Post mortgage ap spree advice

[Chris123nTx]

I for one have a grand total of 5 credit cards. Also have scores of just above and just below 800.

Lots of folks prefer to have a dresser drawer full of cards, but often once they are able to get the types of cards you now have, they close many of those that just dont fit with their overall goals.

My opinion, more cards will do little to help. Keep your overall balances under 10% total, and in six months or a year get credit line increases on what you have now.

Congrats on your current credit life. You sure are not the fjrst that has totally screwed things up at one point or another. Some learn, and some just keep repeating the same mistakes over and over.

As far as rewards go, use them when it makes sense but dont chase after them. Buying something you might be on the fence about in order to get 5% cash back is sorta how my ex wife handled money.

[Open123]

Congrats on your mortgage!

Some nice cards you've got there.  In my view, I'd take a break from apping.  Usually, more than 3 or 4 new accounts in 6 months raises the likelihood of adverse action.  I'd say, give it a break for at least 6 months.

You'll see some really nice sign up bonuses in Q4.  I'd wait until then and capitalize on seem deals that fit your situation.  I think we'll see some no fee 0% balance transfers for 18 - 21 months deals.

[Anonymous]

The inquiries will obviously have a negative impact on my score along with the new accounts and mortgage but how should I maintain and pay the balances to help my score and be in the best possible position for a cli on the new cards? It sounds like I should pick one card and let the statement date pass with 5% of the balance or so remaining. All others, I should pay in full before the statement date. Is that correct? Thanks in advance.

[haulingthescoreup]

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@Anonymous wrote:
The inquiries will obviously have a negative impact on my score along with the new accounts and mortgage but how should I maintain and pay the balances to help my score and be in the best possible position for a cli on the new cards? It sounds like I should pick one card and let the statement date pass with 5% of the balance or so remaining. All others, I should pay in full before the statement date. Is that correct? Thanks in advance.

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That will optimize your FICO scores. Your lenders however don't care about whether you pay before the statement drops or after, as long as you pay by the due date.

You'll make them happy if you use the cards a lot, and pay, and use, and pay. Wash, rinse, and repeat. They make money every time you use the cards via transaction fees, so you don't have to pay interest by carrying balances, especially not with your scores. Whatever you can put on a card instead of paying with cash or check will help, as long as you stay within your budget and can (and do) easily pay them off every month.