worst of all that Chase does not re-evaluate terms  and you are stuck for life unless you close the card and reapply. Once my inq drop off and my Freedom hits 2 years I am going to challenge Chase to lower it...goal is 13,99%...not important as I PIF but I would like them to adjust the APR as every other prime lender does.  Goal is best terms on all cards..LOL 

[Open123]

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@lg8302ch wrote:

I matters a lot if you have a strong file and long AAoA. When I did this I had only 2 cards and AAoA 18 yrs which I cut to 4 yrs ...scores recovered within 3 months but risk score for Chase was horrible that is why the horrible APR. Worst of all that Chase does not re-evaluate terms  and you are stuck for life unless you close the card and reapply. Once my inq drop off and my Freedom hits 2 years I am going to challenge Chase to lower it...goal is 13,99%...not important as I PIF but I would like them to adjust the APR as every other prime lender does.  Goal is best terms on all cards..LOL 

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Right, hence the vivid example of the value of having multiple TLs from the beginning.  For long term stability, it's better to start off with 6 immediately, then to start with 2, then add 4 many years later.

Or, for those with old Amex memberships, this AAOA erosion is almost completely neutralized by new Amex apps.  4 Amex Revolvers & a Charge can give a person 5 fully backdated TLs.