topic Re: App Every Six Months Tactic Question in Credit Cards

App Every Six Months Tactic Question

Anonymous — Wed, 29 Jan 2020 16:06:44 GMT

Hi MyFico fam,

First, I want to thank the MyFico community for providing a plethora of information here on the forum. I’m learning so much from reading these Threads and supportive replies in this comfortable atmosphere.

After reading upon hundreds on the forum, I’ve learned it’s probably best to apply for a CC every six months (if needed). As of late I haven’t followed this tactic. Rarely, have I ever did. But now I’d like to when the time is right which is mainly my question. When?

My first CC was Kohl’s back in Aug. 2017 and the second just a few days later. Nearly 5 months after I applied for my third in Jan. 2018. Then in Aug. 2018 I received my last card and haven’t applied for any cards after that. So needless to say I’ve been gardening since with my garden goal set to August of this year, so that way my AoYA will be 2 years. My stats are in my siggy.

Anyway, back to the app’ing every six months tactic. I would like to thicken my profile with 1 or 2 more cards. How should I go about this? Shall I wait till my garden goal to apply, so that way my AoYA is 2 years or should I do it sooner? Later? And six months after apply for another?

Re: App Every Six Months Tactic Question

AverageJoesCredit — Wed, 29 Jan 2020 16:17:06 GMT

If you have a garden goal maybe stick to that. Then go for the card you want/need most. With self control, every 6 months isnt a bad idea. Sometime getting 2 cards at once works to let your cards growup together. Every sibling would benefit from having a sibling to grow up with

Re: App Every Six Months Tactic Question

Anonymous — Wed, 29 Jan 2020 16:19:09 GMT

Good idea. I might do that because I really want to achieve my garden goal. 👍

Re: App Every Six Months Tactic Question

AverageJoesCredit — Wed, 29 Jan 2020 16:21:41 GMT

If i can make it to Feb without apping, i believe @Anonymous will be happy

Re: App Every Six Months Tactic Question

Anonymous — Wed, 29 Jan 2020 16:28:08 GMT

@AverageJoesCredit wrote:
If i can make it to Feb without apping, i believe @Anonymous will be happy

I root for your success, as defined by you, Joseph.

I think making it through TODAY without a HP might be worthy of a toast.

Please do not mistake bad humor for bad intentions.

Re: App Every Six Months Tactic Question

tparks5961 — Wed, 29 Jan 2020 16:43:32 GMT

Hello Angel,

In the end, you have to do what feels right to you.. If you want that sense or accomplishment garden for a few more months to hit the 2 year mark.

In all reality though.. if you have a sufficient income, with your profile, you'd probably get almost any card that you want.. I'm not sure if there's really much benefit outside of bragging rights of staying in the garden for more than a year.

Im the knd of guy that once a thought goes through my head, I just go for it.. For example if I think I want to get a new computer, I just go out and get it. I know that at some point in the near future Ill get a computer.. I may as well enjoy it sooner rather than later.

I gardened for 9 months and realize how amazing it is your made it to the 1 1/2 mark. Good luck with whatever you decide to do.

Re: App Every Six Months Tactic Question

Anonymous — Wed, 29 Jan 2020 16:45:07 GMT

Thank you!

Re: App Every Six Months Tactic Question

M_Smart007 — Wed, 29 Jan 2020 16:45:57 GMT

@AverageJoesCredit wrote:
If you have a garden goal maybe stick to that. Then go for the card you want/need most. With self control, every 6 months isnt a bad idea. Sometime getting 2 cards at once works to let your cards growup together. Every sibling would benefit from having a sibling to grow up with

Joe is an expert on Garden Goals

Re: App Every Six Months Tactic Question

M_Smart007 — Wed, 29 Jan 2020 16:47:25 GMT

@AverageJoesCredit wrote:
If i can make it to Feb without apping, i believe @Anonymous will be happy

But PenFed won't ..

Re: App Every Six Months Tactic Question

M_Smart007 — Wed, 29 Jan 2020 16:48:33 GMT

@tparks5961 wrote:
Hello Angel,

In the end, you have to do what feels right to you.. If you want that sense or accomplishment garden for a few more months to hit the 2 year mark.

In all reality though.. if you have a sufficient income, with your profile, you'd probably get almost any card that you want.. I'm not sure if there's really much benefit outside of bragging rights of staying in the garden for more than a year.

Im the knd of guy that once a thought goes through my head, I just go for it.. For example if I think I want to get a new computer, I just go out and get it. I know that at some point in the near future Ill get a computer.. I may as well enjoy it sooner rather than later.

I gardened for 9 months and realize how amazing it is your made it to the 1 1/2 mark. Good luck with whatever you decide to do.

Re: App Every Six Months Tactic Question

Girlzilla88 — Wed, 29 Jan 2020 17:02:13 GMT

I would hit your goal then app for 2 (if you even need 2) sometimes it just takes 1 solid card to be set BUT another thing to keep in mind is certain rules that card/bank may have so you don't waste an app for nothing or by seeing if they offer a Prequal so you have a better Idea before pulling the trigger Best of luck to you and look forward to your goals/progress

Re: App Every Six Months Tactic Question

Anonymous — Wed, 29 Jan 2020 17:03:31 GMT

@Anonymous wrote:
... But now I’d like to when the time is right which is mainly my question. When?

