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7/12 and 14/24 -- risk of AA if applying for 2 final cards to complete collection?

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galahad15
Valued Contributor

7/12 and 14/24 -- risk of AA if applying for 2 final cards to complete collection?

I'm at 7/12 and 14/24, so after reading about some unfortunate forum posters who had AA taken for many apps within a short time window, I was wondering what posters here thought the risk of AA might possibly be for me, if were to apply for 2 final cards to complete my collection?  Depending on how quickly my recent payments are processed, I am now at 10-12% total util (down from 19-20%), and anticipate very likely being at 800+ FICO scores on all 3 CRA's by the middle of this month.  I realistically don't see my scores getting any higher for the forseeable future, and so this might be the zenith for me as far as my scores go.  For inqs that are one year or less and affect FICO, I have 7 inqs each on EX and EQ (EQ will soon be reduced to 6, by the middle of this month), and 3 on TU (soon to be 2 by the middle of this month). 

 

The 2 cards I'm interested in both pull EX for new apps.  I am also open to consolidating or closing certain existing cards, but only after I would be apping for the 2 new ones, to reduce the chances of being denied due to excessive inquiries.  As I believe I may have mentioned on a previous thread, the 2 cards that have greatly piqued my interest are the Premier America MC with 1.5 points/$1 spent in rewards, as low as 7.5% F, and the Unify/Western FCU Variable-Rate VISA, as low as 4.99% V.  I had been hoping that with my very soon-to-be 800+ scores, significantly-reduced util, and thick card profile that the cc lenders I would be apping for would not take AA, but of course one never knows, and so any thought, comments, or feedback from the posters here would be greatly appreciated.  Also these are the last 2 cards that I will be apping for; after that I'm done and will be gardening for many years and/or indefinitely (unless some truly groundbreaking or very exceptional new card product comes out, I have no need for any additional cards).


Message 1 of 13
12 REPLIES 12
kdm31091
Super Contributor

Re: 7/12 and 14/24 -- risk of AA if applying for 2 final cards to complete collection?

I don't feel that closing accounts helps you in any way as far as being denied for new accounts or inquiries. Closed or not they are still going to be there. Closing does help reduce exposure but that's about it.

 

In any event, it's completely up to you, but 14/24 is certainly not a low number. Many people have more than that and have no issues, but only you can decide your risk tolerance.

 

Your scores and inquiries are both in pretty good shape by the sounds of it, so I don't think you would be a strong risk for AA, but again, nobody can really tell you one way or another and you would probably do well to lay low and let those new accounts age more. It certainly cannot hurt.

 

Finally, the cards themselves: you already have several low APR cards, so I don't think it's really necessary to rush and get more of them. If you are having that much trouble paying expenses you should evaluate that before getting more cards IMO. Having several cards under 10% is already better than most on here so I wouldn't be worrying about adding more of the same.

Message 2 of 13
galahad15
Valued Contributor

Re: 7/12 and 14/24 -- risk of AA if applying for 2 final cards to complete collection?


@kdm31091 wrote:

I don't feel that closing accounts helps you in any way as far as being denied for new accounts or inquiries. Closed or not they are still going to be there. Closing does help reduce exposure but that's about it.

 

In any event, it's completely up to you, but 14/24 is certainly not a low number. Many people have more than that and have no issues, but only you can decide your risk tolerance.

 

Your scores and inquiries are both in pretty good shape by the sounds of it, so I don't think you would be a strong risk for AA, but again, nobody can really tell you one way or another and you would probably do well to lay low and let those new accounts age more. It certainly cannot hurt.

 

Finally, the cards themselves: you already have several low APR cards, so I don't think it's really necessary to rush and get more of them. If you are having that much trouble paying expenses you should evaluate that before getting more cards IMO. Having several cards under 10% is already better than most on here so I wouldn't be worrying about adding more of the same.


