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People are Wasting Credit Limits by apping too fast or soon.

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MidnightJester
Frequent Contributor

People are Wasting Credit Limits by apping too fast or soon.

Space Credit cards and APPS within a Bank or Issuer apart by 6 months and you will usually get a much much higher overall CL between the cards sometimes by 10K or more in difference if you were to app togetther for 2 cards from same issuer or within a couple of months. CHASE is a prime example but many other Banks give better second card limits.

 

If you dont need that other card from the bank you just got a card with. WAIT (3-6) moths. You will be happier you did

Message 1 of 16
15 REPLIES 15
baller4life
Super Contributor

Re: People are Wasting Credit Limits by apping too fast or soon.

Great advice! Smiley Wink
Message 2 of 16
keithB
Established Contributor

Re: People are Wasting Credit Limits by apping too fast or soon.

Very good points.  I am new to credit and I wish I have done things this way.  My score dropped like a rock and now I have to wait a year before my scores will be high enough to get me good terms.

 


@MidnightJester wrote:

Space Credit cards and APPS within a Bank or Issuer apart by 6 months and you will usually get a much much higher overall CL between the cards sometimes by 10K or more in difference if you were to app togetther for 2 cards from same issuer or within a couple of months. CHASE is a prime example but many other Banks give better second card limits.

 

If you dont need that other card from the bank you just got a card with. WAIT (3-6) moths. You will be happier you did


 

Message 3 of 16
red259
Super Contributor

Re: People are Wasting Credit Limits by apping too fast or soon.


@MidnightJester wrote:

Space Credit cards and APPS within a Bank or Issuer apart by 6 months and you will usually get a much much higher overall CL between the cards sometimes by 10K or more in difference if you were to app togetther for 2 cards from same issuer or within a couple of months. CHASE is a prime example but many other Banks give better second card limits.

 

If you dont need that other card from the bank you just got a card with. WAIT (3-6) moths. You will be happier you did


+1 good advice. Also, if you want to get really advanced plan your apps around which CRA each lender pulls. This way you can keep your inqs down. Of course, there will be situations where a special signup offer comes out that may necessitate more than one card from a particular lender within a short period of time or you may need to get particular cards at a certain time of the year (ie Jan for backdating amex etc) or you may have a large number of purchases coming up that would help meet initial spend requirements. Bottom line is that it is great advice as a general rule, but there will always be exceptions depending on the individual's needs. Another factor to consider by the way is which lenders will do SP CLIs and which require HPs (ie chase). The SP lenders getting a lower credit line is no big deal because you can fix it over time. Getting a low limit on a chase card can be a hassle if you don't want to waste a HP down the line.

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 4 of 16
iCoop
Regular Contributor

Re: People are Wasting Credit Limits by apping too fast or soon.

Thanks for the advice. I have a question that I doubt you can answer but would like to see what you think. I recently opened two Chase credit cards within a short time frame (14 days) along with small CLI approvals upon activation. The first card was approved at $9K, then increased to $10K at activation before I transferred a CL (closed dormant card) to bring the first card to a total of $12K CL. The second card was approved for $10K, then increased to $12K at activation. So I have a total of $22K available from Chase.

 

Ultimately my plan is to have just one card with Chase with a very high CL. Let's say I wait six months; would it then be best to apply for a CLI on my current Chase cards to increase the limits before consolidating both cards and/or app for a 3rd card and then eventually consolidate all three cards? Thank you.



Starting Score: EQ 675 | TU 688 | EX 702
Current Score: EQ 795 | TU 788 | EX 770
Goal Score: 750 (Across All 3)


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Message 5 of 16
flawesome
Contributor

Re: People are Wasting Credit Limits by apping too fast or soon.

Is it terrible that I don't particularly care what my initial limits are :x ? I just want the cash back. In any case, by the time it matters they will have grown.

| BoA BBR 5k | Discover it 1k | freedom 2.2k | Fidelity AMEX 1.5k | Sallie Mae 1k | AARP 2.2k | BJ's PPlus 3.7k |
Message 6 of 16
CreditMagic7
Mega Contributor

Re: People are Wasting Credit Limits by apping too fast or soon.


@MidnightJester wrote:

Space Credit cards and APPS within a Bank or Issuer apart by 6 months and you will usually get a much much higher overall CL between the cards sometimes by 10K or more in difference if you were to app togetther for 2 cards from same issuer or within a couple of months. CHASE is a prime example but many other Banks give better second card limits.

 

If you dont need that other card from the bank you just got a card with. WAIT (3-6) moths. You will be happier you did


That's strategic, and thats exactly how i been attacking CC apps with surprisingly phenomenal success. But before reassessing & then changing my app approach i was tearing thru Comenity store cards like no tomorrow (7) now Smiley Frustrated Then i began taking a 3 month break at a time before starting up again for only 2 CC's at a time, (or 1) (Prime Only) and then monitor the FICO ding. At the day my FICO begins to rebound again i sit it out a few weeks scouting the cards worth going after (Rewards etc.)  while during that time aggressively attacking UTIL untill recovering a few more points before apping again. Everyone's approach is different to their own comfort level but this is worked (so far) to pinpoint perfection. My only turn downs with this approach was FRN, Amex, and FNBO. I was turned down early in the year for Sallie Mae x3 Recons but they more then made up for it last month with a World MC 5K line in the Rewards Card.

Message 7 of 16
ddemari
Super Contributor

Re: People are Wasting Credit Limits by apping too fast or soon.

That's great advice. I am in the garden for a year if it takes everything out of me. For the past two years I would randomly apply for cards and alwatys get that 300-1000 credit limit instant approval and never recon. 7 months ago I  apped for two cards with high utilization around 50 percent and got approved for a 200 gap card and 700 barclay card.

 

I made a few app decesions that i regreted because of denials in between the time but after 6 months passed, and having a strategy (LOW utilization 1%) for the first time in a long time I got approved for a 5 k limit. I received a free experian credit advisors session back in March through their experians website and the credit advisor also stated, like the op says, 6 months between approvals is crucial. 

Message 8 of 16
jsucool76
Super Contributor

Re: People are Wasting Credit Limits by apping too fast or soon.

I'll +1 this thread...

 

My chase slate only came with a $500 limit, my chase marriot just got a 5k initial limit.....   10x the limit lol

Message 9 of 16
thelastoneonearth
Contributor

Re: People are Wasting Credit Limits by apping too fast or soon.

I have had a Amazon Visa (Chase) for six months, and recently was approved for Disney Premier Visa with a 5k limit +1

Capital One Secured Platinum $750.00, Amazon Store Card $500.00, AEO Visa $4000.00, PlayStation Credit Card $500.00, My BestBuy Platinum MasterCard $1000.00 Amazon Chase $500.00 Discover IT $1500. Chase Disney Premier Visa $5000. Barclays Carnival Cruise MasterCard $500 Bank of America Norwegian Visa Signature $1500 "Apple Card" $1700 Chase Sapphire Preferred $5,000

My future card list:
Amex BCE
Citi Hilton Honors
AAOA 1.2years
Message 10 of 16
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