@JoshSF wrote:
Hi all... I'd like some help strategizing around apping.
I just got approved for Chase Sapphire Reserve and Freedom cards. I would like to get the Freedom Unlimited card too, because the three work best together for maximizing rewards points. Learned here that I have to wait at least 30 days from opening the first two before I can get a 3rd account with Chase.
I'd also like to apply for:
- Amazon Prime Store card (Synchrony) (I will leave this up to you, typically I would use Chase Freedom or Discover it to purchase Amazon gift card on amazon when they offer Amazon bonus category. For me that's enough)
- PayPal Credit (Blispay is similar so you could also consider that and look up the differences)
These are mainly for the 0 interest financing options for medium/large purchases.
- Considering getting a balance transfer card (BankAmericard) to transfer my current Barclay balance. I usually PIF, but we put my partner's move on there and he/we can't pay it off at once. (I dont do balance transfer so I cannot help you there)
If you really want Chase FU, I would say to wait about at least 30-31 days from your last Chase approval. Also make sure you dont have more than 5 cards in the past 2 years. After all conditions meet, you can apply for Chase FU first and then other cards above. I dont think those cards are super hard to get in. You have good AAoA and good scores so they will help.
I'd also like to add my partner as an authorized user to the Chase Freedom (and eventually the FU too). That doesn't impact my apping strategy at all, does it? AFAIK the only way it affects my credit is if the authorized user runs up a balance ;-)
Yes you are right. As long as your partner does not run up your balance, it should be fine. It generally wont affect your score when you add an authorized user but it might affect your partner's score since it will probably be reported as a new account for your partner.
And I'm thinking about:
- Calling up Barclay to find out if they can do an APR reduction and/or SP CLI for me. I'm wondering if there are any downsides to CLI's. Is there a limit to how much credit the companies will give you based on your income or anything? Could a CLI jeopardize my chances of any of the above?
Yes you can use that method to request CLI. If you keep doing that above the amount of credit they want to extend to you, they might not approve your new Barclays card or might ask to you move some of your credit around. As for other credit card companies, once you have lots of credit, they will be less likely to extend more credit to you. CLI with Barclays could jeopardize your chances of above applications depending on how much credit exposure you already have with each lender. My guess is that you should be fine. My total credit is about 3-4x of my income so it's doable. Again, YMMV.
Priorities:
The Chase FU is the most important for the long term.
The balance transfer card would solve an existing acute problem (I hate paying interest) so is probably 2nd priority. But after this balance is paid off, it's into the SD.
The Amazon and PayPal lines are "nice to haves".
Yes I agree with you
Curious what your thoughts are on:
- Timing for applying, how long I should wait to apply for FU (30 days? 60 days?) At the least 30-31 days. You may call chase app status line. If they no longer tell you that you have an existing application in the past month, then you should be fine to apply FU then. However, YMMV. If you could wait longer like 3-6 months from previous card application with Chase, your chance of approval will be higher. I always waited 6 months.
- Whether to apply for BT card before FU to avoid interest or hold off. I would hold off but if you really want it, then you could apply for it. As long as you dont have more than 5 cards in the past 2 years, you should get approved for FU later. All chase main brand cards are subject to 5/24 rule.
- Anything else I should know. not sure.
- Any cards that might be valuable/useful that I haven't considered. My thinking is the Chase cards will be my primary cards because I want to maximize my points with them. Nothing else I've seen seems like something I would need. Yes, Chase points are more valuable though there might be some upcoming devalution. See this link: http://ficoforums.myfico.com/t5/Credit-Cards/Possible-changes-coming-to-the-Chase-UR-program/td-p/50...
After getting lots of credit cards and acculating points, my direction now changes to cash back cards as they are easy to redeem. I am also getting a busier job. So, my direction and preference right now is cash back card. Citi Double Cash offers 2% and I like their price rewind system. Penfed PowerCash 2% and no FTF so it's useful if traveling overseas. Blispay has 2% and special 6 month financing going on as well. There are random cards with cash back categories here and there that you can read more.
Phew. I know that's a lot. Thanks for reading and for any help or good perspectives you can offer.
