What should be my plan in 2 months?

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paparoach429
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What should be my plan in 2 months?

Postby paparoach429 » Wed Apr 17, 2013 1:21 am

So now that I bought my new car I wont be too concerned with inquiries after I get a few more really good cards to round out my portfolio. Other than store cards I have the Citi Forward and a secured Capital One card that I want to close after I get another major card. Im thinking the Discover It, Chase Freedom and either the Csp (thanks for the tips on my other thread) or the BCE. How should I go about applying for these as far as time frame? Should I apply for all of them the same day and let them age together? In 2 months my oldest credit card would be 2 years and 3 months, 0-5% utilization, and less then 4 inquiries on my report not counting my auto loan inquiries.


paparoach429
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Postby paparoach429 » Wed Apr 17, 2013 10:47 pm

On another note, I just realized that Im going to Boston in 2 weeks and am going to be spending more money that week that normal so it would be easier to spend the $500 and 2k or 3k for the startup bonuses. Should I apply for the cards now or wait for that last inquiry to fall off on May 9th?

432521
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Postby 432521 » Wed Apr 17, 2013 11:11 pm

i say apply for the IT card and Freedom at the same time before you leave for boston so you have them to use to get the 100 cash back. If you have decent income and just the 1 hard inquiry you should be approved for both.
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

swipe_masta
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Postby swipe_masta » Wed Apr 17, 2013 11:18 pm

Well Discover It and Chase Freedom are basically the same to me. I would go with Freedom though, just for Visa. I have had my CS for a little over a month and I am very pleased by it, so I'm sure CSP will treat you well if you get it. I really like my BCE too. IMO go for CSP and BCE.

Regardless of what you do, you probably won't get your cards by the time you leave for Boston and you most likely already paid for your biggest purch (plane ticket), assuming you're flying. I know Chase and Amex especially are sensitive about too many inquires, so I would just wait til it falls off...

I never can understand why people apply for multiple cards within a day (or even in one sitting), especially applying for different cards from the same issuer. I get that your score is hit at once so it seems less damaging, but banks generally only take one application per person per day and then you get the multiple inquiry problem come up that hinders your approval rating... Do you think that the single swoop of your credit score offsets the chance you might get approved for the 2nd or 3rd card? This obviously isn't a problem for people with score in the 800's.

I probably should have opened a new thread for that last part, but I just got curious lol.

paparoach429
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Postby paparoach429 » Wed Apr 17, 2013 11:47 pm

Wouldnt it make sense to have both the Freedom and IT for the rotating categories? I would have gas stations at 5% year round. Also I was thinking CSP to make the Freedom points more beneficial. By "1" inquiry I meant the last one to fall off this year. I have 4 in total, on Transunion at least. 1 will be off next month, 2 are over a year old, and that last one is 5 months old. So I guess for scoring purposes only that last one really matters?

swipe_masta
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Postby swipe_masta » Thu Apr 18, 2013 12:20 am

I don't personally know how the cycles turn. If you know for a fact that Freedom and It are on different cycles then go for it. I just don't really care much for rotating category cards let alone having two. I fill up with my BCE. Not as great as 5% back but I'm ok with it. From what I read on a thread here ( I think it was in the rewards forum) Freedom can ONLY get cashback and are not like UR points, but I have no idea if this is true, though I know Freedom is limited in terms of rewards as opposed to CS/CSP.

Are you really going to apply for all three cards though? As I stated before, depending on your credit score, your likelihood of getting approved both CSP and Freedom without any issues is a little stretched IMO. If you're getting any combination of the three cards mentioned, I don't see a point in getting the BCE.

For sure get the CSP. I would try out one or the other of the Freedom or It first before applying for the other.
OR
Get both the Freedom and It and wait on the CSP.

Some may think more logically by applying for as many as possible at the same time, but I prefer to think more realistically about how many of those am I really going to be approved for...

paparoach429
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Postby paparoach429 » Thu Apr 18, 2013 12:45 am

Isnt it easier to apply for all you cards at once over all scattered out? I was under that assumption but definitally could be wrong.

swipe_masta
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Postby swipe_masta » Thu Apr 18, 2013 1:09 am

I mean from our end, it's a matter of opinion. Who knows what creditors believe.
In my personal opinion/experiences/conversations with multiple sources, unless you are worth giving multiple lines of credit to, generally it won't happen. I'm speaking mostly on applying for multiple cards from the same issuer i.e. in your case, Chase with CSP and Freedom. Realistically speaking, your rate of approval declines with every application. Lenders can only pull your credit so many times per person per application per set amount of time. I know for a fact that for Citi and Chase, if you submit multiple applications within a certain amount of time, you receive a notice stating that the institution has already received too many apps from you and you can no longer apply. At some point, they will auto decline every application you submit. - That's worst case scenario. Apply for two cards, may not be a big deal. Some people get away with it. But, speaking for you, yourself, do you think you will be approved for all three? If yes, go for it. If not, you might want to think it over before you get another inquiry pulled and having to wait to apply again.

FYI- Chase generally pulls EX or EQ.

paparoach429
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Postby paparoach429 » Thu Apr 18, 2013 1:43 am

Does it hold true that both applications for the Freedom and CSP are going to be pulled together and not get counted as 2?

paparoach429
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Postby paparoach429 » Thu Apr 18, 2013 1:59 am

So I guess I was under the wrong assumption about Discover. I thought you can pick which categories you wanted the 5% in (I must be thinking of a different card). Gas station categories start in July for both the Freedom and the Discover so I guess I dont need to apply for both.



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