General questions on how and when to apply for new credit cards?

[impactplayer]

Hello,

I currently have TU (753) and EQ (752). I have a balance transfer on one of my cards that is 98% of the limit. I plan to pay that off in the next few days and am hoping that will give my score a nice boost. Do credit cards report to the bureaus as soon as the payment clears or just on a scheduled date (e.g., once a month), or does it vary from card to card? 

On all my other cards, I pay statement balance in full every month but due to new charges, I usually have a small balance (between 2% and 13%) on three or four other cards each month. Is it generally a good idea to pay those small balances off before applying for new credit cards or leave them alone? 

In case it matters, I am looking to apply for (1) the Amex BCP and (2) Discover IT. Would it be pushing it to apply for three cards on the same day? I currently have CapOne Venture ($30k), Citi Double Cash ($20k), Chase Slate ($9k), WF Platinum ($8.5k) and Target RC ($2.5k). 

Thanks in advance!

[myjourney]

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@impactplayer wrote:

Hello,

I currently have TU (753) and EQ (752). I have a balance transfer on one of my cards that is 98% of the limit. I plan to pay that off in the next few days and am hoping that will give my score a nice boost. Do credit cards report to the bureaus as soon as the payment clears or just on a scheduled date (e.g., once a month), or does it vary from card to card? 

On all my other cards, I pay statement balance in full every month but due to new charges, I usually have a small balance (between 2% and 13%) on three or four other cards each month. Is it generally a good idea to pay those small balances off before applying for new credit cards or leave them alone? 

In case it matters, I am looking to apply for (1) the Amex BCP and (2) Discover IT. Would it be pushing it to apply for three cards on the same day? I currently have CapOne Venture ($30k), Citi Double Cash ($20k), Chase Slate ($9k), WF Platinum ($8.5k) and Target RC ($2.5k). 

Thanks in advance!

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Welcome to the forum 

Reporting dates vary by lender but usually within 5 days of statement cut YMMV

I think after your UTL is reported as paid weather score goes up or not 

You'll  look good for approval of both cards and if you desire and have use for a 3rd card....I don't see a problem there as well 

[KSK1912]

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@impactplayer wrote:

Hello,

I currently have TU (753) and EQ (752). I have a balance transfer on one of my cards that is 98% of the limit. I plan to pay that off in the next few days and am hoping that will give my score a nice boost. Do credit cards report to the bureaus as soon as the payment clears or just on a scheduled date (e.g., once a month), or does it vary from card to card?

99% of the time they will report it when your statement cuts off, so the balance on your statement is what is reported to the credit bureaus every month.

On all my other cards, I pay statement balance in full every month but due to new charges, I usually have a small balance (between 2% and 13%) on three or four other cards each month. Is it generally a good idea to pay those small balances off before applying for new credit cards or leave them alone? 

I would not say you have to pay all of them off, but may be a good idea to not have any balance on more than one or 2 cards.If you have higher balances on your cards, you may still get approved, but it may effect your starting limits.

In case it matters, I am looking to apply for (1) the Amex BCP and (2) Discover IT. Would it be pushing it to apply for three cards on the same day? I currently have CapOne Venture ($30k), Citi Double Cash ($20k), Chase Slate ($9k), WF Platinum ($8.5k) and Target RC ($2.5k).

I don't see any problem with it. You may want to go for one charger and one revolving from Amex on the same day as that will be one inquiry. And one thing i would recommend is to try to get a cli on Chase and WF before you app and if you get a cli, wait for them to report before you app. That would definitely help with higher starting limits on your new cards.

Thanks in advance!

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[SouthJamaica]

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@impactplayer wrote:

Hello,

I currently have TU (753) and EQ (752). I have a balance transfer on one of my cards that is 98% of the limit. I plan to pay that off in the next few days and am hoping that will give my score a nice boost. Do credit cards report to the bureaus as soon as the payment clears or just on a scheduled date (e.g., once a month), or does it vary from card to card? 

On all my other cards, I pay statement balance in full every month but due to new charges, I usually have a small balance (between 2% and 13%) on three or four other cards each month. Is it generally a good idea to pay those small balances off before applying for new credit cards or leave them alone? 

In case it matters, I am looking to apply for (1) the Amex BCP and (2) Discover IT. Would it be pushing it to apply for three cards on the same day? I currently have CapOne Venture ($30k), Citi Double Cash ($20k), Chase Slate ($9k), WF Platinum ($8.5k) and Target RC ($2.5k). 

Thanks in advance!

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1. The date they send the report varies, but the AMOUNT they report is almost always the statement balance. So pay it off before statement cuts, not after.

2. Yes it's good to have everything paid off.

3. I don't think you should apply for 3 cards in 1 day.

4. In my experience Amex always pulls EX, but you don't mention your EX score.

5. In my experience Discover pulls EQ so you should get that easily.

[impactplayer]

Thanks to each of you for your feedback thus far! 

Reporting following the statement cut makes sense to me. And I was trying to keep each card in use so as not to have any closed by putting a few bill payments on each. I have now consolidated all of those payments to one card and will pay all of them off before the next statement cuts and may keep a little on one card for utilization purposes. 

Good idea on getting a CLI on the Chase and Wells Fargo. I tried to do it with WF a week or two ago but they required a hard pull. I have not tested the Chase yet, but it seems they are stingy with CLIs from what I have read on here. 

Is there anywhere that I can pull my EX score (or a close approximation) for free? 

I may end up applying for three in one day because I don't plan on applying for any new loans/lines of credit for the foreseeable future. I got a mortgage two years ago, consolidated and repaying all student loans and both cars are paid off. The other card I was eyeing is the Chase Sapphire Preferred for the sign up bonus and with the idea that I may be able to consolidate my Slate limit onto that card in a year or so. 

