Why go on an App Spree?

[lg8302ch]

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@Open123 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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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.

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+1

for that purpose I fully agree but I am not at that stage yet...all my cards are keepers. I do not have a single closed account on my report which also looks suspicious on manual reviews...ha ha. Well at the end of the year I will app for CSP and if Chase will have 149$ my plan is to pc to a Freedom (possibly better terms) after 1 year  and previously close the present Freedom if Chase will not budge to upgrade to a Siggy and lower APR. For 95$ the CSP would be a keeper as well but for me personal spend only with my income it does not make sense for the 149$ AF...we will see as times goes by...

[Open123]

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@lg8302ch wrote:

+1

for that purpose I fully agree but I am not at that stage yet...all my cards are keepers. I do not have a single closed account on my report which also looks suspicious on manual reviews...ha ha. Well at the end of the year I will app for CSP and if Chase will have 149$ my plan is to pc to a Freedom (possibly better terms) after 1 year  and previously close the present Freedom if Chase will not budge to upgrade to a Siggy and lower APR. For 95$ the CSP would be a keeper as well but for me personal spend only with my income it does not make sense for the 149$ AF...we will see as times goes by...

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LOL...see, it's all about pattern of behavior.  

I've got so many closed accounts, on manual review they don't even bother asking me about it.  The one who did (US Bank), I just said, "the closed cards rewards sucked, which is why I'm applying for your card!"

[lg8302ch]

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@Open123 wrote:

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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.

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+1.....took me 20 yrs to find this board..wish my oldest account would be Amex  and like this I could just add another Amex and boost AAoA...next Amex for me in 2015 like this it will get me at least the 3 yrs

[SomeGuyOnTheWeb]

I was kind of wondering the same thing myself. I've never understood the purpose of having six, seven or eight credit cards. I only have two, and I'll probably get a third (Capital One QS) in the future for the 1.5% cashback once the 0% APR offer on my Discover It ends. I couldn't imagine any more than that. What's the point?

[-Wade-]

My app spree was 1 card a few weeks ago and now I am finish 

[Open123]

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@SomeGuyOnTheWeb wrote:

I was kind of wondering the same thing myself. I've never understood the purpose of having six, seven or eight credit cards. I only have two, and I'll probably get a third (Capital One QS) in the future for the 1.5% cashback once the 0% APR offer on my Discover It ends. I couldn't imagine any more than that. What's the point?

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The only point would be to accrue free perks, such as cashback bonuses and assorted travel related rewards for air travel and hotel stays.

[lg8302ch]

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@Wade64 wrote:

My app spree was 1 card a few weeks ago and now I am finish 

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Yeh...for me another year and I am done too and going for Diamond as well ...looking forward to your Diamond  ...stay on track ..LOL

[thmgoodw]

What's the point?  As someone who went from 2 cards to 11 cards in the course of about 6 months...

(1) My AAoA is  bolstered by several older closed accounts, that should be dropping off my report in a few years. I would rather take a hit on my credit score now, and get a host of new tradelines, that can then age with me, then take the hit in a few years.

(2) The perks, rebates and discounts. I use my Cap1 QuickSilver's 1.5% cashback as my standard use card. I use my Sallie Mae card and US Bank Cash+ cards for their respective categories. I used Care Credit to basically fund 18 months interest free LASIK. For some stores, it is rather silly to shop there and not use their store card. I love Kohl's, and one would have to be cuckoo to shop there and not use their card. Same with Macy's. I also have a few GECRB cards so that I can do regular CLIs to get up to great credit limits on those accounts, hopefully to help influence future higher limits on new cards.

[SomeGuyOnTheWeb]

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@Open123 wrote:

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@SomeGuyOnTheWeb wrote:

I was kind of wondering the same thing myself. I've never understood the purpose of having six, seven or eight credit cards. I only have two, and I'll probably get a third (Capital One QS) in the future for the 1.5% cashback once the 0% APR offer on my Discover It ends. I couldn't imagine any more than that. What's the point?

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The only point would be to accrue free perks, such as cashback bonuses and assorted travel related rewards for air travel and hotel stays.

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I don't really see the point of signing up for a card solely for the perks, especially if you're not going to use it afterwards. As far as I see it, more credit cards = more bills to keep track of + more debts to pay off. To each their own, I suppose.

[Open123]

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@SomeGuyOnTheWeb wrote:

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@Open123 wrote:

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@SomeGuyOnTheWeb wrote:

I was kind of wondering the same thing myself. I've never understood the purpose of having six, seven or eight credit cards. I only have two, and I'll probably get a third (Capital One QS) in the future for the 1.5% cashback once the 0% APR offer on my Discover It ends. I couldn't imagine any more than that. What's the point?

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The only point would be to accrue free perks, such as cashback bonuses and assorted travel related rewards for air travel and hotel stays.

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I don't really see the point of signing up for a card solely for the perks, especially if you're not going to use it afterwards. As far as I see it, more credit cards = more bills to keep track of + more debts to pay off. To each their own, I suppose.

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So, if a Bank offered you $500 to apply for a card, you wouldnt?