honestjake wrote:Any flaws with this plan?
Accumulating debt would be the major flaw.
What are you specifically looking to accomplish?
honestjake wrote:A few assumed premises:
1. Number of credit cards possessed doesn't affect credit score
2. Number of credit cards doesn't affect your approval odds for a new card
3. I will not use a card with an annual fee for quite some time
Not directly for 1 & 2 but that applies to many things. Number of cards will play a part in AAoA which is certainly a factor that is considered for scoring and approvals.
Not sure why 3 is relevant.
honestjake wrote:Build $2-3k balance, paying minimums of course
You need to consider revolving utilization, not balance and minimums. $2-3K could be no big deal or it could be a very big deal depending the limit.
honestjake wrote:Around month 11, transfer the balance to a card with a 0% APR on Balance Transfers for X number of months, perhaps paying a 3% fee, perhaps not (Chase Slate)
Again, revolving utilization is what matters. If $2-3K leads to high revolving utilization then don't count on getting another card to BT.
Nixon wrote:Never pay just minimums.
Details matter. I have several cards where I'm just paying the minimums but these cards have 0% offers and very low revolving utilization. Every other card is paid in full and my credit profile is strong. I'll have to increase payment amounts to pay them off before their offers expire though. Someone in a different situation could certainly end up in trouble paying only the minimums. I'd generally advise against it but, again, details matter.