topic Re: CC Application Strategy in Credit Card Applications

CC Application Strategy

Roisin — Fri, 03 Mar 2023 03:00:51 GMT

I’d like to be approved for two CCs this spring, then eventually, more down the road. I’m seeking advice regarding the best way to meet my goals, specifically, CC suggestions and a well-considered application order to give myself the best chances for approvals (and no wasted HPs), highest SLs, and potential for CL growth and lowest possible APRs for the long haul. I’m aware that my best move creditwise would be to garden. However, there are other considerations for me now that outweigh gardening. If I can add a card or two without crashing and burning, I want to do it.

My husband and I are planning some home renovations, and I want to have more credit at my disposal later this year. Also, we might increase our HELOC, and I want to add CCs before that happens, and far enough in advance so as not to adversely impact any approval decisions.

Cash back works best for me, but is not essential; 0% APR for 15 months, or more, is preferred; and SUB would be lovely, but it’s not a deal breaker. I care more about the long-term benefits of each card than short-term perks. To be honest, if there’s a choice between two similar cards, the integrity of the institution behind a card can matter. I’m over 5/24, so Chase is out (FWIW, I’m delighted with my CFF).

My long-term goal is to have perhaps a dozen, or so, cards with lowest APRs possible, and let them grow. Right now, because I have a relatively short credit history. I’m in the middle APR tier, and I expect to be there for some time. Part of my reasoning for wanting a number of cards is that I want to keep my UTL in check. As it is, I try to never spend more than 30%. I shop at Sams and Costco, and I’d like at least one more Visa for Costco.

My scores are in the mid 700s. TU and EX are consistently higher than EQ. I apply for CCs using just my teacher’s salary, and don’t include my husband’s income (which is far greater than mine) or any other income that I may earn. The bad news is that I have a relatively short credit history, with seven CCs; four of those were added January through October ‘22 (so, my most recent CC was new 5 months ago).

CCs I’m considering:

BCE: I want this card, it’s solid. 3% CB online retail is right up my alley. Don’t know SL or APR.

WF AC: Mailing me offers, VISA Signature. Don’t have WF CC. Not necessarily a WF fan. APR 24.24%

FNBO Evergreen: Visa Signature. SL is known (meh) via their online pre-approval. APR 24.24%

Ally Unlimited Cash Back MC for Educators: Mailing me offers LIKE CRAZY. APR 20.99%

PenFed Gold or PenFed PCR: Visa or Visa Signature. Maybe apply for PenFed CC next year (I’m new to CU). 15.49 - 17.99% APR.

Of course, I’m open to other CC suggestions/ideas, and I realize there are no hard answers or guarantees. Thank you for your patience with my long post. I look forward to your insights and advice.

Re: CC Application Strategy

MySunrise271 — Fri, 03 Mar 2023 04:19:33 GMT

@Roisin wrote:
I’d like to be approved for two CCs this spring, then eventually, more down the road. I’m seeking advice regarding the best way to meet my goals, specifically, CC suggestions and a well-considered application order to give myself the best chances for approvals (and no wasted HPs), highest SLs, and potential for CL growth and lowest possible APRs for the long haul. I’m aware that my best move creditwise would be to garden. However, there are other considerations for me now that outweigh gardening. If I can add a card or two without crashing and burning, I want to do it.

My husband and I are planning some home renovations, and I want to have more credit at my disposal later this year. Also, we might increase our HELOC, and I want to add CCs before that happens, and far enough in advance so as not to adversely impact any approval decisions.

Cash back works best for me, but is not essential; 0% APR for 15 months, or more, is preferred; and SUB would be lovely, but it’s not a deal breaker. I care more about the long-term benefits of each card than short-term perks. To be honest, if there’s a choice between two similar cards, the integrity of the institution behind a card can matter. I’m over 5/24, so Chase is out (FWIW, I’m delighted with my CFF).

