I've been thinking about my credit goals, and would just like some input! Here are my current cards:
- Orchard $300
- Macys $600
- JCP $1900
- Walmart $1200
- BBRZMC $300
- Credit union $1000
- Firestone $900
- CO1 $500
- CO2 $750
- Barclays $2000
- Discover More $1200
- AMEX Zync NPSL
- Chase UnitedMileagePlus $10k (just approved a few days ago)
I'm definitely closing the orchard and the BBRZMC as I'm sure they will NEVER grow. And then I will probably close 1 of the 2 capital one cards as they're likely not to grow but will possibly keep one as it's my oldest account. The only two cards that I really want to add are the BCE/BCP (haven't decided which one will be the most beneficial to me yet) and then Nordstrom because I shop there frequently. I'm holding off on nordstrom as I know they can be inquiry sensitive, and will maybe try for the AMEX early next year.
But here is where I'm considering deviating from the plan....someone suggested applying for the chase slate to take advantage of the 0% promotion they have for I think 18 months. I do have some revolving debt that I could transfer over from higher interest cards so it wouldn't be a total waste. My concern is that one I think this person is assuming just because I was instantly approved for the Chase United card that I will be approved for the slate with a reasonable limit...which I don't know if that's a safe assumption. I feel like I've seen people saying after applying for multiple cards with chase the response has been we can't extend anymore credit to you but we can move X amount from this card and add it to the other. Any thoughts on that? And also, is the slate 0% offer like the discover more where if you don't qualify for 0% they give you an increased interest rate? B/c to apply and get something other than the 0% offer would be a waste of an inquiry for a card that really will be of no benefit to me then. If you think it's worth it to apply for the slate, when should I? Should I put some space between that app and the one a few days ago? Or just apply sooner rather than later?
way longer than I intended....but any input is welcome. Sorry if the formatting is bad....typing on the iPad!
JustJen-
"If you think it's worth it to apply for the slate, when should I? Should I put some space between that app and the one a few days ago? Or just apply sooner rather than later?"
If it were me I would wait 6 months. I have chase slate card and my rate is 9.9% I had the 0% for 15 months. If you wait 6 months it will give your credit time to show that you can maintain the card. That is just my opinion though. I guess part of it has to do with your income and CU right now. I mean if you are under 30% then maybe they would give you the card. One thing I have learned is being patient has continued to get me better and better card offers. Once I got into the 750's I now get great offers all the time. I got one this week now that my score is in the 800's for $200 rewards after the first purchase and rate of 9.9% and 0% for transfers done in the first 6 months for 15 months! I haven't taken the offer yet because I just broke into the 800 club. It also has 2% rewards. I am thinking of closing my capital one card that has a 15% rate but the problem is that I have had that card for 16 years! Lots of history or I am thinking of just asking them to lower the limit from $7000 to around $2000. The one time I applied and got 2 card in one month I got about the same rate for both cards, different companies though. That was about 6 years ago though, different times back then with credit
Starting Score: 719Thanks for the advice! I think I'm leaning toward waiting. I can get my utilization lower and build some history with Chase....and just keep aiming for the BCE or BCP.