Thanks for your helpful and very insightful comments kdm  Smiley Happy  Not to worry, I'm not having trouble paying expenses atm; I guess I was just sort of hoping for one (or 2) more bite(s) at the apple so to speak lol, in trying to acquire cards with single-digit interest rates.  Especially since as prime rate rises, most of the existing single-digit APR cards in my profile will go above 10% as prime rate is successively raised in the next several years.  If I can acquire the 2 cards that I'm eyeing, I will go from having 2 (maybe 3) cards that won't go up to and are immune from double-digit APRs, to having 4 (or possibly 5).


Message 3 of 13
galahad15
Valued Contributor

Re: 7/12 and 14/24 -- risk of AA if applying for 2 final cards to complete collection?

After re-thinking it some more, maybe I might be in better shape in terms of avoiding AA if I were to apply for only one rather than two, of the 2 new cards that I'm hoping for.  Applying for one would in theory take me to 8/12 and 15/24, so maybe a little less risk overall perhaps?  I am also seriously considering kdm's advice to lay low for awhile and just let the accounts age, b/c I would feel pretty sad if I were successful in getting the new card(s), only to get RJ'd and AA from my cc lenders on my existing cards...


Message 4 of 13
kdm31091
Super Contributor

Re: 7/12 and 14/24 -- risk of AA if applying for 2 final cards to complete collection?


@galahad15 wrote:

After re-thinking it some more, maybe I might be in better shape in terms of avoiding AA if I were to apply for only one rather than two, of the 2 new cards that I'm hoping for.  Applying for one would in theory take me to 8/12 and 15/24, so maybe a little less risk overall perhaps?  I am also seriously considering kdm's advice to lay low for awhile and just let the accounts age, b/c I would feel pretty sad if I were successful in getting the new card(s), only to get RJ'd and AA from my cc lenders on my existing cards...


One app is better than two, none are better than one.

 

It's really just up to you if you want to take a risk. You may very well have nothing happen. But there's always a chance (and there's a chance even if you don't app).

Message 5 of 13
austinguy907
Valued Contributor

Re: 7/12 and 14/24 -- risk of AA if applying for 2 final cards to complete collection?

If you have to ask about this it should be an indicator you don't really need the new lines.  Take the next year while things simmer down and combine some of your accounts to clean things up a little bit.

 

 

FNBO Amex @ 6.50% V, $11.9k ** - i would pick this one to keep and move the other card(s) limit to

FNBO BucksBack VS @ 11.25% V, $11k

 

Barclay Ring MC @ 8.25% V, $1.9k **

 

Citi DC WMC @ 9.49% V, $7.52k ** - i would pick this one to keep and move the other card(s) limit to

Citi DP VISA @ 17.24% V, $3.8k **

Citi DP VISA @ 17.24% V, $3.2k **

Citi Simplicity MC @ 21.24% V, $3.1k **

 

BoA Travel Rewards VS (NPSL) @ 9.49% V, $8.4k **

BoA Cash Rewards WMC @ 9.99% F, $11.1k ** - i would pick this one to keep (fixed is always better than variable)

BoA BBR MC @ 19.24% V, $8k **

 

Unify CU Fixed-Rate VISA Gold @ 9.99% F, $7.5k **

 

Cap1 No Hassle Miles Ultra Platinum MC @ 10.15% V, $1k ** - i would pick this one to keep if i had to but, Venture or Quicksilver might be better (PC)

Cap1 BuyPower WEMC (NPSL) @ 20.15% V, $6.125k **

 

Discover IT @ 10.24% V, $8.4k ** 

 

US Bank Cash+ Platinum VISA @ 19.24% V, $500 ** - might be worth trimming completely due to limit and high APR

 

Blispay VISA @ 19.99% F, $5k ** - i know it has some perks but doesn't really fit in well with your other cards 

 

Chase Slate VISA @ 23.24% V, $3k **

Chase Freedom VISA @ 23.24% V, $4k **

- keep whichever is older and move the limit over

Message 6 of 13
mitchblue
Valued Contributor

Re: 7/12 and 14/24 -- risk of AA if applying for 2 final cards to complete collection?

