topic Re: Applying for multiple cards in Credit Cards

Applying for multiple cards

Anonymous — Sat, 03 Feb 2018 23:52:50 GMT

Hey guys, so i dont know what my exact Fico scores are. I plan on getting them through this site very soon though.

Credit one said my Experian is 598 (what?!) and Credit Karma says my Trans is 706 and Eq 689.

Up until yesterday, i have a $500 Credit One, $850 Cap1 Quick, $850 Cap1 QuickONE, and $2000 Synch Care Credit. AAoA is 2.1 years. Credit karma shows 1 inquiry with 1 small collections for $40 that will fall off in a few months. 100% payment history. Credit karma allowed me to dispute a ton of stuff and get it taken off really easily. Credit ones report is showing much much more stuff hence the low score.

Anyways, i was worried my scores were really much lower than what Credit karma showed so i definitely took a gamble and applied for a Chase Freedom yesterday. Got approved for $3000. I was pumped. Obviously my biggest line of credit so far.

Today, i was trying the pre-qualify on all the major websites. I pre-qualified for literally everycard that capital one, Citi, and Discver has. No prequals for Amex though :/ It was between the cap1 venture, Citi DC, or Disc IT.

I crossed my fingers and went for the Disc IT and BOOM, i got approved for $6500! Holy snap. Maybe my credit is somehow better than i thought?

I have this itch, i know you guys know what i'm talking about. I really just want to see a big limit. I'm actually very responsible, my utilization is reasonably low at 35% (about to pay the rest off with my tax return).

I was thinking about applying for a Citi or Amex card also. If i dont get approved then i'll probably call it quits for a year or two and just take care of all the accounts that i now have.

Sorry for all the text. My question is, is it pretty bad to get 2-3 new cards in a few days? I mean its not like i have a bunch of existing inquiries or anything. I know that the new inquiries will hurt my credit. I also know that the new accounts probably aren't good for my AAoA, but i now have a much more vast amount of overall available credit than i did before so will that help offset the previous two?

What do you guys think? I got prequal'd for a bunch of Citi cards so i feel like my chances are good ill get approved. I just dont know if three new cards will end up hurting my credit badly even if i have much more available credit?

What do you guys think should i go for it? I'v been working on my credit and being patient for two years and i feel like its finally starting to pay off.

Re: Applying for multiple cards

Anonymous — Sun, 04 Feb 2018 00:19:58 GMT

Congrats on your approvals. I don’t have personal negative experience regarding an app spree with any bank other than Chase. During an January app spree of 7 cards in 8 days, Chase got spooked and closed my accounts before the cards arrived. I was able to recon through a Sr Underwriter, but it was a thorough 6-day process. Ultimately they were reinstated. The other creditors I got cards from at the time did not seem to be spooked. Those were USAA, Amex, Discover, Citi, and HSBC.

I would suggest you grow the two you just got for about 6 months and then maybe apply for one or two more at that point.

Re: Applying for multiple cards

Anonymous — Sun, 04 Feb 2018 00:26:02 GMT

Stop applying lol. Good spree and congrats. Let these accounts mature. Credit is a marathon, not a sprint. Your scores thru credit karma are not to go by. Check your FICO 8 scores. That will get you a better idea. Just because you qualify doesn’t mean you have to apply for every card out there. Only apply for cards that give you rewards for your spending patterns. And please always PIF. That 35% use is way way to high. Ideally get your usage below 8.9%. I never understand people thinking paying 12% to 25% interest is just fine. It’s not. I know many can have emergencies for a month here and there. But pay off those cards. And if you need to maximize scores, AZERO is great for that. Good luck.

