topic Torn between several cards... and my next move in Credit Card Applications

Torn between several cards... and my next move

Anonymous — Wed, 24 Nov 2021 01:53:44 GMT

Been a spectator on here for a bit, and I've been inspired (not sure if in the right or wrong direction...lol) towards applying for several different cards. I've been looking at applying for the Chase Freedom Flex as Im 4/24 and I think that should be my next move regardless. I've also been looking at an NFCU card, the Discover IT, a 2% back card (Wells Fargo Active Cash, Citi DC specifically), and sooomewhere down the line Id like an Apple Card (purely for Apple product financing). Ive had a Chase Checking account for about 5 months and I am also a NFCU member for a month or so, and Id like to start taking advantage to strengthen relationships with these 2 lenders. Id only truly want a Discover IT or NFCU card to have either a potentially large SL to boost total credit or to have a card that I can grow steadily over time with softpull CLs and essentially do the same. Id like to do the middle most responsible thing aside from gardening and just apply for the CFF and call it there for a bit, but Im wondering if a spree (CFF and 1 other max) is definitely a bad idea? Overall though Im truly just looking for suggestions and to see what others believe is my best next move!

Current Scores: EX-737 EQ-738 TU-736

AoOA: 7 years

AAoA: 2 years 4 months

Cards:

Amazon Prime - 1.5k (01/2020)

Cap1 Quicksilver - 3.5k (09/2020)

Amex BCP - 7.9k (05/2021)

Citi CC - 3.2k (08/2021) [Used for Dining]

Utilization: 8%

Re: Torn between several cards... and my next move

Ilinferno — Wed, 24 Nov 2021 02:03:01 GMT

Maybe CFF then a Navy card to finish things off? They are definitely a contender for solid starting limits as well as soft pull CLIs. If I were in your shoes that's the route I'd take.

Re: Torn between several cards... and my next move

Anonymous — Wed, 24 Nov 2021 02:08:45 GMT

you think Id be safe to apply for both at once? or are you just saying those 2 in that order?

Re: Torn between several cards... and my next move

Ilinferno — Wed, 24 Nov 2021 02:12:55 GMT

In that order, I'd make sure that you're approved for the CFF before pulling the trigger on NFCU just in case Chase notices the hard pull and gets suspicious. Then go for the Navy. Based on the data you provided you should be fine to apply for both, providing your income supports it.

Re: Torn between several cards... and my next move

FinStar — Wed, 24 Nov 2021 02:55:42 GMT

@Anonymous wrote:
Been a spectator on here for a bit, and I've been inspired (not sure if in the right or wrong direction...lol) towards applying for several different cards. I've been looking at applying for the Chase Freedom Flex as Im 4/24 and I think that should be my next move regardless. I've also been looking at an NFCU card, the Discover IT, a 2% back card (Wells Fargo Active Cash, Citi DC specifically), and sooomewhere down the line Id like an Apple Card (purely for Apple product financing). Ive had a Chase Checking account for about 5 months and I am also a NFCU member for a month or so, and Id like to start taking advantage to strengthen relationships with these 2 lenders. Id only truly want a Discover IT or NFCU card to have either a potentially large SL to boost total credit or to have a card that I can grow steadily over time with softpull CLs and essentially do the same. Id like to do the middle most responsible thing aside from gardening and just apply for the CFF and call it there for a bit, but Im wondering if a spree (CFF and 1 other max) is definitely a bad idea? Overall though Im truly just looking for suggestions and to see what others believe is my best next move!

Current Scores: EX-737 EQ-738 TU-736

AoOA: 7 years
AAoA: 2 years 4 months

Cards:
Amazon Prime - 1.5k (01/2020)
Cap1 Quicksilver - 3.5k (09/2020)
Amex BCP - 7.9k (05/2021)
Citi CC - 3.2k (08/2021) [Used for Dining]
Utilization: 8%

You mentioned your AoOA is 7 years, but the cards listed above don't add up to that age. Do you have other tradelines like an installment, auto or mortgage that anchors those 7 years?

As far as CFF, even if you're under 5/24, it may still be 50/50 since it appears you've recently opened 2 cards in the past ~6 months. You can definitely try and see what it yields for you and report back.

NFCU more thank likely should be ok, but if anything, apply for CFF first.

Re: Torn between several cards... and my next move

Anonymous — Wed, 24 Nov 2021 03:13:21 GMT

Yes I have student loans that I began taking in 2014, so that's my oldest account, along with a car loan that has closed (paid) from later that year. I planned on waiting until December for my 2/6 to fall to 1/6, you think that gives me a better shot at the CFF?

