topic Re: How to apply as much credit cards as possible without overly hurting the scores? in Credit Cards

How long should I wait until next CC application if I would like to have as many cards as possible?

Anonymous — Sat, 26 Jan 2019 00:43:12 GMT

[Updates]

I am very grateful to be receiving precious info from many members here. I think most of the comments are very helpful and I actually gathered many view from the general population. However, I do want to say that even though my topic "sounds" dangerous or unusual for many people, I am actually in good financial status and I am not wanting to do anything to destroy my credit or anything bad. I just want to reassure that everything is fine and I am looking forward to some interesting and unique advises on this matter. It is just brainstorming. I have received enough feedback that is concerning the negative side of things and I do appreciate these feedback. I definitely gonna make good use of the info and carefully consider my action. However, I also know what I am doing so please do not need to worry. I am paying all the bills on time now and into the future. Some people regard this as credit card fever. If the fever is something I can afford, is the fever a wrong thing? Am I hurting the others? I have all the cards without annual fees and set up auto payments for each of them. All of them include monthly donations to charity so they are all alive. This is just a brief statement to clarify my situation. By the way, I do have the income to pay off all of the balances.

Hi, I have applied around 9 credit cards last year, around 1 card monthly. I put one month between each application. Since I will be moving soon, I think it will be harder for my future card applications because credit card companies are sensitive to address change(I guess?). So I just want to apply for more before my move. Currently I have BBVA clearpoints, Discover, HSBC Gold, Amex Blue cash everyday, Amex Cash magnet that are pre-approved but I have not decided which to apply next yet. One more factor to consider is I might have to apply for privat student loans this year so I am aware of my scores. My current Fico 8 score is 715. Utilization 1%. Currently has 5 hard inquiries. 10 year history. Or, I might apply for auto loan......but most likely I will not apply for external loans if my current student loans can sustain. Let me know what are your thoughts

Re: How to apply as much credit cards as possible without overly hurting the scores?

Adkins — Thu, 24 Jan 2019 05:21:00 GMT

I wouldn't apply for any new cards for at least a year.

Re: How to apply as much credit cards as possible without overly hurting the scores?

Anonymous — Thu, 24 Jan 2019 05:44:40 GMT

I think it's too easy to get caught up in credit card fever - the feeling that the more you can get, the better off you'll be.

But why? In all reality I feel you only need 2-3 and use them correctly, then you're set.

Re: How to apply as much credit cards as possible without overly hurting the scores?

Anonymous — Thu, 24 Jan 2019 05:51:23 GMT

Is there a reason you need a new card?

Re: How to apply as much credit cards as possible without overly hurting the scores?

Anonymous — Thu, 24 Jan 2019 06:22:02 GMT

I would like to stock up in case I need to use them in the future. Keeping more cards can also prove the capability of the person in managing various cards effectively. In my case, getting more cards actually help my score a lot in last year. I do pay every amount immediately as far as they are posted.

Re: How to apply as much credit cards as possible without overly hurting the scores?

Anonymous — Thu, 24 Jan 2019 13:52:17 GMT

My advice...
Keep a high credit score in case you need to borrow in the future, don't stock up on usless cards.
Also, lots of new accounts prove nothing and will be veiwed as a risk to pretty much any lender regardless of scores.
Credit HISTORY proves ones ability to handle multiple accounts.
Slow and steady.

Re: How to apply as much credit cards as possible without overly hurting the scores?

xaximus — Thu, 24 Jan 2019 13:58:29 GMT

I don't think that's a good idea or very valid. Proving your capability doesn't necessary require you to have 20 cards or 30 cards. In today's credit game - many cards over lap so effectiveness of every card diminishes.

Simple example - If you spend $100 a month on gas.
2% CB Card - $2 a month
3% CB Card - $3 a month
4% CB Card - $4 a month
5% CB Card - $5 a month

Going from a 2% to a 5% card is understandable depending on how much gas you spend. Going from 4% to 5% isn't a big jump (again depends on how much gas is spent monthly).

Keep in mind - credit is also based on income. If your income supports it, you can get credit, if not, then sooner or later, it can be taken away. Also, don't get cards just because you want them, get cards that benefit you, cards that can work for you.

Re: How to apply as much credit cards as possible without overly hurting the scores?

Anonymous — Thu, 24 Jan 2019 14:12:47 GMT

@Anonymous wrote:
Hi, I have applied around 9 credit cards last year, around 1 card monthly. I put one month between each application. Since I will be moving soon, I think it will be harder for my future card applications because credit card companies are sensitive to address change(I guess?). So I just want to apply for more before my move. Currently I have BBVA clearpoints, Discover, HSBC Gold, Amex Blue cash everyday, Amex Cash magnet that are pre-approved but I have not decided which to apply next yet. One more factor to consider is I might have to apply for privat student loans this year so I am aware of my scores. My current Fico 8 score is 715. Utilization 1%. Currently has 5 hard inquiries. 10 year history. Or, I might apply for auto loan......but most likely I will not apply for external loans if my current student loans can sustain. Let me know what are your thoughts

Just open multiple tabs in your browser and submit all the apps you want. Your scores will be just fine; you might even get a bump in your socres.

Re: How to apply as much credit cards as possible without overly hurting the scores?