Re: Applying for multiple cards

Anonymous — Sun, 04 Feb 2018 01:56:53 GMT

wrote:
Stop applying lol. Good spree and congrats. Let these accounts mature. Credit is a marathon, not a sprint. Your scores thru credit karma are not to go by. Check your FICO 8 scores. That will get you a better idea. Just because you qualify doesn’t mean you have to apply for every card out there. Only apply for cards that give you rewards for your spending patterns. And please always PIF. That 35% use is way way to high. Ideally get your usage below 8.9%. I never understand people thinking paying 12% to 25% interest is just fine. It’s not. I know many can have emergencies for a month here and there. But pay off those cards. And if you need to maximize scores, AZERO is great for that. Good luck.

Thanks guys i appreciate the advice. ya'll are right theres really no reason to apply for anymore at the moment. I'm happy with the two that i just got. I don't care about travel miles or lounges or anything like that because i don't travel. I'm really only after cash back rewards cards. and Yah 99% of that utilization is on my care credit. I had to have surgery recently and didn't have insurance so i racked up a care credit bill from ortho visits. Once my tax return hits my checking i'm going to pay the rest off.

Also, what is AZERO?

Re: Applying for multiple cards

Anonymous — Sun, 04 Feb 2018 02:02:47 GMT

AZERO is all credit cards show $0 except one under 8.9%. It gives you max FICO points in utilization category. You can use all cards. Just pay off each card except one by statement cut.

Re: Applying for multiple cards

Anonymous — Sun, 04 Feb 2018 08:28:34 GMT

Many of us do it. To each their own .Like you said all youd be losing is an inquiry hit .Id try for an amex if I were you and get your foot in the door and then call it quits .That's just me though .Everyone's opinion differs .Imo its better to let all the accounts age together rather than bringing the AAOA back down 6 months down the road. I did quite the spree last month that started with 1 card and led me to getting a total of 7 in 1-2 days .Because I wanted them all to age together and that's what ive been working so hard on my credit for. I wanted to get in with all the prime banks and cards on my wish list and call it quits .And that's what I did .I'm in the garden for a couple years now .Don't need any more credit .Got more than I need now and will be closing out my starter cards as each of them reaches the 12 month mark and before the annual fees renew or just closing them out just because I don't need them any more . after getting in with discover and navy and usaa the only other bank I REALLY cared to get in with was amex so I said what the beck .Its just an inquiry .And I got in .Now I'm done and can let all my accounts age .That's one thing I don't have is good age on my report but that's what I'm gonna work on now that I've achieved what I set out to do. So ill be gardening my age and letting inquiries and my 1 baddie fall off .Til then I'm living through everyone elses approvals on here. I say go for it . best of luck in whatever endeavors you choose to do .

Oh and by the way DO NOT believe credit ones score .I have a 675 score and they show me around 598 .I think they're using old scoring models or one of their own internal models .That's not a true fico score .Your CK are more realistic then credit one .Also when those cards come in the mail read the papers .Your credit scores will be on one of those papers .

Re: Applying for multiple cards

Anonymous — Sun, 04 Feb 2018 11:42:45 GMT

I advise against too many cards in a spree. To each his own, however just know that you open yourself up to AA. No matter what anyone tells you AA for opening too many cards at once IS a thing just search for it. Chase is notorious for this and has even closed cards of people before they even receive them in the mail (again there are threads about this). It doesn't happen to everyone but I think it's only fair that you know ALL of the possibilities before making your decision.

On another note congrats on your approvals and your journey and good job!

Re: Applying for multiple cards

arkane — Sun, 04 Feb 2018 10:40:04 GMT

Agreed. Unless you have a thick and established file with excellent FICO scores, app spreeing can be risky business. Glad it seems to have worked out for you, but for now stay deep in the garden and practice responsible credit usage for at least 6 months before even thinking about anything that involves a hard pull.

Re: Applying for multiple cards

SouthJamaica — Sun, 04 Feb 2018 12:50:23 GMT

wrote:
Hey guys, so i dont know what my exact Fico scores are. I plan on getting them through this site very soon though.
Credit one said my Experian is 598 (what?!) and Credit Karma says my Trans is 706 and Eq 689.

