Applying for numerous cards at once...

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rwockenf
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Applying for numerous cards at once...

Postby rwockenf » Wed Aug 05, 2015 10:10 am

My cards, when I got them, their CL, and Balance are as follows:

AMEX TrueEarnings - $14k CL - $500 Balance
Discover it - $12k CL - $11k Balance

In July I applied for and was approved for:

SallieMae MC - $3,200 CL - $0 Balance

In July I applied for and was denied for:

Citi DoubleCash Card

I called Recon Line and was approved yesterday for a $1,700 CL

I logged into my AMEX account yesterday and was preapproved for:

AMEX BCE - $2,600 CL


SO.....that makes 5 cards total that I have now. My plan is to earn the signing bonus from the BCE and probably park the card. Use the SallieMae up to the 5% cash back limit for gas/groceries/Amazon and then either use the Citi/BCE/Disc depending on the vendor and the rotating Disc category...I have an existing Upromise account and set up the High Yield Savings account to transfer earnings from the SallieMae and get the additional cash back from that.

I got the Disc it before the double cash back bonus was introduced, so I don't get that. I am using the Discover as a BT card to avoid interest while we pay it down...so I hesitate to use it at all and I may not...at least until my balance is down. I don't travel a lot so I don't see a need currently for a travel rewards card, but I am interested in continuing to increase my available credit. SO finally, my question is:

Would it be more beneficial to sit on the cards I have and request CLI down the road, or apply for any other cards that are generous with CLs (and if so what do you recommend)? My Score is about 675 currently, which I know needs to improve. Aside from Disc, I will not be carrying balances month to month on any other cards. I would like to develop history with as many credit card companies as is reasonable...I have a renewed focus on spending so I know it won't get out of control. I am wanting to establish myself with numerous companies so as to improve my available credit. I know some people on here have a dozen or more cards, and others have 2-4...I am looking for any helpful advice...thanks so much in advance.


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CarefulBuilder14
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Re: Applying for numerous cards at once...

Postby CarefulBuilder14 » Wed Aug 05, 2015 12:47 pm

Edit: I misread the OP's post. High utilization sounds like a problem, and explains the low CL on BCE vs. Costco Amex.

I've never even spent 6 months between any two apps, but then again I care more about rewards than CL.
Last edited by CarefulBuilder14 on Wed Aug 05, 2015 1:21 pm, edited 3 times in total.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

Kevin86475391
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Re: Applying for numerous cards at once...

Postby Kevin86475391 » Wed Aug 05, 2015 1:07 pm

My general rule of thumb is to avoid applying for cards more often than once every 6 months, and in practice I tend to wait at least 12-18 months. I'd take it as a warning that you declined for the Citi, and count yourself lucky that you got it reconned. My advice is to sit tight and focus on paying down the Discover card to at least 30% utilization or lower.

Personally in your situation I wouldn't apply for anymore cards until BOTH the discover card balance had dropped below 30% AND at least at least a year had passed (I know I said once every 6 months as a rule of thumb, but given your situation I'd wait at least a year).

Right now you have some negative things working against you:
-High utilization on the Discover card
-Several new accounts
-Several inquiries.

I'd give it time and focus on gardening at this point. Personally though, I wouldn't even recommend asking for any more CLI for at least 6 months. In the grand scheme of things you have PLENTY of time (the rest of your life) to perfect your credit card portfolio and get the credit score and credit limits you want. No need to rush. I'd take it slow.

rwockenf
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Re: Applying for numerous cards at once...

Postby rwockenf » Wed Aug 05, 2015 1:15 pm

Yeah I was curious about the lower limit given by AMEX as well. I'm not sure. There were no details given. Is it worth a phone call?

Vermonster
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Re: Applying for numerous cards at once...

Postby Vermonster » Wed Aug 05, 2015 3:46 pm

Time to Garden!

Yeah you might squeeze one more card out of Cap One, but do you really need it? Save the apps for a good signup bonus when you can really use it. Plus if you garden now and app later you will have a better chance of getting high initial limits. Citi, Amex, and Discover all have SP luv buttons so focus on that for now.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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CarefulBuilder14
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Re: Applying for numerous cards at once...

Postby CarefulBuilder14 » Wed Aug 05, 2015 4:38 pm

I looked back to your June thread, and I see your balance on Discover has actually risen since then. What happened to the goal of paying it off?
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card



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