Re: Torn between several cards... and my next move

simplynoir — Wed, 24 Nov 2021 03:22:09 GMT

@Anonymous wrote:
Yes I have student loans that I began taking in 2014, so that's my oldest account, along with a car loan that has closed (paid) from later that year. I planned on waiting until December for my 2/6 to fall to 1/6, you think that gives me a better shot at the CFF?

Yes and sort of no. Yes, because you are increasing the length of time between the last time you applied which is always good. Sort of no because Chase will more than likely soft pull your reports for the next few months assuming you are approved and if you plan to app for the NFCU card as well it's going to be tricky to say how Chase will react to that. My thinking is if you don't do anything else and let the new cards/HPs age then you should be fine. Only real way to know is to app and find out but definitely do the CFF app first

Re: Torn between several cards... and my next move

SouthJamaica — Wed, 24 Nov 2021 14:21:46 GMT

@Anonymous wrote:
Been a spectator on here for a bit, and I've been inspired (not sure if in the right or wrong direction...lol) towards applying for several different cards. I've been looking at applying for the Chase Freedom Flex as Im 4/24 and I think that should be my next move regardless. I've also been looking at an NFCU card, the Discover IT, a 2% back card (Wells Fargo Active Cash, Citi DC specifically), and sooomewhere down the line Id like an Apple Card (purely for Apple product financing). Ive had a Chase Checking account for about 5 months and I am also a NFCU member for a month or so, and Id like to start taking advantage to strengthen relationships with these 2 lenders. Id only truly want a Discover IT or NFCU card to have either a potentially large SL to boost total credit or to have a card that I can grow steadily over time with softpull CLs and essentially do the same. Id like to do the middle most responsible thing aside from gardening and just apply for the CFF and call it there for a bit, but Im wondering if a spree (CFF and 1 other max) is definitely a bad idea? Overall though Im truly just looking for suggestions and to see what others believe is my best next move!

Current Scores: EX-737 EQ-738 TU-736

AoOA: 7 years
AAoA: 2 years 4 months

Cards:
Amazon Prime - 1.5k (01/2020)
Cap1 Quicksilver - 3.5k (09/2020)
Amex BCP - 7.9k (05/2021)
Citi CC - 3.2k (08/2021) [Used for Dining]
Utilization: 8%

Well you've added a good number of accounts in a short time, so I wouldn't rush into it. Especially since you want your next card to be a Chase card.

Since you have a checking account with Chase it's easy to see if you're prequalified or not for the CFF. Just check the "Just for You" offers. If you are, then go for it. If not, sit tight. Be prepared for a double pull, btw; Chase frequently pulls 2 bureaus.

Re: Torn between several cards... and my next move

Anonymous — Wed, 24 Nov 2021 19:03:29 GMT

Could just applying for 1 (or 2) of my alternative cards and waiting until I'm under 5/24 in October be a better move? I sound impatient lol if I should TRULY garden I will, I'd just like to have another card to grow passively over time before I do go into the garden 🪴

Re: Torn between several cards... and my next move

FinStar — Thu, 25 Nov 2021 01:31:27 GMT

@Anonymous wrote:
Could just applying for 1 (or 2) of my alternative cards and waiting until I'm under 5/24 in October be a better move? I sound impatient lol if I should TRULY garden I will, I'd just like to have another card to grow passively over time before I do go into the garden 🪴

The decision is entirely up to you.

If you add another card, then that would put your count at 4/24. If you're on the fence trying to decide which of the following CCs to apply for (e.g. NFCU, Discover IT, Wells Fargo Active Cash, Citi DC), I would prioritize where you have a gap rewards-wise (i.e. SUB + cashback) as it appears you have some bases covered with the cards you currently have, but this also depends on your spending habits.

You'd have to do some math to avoid any overlap and see what makes sense now vs when you decide to apply for Freedom FLEX. If it were me, I would garden for better odds on getting the FLEX down the road. The issue is, you won't know how anything you do today would impact their decision (all done by AI and algorithms). So, you can take a risk or hold off.

