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Quad Apps - too much?

Senior Contributor

Re: Quad Apps - too much?


myjourney wrote:

nj23 wrote:

Next month I plan on applying for some additional cards.  Expect EQ and EX to be around 700 and TU 750 (will pull before apps).  I would like to apply for the following, but let me know if I'm being too...optimistic...and if four is too many pulls at once:

 

Discover IT (received offer) EQ TU
Sallie Mae Barclay TU
AMEX BCE (I prefer non-travel rewards) EX
Chase Freedom or Sapphire EX in most cases

Only baddie on all reports are a few lates on an auto loan nearly 7 years old.  Will be at 1-2% util. Currently have quicksilver 2250 and target store card 200.  

Thanks 



4 is not to many if your profile can handle it especially if you spread the INQ's accros CB's

IMHO


I agree with this. 

 

Make sure you consider what it will do to your AAoA as well. If you are approved for all of these, depending on your profile, it may make your AAoA take a decent hit. Now, as long as you don't app for much in the next year or so, you should be alright. 

 

Let us know what you do. 

Message 11 of 38
Highlighted
Moderator

Re: Quad Apps - too much?


nj23 wrote:

Yes, maybe you're right about the Sallie Mae, It just seems like the most well-liked of the Barclay cards.  Maybe I'll just do the Rewards one, although I'm not entirely against travel rewards - maybe I'd do more traveling if I had rewards.  Well, I'll probably do all 4, and in case I'm denied one or two, I'll have (hopefully) at least two approved, and then in 6-12 mos I can ask for a CLI, wherever possible.  I'm not planning on applying for any additional credit after these apps for awhile, although I may be looking for an apartment at some point before the inquiries drop off.  

 

Thanks 


I think what Revelate is saying is that usually the Sallie Mae gets you more money back in most scenarios than the BCE. They wonder what the choice of BCE is about? MSD? Backdating? Good sign up bonus? Just curious. 

 

It is a great choice for a card, and I think it should be the first TU pull, then whatever card may be TU afterwards since Barclays is pretty INQ sensitive.

Message 12 of 38
Regular Contributor

Re: Quad Apps - too much?

I would like to have a good variety of cards/processors, and AMEX cards seem to be well-liked, in general, plus they don't seem to be super stingy with credit lines and CLI...but if you can think of any other well liked cards that have non-travel rewards (not mentioned already), maybe I'll go for one of those instead.  I end up doing a lot of food spending, i.e. groceries, restaurants, etc.  My current AAoA is 7 years, so if I do get approved for 3-4 new cards, it will take a hit.

Thanks 


FICO TU: 768 (Post-Spree 7/14 Discover FICO) FICO EX: 734 (post-spree 7/6) FICO EQ: 730 (7/15 Lender pull after INQs)
6% utility July 29th. Back into the Garden after a successful spree...for real this time Smiley Very Happy
Message 13 of 38
Senior Contributor

Re: Quad Apps - too much?

The Sallie Mae gets more rewards than a BCE, under all spending patterns. And if you consistently exceed $250 monthly spend on either Grocery or Gas Station purchases, you can always wait 6 months and apply for a second Sallie Mae card.

 

Sallie-BCP.png





TU-8: 755 EX-8: 771 EQ-8: 763    EX-8 Bankcard: 815    
TU-9 Bankcard: 795 EQ-9: 822
   EX-98: 735 EQ-04: 730
Total $437,800
Message 14 of 38
Super Contributor

Re: Quad Apps - too much?

And if your grocery spending is higher ($12K per year or so) get the Amex Blue Cash instead.

 

Note that TMWC's chart omits the select department store category, which is a slight advantage of the BCE/BCP.   But this helps BCE only if most of the spending is in that category (and not on gas or groceries) AND is under $7,500 a year (when BCP becomes better) which is probably a very small group.

 

Similarly if drug stores are added, Blue Cash would be the choice at a slightly lower level.

Message 15 of 38
Valued Contributor

Re: Quad Apps - too much?


nj23 wrote:

Next month I plan on applying for some additional cards.  Expect EQ and EX to be around 700 and TU 750 (will pull before apps).  I would like to apply for the following, but let me know if I'm being too...optimistic...and if four is too many pulls at once:

 

Discover IT (received offer)
Sallie Mae Barclay
AMEX BCE (I prefer non-travel rewards)
Chase Freedom or Sapphire 

Only baddie on all reports are a few lates on an auto loan nearly 7 years old.  Will be at 1-2% util. Currently have quicksilver 2250 and target store card 200.  Oh, and all of the above "pre-qualify" checks have gone through except for Sallie Mae, which I couldn't find a pre-qualify check for.  

Thanks 



Given your profile, 4 apps is definitely reasonable. 

 

Last month, I apped and was approved for the Sallie Mae, BCE, Delta Skymiles, Freedom and Lowe's, plus I PC'ed and CLI'ed my Capital One and US Bank and got a new car.  My scores were right in the same range as yours (except your TU is much better than mine).

 

As others have said, do it all at once, take the temporary credit hit from the INQ and new TL's and in 6-12 months you'll be golden.  One word of caution...be sure you're not plannng on apping on anything major (i.e. a mortgage) in the next year.

Message 16 of 38
Regular Contributor

Re: Quad Apps - too much?

Hmm...The BankAmericard Cash Rewards card doesn't look too bad - $100 bonus if spend $500 in first 90 days isn't bad...but it appears to be a Signature Visa - So maybe it's not worth trying for with just average/good credit...

Discover sent me a second offer in two weeks...don't tempt me to app now! 


FICO TU: 768 (Post-Spree 7/14 Discover FICO) FICO EX: 734 (post-spree 7/6) FICO EQ: 730 (7/15 Lender pull after INQs)
6% utility July 29th. Back into the Garden after a successful spree...for real this time Smiley Very Happy
Message 17 of 38
New Visitor

Re: Quad Apps - too much?

I have mediocre credit (670-680) and got the Bank Americard. It's a visa signature with a 3500 limit.

Message 18 of 38
Senior Contributor

Re: Quad Apps - too much?


SunriseEarth wrote:

myjourney wrote:

nj23 wrote:

Next month I plan on applying for some additional cards.  Expect EQ and EX to be around 700 and TU 750 (will pull before apps).  I would like to apply for the following, but let me know if I'm being too...optimistic...and if four is too many pulls at once:

 

Discover IT (received offer) EQ TU
Sallie Mae Barclay TU
AMEX BCE (I prefer non-travel rewards) EX
Chase Freedom or Sapphire EX in most cases

Only baddie on all reports are a few lates on an auto loan nearly 7 years old.  Will be at 1-2% util. Currently have quicksilver 2250 and target store card 200.  

Thanks 



4 is not to many if your profile can handle it especially if you spread the INQ's accros CB's

IMHO


+1


I would count on double pulls for Chase and not attempt to get CSP for now. Stick to Freedom and wait 6-12 months and then app for CSP.

Move the mouse over the cards for detailed view!
....Last HP 01 NOV 2016...............
Message 19 of 38
Senior Contributor

Re: Quad Apps - too much?


Themanwhocan wrote:

The Sallie Mae gets more rewards than a BCE, under all spending patterns. And if you consistently exceed $250 monthly spend on either Grocery or Gas Station purchases, you can always wait 6 months and apply for a second Sallie Mae card.

 

Sallie-BCP.png


wow.... you can have two Sallie Mae cards ??  You really have done an excellent job with your cash back strategy Smiley Happy

Move the mouse over the cards for detailed view!
....Last HP 01 NOV 2016...............
Message 20 of 38