My long-term goal is to have perhaps a dozen, or so, cards with lowest APRs possible, and let them grow. Right now, because I have a relatively short credit history. I’m in the middle APR tier, and I expect to be there for some time. Part of my reasoning for wanting a number of cards is that I want to keep my UTL in check. As it is, I try to never spend more than 30%. I shop at Sams and Costco, and I’d like at least one more Visa for Costco.

My scores are in the mid 700s. TU and EX are consistently higher than EQ. I apply for CCs using just my teacher’s salary, and don’t include my husband’s income (which is far greater than mine) or any other income that I may earn. The bad news is that I have a relatively short credit history, with seven CCs; four of those were added January through October ‘22 (so, my most recent CC was new 5 months ago).

CCs I’m considering:
BCE: I want this card, it’s solid. 3% CB online retail is right up my alley. Don’t know SL or APR.
WF AC: Mailing me offers, VISA Signature. Don’t have WF CC. Not necessarily a WF fan. APR 24.24%
FNBO Evergreen: Visa Signature. SL is known (meh) via their online pre-approval. APR 24.24%
Ally Unlimited Cash Back MC for Educators: Mailing me offers LIKE CRAZY. APR 20.99%
PenFed Gold or PenFed PCR: Visa or Visa Signature. Maybe apply for PenFed CC next year (I’m new to CU). 15.49 - 17.99% APR.

Of course, I’m open to other CC suggestions/ideas, and I realize there are no hard answers or guarantees. Thank you for your patience with my long post. I look forward to your insights and advice.

Welcome to MyFico Forum😀

Congratulations on a well-thought-out strategy.

1. I have had tremendous success with the Lowes Advantage credit card for 60-80 percent of my home improvement needs. They have been very generous with SL and CLIs. I've made major purchases (e.g. Replaced all windows, doors, and more recently a new water heater, central AC, and above-the-stove microwave) using their 0% financing options. What a life line this card has been. This would be a good long-term keeper card.

2. I am a member of both PenFed and Navy Fed which have excellent products. As credit unions generally have those low-interest credit cards, good SL, no fees (and other products) you can hold onto, I would look at credit unions, maybe some local to you as a start. While you are waiting to apply for any credit or loan products, you could begin relationship building (ie opening a checking or savings account, utilizing bill pay, etc)

3. Time is the only thing that will give your AAoA a boost, so maybe let a couple of current cards hit the 12-month mark before you begin applying for your next two cards. Also be mindful of your inquiries on each CR, and try to evenly distribute which credit card lender will pull from which CR.

4. FNBO has also been a great ‘everyday’ card, with generous SL and CLIs. This could be a good card to help with overall utilization and another long-term keeper.

HTH🙃

Re: CC Application Strategy

Anonymalous — Fri, 03 Mar 2023 17:03:08 GMT

I agree that credit unions may be a good choice. They typically have much lower APRs than banks. The downside is they tend to be conservative when it comes to underwriting, and often won't approve people who show signs of credit seeking, like many inquiries, new tradelines, or a big jump in overall CL. The larger national CUs may be the best compromise, because they're often less concerned about credit seeking, and also tend to give bigger CLs. They're also more likely to be amenable to APR reductions, though that's very dependent on the institution.

And if you are concerned about utilization, getting tons of cards isn't the best option, because each new card will have a lower and lower SL. The other young files who have gone on app spree after app spree tend to end up with lots of cards with $500 CLs. My approach was to apply for a much more modest number of cards, but to target institutions known for generous CLs. I think I was fairly successful: My first card had a CL of $300, but my second card had a SL of over $8000, and grew to more than $24,000 over the next 9 months (it's from NFCU). I currently have less than 2 years of credit history, but my total limit across 5 cards is north of $45,000. There are a few new files on the board with a higher total limit and more cards, but not by much. There does seem to be a sweet spot, for those who want to maximize their CLs and keep utilization low.

And if you don't want to add your husband's income to the credit card application, that's fine. But if he has a longer credit history, you might consider having him add you an authorized user on one of his oldest cards (as long as it has no negatives, like lates). A single AU card that's been open for a long time can give someone with a short credit history a nice boost to their scores. Though it's not a panaea -- many lenders ignore AUs. And don't try it with Amex, because Amex sets the age of AU cards to 0.