It seems to me you are actually asking a different question: When is the perfect time?

Your scores/profile looks sufficient to grab your Goal Cards right now. You are already in with AMEX so it would be a SP. I don't see why Chase wouldn't welcome you as is.

An argument can be made you might get a better SL w/Chase by waiting, possibly a lower APR (at 1% Util -- not a big deal). But who can say definitively?

I once went 13 years without any alcohol. I am not an alcoholic but a dear friend, who I interacted with daily, was. the friendship ended but my sobriety continued. It had served its purpose but yet I did not want to let it go. Finally one night with a group of young frineds someone suggested a bottle of wine (not knowing I didn't drink) and I said, "Sure. Why not?"

In retrospect it occurred to me I had found a thing I could unequivocably do perfectly well. No one could question my ability to not drink. But, at the end of the day, that fact didn't serve my life in any meaningful way. It was more I served it. (and then the bartender served me )

TLDR: if your abstinance serves you, carry on. Otherwise: there's still three more credit-seeking days until February!

Re: App Every Six Months Tactic Question

I_Love_Cards — Wed, 29 Jan 2020 17:04:04 GMT

No more than 1 card per 6 months will keep you under most of the thresholds (official or otherwise ) set by many banks (Chase, BoA, US Bank, FNBO-although this night still be too many for them, etc.). So if any of those many banks have a card that sparks your fancy (or features that would benefit you), you would be in the clear to apply at pretty much any time without having concerns about being denied for too many new accounts.

However, it keeps your AoYA perpetually under a year and is still probably more frequent than your “normal” (non credit/card enthusiast) consumer (who may app for a card every 5-10 years-only really when they need it).

Seeking less credit makes you a less risky borrower-which means you’re likely to get better terms (SL/interest) than those of us who are going for a high score on HP’s.

I wouldn’t apply for something before your goal if you don’t need it before then or whatever you’re applying for ends up having an exceptional SUB or something prior to August.

You would almost certainly be approved now if you do decide to go that route though.

And If you don’t intend to keep applying for a bunch of stuff after your next cards, I would get your 2 cards so they can age together (unless either lender is inquiry sensitive and will see your 2 rapid fire apps After a period of inactivity and become concerned).

Re: App Every Six Months Tactic Question

Nomad3 — Wed, 29 Jan 2020 17:04:19 GMT

Definitely finish your garden goal, with an AoYA at 2yr you'll be in a good position to open new accounts and not look like yoire credit seeking.

Agree with the buddy system mentioned above, but I'd do 2 and then wait a year after. Ideally the first hit would be one that doesn't report the open account immediately (disco/Amex) and then hit the 2nd one, if they pull different bureaus even better. I wouldn't try that with Chase though as they are sensitive to other accounts opened at the same time

Re: App Every Six Months Tactic Question

I_Love_Cards — Wed, 29 Jan 2020 17:05:03 GMT

@Anonymous wrote:
@AverageJoesCredit wrote:
If i can make it to Feb without apping, i believe @Anonymous will be happy
I root for your success, as defined by you, Joseph.
I think making it through TODAY without a HP might be worthy of a toast.
Please do not mistake bad humor for bad intentions.

I'm excited I made it to noon today without another HP for myself. Baby steps....

Re: App Every Six Months Tactic Question

Anonymous — Wed, 29 Jan 2020 17:29:51 GMT

Apping is like vaping. It seemed harmless at the time until you're deep into it and realize, I shouldn't have done this.

Expand your card portfolio over time. But make sure you get cards you are going to use. Don't put a time frame on when to app, take them as they usefully come. You may go a year without a new card, and then you may go 3 months with 2 new cards, because you found 2 cards you really wanted around the same time.

Your spend on things will change over time. You might find new hobbies, or your budget increases. You want to have cards to fit those situations, not cards that don't get much use because you were hitting a timeline app threshold.

Re: App Every Six Months Tactic Question

Revelate — Wed, 29 Jan 2020 19:45:03 GMT

I'm not going to beat an old dead horse but apping every six months is just mathematically wrong.

Do a small spree and then garden for at least a year, and then spree again not only is better AAOA wise but establishes credit faster if that's your goal as well as maximizing scores for the application window.

This one card every six months strategy was around in the "oh no lenders are going to spank us for any little thing!" days after the mortgage crisis. It was self defeating and therefore bad advice back in 2012 and things are even looser now and I would encourage everyone not to follow it.

Re: App Every Six Months Tactic Question

Anonymous — Wed, 29 Jan 2020 19:58:01 GMT

Thank you so much for that information, Revelate! Very insightful. I believe that is the route I will take once I reach my garden goal. Then, I will app for 2 cards and back to the garden.

Re: App Every Six Months Tactic Question

Remedios — Wed, 29 Jan 2020 19:58:43 GMT

There is also a novel idea of applying for credit when you actually need it.
Pretty sure it hasn't hit the news cycle yet.

Re: App Every Six Months Tactic Question

wasCB14 — Wed, 29 Jan 2020 20:02:16 GMT

I tend to space out my applications, but it has less to do with scoring and more to do with general convenience, opportunistic bonuses, changing card features, and my changing needs.

With your ~770 FICOs, I suggest you just go for a modest number of cards, get them when you want them, and not worry about particular gardening goals.