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