New here, have some questions.

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wonkie
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New here, have some questions.

Postby wonkie » Sun Sep 28, 2014 12:38 am

Hello all. I've been reading topics for a while before I joined and decided I should get in on the goodness!

The past week or so I've been researching cards and I've found a lot that I would like. My question is this: is applying for 5-6 cards at once, too many? And could you rate which from my list are the more 'difficult' cards to get? If you think there are other good options for me, I'm all ears as well!

I have a Chase Freedom VS and Cash + VS. Scores are 770ish last I checked and did anything to them.

- Citi Double Cash World MasterCard - non category pretty much

- Sallie Mae World MasterCard / Barclay - I'm worried the cap is too low, but I might be borderline going over every month

- American Express Blue Cash Everyday

- Bank of America Cash Rewards Americard (I'm on the edge of this one, it's not a local bank for me, but I do like the idea of their 10% bonus for checking / savings members and I would open that as well, but they might end it like Chase is going to.)

- Discover it (I know this is like my Freedom, but I like the free FICO, but also am not that concerned over it, so I think I'll pass on this card at the moment.)

- Chase Sapphire Preferred - for the nice sign up bonus plus the first years fee waived.

Thanks!
[size=60]April '14: TU - 749 / EQ - 771 / EX - 790

Chase Freedom VS | US Bank Cash + VS | Best Buy Card | Citi Double Cash WMC | ENT Cash Rewards Bonus VS | American Express Blue Cash Everyday | Sallie Mae / Barclays WMC[/size]


MemberSince99
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Postby MemberSince99 » Sun Sep 28, 2014 10:54 am

No that's not too many.


As far as hard to get Citi is difficult. If you do not have a credit card when you apply that you are carrying a balance on - do NOT apply you will be declined. If you have more than a couple of inquiries - do NOT apply you will be declined.


US Bank for the Cash + is also picky and that card can be tough to get.


Likewise Chase likes to see 6 months to a year history for Freedom and a year to two years on CSP.


Good luck.

popamode72
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Postby popamode72 » Sun Sep 28, 2014 8:57 pm

The maximum amount of inquiries you can have on your report in the last six months when it comes to apping for Citi cards is 6. After that, it will be an auto decline that not even the EO can overturn so take Member's advice.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Sep 28, 2014 10:31 pm

BCE is good when your grocery spending goes over/near the Sallie Mae $250.

Maybe get an Arrival+ and forget the CSP and DoubleCash.

If you have a BCE and Sallie Mae, a BofA Cash Rewards card is going to be pretty useless.

Discover is good, and I find it different enough from Freedom to use it.

Edit: Also, as a general principle, use some caution when opening cards that have great signup bonuses, but don't give consistent, useful rewards after that to justify the annual fees. If you're planning on getting a mortgage in the next few years, having great credit should be your priority. Keeping cards for only a short time can be a good way to earn hundreds or even a few thousand dollars' worth of rewards. However, if that means you pay another 0.25% or 0.5% on a mortgage APR, those signup 'reward bonuses' may end up being very bad penalties.

It sound like you have great credit. Just don't wreck it.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

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lobbythis
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Postby lobbythis » Mon Sep 29, 2014 12:25 am

popamode72 wrote:The maximum amount of inquiries you can have on your report in the last six months when it comes to apping for Citi cards is 6. After that, it will be an auto decline that not even the EO can overturn so take Member's advice.


I'm guessing applying for retail store type cards is easier then? I'm only guessing because I was finally approved for Citi, but it's a Best Buy card. I'm almost certain I have 7-8 inquiries right now. Citi has denied me twice in the past, but I finally got it.

takeshi
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Postby takeshi » Mon Sep 29, 2014 9:15 am

wonkie wrote:My question is this: is applying for 5-6 cards at once, too many?

