After a high score I am most interested in simplicity. I would rather have 3-5 cards (Visa/MC/Amex) and preferably from the same issuer to keep payments and reward points consolidated. I am thinking Chase Sapphire Visa, Chase Freedom MC, Amex BCE and maybe SPG & Platinum. In general I would like to avoid fees. I picked these cards because I plan to hold them for a long time. I may open and close accounts for promotional rewards, but I want a suite of stable cards to be the pillars of a strong AAoA.
Currently I have a Capital One account I would need to close, but reading this forum it sounds like there is little to be lost from saying good bye to them. Is it worth upgrading to a Cash Rewards or VentureOne and putting it in the sock drawer in case CO becomes good one day?
For the main suite of cards (Chase & Amex) I am unsure about my plan of attack. My credit score is a reasonable 730 but the history is under one year. Income is fairly high (but not 7 or 8 figure Wall St. alas) however, but unfortunately it looks like the issuers penalize for lower incomes but do not exhibit more faith for higher ones.
- Do I apply for all of the cards I want at once, taking the hard inquiry hits all at once? With this strategy I would probably receive low credit limits if approved but a better AAoA, and would need to build them up over time and I am not sure if CLI requests are the best way to get a high limits as opposed to opening new cards.
- Should I instead apply for one, build up my history and request a CLI after a few months, and then apply for the next card (hopefully with a higher CL based on the previous card's CLI), etc? Is it easier to get higher CLs this way?
- Is there some other strategy, like getting a secured card with no deposit cap and boosting the limit very high? I have done this with a CO card but it did not appear to help me get higher CLs (however it did greatly lower my utilization). Can I show my income and assets to get a high CL?