Opening 2 cards in one day a good idea?

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Postby onion » Mon Aug 11, 2014 12:39 am

CarefulBuilder14 wrote:Happy to see you got approved.

Others know more, and I'm probably more at the app-conservative end of the spectrum here, but I'd suspect that applying for five cards in one day is reasonable only if you have a very long and broad credit history, or if some cards are with repeat issuers. I expect Amex and Chase are a lot more friendly when it comes to opening multiple cards at once than, say, Barclays is. I'm guessing some of your current accounts are a few years old to have a near-800 FICO.

However, (if someone with a short credit history and only one or two cards is reading this) it is possible to have a fairly high FICO score (maybe 760) with only a short but clean credit history. You are not in the same credit situation as someone with a longer history, half a dozen cards, and a similar FICO.

I don't know what the right frequency is for applications, but 5 in one day on a high-FICO but thin file would be overkill.

Although 5 in a day for a thin file is overkill, there are decent reasons from a small app spree (not the myfico craziness) with a short credit history. The more cards you rack up while you've got your short history, the less of an AAoA hit you'll take when you apply for a card in the future. I've got less than a year of history and have all the cards I could meet right now. If in a couple years I end up needing something different because of a lifestyle change, my AAoA won't crash like it would have had I just kept my Bank of America card.

Nyctory, basically, just get what you need. If you do go for an app spree, don't go insane if you have a thin file. Even with a year of history, I'm still taking a 15 point hit per app.
FICO TU - 728 - 8/14
FICO EX - 716 - 7/14
FICO EQ - 740 - 7/14

Bank of America Cash Rewards - $2,400
Best Buy - $3,000
American Express Blue Cash Everyday - $8,000
American Express Everyday - $10,000
Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)
American Express Platinum - NPSL
Barclaycard Arrival+ - $3,000
Capital One Yamacard - $11,000

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