Depends on your credit. What you've posted generally looks good but you'll want to consider your current AAoA and the impact of adding 5-6 new accounts.

wonkie wrote:- Sallie Mae World MasterCard / Barclay - I'm worried the cap is too low, but I might be borderline going over every month

- American Express Blue Cash Everyday

What's your monthly spend on groceries?

wonkie wrote:If you think there are other good options for me, I'm all ears as well!

We'd need to know where you're spending money the most if you want "good" suggestions based on rewards. If you have other criteria that matter you really need to disclose them to us as well. The list above seems to lack focus and is all over the place but it could just be that the OP hasn't sufficiently explained the strategy behind the selections.

CarefulBuilder14 wrote:Also, as a general principle, use some caution when opening cards that have great signup bonuses, but don't give consistent, useful rewards after that to justify the annual fees.

Definitely consider the CSP and how it suits you in the long run. That is, unless you intend to rely on churning for sign up bonuses as a strategy.

lobbythis wrote:I'm guessing applying for retail store type cards is easier then?

Generally yes.

wonkie
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Postby wonkie » Mon Sep 29, 2014 10:45 pm

Thank you all!

I went back and had a look at my scores from when I got my mortgage in April and my scores were:

Transunion - 749 (I'm not sure why this is the lowest, as I thought Transunion was not as strict as the others.)

Experian - 790

Equifax - 771

My AAoA is 4.8 years currently. I've also cut my list down and gotten rid of the CSP and BofA cards. Does applying for all of the cards at one time not hurt my AAoA as much?

Monthly spend on groceries at the moment is $200ish. Same for gas, although gas spend may double in winter.

Most of my spending is Comcast, T-Mobile, restaurants, gas, groceries, electronics, amazon.
[size=60]April '14: TU - 749 / EQ - 771 / EX - 790



Chase Freedom VS | US Bank Cash + VS | Best Buy Card | Citi Double Cash WMC | ENT Cash Rewards Bonus VS | American Express Blue Cash Everyday | Sallie Mae / Barclays WMC[/size]

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Vattené
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Postby Vattené » Tue Sep 30, 2014 10:26 am

I have never heard of any CRA being more "strict" than any other. They are not all completely identical to each other in how your FICO is calculated, but the most likely explanation for that big a difference is there are a few differences in precisely what information each has collected on you.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

popamode72
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Postby popamode72 » Tue Sep 30, 2014 10:47 am

wonkie wrote:Thank you all!

I went back and had a look at my scores from when I got my mortgage in April and my scores were:

Transunion - 749 (I'm not sure why this is the lowest, as I thought Transunion was not as strict as the others.)

Experian - 790

Equifax - 771

My AAoA is 4.8 years currently. I've also cut my list down and gotten rid of the CSP and BofA cards. Does applying for all of the cards at one time not hurt my AAoA as much?

Monthly spend on groceries at the moment is $200ish. Same for gas, although gas spend may double in winter.

Most of my spending is Comcast, T-Mobile, restaurants, gas, groceries, electronics, amazon.


Do you have more recent inquiries on your TU file? Maybe that might be influencing that score more. Other than that, seems like scores between the different CRAs tend to vary to a degree.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

wonkie
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Postby wonkie » Tue Sep 30, 2014 11:26 pm

There shouldn't be anything on transunion that isn't on the others as well, to my knowledge. My last application was for my mortgage, the only other thing before that was a car loan I did over a year ago.

Update on the cards; I applied to Amex BCE and the Citi Double Cash and was instantly approved online. Amex gave me $250 for $1k spend bonus and Citi did $100 on $500 spend with 5200 CL. I also applied for sallie Mae card but was given a message that my application needed further review and they would let me know in 10 days. Should I call or wait it out?
[size=60]April '14: TU - 749 / EQ - 771 / EX - 790



Chase Freedom VS | US Bank Cash + VS | Best Buy Card | Citi Double Cash WMC | ENT Cash Rewards Bonus VS | American Express Blue Cash Everyday | Sallie Mae / Barclays WMC[/size]



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