Amex is known to be fairly generous with CLs, often tripling the SL after a few months. Ally is a big unknown -- I think we've only had two approvals on the board, so we don't have enough DPs (though I believe they were both in the $2.5K range). PenFed tends to be generous.

Re: CC Application Strategy

Roisin — Sat, 04 Mar 2023 00:08:28 GMT

@MySunrise271 wrote:
@Roisin wrote:
I’d like to be approved for two CCs this spring, then eventually, more down the road. I’m seeking advice regarding the best way to meet my goals, specifically, CC suggestions and a well-considered application order to give myself the best chances for approvals (and no wasted HPs), highest SLs, and potential for CL growth and lowest possible APRs for the long haul. I’m aware that my best move creditwise would be to garden. However, there are other considerations for me now that outweigh gardening. If I can add a card or two without crashing and burning, I want to do it.

My husband and I are planning some home renovations, and I want to have more credit at my disposal later this year. Also, we might increase our HELOC, and I want to add CCs before that happens, and far enough in advance so as not to adversely impact any approval decisions.

Cash back works best for me, but is not essential; 0% APR for 15 months, or more, is preferred; and SUB would be lovely, but it’s not a deal breaker. I care more about the long-term benefits of each card than short-term perks. To be honest, if there’s a choice between two similar cards, the integrity of the institution behind a card can matter. I’m over 5/24, so Chase is out (FWIW, I’m delighted with my CFF).

My long-term goal is to have perhaps a dozen, or so, cards with lowest APRs possible, and let them grow. Right now, because I have a relatively short credit history. I’m in the middle APR tier, and I expect to be there for some time. Part of my reasoning for wanting a number of cards is that I want to keep my UTL in check. As it is, I try to never spend more than 30%. I shop at Sams and Costco, and I’d like at least one more Visa for Costco.

My scores are in the mid 700s. TU and EX are consistently higher than EQ. I apply for CCs using just my teacher’s salary, and don’t include my husband’s income (which is far greater than mine) or any other income that I may earn. The bad news is that I have a relatively short credit history, with seven CCs; four of those were added January through October ‘22 (so, my most recent CC was new 5 months ago).

CCs I’m considering:
BCE: I want this card, it’s solid. 3% CB online retail is right up my alley. Don’t know SL or APR.
WF AC: Mailing me offers, VISA Signature. Don’t have WF CC. Not necessarily a WF fan. APR 24.24%
FNBO Evergreen: Visa Signature. SL is known (meh) via their online pre-approval. APR 24.24%
Ally Unlimited Cash Back MC for Educators: Mailing me offers LIKE CRAZY. APR 20.99%
PenFed Gold or PenFed PCR: Visa or Visa Signature. Maybe apply for PenFed CC next year (I’m new to CU). 15.49 - 17.99% APR.

Of course, I’m open to other CC suggestions/ideas, and I realize there are no hard answers or guarantees. Thank you for your patience with my long post. I look forward to your insights and advice.
Welcome to MyFico Forum😀

Congratulations on a well-thought-out strategy.
1. I have had tremendous success with the Lowes Advantage credit card for 60-80 percent of my home improvement needs. They have been very generous with SL and CLIs. I've made major purchases (e.g. Replaced all windows, doors, and more recently a new water heater, central AC, and above-the-stove microwave) using their 0% financing options. What a life line this card has been. This would be a good long-term keeper card.

2. I am a member of both PenFed and Navy Fed which have excellent products. As credit unions generally have those low-interest credit cards, good SL, no fees (and other products) you can hold onto, I would look at credit unions, maybe some local to you as a start. While you are waiting to apply for any credit or loan products, you could begin relationship building (ie opening a checking or savings account, utilizing bill pay, etc)

3. Time is the only thing that will give your AAoA a boost, so maybe let a couple of current cards hit the 12-month mark before you begin applying for your next two cards. Also be mindful of your inquiries on each CR, and try to evenly distribute which credit card lender will pull from which CR.

