Wise to get a third card within a month?

[tntexans72]

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@Anonymous wrote:

Happy:  I hope you'll tell us how the F/R with Amex goes when you get it in the mail.  I really don't think we're fooling the CCCs playing one CRA against another.  Getting an approved CC with a CL is no longer the "home free" ticket for life that it used to be.   What would Barclays do if they discovered a month later two other apps days from granting credit themselves?  Or Chase may pc you from Sapphire to Slate in six months.  I think you're taking an unnecessary risk but then that's just me.

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This is just my .02 but if you have excellent credit, you have nothing to worry about. The ppl that have never defaulted, no derogs, always pay more than the minimum and using their UTIL less than 25% shows the CCC they are stable in terms of credit management. The risky borrowers should fear the banks, not the stable borrowers who has a clean slate on their CRs.

[Anonymous]

Would you say a stable borrower all of a sudden applies for three new credit cards in a week?   IMHO, a stable borrower is what you described and one who does not apply for a new credit card except maybe once every year (or two) but certainly not three new ones at the same time.

[tntexans72]

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@Anonymous wrote:

Would you say a stable borrower all of a sudden applies for three new credit cards in a week?   IMHO, a stable borrower is what you described and one who does not apply for a new credit card except maybe once every year (or two) but certainly not three new ones at the same time.

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Not many application get approved for $10k from Chase....so yeah, I say he is a stable borrower. To get a Sapphire card, your looking at 740+ Fico or long AAoA with no negs, etc...This person's CRs speak for itself. It's not uncommon for a person to sit dormit for 1-2 yrs than apped for 3-4 cards in 1 month. Esp...someone with excellent credit history.

[Walt_K]

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@Anonymous wrote:

Would you say a stable borrower all of a sudden applies for three new credit cards in a week?   IMHO, a stable borrower is what you described and one who does not apply for a new credit card except maybe once every year (or two) but certainly not three new ones at the same time.

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The miles collecting crowd does this over and over and over again.  Shooting for 3-4 inquiries per credit bureau every 6 months is fairly middle of the pack for them.  If OP has solid profile, I doubt there will be a problem.

[stan_the_man]

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@Anonymous wrote:

Chase,Amex = EX

Discover = EQ

INQs on EX will not show when Discover check EQ = no rejection due to excessive INQs

Do both new accounts appear on credit report already? If they don't, apply now.

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For DW and I, Chase pulled EQ and EX for apps, and EQ for CLI requests.

[stan_the_man]

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@Anonymous wrote:

Would you say a stable borrower all of a sudden applies for three new credit cards in a week?   IMHO, a stable borrower is what you described and one who does not apply for a new credit card except maybe once every year (or two) but certainly not three new ones at the same time.

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Isn't that normal for a myfico poster?

There's always some risk in making multiple credit moves at one time. If you have a decent score, no recent derogs and your balances are not pyramiding you should be fine.

[Anonymous]

Thanks for all the feedback and to dp321 for the CR links, but I decided to wait awhile before I attempt a third card. I did however check my EQ score and saw I had a 745!

tntexens72 has the gist of it with being dormant for a long period, I opened my first bank account with BofA nearly 5 years ago and I've been using the Platinum Plus card they issued me exclusively this whole time. I was pretty much apathetic to the credit game, until last month when I saw my score at CK and opened up some credit card mailings for the first time. I guess you could say I'm in a frenzy now to get the best cards available and to make use of some of the awesome rewards programs.

[JonStur]

Congrats and good for you..I would also decide what's important to you. Cash back for groceries, for fuel purchases, shopping rewards, points for airline miles used etc. and google it ( i.e. best grocery cash back credit card), this way can decide on a good mix of CCs specifically taylored to your spending habits..just a thought..

[dp321]

@Anonymous wrote:

Thanks for all the feedback and to dp321 for the CR links, but I decided to wait awhile before I attempt a third card. I did however check my EQ score and saw I had a 745!

tntexens72 has the gist of it with being dormant for a long period, I opened my first bank account with BofA nearly 5 years ago and I've been using the Platinum Plus card they issued me exclusively this whole time. I was pretty much apathetic to the credit game, until last month when I saw my score at CK and opened up some credit card mailings for the first time. I guess you could say I'm in a frenzy now to get the best cards available and to make use of some of the awesome rewards programs.

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I have been using the BofA Platinum plus for little over two year, it's now my ticket to free checking. Consider product change it to a cash back card though, I will when I run out with my promotional offer with Citi.

[tntexans72]

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@Anonymous wrote:

Thanks for all the feedback and to dp321 for the CR links, but I decided to wait awhile before I attempt a third card. I did however check my EQ score and saw I had a 745!

tntexens72 has the gist of it with being dormant for a long period, I opened my first bank account with BofA nearly 5 years ago and I've been using the Platinum Plus card they issued me exclusively this whole time. I was pretty much apathetic to the credit game, until last month when I saw my score at CK and opened up some credit card mailings for the first time. I guess you could say I'm in a frenzy now to get the best cards available and to make use of some of the awesome rewards programs.

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Having great credit will allow you to take benefit of these rewards. I have 3 cards I used on a reg basis for groceries, gas, dinning, hotels/flyer miles. Trust me when I tell you this but a Fico of 745??? These banks want your business!!