Up until yesterday, i have a $500 Credit One, $850 Cap1 Quick, $850 Cap1 QuickONE, and $2000 Synch Care Credit. AAoA is 2.1 years. Credit karma shows 1 inquiry with 1 small collections for $40 that will fall off in a few months. 100% payment history. Credit karma allowed me to dispute a ton of stuff and get it taken off really easily. Credit ones report is showing much much more stuff hence the low score.

Anyways, i was worried my scores were really much lower than what Credit karma showed so i definitely took a gamble and applied for a Chase Freedom yesterday. Got approved for $3000. I was pumped. Obviously my biggest line of credit so far.

Today, i was trying the pre-qualify on all the major websites. I pre-qualified for literally everycard that capital one, Citi, and Discver has. No prequals for Amex though :/ It was between the cap1 venture, Citi DC, or Disc IT.

I crossed my fingers and went for the Disc IT and BOOM, i got approved for $6500! Holy snap. Maybe my credit is somehow better than i thought?

I have this itch, i know you guys know what i'm talking about. I really just want to see a big limit. I'm actually very responsible, my utilization is reasonably low at 35% (about to pay the rest off with my tax return).

I was thinking about applying for a Citi or Amex card also. If i dont get approved then i'll probably call it quits for a year or two and just take care of all the accounts that i now have.

Sorry for all the text. My question is, is it pretty bad to get 2-3 new cards in a few days? I mean its not like i have a bunch of existing inquiries or anything. I know that the new inquiries will hurt my credit. I also know that the new accounts probably aren't good for my AAoA, but i now have a much more vast amount of overall available credit than i did before so will that help offset the previous two?

What do you guys think? I got prequal'd for a bunch of Citi cards so i feel like my chances are good ill get approved. I just dont know if three new cards will end up hurting my credit badly even if i have much more available credit?

What do you guys think should i go for it? I'v been working on my credit and being patient for two years and i feel like its finally starting to pay off.

You absolutely should stop right now and let your portfolio age.

Re: Applying for multiple cards

Anonymous — Tue, 06 Feb 2018 12:45:03 GMT

wrote:
Hey guys, so i dont know what my exact Fico scores are. I plan on getting them through this site very soon though.
Credit one said my Experian is 598 (what?!) and Credit Karma says my Trans is 706 and Eq 689. Quite common for vantage scores to be 100-200 points off.

Up until yesterday, i have a $500 Credit One(call in and chat, act like you are going to cancel, get all of your interest paid refunded. then close the card right before the AF is going to hit), $850 Cap1 Quick, $850 Cap1 QuickONE (how old are each of these? id be combining them asap, no sense in paying AF, also, what is your purchase APR?), and $2000 Synch Care Credit. AAoA is 2.1 years. Credit karma shows 1 inquiry with 1 small collections for $40 that will fall off in a few months. 100% payment history. Credit karma allowed me to dispute a ton of stuff and get it taken off really easily. Credit ones report is showing much much more stuff hence the low score.

Anyways, i was worried my scores were really much lower than what Credit karma showed so i definitely took a gamble and applied for a Chase Freedom yesterday. Got approved for $3000. I was pumped. Obviously my biggest line of credit so far. (hope you applied in branch and got the $300 free offer) You need to look at the link in my signature as a springboard for figuring out what cards will work the best for you. Dont just opening up cards just because you can. The only thing your credit scores and do is go down. I like to mix the best cash back categories with good all time high sign up bonuses. Also in 90 days you can take a HP with discover and ask them for a much higher limit, and the only reason i'd even suggest it, is because they must like your profile to start you off that high. dont do it unless you really need it though, as they will grow quickly. and it always functions as a 4.99% card via no fee BT)

Today, i was trying the pre-qualify on all the major websites. I pre-qualified for literally everycard that capital one STAY AWAY, Citi, and Discver has. No prequals for Amex though :/ eh, amex prequals dont always work. It was between the cap1 venture, Citi DC, or Disc IT. No need to go for a Citi DC right now. Youre getting an effective 2% on non category purchases the first year.

