Advice for starting portfolio and diversity

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7 posts
RoyalFlush
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Advice for starting portfolio and diversity

Postby RoyalFlush » Wed Feb 27, 2013 1:13 am

I've recently been looking into expanding my credit card portfolio, as I only have one at the moment. I've listed my credentials and history below.

UTIL: 15% (Will be close to 0% at time of application)
TU: 764
EX: 741
Negatives: 0
Oldest: 7.3 years
Average: 5.8 years
Hard Inquiries: 1 - EX - 8/11, 2 - TU - 7/11, 11/11
Loans : 1 (Auto - 7/11)
Credit Cards: 1 ($5k - 10/05)

I'm wanting to apply for the cards below.

Amex GC
Amex BCE
Chase Freedom
Discover IT
BoA Visa

My reasoning is that I want to start building a relationship with these companies. More importantly, I want every "type" of card in my portfolio (Amex, Visa, MC, Discover).

Would it benefit me to apply for all of them in one day? Or should I apply for the Amex's first, wait for those to post to my reports, and then apply for the rest?


Randiesel75
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Location: Clark, NJ

Postby Randiesel75 » Thu Feb 28, 2013 7:05 am

Is this Sal from NY ?

Sevenfeet
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Postby Sevenfeet » Thu Feb 28, 2013 9:50 am

I think the first questions you need to ask are "What are my goals?" "What do I want my cards to do for me?"

It would seem by your post that one of them is expanding your available credit. Those cards listed would certainly do that. I'll imply by your list that cash back cards seem to be on your list too (as opposed to travel cards). I'm assuming that the BofA card is the Cash Rewards card. And the Amex Green Card rounds out that kind of card, especially if you upgrade it to a Gold or PRG card later.

I decided in my app spree to do most of them in a 2 day period, but it could have easily been the same day. Since your length of credit is decent, your scores are nice and your utilization is low, you can probably go and do all at once. My experience is that your choice of cards should evenly distribute your hard inquiries. Amex pulls Experian, BofA pulls Transunion, and Chase/Discover go to Equifax.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

cashback
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Location: NY

Postby cashback » Thu Feb 28, 2013 9:56 am

Sevenfeet wrote:I think the first questions you need to ask are "What are my goals?" "What do I want my cards to do for me?"

It would seem by your post that one of them is expanding your available credit. Those cards listed would certainly do that. I'll imply by your list that cash back cards seem to be on your list too (as opposed to travel cards). I'm assuming that the BofA card is the Cash Rewards card. And the Amex Green Card rounds out that kind of card, especially if you upgrade it to a Gold or PRG card later.

I decided in my app spree to do most of them in a 2 day period, but it could have easily been the same day. Since your length of credit is decent, your scores are nice and your utilization is low, you can probably go and do all at once. My experience is that your choice of cards should evenly distribute your hard inquiries. Amex pulls Experian, BofA pulls Transunion, and Chase/Discover go to Equifax.


+1. Do it all at once. Just make sure you are positive those are the cards you want.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

RoyalFlush
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Postby RoyalFlush » Thu Feb 28, 2013 10:22 am

Randiesel75 wrote:Is this Sal from NY ?


No

Sevenfeet wrote:I think the first questions you need to ask are "What are my goals?" "What do I want my cards to do for me?"


cashback wrote:+1. Do it all at once. Just make sure you are positive those are the cards you want.


My only goal was really to expand my credit. I wanted to have every “type” of card, from the issuers, and in regards to travel and cash back rewards.

I actually want the PRG, BCP, and CSP. I second-guessed myself and went to the lower cards because I really don’t’ want to have a denial or rejection on my record.

I’m thinking about increasing my current CL to $10k on my current and only credit card before going on an app spree. This way, it’ll give the other cards a better chance for a higher limit (I think). The pull will come from TU most likely, since the last two in 11 from my credit union came from TU.

If/when I get the CLI, I’ll probably wait until it hits my reports to upgrade the utilization and limit, and then apply after that. I was also thinking, since I’m not in a rush, that I could get the CLI, and then wait until later in the year to apply since every inquiry will be off my record except for the recent CLI. (With that said, based off research, I don’t think it will matter that much if I apply immediately after the CLI hits my reports)

Sevenfeet
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Postby Sevenfeet » Thu Feb 28, 2013 10:49 am

Your plan sounds like what I did. I began with CLIs on the existing two cards I carried, Chase and BofA. Both of them granted and got my utilization away from the wall they were at. From there, I think the new apps were a lot easier to swallow by the lenders. In your case, whatever your CL is on your single card should serve as a benchmark for the other card companies (except for Discover, which tends to give small CLs on opening regardless).
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

RoyalFlush
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Location: NYC

Postby RoyalFlush » Thu Feb 28, 2013 11:10 am

Sevenfeet wrote:Your plan sounds like what I did. I began with CLIs on the existing two cards I carried, Chase and BofA. Both of them granted and got my utilization away from the wall they were at. From there, I think the new apps were a lot easier to swallow by the lenders. In your case, whatever your CL is on your single card should serve as a benchmark for the other card companies (except for Discover, which tends to give small CLs on opening regardless).


What was the time frame from getting your CLIs, to applying for new cards?



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