Re: Torn between several cards... and my next move

Crowhelm — Thu, 25 Nov 2021 17:53:59 GMT

@simplynoir wrote:
@Anonymous wrote:
Yes I have student loans that I began taking in 2014, so that's my oldest account, along with a car loan that has closed (paid) from later that year. I planned on waiting until December for my 2/6 to fall to 1/6, you think that gives me a better shot at the CFF?
Yes and sort of no. Yes, because you are increasing the length of time between the last time you applied which is always good. Sort of no because Chase will more than likely soft pull your reports for the next few months assuming you are approved and if you plan to app for the NFCU card as well it's going to be tricky to say how Chase will react to that. My thinking is if you don't do anything else and let the new cards/HPs age then you should be fine. Only real way to know is to app and find out but definitely do the CFF app first

What makes you say that? Is Chase known to close or reduce CL's because you opened other cards? I opened two other credit cards after my Amazon Prime approval and it didn't have any negative effect on my relationship with Chase.

Re: Torn between several cards... and my next move

Anonymous — Thu, 25 Nov 2021 18:03:05 GMT

I personally have seen a lot of data points where people get totally shut down by chase (all accounts closed) when they're spreeing and they have a chase card before said spree... but I've also seen people spree and get accepted for a chase card at the end of said spree, so I guess that's the tricky part they're referring to.

Re: Torn between several cards... and my next move

OmarGB9 — Fri, 26 Nov 2021 03:32:31 GMT

@Crowhelm wrote:
@simplynoir wrote:
@Anonymous wrote:
Yes I have student loans that I began taking in 2014, so that's my oldest account, along with a car loan that has closed (paid) from later that year. I planned on waiting until December for my 2/6 to fall to 1/6, you think that gives me a better shot at the CFF?
Yes and sort of no. Yes, because you are increasing the length of time between the last time you applied which is always good. Sort of no because Chase will more than likely soft pull your reports for the next few months assuming you are approved and if you plan to app for the NFCU card as well it's going to be tricky to say how Chase will react to that. My thinking is if you don't do anything else and let the new cards/HPs age then you should be fine. Only real way to know is to app and find out but definitely do the CFF app first
What makes you say that? Is Chase known to close or reduce CL's because you opened other cards? I opened two other credit cards after my Amazon Prime approval and it didn't have any negative effect on my relationship with Chase.

@Anonymous hit the nail on the head. Chase has been known to take AA on some applicants and shut them down after approval because they opened up additional accounts after their Chase approval. In your case, you got lucky.

Re: Torn between several cards... and my next move

CreditInspired — Sat, 27 Nov 2021 11:59:25 GMT

@Anonymous wrote:
Could just applying for 1 (or 2) of my alternative cards and waiting until I'm under 5/24 in October be a better move? I sound impatient lol if I should TRULY garden I will, I'd just like to have another card to grow passively over time before I do go into the garden 🪴

It sounds like you want a more definitive answer whether you should apply for more cards or garden. IMO, you should garden. This will only help your position.

In this environment, I sincerely believe you would be declined for the CFF, or if approved, get a toy SL, even if you have a "Just for You" pre-approval. And is that worth 2, maybe even 3 HPs. A few year's back with 800 scores and a green checkmark, I was declined for a Chase CC. Now granted the denial was for 5/24, but here it is several years later and the sting of rejection is still real.

I suggest you curb your impatience and remember that patience is a virtue. The CFF, nor NFCU, is going anywhere. They will still be there after gardening for 12 months.

My 2cents and GL2 whatever path you decide to take.

Re: Torn between several cards... and my next move

practical1 — Tue, 30 Nov 2021 02:46:02 GMT

@CreditInspired @Anonymous

I vote with CreditInspired. Your scores are beginning to age like fine wine -- Chase is just too capricious for anyone to reliably predict how they'll "read the tea leaves" -- best not to assume anything and you won't be disappointed.

When a bit of time has passed, consider further diversifying your portfolio with more credit union offerings. NASAFCU and PenFED might be worth a gander, now that they've opened-up their memberships to everyone. My recent experiences with both have been most pleasant -- NASAFCU offers a reliable prequal portal with only a soft pull, for example.

Submitted for your consideration. Or not....

Re: Torn between several cards... and my next move

Anonymous — Thu, 02 Dec 2021 22:33:20 GMT

Made my move, I decided to be more patient and avoid spreeing... but still wanted to take advantage of a $250 back after $500 in spend for the CFF! My Experian score went up to 743 this week so I figured it was looking good enough to take my shot as my inquiries went to 1/6 and 0/90. Got 3.1k SL, so not my highest but at least not a toy limit for me and it's large enough to cover my normal spend and not go beyond 30%. Thanks for the advice from everyone and while I do plan on going for NFCU and Discover it soonish, this should keep me happy enough to wait a couple months and think about my next move.

Re: Torn between several cards... and my next move

practical1 — Thu, 02 Dec 2021 22:42:55 GMT

Congrats! May your cards keep coming, and your CLs and scores continue to increase.