No need to rush to get all the cards you want.Enjoy the ones you have and let them grow.

FICO® 8 Scores 821 FICO® 9 Equifax 826 (Updated 02-7-23)
Message 7 of 13
Anonymous
Not applicable

Re: 7/12 and 14/24 -- risk of AA if applying for 2 final cards to complete collection?


 

 

FNBO Amex @ 6.50% V, $11.9k ** - i would pick this one to keep and move the other card(s) limit to My favorite card! 6.5 AND earns 1.5% cash back WOW!

FNBO BucksBack VS @ 11.25% V, $11k 2% cards are not everywhere. This one isnt even offered anymore.  Great limit and obviously not that old. Leave it.

 

Barclay Ring MC @ 8.25% V, $1.9k ** HP cli fa sho especially when your balances are updated. I would be doing that before any future apps. Then again barclay is inquiry sensitive and they could throw you away at any given time so who knows! Its grown quite nicely since you got it so that is awesome!

 

 

 

BoA Travel Rewards VS (NPSL) @ 9.49% V, $8.4k ** This one of course I would consider dumping into one of the others but still, a great bank, limit, ongoing offers, and yeah!

BoA Cash Rewards WMC @ 9.99% F, $11.1k ** - i would pick this one to keep (fixed is always better than variable)

BoA BBR MC @ 19.24% V, $8k ** Definitely keep this. This is free money right here.  And ongoing BT offers

 

Unify CU Fixed-Rate VISA Gold @ 9.99% F, $7.5k ** Same CU as the 4.99% card so hopefully they are cool.  They seem to be decent especially since you already had a rate reduction!

 

Cap1 No Hassle Miles Ultra Platinum MC @ 10.15% V, $1k ** - i would pick this one to keep if i had to but, Venture or Quicksilver might be better (PC) OP values this card as its no longer offered.  Has rental insurance, and lots of other perks.  But I do think you only get 2x rewards on travel?  Regardless it has no AF so its a winner, and a 10% rate with cap1 is fabulous!

Cap1 BuyPower WEMC (NPSL) @ 20.15% V, $6.125k **  Like i said privately I wish cap1 would allow cobranded cards limits to be moved :-(

 

Discover IT @ 10.24% V, $8.4k ** Amazing rate!!!!!!!! ongoing bt offers, etc etc. 4.99% all day every day basically!  remember that galahad.  A debt shuffle, and bring it back at 4.99% for 18 months no fee!  SO there is your 4.99% card right there lol. This puppy has potential to grow too.  Great great card.

 

US Bank Cash+ Platinum VISA @ 19.24% V, $500 ** - might be worth trimming completely due to limit and high APR I envision a SP CLI in the near future. Very hard to get in with US bank, and now that all cards get the 5/2% I dont blame OP for apping/keeping/not being resentful towards this card.

 

Blispay VISA @ 19.99% F, $5k ** - i know it has some perks but doesn't really fit in well with your other cards ????  This user is obviously all about bottom of the barrel rates.  And blisspay gives 0% time and time again , granted only for 6 months, but still nice! paired with 2% cash back too!

 

Chase Slate VISA @ 23.24% V, $3k **

Chase Freedom VISA @ 23.24% V, $4k **

- keep whichever is older and move the limit over I would go over this blueprint feature with a fine tooth comb and make sure that it is working out to your advantage. I have never personally used it, but I have read lots of reports of confused folks having issues with it. 


If it were me, i'd grow limits, combine, refine, etc.  If you gotta have it, then get the 7.5 with the other bank.  Follow your instincts.  To me it seems like you want an ongoing flexibility to carry a balance.  Don't forget about my favorite move.  When used responsibly the debt shuffle can be pretty awesome.  You may not get to swipe that specific card and instantly get that low rate, but since you have a few cards that have no BT fee you can easily circumvent high interest without adding additional accounts.  I vote use the discover as your 4.99% card if the 4.99% doesnt pan out the way you want.