ChessChik47 — Thu, 24 Jan 2019 14:14:08 GMT

@Anonymous wrote:
Hi, I have applied around 9 credit cards last year, around 1 card monthly. I put one month between each application. Since I will be moving soon, I think it will be harder for my future card applications because credit card companies are sensitive to address change(I guess?). So I just want to apply for more before my move. Currently I have BBVA clearpoints, Discover, HSBC Gold, Amex Blue cash everyday, Amex Cash magnet that are pre-approved but I have not decided which to apply next yet. One more factor to consider is I might have to apply for privat student loans this year so I am aware of my scores. My current Fico 8 score is 715. Utilization 1%. Currently has 5 hard inquiries. 10 year history. Or, I might apply for auto loan......but most likely I will not apply for external loans if my current student loans can sustain. Let me know what are your thoughts

Like the other posters have suggested, I don't recommend you applying for more cards. If you feel you "need" more credit/buying power, grow your existing cards via soft pull inquiries if possible. New accounts will keep resetting your AoYA. Time and patience is what is needed here. Good luck to you.

Re: How to apply as much credit cards as possible without overly hurting the scores?

Anonymous — Thu, 24 Jan 2019 15:02:13 GMT

You will have a better chance on having your current cards credit limits grow and

be higher than additional new card limits in a years + time.

In that years + time, your AAoA will grow, your inquiries will lower/age off and your score will maintain and go higher.

If you apply for new cards, the opposite will happen, more inq, lower scores and probably starting limits will be crappy.

Anything is possible tho

Re: How to apply as much credit cards as possible without overly hurting the scores?

kdm31091 — Thu, 24 Jan 2019 16:06:58 GMT

Don’t collect cards just for the sake of it. There are diminishing returns in terms of credit boost and also rewards the more cards you add. I think for everyday spending most people should focus on using 1-3 cards to reap the most benefit. Beyond that you just lose a lot of the benefit because it is so diluted.

Also lenders aren’t taking kindly to aggressive credit seeking lately so tread lightly. Most consumers don’t open many new cards. You don’t want to stick out.

Re: How to apply as much credit cards as possible without overly hurting the scores?

UpperNwGuy — Thu, 24 Jan 2019 16:14:46 GMT

The fact that you even asked this question worries me.

Re: How to apply as much credit cards as possible without overly hurting the scores?

Anonymous — Thu, 24 Jan 2019 16:19:52 GMT

I'm sure you are a stand up person, but the credit card issuers may not see your behavior that way. I mean, if I were an issuer and saw someone opening 9 cards in one year with only 1% utilization, my ears would perk up.

Again, not saying this is you, but that pattern is exactly what happened to my cousin when her identity was stolen. Someone was opening cards, and keeping them in good standing until they had a large enough balance to really rack up. CC issuers are pretty wary of things like that now. I'd just hold off for a year or so.

Unrelated end to story- My cousin caught the fraud at Macy's one day when she went to open a card and found her SS# was already linked to one. Weirdly they wouldn't let her access or close it because it wasn't her signature, and back then police really didn't investigate that sort of thing much. When the lady doing it was caught it turned out she had 9 cards in my cousin's name, and dozens of others from different people. They were found in her car after she crashed during a police chase.

Re: How to apply as much credit cards as possible without overly hurting the scores?

Kforce — Thu, 24 Jan 2019 16:18:35 GMT

My credit card collection.

30 years after the first.

Re: How to apply as much credit cards as possible without overly hurting the scores?

Remedios — Thu, 24 Jan 2019 16:51:36 GMT

@Kforce wrote:
My credit card collection.
30 years after the first.

Slacker!

Re: How to apply as much credit cards as possible without overly hurting the scores?

AverageJoesCredit — Thu, 24 Jan 2019 17:33:35 GMT

@Kforce wrote:
My credit card collection.
30 years after the first.

Point?

Re: How to apply as much credit cards as possible without overly hurting the scores?

Pikaboo-icu — Thu, 24 Jan 2019 18:37:24 GMT

@Anonymous wrote:
@Anonymous wrote:
Hi, I have applied around 9 credit cards last year, around 1 card monthly. I put one month between each application. Since I will be moving soon, I think it will be harder for my future card applications because credit card companies are sensitive to address change(I guess?). So I just want to apply for more before my move. Currently I have BBVA clearpoints, Discover, HSBC Gold, Amex Blue cash everyday, Amex Cash magnet that are pre-approved but I have not decided which to apply next yet. One more factor to consider is I might have to apply for privat student loans this year so I am aware of my scores. My current Fico 8 score is 715. Utilization 1%. Currently has 5 hard inquiries. 10 year history. Or, I might apply for auto loan......but most likely I will not apply for external loans if my current student loans can sustain. Let me know what are your thoughts

Just open multiple tabs in your browser and submit all the apps you want. Your scores will be just fine; you might even get a bump in your socres.

Maize did your account get hacked?

Was that /sarcasm?

LOL

Or how could that work?

Re: How to apply as much credit cards as possible without overly hurting the scores?

Kforce — Thu, 24 Jan 2019 19:19:55 GMT

Valued Contributor

I believe it was a large dose of sarcasm

Community Leader
Senior Contributor

Yes and proud of it

Community Leader
Super Contributor

Less is more and a picture is worth a thousand words

Re: How to apply as much credit cards as possible without overly hurting the scores?

rbentley — Thu, 24 Jan 2019 21:31:01 GMT

I read a recent article on those who had perfect 850 FICO scores. The vast majority of them only had 3 open cards and an installment loan. They did have on average, three closed cards.

You are not showing you have ability to handle credit merely by having dozens of open credit cards. You are depressing your scores with inquiries and reducing your AAoA and AoYA.

Re: How to apply as much credit cards as possible without overly hurting the scores?

Anonymous — Thu, 24 Jan 2019 19:46:29 GMT

Kforce took the brutalist approach to establish credit.