[Anonymous]

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@impactplayer wrote:

Thanks to each of you for your feedback thus far! 

Reporting following the statement cut makes sense to me. And I was trying to keep each card in use so as not to have any closed by putting a few bill payments on each. I have now consolidated all of those payments to one card and will pay all of them off before the next statement cuts and may keep a little on one card for utilization purposes. 

Good idea on getting a CLI on the Chase and Wells Fargo. I tried to do it with WF a week or two ago but they required a hard pull. I have not tested the Chase yet, but it seems they are stingy with CLIs from what I have read on here. 

Is there anywhere that I can pull my EX score (or a close approximation) for free? 

I may end up applying for three in one day because I don't plan on applying for any new loans/lines of credit for the foreseeable future. I got a mortgage two years ago, consolidated and repaying all student loans and both cars are paid off. The other card I was eyeing is the Chase Sapphire Preferred for the sign up bonus and with the idea that I may be able to consolidate my Slate limit onto that card in a year or so. 

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CL's from WFB and Chase are almost hard pull and I wouldn't take a HP just before I apped for new cards, but that's just me. In my openion your scores( assuming they are Fico) and you're existing CL's are high enough that It isn't worth having two more new HP's before a new creditor considers you.

You can do a one week free trial to Credit Check Total for 1.00. Just make sure you cancel before the 1 week or it will be 29.99.

3 in one day will damage your AAoA, but it should recover. That brings me to the point I am posting to make. You mentioned the CSP and your slate. When did you get the cards you already have? Forgive me if you know this, but Chase has a rule against giving people CSP, Freedom and perhapse Slate if they have gotten 5 cards in the last two years.  If you are still eligible, I would make the decision if you're going to app for the CSP. If you decide you deffinitely want the CSP, I'd app for that card before anything else.

[myjourney]

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@impactplayer wrote:

Thanks to each of you for your feedback thus far! 

Reporting following the statement cut makes sense to me. And I was trying to keep each card in use so as not to have any closed by putting a few bill payments on each. I have now consolidated all of those payments to one card and will pay all of them off before the next statement cuts and may keep a little on one card for utilization purposes. 

Good idea on getting a CLI on the Chase and Wells Fargo. I tried to do it with WF a week or two ago but they required a hard pull. I have not tested the Chase yet, but it seems they are stingy with CLIs from what I have read on here. 

Is there anywhere that I can pull my EX score (or a close approximation) for free? 

I may end up applying for three in one day because I don't plan on applying for any new loans/lines of credit for the foreseeable future. I got a mortgage two years ago, consolidated and repaying all student loans and both cars are paid off. The other card I was eyeing is the Chase Sapphire Preferred for the sign up bonus and with the idea that I may be able to consolidate my Slate limit onto that card in a year or so. 

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List your HP dates for the last 2 years because CSP may need to be first app (5/24 rule) If you have that many forget about CSP if not make it first app to increase odds of approval

Also do not request a Chase CLI until you determind how many HP's you have because that will add a HP as well and possibly decrease your chances of CSP

[impactplayer]

Thanks for the input! 

Great tip on CCT! I just registered and pulled all three scores. I am actually 787 (EX), 782 (TU) and 785 (EQ). 

I have 1 HP on TU and EQ from 9/2015. I have 3 HP on EX - (a) 8/2015, (b) 9/2015 and (c) 1/2014. It looks like (c) on EX will fall off before I apply for new cards because I have to wait until late February anyway for the payoff of my BT on the Slate to take effect. My statement cuts around February 26. 

I agree with PDXgigi in that I definitely do not want a HP just to up the Slate and WF card limits. Especially if I go for 3 new cards on a single day. 

Regarding the cards that I already have, I got them in the following years: CapOne Venture (2015), Citi Double Cash (this was an Aadvantage card from 2011 that I PC'ed to Double Cash a couple weeks ago - will it show up as 2011 or 2016 on my reports?), Chase Slate (2014), WF Platinum (2010) and Target RC (2007). 

It seems like I should be okay on the Chase 5 card/2 year rule, but let me know if any of you feel otherwise. I will definitely apply for that one first, but I am hoping to hit apply on all three applications at once just to minimize any potential issues. 

Thanks for the great advice so far!

[myjourney]

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@impactplayer wrote:

Thanks for the input! 

Great tip on CCT! I just registered and pulled all three scores. I am actually 787 (EX), 782 (TU) and 785 (EQ). 

I have 1 HP on TU and EQ from 9/2015.(2) HP's +

I have 3 HP on EX - (a) 8/2015, (b) 9/2015 (4) total HP's

If you app CSP confirmed ....it has to be first to conquer the 5/24 rule

and (c) 1/2014.Should be off any day now

It looks like (c) on EX will fall off before I apply for new cards because I have to wait until late February anyway for the payoff of my BT on the Slate to take effect. My statement cuts around February 26. 

I agree with PDXgigi in that I definitely do not want a HP just to up the Slate and WF card limits. Especially if I go for 3 new cards on a single day. 

Regarding the cards that I already have, I got them in the following years: CapOne Venture (2015), Citi Double Cash (this was an Aadvantage card from 2011 that I PC'ed to Double Cash a couple weeks ago - will it show up as 2011 or 2016 on my reports?), 2011

Chase Slate (2014), WF Platinum (2010) and Target RC (2007). 

It seems like I should be okay on the Chase 5 card/2 year rule, but let me know if any of you feel otherwise. I will definitely apply for that one first, but I am hoping to hit apply on all three applications at once just to minimize any potential issues. 

Thanks for the great advice so far!

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