To Spree or not to Spree...?

[Anonymous]

Hello to all.

A question:  would it be better to do one credit application, or an app spree, given my current abysmal (for now!) Credit rating?

• Current aggregate credit score: 524
• Number of credit cards applied for, ever: zero

If there are other personal credit status details that would help put this question into context, I am happy to provide them

I would greatly appreciate any insight that this helpful community could provide - thanks!

[Dj4Money]

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@Anonymous wrote:

Hello to all.

A question:  would it be better to do one credit application, or an app spree, given my current abysmal (for now!) Credit rating?

• Current aggregate credit score: 524
• Number of credit cards applied for, ever: zero

If there are other personal credit status details that would help put this question into context, I am happy to provide them

I would greatly appreciate any insight that this helpful community could provide - thanks!

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 What sort of app spree?

 With scores that low your looking at -

 Secured Credit Cards, Secured Personal Loans (Secured as in the money you borrow is put directly into a savings account and you pay the amount down with interest, when that's done the money is released) and High Interest Auto Loans.

 What are you looking to acomplish? 

[itpromike]

I think the OP is probably asking about a credit card app spree to acquire cards to help build credit.

[Anonymous]

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@Anonymous wrote:

Hello to all.

A question:  would it be better to do one credit application, or an app spree, given my current abysmal (for now!) Credit rating?

• Current aggregate credit score: 524
• Number of credit cards applied for, ever: zero

If there are other personal credit status details that would help put this question into context, I am happy to provide them

I would greatly appreciate any insight that this helpful community could provide - thanks!

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@Anonymous,

Welcome to MYFICO... Based on your score, I'd suggest you ditch the app spree idea and get 2-3 secure cards to get you stated. CAP 1 and BOA have very good secured cards.  Once you have used that successfully for 6 months, you should be able to get it unsecured and get some others as well with decent limits.

Don't do an app apree as it will result in denials...

[Anonymous]

Definitely going to need to go with something secured first.  When you have a thin file, this is about the only way to start building.

You definitely don't want to AppSpree with a thin file and low scores.  Open secured lines and use them correctly.  In 6 months app for Cap1 unsecured

[itpromike]

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@Anonymous wrote:

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@Anonymous wrote:

Hello to all.

A question:  would it be better to do one credit application, or an app spree, given my current abysmal (for now!) Credit rating?

• Current aggregate credit score: 524
• Number of credit cards applied for, ever: zero

If there are other personal credit status details that would help put this question into context, I am happy to provide them

I would greatly appreciate any insight that this helpful community could provide - thanks!

---

@Anonymous,

Welcome to MYFICO... Based on your score, I'd suggest you ditch the app spree idea and get 2-3 secure cards to get you stated. CAP 1 and BOA have very good secured cards.  Once you have used that successfully for 6 months, you should be able to get it unsecured and get some others as well with decent limits.

Don't do an app apree as it will result in denials...

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Good advice, quick qustion... how many apps would constitutes a spree? Would getting 2 to 3 cards be more like a mini spree?

[Anonymous]

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@itpromike wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Hello to all.

A question:  would it be better to do one credit application, or an app spree, given my current abysmal (for now!) Credit rating?

• Current aggregate credit score: 524
• Number of credit cards applied for, ever: zero

If there are other personal credit status details that would help put this question into context, I am happy to provide them

I would greatly appreciate any insight that this helpful community could provide - thanks!

---

@Anonymous,

Welcome to MYFICO... Based on your score, I'd suggest you ditch the app spree idea and get 2-3 secure cards to get you stated. CAP 1 and BOA have very good secured cards.  Once you have used that successfully for 6 months, you should be able to get it unsecured and get some others as well with decent limits.

Don't do an app apree as it will result in denials...

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Good advice, quick qustion... how many apps would constitutes a spree? Would getting 2 to 3 cards be more like a mini spree?

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Yes.. That will be a mini spree.  But only for cards that you abosolutely need.

[Anonymous]

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@Anonymous wrote:

Hello to all.

A question:  would it be better to do one credit application, or an app spree, given my current abysmal (for now!) Credit rating?

• Current aggregate credit score: 524
• Number of credit cards applied for, ever: zero

If there are other personal credit status details that would help put this question into context, I am happy to provide them

I would greatly appreciate any insight that this helpful community could provide - thanks!

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I'm definitely in the "anti-spree" camp as well. I'm not inquiry averse, but sprees just make little sense to me, particularly when starting out. At this stage you should choose carefully and not app for cards you're obviously not going to get.

I would suggest joining SDFCU, they have a secured "combo" loan and credit deal. So if you have no installment loans (student loans or auto loan) at all this is a great deal. They are easy to qualify for membership by joining the American Consumer Council.

[Anonymous]

Good advice Norman. To the OP, like Norman said, get the SDFCU secured card. They do a soft pul on your credit, and that a win win deal. If I were you, I would NOT do any type of app spree with your scores, secured cards only. Pay on time for 6 months or so, and when your score go up across the board, then try unsecured.

I'm relatively new here too, but I feel almost like a vet, thanks to the wealth of information and knowledge on this site, and the poster so willing to help out.

[Anonymous]

+1