4. FNBO has also been a great ‘everyday’ card, with generous SL and CLIs. This could be a good card to help with overall utilization and another long-term keeper.

HTH🙃

Thanks so much for your thoughts. I appreciate the time you took to give me advice. Responding to each of your points:

1. We're on the same page regarding Lowes. Already, I have a Lowes card -- in fact it's my only retailer's card, and probably will remain so. I've used it for several big purchases, and SL and CLI were both generous.

2. I have a Penfed savings account (mentioned on another thread somewhere) and plan to feed it until next year. Happy to hear that you're pleased with your membership, and your advice jives with my long-term plan.

3. I hear you regarding AAoA. However, after determing that my best overall long-term plan requires me to shoot myself in the foot at some point, I'd prefer to do it now, rather than later. With that in mind, the inquiries on each CR, "to evenly distribute which credit card lender will pull from which CR" is what I need most help with, I think. I've scanned the forums, however, I'm still not sure that I'm figuring correctly. I can say that TU likes me best, followed by EX, then EQ, and this has been consistent. Also, Lowes Sync, CFF, and Disco have all quickly given me generous CLIs, and one was early, one mid, and one late in my acquisitions lineup. If there's any insight out there regarding which CCs might give me the best chances for approval based on this info, I'd really appreciate a heads up, or knowing where to look.

4. It's reassuring to hear you're pleased with FNBO. Trusting their pre-qual app, and already knowing their proposed SL and APR for me, puts this CC near or at the top of my list.

Thanks again!

Re: CC Application Strategy

Roisin — Sat, 04 Mar 2023 01:48:27 GMT

@Anonymalous wrote:
I agree that credit unions may be a good choice. They typically have much lower APRs than banks. The downside is they tend to be conservative when it comes to underwriting, and often won't approve people who show signs of credit seeking, like many inquiries, new tradelines, or a big jump in overall CL. The larger national CUs may be the best compromise, because they're often less concerned about credit seeking, and also tend to give bigger CLs. They're also more likely to be amenable to APR reductions, though that's very dependent on the institution.

And if you are concerned about utilization, getting tons of cards isn't the best option, because each new card will have a lower and lower SL. The other young files who have gone on app spree after app spree tend to end up with lots of cards with $500 CLs. My approach was to apply for a much more modest number of cards, but to target institutions known for generous CLs. I think I was fairly successful: My first card had a CL of $300, but my second card had a SL of over $8000, and grew to more than $24,000 over the next 9 months (it's from NFCU). I currently have less than 2 years of credit history, but my total limit across 5 cards is north of $45,000. There are a few new files on the board with a higher total limit and more cards, but not by much. There does seem to be a sweet spot, for those who want to maximize their CLs and keep utilization low.

And if you don't want to add your husband's income to the credit card application, that's fine. But if he has a longer credit history, you might consider having him add you an authorized user on one of his oldest cards (as long as it has no negatives, like lates). A single AU card that's been open for a long time can give someone with a short credit history a nice boost to their scores. Though it's not a panaea -- many lenders ignore AUs. And don't try it with Amex, because Amex sets the age of AU cards to 0.

Amex is known to be fairly generous with CLs, often tripling the SL after a few months. Ally is a big unknown -- I think we've only had two approvals on the board, so we don't have enough DPs (though I believe they were both in the $2.5K range). PenFed tends to be generous.

Much gratitude for your kind advice. I concur with your thoughts regarding CUs. Already, I have a savings account with PenFed that I plan to feed until next year. At that time, I plan to apply for one of their CCs. I'm in no hurry on this one.

Congratulations on your successes with SLs and CLIs! As it turns out, my app spree last year didn't land me with any $500 SLs, nor any close to that. I spent quite some time researching, calculating, and timing apps to the best of my abilities (then, crossed my fingers) so chances of that happening would be slim. In fact, today it looks like my combined UTL would qualify me for the "new files" group you mention. Regardless, I'm reaching out here today because I realize that I'm pushing the envelope by stepping out of the garden earlier than I should as I seek out more CCs.

