Want to acquire 4 more cards. Advice?

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yfan
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Re: Want to acquire 4 more cards. Advice?

Postby yfan » Fri Dec 11, 2015 4:47 pm

Csog33 wrote:As I said I want to maximize my credit spending. I know these cards don't offer huge bonuses over what I already have but I eventually want to have many credit cards anyway, so why not take advantage of those small bonuses?

It's certainly your prerogative. But there are real consequences of getting too many cards. Bottom line is creditors want you to use their card. Too many inquiries or too many new accounts (and no, we cannot tell you how many is too many) can make creditors nervous, who may either take AA or approve you with small lines to begin with. Lastly, as I had pointed out, a lot of cards don't necessarily mean maximization of rewards, because while you are "maximizing" the nominal rates, you are quite likely missing out on other special deals from your existing cards.


kdm31091
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Re: Want to acquire 4 more cards. Advice?

Postby kdm31091 » Fri Dec 11, 2015 10:43 pm

Say you have 5 cards right now. Adding 4 more is an 80% increase. However your monthly spending will not increase by 80%; in fact it shouldn't increase at all due to more cards/rewards. So now you just diluted your rewards across 4 more cards. Unless you are wealthy, you only spend so much money every month and so adding a bunch more cards isn't going to "maximize" much, moreso just gives you a bunch of cards to manage with not much gain (ignoring short term bonuses etc).

Now, some of us, myself included, certainly have fallen into the trap in the past so I'm not saying this from a place of "I'd never let it happen to me"; I'm telling you from a place of "for most average spending, it's not worth applying for a dozen cards as the incremental gain is tiny".

ingramjuan
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Re: Want to acquire 4 more cards. Advice?

Postby ingramjuan » Fri Dec 11, 2015 10:54 pm

Csog33 wrote:Last week I applied and was approved for 4 additional cards.
- Discover It $1,500
- Bank Americard Better Balance Rewards $3,500
- Citi Double Cash $3,600
- Chase Freedom $10,000


Nice new cards, nice CL with Chase Freedom, just wondering why the other 3 cards CL didn't match your Chase Freedom? Which card did you apply for first??
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

Csog33
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Re: Want to acquire 4 more cards. Advice?

Postby Csog33 » Sat Dec 12, 2015 12:37 am

ingramjuan wrote:
Csog33 wrote:Last week I applied and was approved for 4 additional cards.
- Discover It $1,500
- Bank Americard Better Balance Rewards $3,500
- Citi Double Cash $3,600
- Chase Freedom $10,000


Nice new cards, nice CL with Chase Freedom, just wondering why the other 3 cards CL didn't match your Chase Freedom? Which card did you apply for first??


I was wondering about that too. I applied for the Chase card last. I was an AU on my dad's Chase credit card with a very high CL when I was younger. Might have something to do with that.

Csog33
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Re: Want to acquire 4 more cards. Advice?

Postby Csog33 » Sat Dec 12, 2015 12:39 am

Thanks everyone for the advice. I won't apply for any new cards. Maybe just the Cash+ in a year or so...

CardAttack
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Re: Want to acquire 4 more cards. Advice?

Postby CardAttack » Sat Dec 12, 2015 9:21 am

My Freedom limit is my highest (25k) as well. All of my other cards have at least 10k.

The Freedom was the fourth app in my recent nine apps for cards.
Amex BCP|Amex Hilton HHonors|AARP Visa|Chase Freedom |BofA BBR|BofA Cash Rewards | BofA Travel Rewards |Citi DC|Discover IT|US Bank Cash +|REI Visa

Vermonster
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Re: Want to acquire 4 more cards. Advice?

Postby Vermonster » Sat Dec 12, 2015 9:26 am

Csog33 wrote:Thanks everyone for the advice. I won't apply for any new cards. Maybe just the Cash+ in a year or so...


Smart move I think. Chase has really cracked down on heavy appers. I think we'll see a few other banks follow suit in the next few months.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

kdm31091
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Re: Want to acquire 4 more cards. Advice?

Postby kdm31091 » Sat Dec 12, 2015 9:35 am

Vermonster wrote:
Csog33 wrote:Thanks everyone for the advice. I won't apply for any new cards. Maybe just the Cash+ in a year or so...


Smart move I think. Chase has really cracked down on heavy appers. I think we'll see a few other banks follow suit in the next few months.


Agreed; I think Chase is probably setting a precedent. Simply put, banks don't want chronic appers. I don't care how "thick" one's file is. They want people to apply for and actually use the cards, not just milk for a bonus and move on.



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