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Should I apply for multiple cards or just one every so often?

Valued Member

Re: Should I apply for multiple cards or just one every so often?


smallfry wrote:
Don't worry about the F for total accounts from Credit Karma. That's number 1. Multiple applications for credit cards these days is a recipe for disaster. If you were to charge all your household bills for the month on your credit cards would that eat up 10% of your available credit? Sub 700 scores and multiple applications these days might get you inquiries that fall off simultaneously but they will all be declined. Go easy.

Thanks for the advise!

 

I get what you're saying about the inq's as that is what I was worried about, but I decided to bite the bullet and take my chances. I applied for the Discover online and was APPROVED! Smiley Very Happy  However I didn't recieve any information as to what the CL is, but a follow up e-mail from Discover stated that it would take up to 30 days to process my application.  I'm not sure what that's all about, but hopfully it's an e-mail that goes out with every app regardless of approval or not.

 

Regardless, I'm done applying for the near futures and hopfully I can join the 700 club later this year!


Starting Score: EQ 550 TU 551
Current Score: EQ 828 TU 833 EX 832
Mortgage Scores: EQ 795 TU 780 EX 778
Goal Score: EQ 720 TU 730 (Time for new goals!)

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Message 11 of 18
Valued Member

Re: Should I apply for multiple cards or just one every so often?


howhow16 wrote:
is Discover more overall a better card than Chase Freedom?

Howhow, see if this helps

 

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=116335


Starting Score: EQ 550 TU 551
Current Score: EQ 828 TU 833 EX 832
Mortgage Scores: EQ 795 TU 780 EX 778
Goal Score: EQ 720 TU 730 (Time for new goals!)

Take the FICO Fitness Challenge
Message 12 of 18
Senior Contributor

Re: Should I apply for multiple cards or just one every so often?

Congrats on the Discover approval.
Message 13 of 18
Super Contributor

Re: Should I apply for multiple cards or just one every so often?

Congrats!! 
Message 14 of 18
Super Contributor

Re: Should I apply for multiple cards or just one every so often?

It's a good feeling to see my excellent advice bring about an approval outcome.  
Message 15 of 18
Regular Contributor

Re: Should I apply for multiple cards or just one every so often?

thanks larry for the link. It looks like a comparison between the old chase and discover road car...maybe i'll start a new thread to find out how people think about discover more vs the new chase freedom. 
Message 16 of 18
Valued Member

Re: Should I apply for multiple cards or just one every so often?


howhow16 wrote:
thanks larry for the link. It looks like a comparison between the old chase and discover road car...maybe i'll start a new thread to find out how people think about discover more vs the new chase freedom. 

Sounds like a great idea. I'll look forward to seeing that!


Starting Score: EQ 550 TU 551
Current Score: EQ 828 TU 833 EX 832
Mortgage Scores: EQ 795 TU 780 EX 778
Goal Score: EQ 720 TU 730 (Time for new goals!)

Take the FICO Fitness Challenge
Message 17 of 18
Highlighted
Valued Member

Re: Should I apply for multiple cards or just one every so often?

Thanks Small and DI!

Starting Score: EQ 550 TU 551
Current Score: EQ 828 TU 833 EX 832
Mortgage Scores: EQ 795 TU 780 EX 778
Goal Score: EQ 720 TU 730 (Time for new goals!)

Take the FICO Fitness Challenge
Message 18 of 18