Regarding "tons" of CCs being a no-no, perhaps I’m off here, but I don't consider a dozen or so CCs to be over-the-top. Am I wrong on this? I'm guessing that my first, recently unsecured card, and possibly my second card are bucketed, and I want a solid group of quality CCs to grow with me over the years.

Also, my reasoning for not wanting to use our combined household income for my CC apps, or to be an authorized user on my husband's accounts are many, and I won't go on about all of them here. Still, one reason that I’ll share is this: I've been widowed, and at that time not having my own credit, being responsible for debt that I didn't incur -- debt that was way more than I could comfortably manage on my own -- was a situation in which I don't ever want to find myself again. I feel much more secure with a number of smaller CLs, based solely on my most verifiable income, that I can comfortably manage before, during, and after any sort of financial change or crisis. If it takes a couple of more cards in order to obtain a solid combined CL and overall UTL, then that's what I feel works best for me at this time.

Thank you for your input regarding AMEX, Ally, and PenFed. You're confirming what I've gleaned about each from my research here. Although, I don’t know if confirming all this makes my decisions any easier!

Again, thanks for taking time to respond. Your input is very helpful.

Re: CC Application Strategy

805orbust — Sat, 04 Mar 2023 01:48:38 GMT

You've mapped out some pretty decent choices @Roisin . Big fan of FNBO here, and Amex as well. I'd most likely start with Penfed, however I'd caution that all 3 are a "bit" inquiry sensitive and you've got quite a number of new accounts in the last year. Personally I'd wait until the youngest of those is at 1 year and then go forward, however, I'm cautious as all getout when it comes to planning out apps and tend to space them out by a year.

Re: CC Application Strategy

Roisin — Sat, 04 Mar 2023 02:18:39 GMT

@805orbust thanks for sharing your take on my choices. The facts as I understand them -- combined with my short history -- that all three are decent, and each is, as you write, a "bit" inquiry sensitive, smack right at the crux of the matter! Argh.

Regarding PenFed, I might've considered starting there, however, my membership with them is very new and I've read conflicting accounts regarding success applying for their CCs with a brand-new membership. I'm not sure what to think. I'd decided that I'd wait until I build a relationship, then go for it next year. Am I misinformed on this? They've sent me an email invitation to apply for a CC; I just assumed that it was a matter of course for new memers to receive such an email.

I'm impressed with your mindfulness and prudence (and your TCL!). Along with patience, these are qualities that don't come naturally to me. Thank you for your advice and spending time with me on this.

Re: CC Application Strategy

805orbust — Sat, 04 Mar 2023 02:40:34 GMT

@Roisin it's all good. They didn't come naturally to me either a decade ago when I embarked on this journey, but brick by brick it was built. Ironically, Penfed was pretty early in my rebuild, I had 5 or 6 recent (within 1 year, I was going crazy) inquiries and the same amount of new accounts. I apped a month after gaining membership and they gave me my first 5-figure limit ($16,000) by far. It still remains to this day. And at the time Penfed didn't have a reputation for being kind to rebuilders like, say Navy. So you never know.

I apped way too much early on, and have about 11 or so accounts that I got rid of from back then. However I was always calculating (even when knowledge was limited) about how and what I apped for. In the long run it turned out, despite some bumps. I can confirm, however, that the patience of Buddha will serve you well my friend. Err on the side of caution... when possible 🤣🤣🤣

Re: CC Application Strategy

805orbust — Sat, 04 Mar 2023 02:41:55 GMT

You'll be fine tho, there are some SMART people here and I continue to rely on their wisdom. 😉

Re: CC Application Strategy

Roisin — Sat, 04 Mar 2023 03:02:16 GMT

@805orbust if we believe Buddah, then patience is motivated by acceptance and compassion for suffering, rather than a desire to eradicate it. *sigh* I'm not sure I'm enlightened enough ... for me, patience in this game IS suffering, I'm sure of it!

