topic Re: When should I apply? in Credit Card Applications

When should I apply?

Anonymous — Fri, 05 Apr 2019 23:00:44 GMT

In the past month, I’ve opened up several credit lines. That said, when should I begin applying again, if I do? All the apps below started on 3/11.

Approved
Amex Platinum
CSP
Citi Prestige
USAA Rewards Plus
Capital One Venture
Discover It Cash Back

Denied
Bank of America Premium rewards

I’m knew to this process, but recently increased my travel quite a bit and would like to take advantage of all options.

Thanks

Re: When should I apply?

Jnbmom — Fri, 05 Apr 2019 23:14:33 GMT

If you just opened up all those cards then NONE. Let them age for atleast 6 months or longer.

Re: When should I apply?

Anonymous — Fri, 05 Apr 2019 23:30:16 GMT

I would be amazed if you don’t experience a closure of your CSP for all of the credit you went and added already. Definitely echoing Jnbmom, it’s time to stop for 6 months minimum.

Re: When should I apply?

Remedios — Sat, 06 Apr 2019 02:08:43 GMT

@Anonymous wrote:
In the past month, I’ve opened up several credit lines. That said, when should I begin applying again, if I do? All the apps below started on 3/11.

Approved
Amex Platinum
CSP
Citi Prestige
USAA Rewards Plus
Capital One Venture
Discover It Cash Back

Denied
Bank of America Premium rewards

I’m knew to this process, but recently increased my travel quite a bit and would like to take advantage of all options.

Thanks

A question...which benefits are you looking for that the cards above do provide? Increased travel does not translates into increased need for additional cards, so I am curious what is that you think more cards would achieve or what you think constitutes "take advantage of all options"

Re: When should I apply?

Priory_Man — Sat, 06 Apr 2019 02:15:13 GMT

Looking at what you have recently picked up, I can't think what other card you may be looking at, you've pretty much got it all covered.
IMO you should hit the garden for 6 plus months and see how things are progressing with what you already have.

Re: When should I apply?

CreditInspired — Sat, 06 Apr 2019 08:46:24 GMT

@Anonymous wrote:
In the past month, I’ve opened up several credit lines. That said, when should I begin applying again, if I do? All the apps below started on 3/11.

Approved
Amex Platinum
CSP
Citi Prestige
USAA Rewards Plus
Capital One Venture
Discover It Cash Back

Denied
Bank of America Premium rewards

I’m knew to this process, but recently increased my travel quite a bit and would like to take advantage of all options.

Thanks

Hi and welcome to MyFICO

So, first, congrats on your successful spree.

Second, what everyone has posted is 100% on point so I won’t echo that. I’ll come from a different angle.

Since you’re new to the process, here are some tips to follow so you wont fall down the rabbit hole.

1. You have started your journey with some great cards. Focus on creating a great profile by letting them age. IMHO, you should NOT apply for another card until those have aged 1 yr. Realize that creating this great profile takes nurturing. Realize that it’s a marathon, not a race to see how many notches one can get in their belt, or how quickly.

2. Since you’re new at this and have corralled so many cards in a such a short period of time, think about setting up autopay, so that a minor mishap, like missing a payment, won’t happen.

3. Make sure to develop a habit of not spending more on your cards than you can afford to PIF each month. It’s so easy to get in over one’s head.

4. You got a decline. That’s an indicator to stop applying. Keep in mind that declines begat declines. You were on a roll going up. You don’t want to be in free fall going down.

5. You didn’t say what your CLs were but hopefully they’re pretty decent. So now you may have to focus on spend for getting your SUBs. Again, just be mindful of your spend.

6. And in your year (hopefully) of gardening, this will give you an opportunity to learn what rewards each card offer so you can rotate them accordingly to get the biggest bang for your buck.

7. And lastly, you don’t want lenders to view you as “desperately seeking credit!” and start AA.

I know you only asked “when you should apply again,” but since you are a newbie, I wanted to offer some additional suggestions so your journey to creating a great credit profile will be a successful one.

GL2U

Re: When should I apply?

Anonymous — Sat, 06 Apr 2019 12:19:05 GMT

^^^ OP, there’s your bible right there (although with the consequences that come from it, I would classify a missed payment as major, rather than minor). I agree a year in the garden at minimum and follow this advice. Additionally, to maximize the gains you get from your cards, keep overall reported utilization at or under 8.9%, and ideally don’t let any card report over 28.9% individually unless you’re taking advantage of a 0% balance transfer offer. It’s certainly not the end of the world but to maximize scoring (and all the new accounts and inquiries will likely put a dent in your FICOs), adhere to those percentages.

Re: When should I apply?

Anonymous — Sat, 06 Apr 2019 15:33:17 GMT

The garden is your friend!

Cheers.

Re: When should I apply?

Wizard10 — Mon, 08 Apr 2019 05:08:35 GMT

A bunch of good advice here and this all has helped me on figuring out when should I apply next.