I crossed my fingers and went for the Disc IT and BOOM, i got approved for $6500! Holy snap. Maybe my credit is somehow better than i thought?

I have this itch, i know you guys know what i'm talking about. I really just want to see a big limit. I'm actually very responsible, my utilization is reasonably low at 35% (about to pay the rest off with my tax return).

I was thinking about applying for a Citi or Amex card also. If i dont get approved then i'll probably call it quits for a year or two and just take care of all the accounts that i now have.

Sorry for all the text. My question is, is it pretty bad to get 2-3 new cards in a few days? I mean its not like i have a bunch of existing inquiries or anything. I know that the new inquiries will hurt my credit. I also know that the new accounts probably aren't good for my AAoA, but i now have a much more vast amount of overall available credit than i did before so will that help offset the previous two?

What do you guys think? I got prequal'd for a bunch of Citi cards so i feel like my chances are good ill get approved. I just dont know if three new cards will end up hurting my credit badly even if i have much more available credit? What interest rates were you seeing with citi post promo? Thats a good way to gauge how they view you, especially with BOA and Citi.

What do you guys think should i go for it? I'v been working on my credit and being patient for two years and i feel like its finally starting to pay off.

I think you should see what your actual scores are. Just pay the money and get the real 3 bureau thing here. So long as you aren't going for a mortgage, then whats the big deal? Just rememer with chase for easiest approval, they have that 5 cards in 2 years rule. So you may very well want to see how many are showing on your reports, the discover probably isnt yet....I know this is a stretch, but you could double dip and go for the Chase Sapphire Reserve and Preferred. It won't be super easy but its the only way you can easily get both cards without waiting 2 years or for a preapproval.

Again, look at your monthly spending, and in which categories its spent in. You should have most major categories covered and in the interim buy gift cards steeply discounted using your new discover card. I'd also like to see you bank with a credit union by the end of the year. Are you a traveler? If you are not, then cash back is your focus, but don't let that preclude you from getting a travel card and its bonus! Congrats on the great approval!

Re: Applying for multiple cards

HeavenOhio — Tue, 06 Feb 2018 13:38:07 GMT

I know this is a stretch, but you could double dip and go for the Chase Sapphire Reserve and Preferred. It won't be super easy but its the only way you can easily get both cards without waiting 2 years or for a preapproval.

Chase won't issue a second Sapphire product anymore.

OP, an easy way to get your three FICO8s and reports is to sign up for a $1 trial at CreditCheck Total, then canceling before the trial period has ended.

Re: Applying for multiple cards

Anonymous — Tue, 06 Feb 2018 15:29:51 GMT

wow guys so i signed up for the Fico Ultimate 3b and got my scores. Credit karma and Credit one are off quite a bit. Im surpised my Fico scores are higher than all the fakos.

Fico 8

Eq- 710 Trans-711 and Experian is 751 !!

Credit ONE showed my experian as being 598 and myFico says its 751.

holy cow, i'm stoked. So glad i signed up

Re: Applying for multiple cards

arkane — Tue, 06 Feb 2018 15:35:02 GMT

wrote:
I know this is a stretch, but you could double dip and go for the Chase Sapphire Reserve and Preferred. It won't be super easy but its the only way you can easily get both cards without waiting 2 years or for a preapproval.
Chase won't issue a second Sapphire product anymore.

OP, an easy way to get your three FICO8s and reports is to sign up for a $1 trial at CreditCheck Total, then canceling before the trial period has ended.

Agreed.

Taking it one step further, I strongly recommend signing up with a prepaid gift card with only $1 left on it. This way you won't get any unpleasant surprises in case the cancellation doesn't go through or you don't have time to wait 2 hours on the phone.