Re: CC Application Strategy

Roisin — Sat, 04 Mar 2023 03:13:19 GMT

@805orbust Thank you. I'm a new member, but also, a long-time lurker. I'm humbled by the knowledge on this forum, and look forward to continuing to learn from the wisdom offered here. Despite my impetuousness, I've managed to hold back (well, some, anyway) and benefit from what I've learned so far. I've not been steered wrong yet.

Re: CC Application Strategy

805orbust — Sat, 04 Mar 2023 03:29:15 GMT

🤣🤣🤣 @Roisin I find it hard to argue either way my friend!

Re: CC Application Strategy

Anonymalous — Sat, 04 Mar 2023 05:09:34 GMT

@Roisin wrote:
Regarding "tons" of CCs being a no-no, perhaps I’m off here, but I don't consider a dozen or so CCs to be over-the-top. Am I wrong on this? I'm guessing that my first, recently unsecured card, and possibly my second card are bucketed, and I want a solid group of quality CCs to grow with me over the years.

It's not the number of credit cards, it's the rate. For young files, a lot of new inquiries or tradelines tend to be treated much more harshly than for thick, aged files. That's why CLs often drop off steeply with app sprees. If you managed to avoid that, congratulations.

I had the same plan you did -- to front load my cards by getting a bunch very early, and then letting them age. That's optimal from an AAoA standpoint, but it falls down on the practical side. Because after an early rejection and some reconsideration, I realized it would be hard to get the cards and CLs I wanted, without some history. So the first stage was stepping stones, getting cards to build a history, and then applying in a burst later (I applied for 3 cards in December, and got 2 of them -- the one rejection was a local CU, who despite pulling a score of 790, thought the $30K+ in new credit I added in the past year was way too much.)

There is a balance -- too fast, and lenders chop SLs or hand out rejections. But too slow also seems to hurt, probably because there just won't be enough months of paid as agreed on the credit report, and because they want to see applicants who have proven they can juggle a few cards.

I think my pace (about 1 card/6 months) hit a sweet spot, but other posters did very well and went a bit faster. Just not too much faster -- the posters who took that path ended up with a lot of cards, but toy limits. Going slower also doesn't seem to help, because the one person who did also got a lot of rejections, probably because of the thinness of their file.

If you haven't discovered it yet, this is useful for mini-sprees:

https://ficoforums.myfico.com/t5/General-Credit-Topics/Which-Report-Will-They-Pull-Part-2/td-p/6379773

Of the 3 cards I applied for in December, 1 pulled EX, 1 pulled TU, and 1 pulled EQ. That maximized my chances for acceptance and a good SL, because they wouldn't see the other inquiries, and thus wouldn't know I applied for the other cards (at least not until the new tradelines appeared on my credit report). So to each lender, it looked like I hadn't applied for anything in at least 9 months.

Anyway, good luck with your journey, and I respect wanting to build a credit history on your own.

Re: CC Application Strategy

M_Smart007 — Sat, 04 Mar 2023 05:29:09 GMT

@805orbust wrote:
You'll be fine tho, there are some SMART people here and I continue to rely on their wisdom. 😉

@805orbust,

Re: CC Application Strategy

SouthJamaica — Sat, 04 Mar 2023 14:54:02 GMT

@Roisin wrote:
I’d like to be approved for two CCs this spring, then eventually, more down the road. I’m seeking advice regarding the best way to meet my goals, specifically, CC suggestions and a well-considered application order to give myself the best chances for approvals (and no wasted HPs), highest SLs, and potential for CL growth and lowest possible APRs for the long haul. I’m aware that my best move creditwise would be to garden. However, there are other considerations for me now that outweigh gardening. If I can add a card or two without crashing and burning, I want to do it.

My husband and I are planning some home renovations, and I want to have more credit at my disposal later this year. Also, we might increase our HELOC, and I want to add CCs before that happens, and far enough in advance so as not to adversely impact any approval decisions.