 

Folks lets remember here we have many types of people here at this forum. We have to respect them and what works for them.  To some of us we may see things that bother us, or may look redundant.  But if you see the grand scheme of this profile it is geared towards unique low interest cards.  Most of us pay things off monthly (sometimes I pay things off daily, sure.  And yes credit cards can be dangerous.  But this user did not acquire all of these cards by being irresponsible.  I'd say maybe one too many citi apps, but who am I to judge with all my dang Amex cards?!  Different strokes for different folks.

 

You are so close to 800 though and you're doing very well either way.  Can't wait to see the outcome.  Good luck, and god speed!

Message 8 of 13
NRB525
Super Contributor

Re: 7/12 and 14/24 -- risk of AA if applying for 2 final cards to complete collection?

If you want rewards, why not see about PC of your Capital One Platinum card to a QS? That gets you 1.5% true cash back. While the Premier America card says 1.5 points per dollar, what's the obscure value of those points?

 

With that many cards, which you already have, and your objective of low APR, you seem to be getting away from that with the 20% APR cards ( d'oh! )

 

The "rewards" you are considering are a different objective than low APR, and with this many cards, keeping the rewards gnomes happy is a major chore. Just ask me.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 9 of 13
galahad15
Valued Contributor

Re: 7/12 and 14/24 -- risk of AA if applying for 2 final cards to complete collection?

Thank you for the amazing advice and feedback there austinguy and jfriend, I deeply appreciate it!  Smiley Happy

 

A few thoughts in response to your (again very helpful) comments:

 

(1)  The FNBO cards currently serve 2 different purposes for me, atm:  the 6.25% V card is used as a low-APR revolver.  The 11.25% V card with 2% cashback is PIF every month.

 

(2)  The reason I would ideally prefer to keep the BoA Cash Rewards and TR cards separate rather than combine them is, if BoA decides it ever wants to do a RJ or take AA on any of my cards, I'm hoping they would do it on either the TR or BBR cards.  Hopefully since the Cash Rewards card is my oldest card account with them going all the way back to 2007, that would make them less likely to see it as a moving target for RJ, etc., than the other cards I have with them?  That's the logic I guess i'm operating on here anyway...

 

(3)  The Cap1 NHM Ultra Platinum card, despite the low CL, is a great rewards card for me atm.  Although jfriend is correct that the 2% cashback feature is only technically fully-applicable for travel-related purchases (also gift cards, IIRC?), I take the local subway weekdays to and from work, and by paying regular monthly bills on it as well, I find that I am routinely earning $10 - $15 per month in cashback travel rewards, which either equals or exceeds the amount of cashback I get every quarter from the BBR.  I guess that's why for me for the purposes of my wallet, it's a keeper Smiley Happy   (ETA:  another benefit I have with this card is fee-free BTs.)

 

(4)  Blispay is either PIF each month from me, or paid before the 6 mo. 0% promos expire.

 

(5)  US Bank Cash+ is indeed a high-APR card, but the excellent and recurring 5%/2% cashback categories are worth it for the rewards, since any balance is PIF each month on it  Smiley Happy

 

(6)  Discover is mostly used as a BT card for me atm (also many thanks jfriend, for your very helpful advice and kind words about it!).

 

(7)  At some point down the road, there is a possibility that I will close out both Chase cards or at least the Freedom.  The Slate's Blueprint feature fascinates me, but even with the quarterly revolving 5% cashback rewards categories, the APR is just too high on the Freedom for my liking....

 

ETA:  sorry, I forgot to mention earlier:  for my Citi cards, the long-term goal is to combine/consolidate all of the non-DC cards into the DC card, if Citi will allow me to do so that is...


Message 10 of 13
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