Re: Applying for multiple cards

Anonymous — Tue, 06 Feb 2018 15:41:38 GMT

Was the 29.95 for basically a one time viewing of my fico scores, because now they all seemed to have went away and i cant get them back. im so confused lol

Re: Applying for multiple cards

JuliusC — Tue, 06 Feb 2018 15:54:05 GMT

Did you pay the $29.95 subscription? That is what I pay and monitor my accounts through my dashboard. SIgn into your account through MyFico and look at your dashboard, your three scores should be there. You only get one ultimate 3B report every three months unless you want to pay the $59.95 to get them monthly, but I don't see a point in that. The report is always available through your dashboard. It's a great way to monitor your credit and usage.

Re: Applying for multiple cards

Anonymous — Tue, 06 Feb 2018 16:07:51 GMT

Okay i see what i did. I did sign up for the 29.95 subscription. I guess when i created the account i used a different login then what im using here on the forum, and afterwards i forgot to switch over.

Anyways, so when i saw my fico experian was 751, i immediately realized that Amex generally pulls Experian so i figured what the hell and went for it.

I got approved for $2k for the Amex Blue everyday card! I'm stoked because this was essentialy my goal. I got my goal card, i basically have no interest in any other cards at this time. I really just wanted to get my foot in the door with Amex. Worst case scenario if Chase does cancel my card, then oh well. Hopefully they won't though. I was hoping my amex limit would be a little higher considering what i got with discover but oh well. i'm sure it will grow. i really don't need super big limits because my income doesn't necessarily match up with them, lol.

Re: Applying for multiple cards

arkane — Tue, 06 Feb 2018 16:30:51 GMT

I'm sorry to be so blunt but, what was the point of this thread if you were gonna do what you wanted to regardless? You had no less than 3 people telling you to stop and let your profile age, but you went and got the BCE anyway.

Well ok you're certainly allowed to do what you want, but DiscIt is an effective 10% cash back on gas through end of Q1, and 10% cash back on groceries during Q2. Not to mention who knows what Chase Freedom will offer this year. Bottom line is you already have cards that offer better cash back than BCE (granted only during certain periods, but still, and there are ways around the time limitation too), so getting the BCE now just seems completely pointless.

Re: Applying for multiple cards

Anonymous — Tue, 06 Feb 2018 17:00:19 GMT

Well, to say I was just going to do whatever regardless isn't accurate.

The point of the thread was really to see what kind of an impact applying for multiple cards at once would have on my credit score. You guys seem to know a lot of little tips and tricks and I was curious what everyone had to say.

I will start by saying I really just wanted to have a few cards from prime lenders. Hence the chase, discover, and amex. There's no annual fee so what difference does it make? I see guys on this forum with up to 30 cards. In fact most people have more cards than they have a "purpose" for.

After initially reading everyone's replies I was going to leave it at that. Just the chase and discover.

However you guys talked me into getting the Fico score. So I did.

I then saw my experience which was 751 and kind of blew my mind. I honestly thought experian would have been by far my lowest score, which was another reason I was going to hold off on the be because I didn't want to take a chance.

I saw I had a score I pretty much knew would approve me for the bce so I went for it.

Also, my scores were higher than I initially realized so it didn't worry me as much by getting another card.

Ultimately I should have just signed up for myfico beforehand and it would have probably saved me from making this thread. You guys were the ones that gave me that last push to get it. After seeing my scores it changed my perspective a little.

Re: Applying for multiple cards

Anonymous — Tue, 06 Feb 2018 17:10:05 GMT

Wish I would have done this. Should have checked back in this thread first.

Re: Applying for multiple cards

Remedios — Tue, 06 Feb 2018 17:53:23 GMT

I'd kinda be surprised if Chase lets you keep the card once they soft pull you

Even if Amex does not report within next two months, Discover will report fairly quickly.

I know you're seeing people with 30+ cards, but what you're not seeing is how long it took them to get there.

Each profile is different, and what works for one person may not work for another.