Cash back works best for me, but is not essential; 0% APR for 15 months, or more, is preferred; and SUB would be lovely, but it’s not a deal breaker. I care more about the long-term benefits of each card than short-term perks. To be honest, if there’s a choice between two similar cards, the integrity of the institution behind a card can matter. I’m over 5/24, so Chase is out (FWIW, I’m delighted with my CFF).

My long-term goal is to have perhaps a dozen, or so, cards with lowest APRs possible, and let them grow. Right now, because I have a relatively short credit history. I’m in the middle APR tier, and I expect to be there for some time. Part of my reasoning for wanting a number of cards is that I want to keep my UTL in check. As it is, I try to never spend more than 30%. I shop at Sams and Costco, and I’d like at least one more Visa for Costco.

My scores are in the mid 700s. TU and EX are consistently higher than EQ. I apply for CCs using just my teacher’s salary, and don’t include my husband’s income (which is far greater than mine) or any other income that I may earn. The bad news is that I have a relatively short credit history, with seven CCs; four of those were added January through October ‘22 (so, my most recent CC was new 5 months ago).

CCs I’m considering:
BCE: I want this card, it’s solid. 3% CB online retail is right up my alley. Don’t know SL or APR.
WF AC: Mailing me offers, VISA Signature. Don’t have WF CC. Not necessarily a WF fan. APR 24.24%
FNBO Evergreen: Visa Signature. SL is known (meh) via their online pre-approval. APR 24.24%
Ally Unlimited Cash Back MC for Educators: Mailing me offers LIKE CRAZY. APR 20.99%
PenFed Gold or PenFed PCR: Visa or Visa Signature. Maybe apply for PenFed CC next year (I’m new to CU). 15.49 - 17.99% APR.

Of course, I’m open to other CC suggestions/ideas, and I realize there are no hard answers or guarantees. Thank you for your patience with my long post. I look forward to your insights and advice.

Blue Cash Everyday and PenFed Power Cash sound good to me. Just remember that with the PenFed Power Cash, in order to earn 2%, as opposed to 1.5%, you need to have a PenFed checking account which either (a) maintained a $500 minimum balance that month, or (b) had direct deposits totalling $500 that month. It appears that PenFed accepts any electronic transfer into the account as a direct deposit.

Re: CC Application Strategy

805orbust — Sat, 04 Mar 2023 09:50:03 GMT

@M_Smart007 can you and @SouthJamaica sense when I'm talking about you guys!? 🤣🤣🤣

Re: CC Application Strategy

Roisin — Sat, 04 Mar 2023 22:58:44 GMT

@Anonymalous thank you for including the link to "Which Report Will They Pull, Part 2." I'd found the first one, but had not remembered or discovered Part 2.

What a game changer.

If I’ve interpreted the info on Part 2 correctly, it looks like most of the CCs I’m interested in will pull EX, with a possibility of TU as well, except for PenFed, which seems more likely to pull EQ. Add to that, for my app last June, Cap1 pulled all three – EX, TU, and EQ. Then in July, another app pulled EX and TU. In October, another pulled EQ, and another pulled EX. They were all approved, however, that leaves me with two pulls for TU, two for EQ, and three for EX. ☹️

I get it. If I wait at least until August, all but one EX and one EQ will be more than a year old. And, if I could just manage to sit on my hands a bit longer, they’ll all be gone in November. Nevertheless, I’m pretty certain that I can’t contain myself for that long (plus, I've messed up our HELOC plans). <eye roll> The good news is, I plan to pay off my CCs in mid- to late-April, so it only gets better still.

So now, if I can just hold my horses, the question is: in which order do I apply? And, am I relatively “safe” trying for two in August? Would it be better/worse to do one app in August, and a second in November? Regardless, after two, I’ll save the rest for next year. Promise.

Re: CC Application Strategy

Roisin — Sat, 04 Mar 2023 23:16:38 GMT

Thank you for your input, @SouthJamaica. I'm kind of leaning toward putting BCE at the top of my list; even if I can't use it at Costco, with the 3% CB for online purchases, and it's other perks, it may be the best match for my spending habits.

Regarding PenFed, it's interesting about the required monthly $500 direct deposit or minimim balance parked in checking in order to realize the 2%. To me, parking $500 seems remarkably similar to having a secured card, does it not? At any rate, I'm growing my savings with them, and I'm thinking that the Power Cash will be on for the list for next year. At least, that's what I'm contemplating today. There's always tomorrow ...

Re: CC Application Strategy

Beefy1212 — Sun, 05 Mar 2023 02:39:09 GMT

If the BCE appeals to you... might I suggest you go for the BCP, first year annual fee is waived and you can downgrade to BCE for year 2 and beyond the BCP has a larger sub, and twice the cb at the grocey store. Many people view the BCE as a place holder for amex offering them an upgrade bonus to BCP if you dont need 3% online the BCP year 1 beats it handily in every way. The bce does a few different things moderately well but is generally easily beat by others cards.

The only thing bcp doesn't have is 3% online, but you were looking at wells fargo active cash simply take the autograph instead and since also looking at FNBO use that for the 2% active cash would give you.

Next I would look at the PayPal mastercard it is also 2% everywhere no hp if denied and gets 3% back while using paypal which most mainstream sites use online anyway. It is also easy to get replaces the need for the FNBO and/or active cash/Autograph card and has pretty good to decent starting limits. no intro zero apr though.

I don't carry balances ever so I dont care about apr or apr offers so maybe that is a deal breaker for you but I think it is worth a look regardless.

I have a 2 year old profile with 11 cards ~80k tcl, 3 loans 2 paid 1 active and a 775 fico 8. I am likely on the agressive side when it comes to getting new cards, and dont view inquiries or new accounts as badly as our gardners that have replied to you do.

Re: CC Application Strategy

Anonymalous — Sun, 05 Mar 2023 21:45:40 GMT

@Roisin wrote:

If I’ve interpreted the info on Part 2 correctly, it looks like most of the CCs I’m interested in will pull EX, with a possibility of TU as well, except for PenFed, which seems more likely to pull EQ. Add to that, for my app last June, Cap1 pulled all three – EX, TU, and EQ. Then in July, another app pulled EX and TU. In October, another pulled EQ, and another pulled EX. They were all approved, however, that leaves me with two pulls for TU, two for EQ, and three for EX. ☹️

I get it. If I wait at least until August, all but one EX and one EQ will be more than a year old. And, if I could just manage to sit on my hands a bit longer, they’ll all be gone in November. Nevertheless, I’m pretty certain that I can’t contain myself for that long (plus, I've messed up our HELOC plans). <eye roll> The good news is, I plan to pay off my CCs in mid- to late-April, so it only gets better still.

So now, if I can just hold my horses, the question is: in which order do I apply? And, am I relatively “safe” trying for two in August? Would it be better/worse to do one app in August, and a second in November? Regardless, after two, I’ll save the rest for next year. Promise.

Well, it has been more than 3 months, and waiting 3-6 months for a young file is a typical recommendation. So plenty of myFICOers would have applied by now, and some were quite successful. I was on the slow end of the sweet spot, and even I applied for my second card at 6 months, and my third at 9 months. Though if those are your only cards, you haven't yet reached 1 year of credit history. And that makes it harder with a lot of the major lenders (like Chase).

I think people worry too much about inquiries. If you apply and get approved, an inquiry is really just an advance notice to other lenders that you might have gotten a new card. Once the 3 new cards showed up on your credit reports, they became what's important, not the initial inquiries (barring the minor ding to your score).

The only inquiries that really matter are the new inquiries, because by selectively targeting bureaus, you can prevent lenders from getting that advance notice of your other applications when you apply for several cards in a short time. Given how the bureaus worked out, it sounds like a mini-spree with PenFed + something that pulls Experian would be reasonable. If you want more cards that pull EX, I'd space them out by at least a month, and apply for them in descending order of importance, because the first will have the best odds at approval and a good SL.