topic Re: How often/much do you app? in Credit Cards

How often/much do you app?

red259 — Sat, 22 Mar 2014 18:26:34 GMT

Since I am still laying the foundation of my credit report (have six cards at the moment). I have been trying to keep my app cycles to once every six months or so and no more than 3 to 4 cards at a time. I have read about people applying for four credit cards every 91 days and was wondering what practice everyone uses namely, how often do you apply for cards and when you apply how many do you usually go for in one cycle?

Re: How often/much do you app?

09Lexie — Sat, 22 Mar 2014 18:47:52 GMT

I don't have a pattern per se but the last year or so, at least 6 mos apart. Also, usually 3-4 cc's I did have a larger spree last year of 6 new TLs but that included an auto loan.

Re: How often/much do you app?

dodgerslv — Sat, 22 Mar 2014 19:02:17 GMT

I wasnt a good boy the past year. Applied for 12 cards and approved for all.. It was about a 2-3 cards at a time spaced around 2-3 months apart every time. I have stopped for about 2 months again but really aiming to go longer this time.

Re: How often/much do you app?

red259 — Sat, 22 Mar 2014 19:04:45 GMT

@dodgerslv wrote:
I wasnt a good boy the past year. Applied for 12 cards and approved for all.. It was about a 2-3 cards at a time spaced around 2-3 months apart every time. I have stopped for about 2 months again but really aiming to go longer this time.

Towards the end did you have difficulty with approvals or notice a decline in credit lines?

Re: How often/much do you app?

dodgerslv — Sat, 22 Mar 2014 19:16:36 GMT

@red259 wrote:
@dodgerslv wrote:
I wasnt a good boy the past year. Applied for 12 cards and approved for all.. It was about a 2-3 cards at a time spaced around 2-3 months apart every time. I have stopped for about 2 months again but really aiming to go longer this time.
Towards the end did you have difficulty with approvals or notice a decline in credit lines?

To my surprise i actually didnt see much decrease at all except for my 2nd barclays card approval.All my approvals were instant except for Citi that always tells me to call in for processing but they all ended up getting approved. My last approvals (01/06/14 and 12/9/13) was Chase Ritz for 20k and before that Citi Prestige for 11500. My first Barclays was back in June, the Arrival for 5k, the second (williams sonoma card) was in December for 3500. I must add though that Amex hasnt liked me opening all those cards, have been declined for a 3rd Amex 4 times in the past year and also any eligible CLI request.

Re: How often/much do you app?

Anonymous — Sat, 22 Mar 2014 20:13:48 GMT

I think the answer is going to depend on each person's profile.

It's not just the number of accounts added as well. Lenders do look at the total amount of credit that you have added and also number of inquiries you picked up along the way.

Re: How often/much do you app?

dodgerslv — Sat, 22 Mar 2014 20:26:14 GMT

@Anonymous wrote:
I think the answer is going to depend on each person's profile.
It's not just the number of accounts added as well. Lenders do look at the total amount of credit that you have added and also number of inquiries you picked up along the way.

youre right enharu, and i am glad they did re-open the cards you have with chase! Im afraid i may be at hight risk for any type AA. I opened 5 chase cards in a period of 10 months. I am nearing my first one year anniversary with the one of my Chase cards, i would not be surprised if they take some kind of adverse action after they see i have opened 5 of their cards plus 7 more (4 Citi, 1 Bofa, 1 Barclays, 1 GE) in the last 10 montths. I am more at risk cuz i still have some baddies lingering around till next month and then august/september (when they are due to fall off). Oh well, i applied already so there is nothing i can do now but just hope i slip through their cracks...LOL

Re: How often/much do you app?

Anonymous — Sat, 22 Mar 2014 20:33:43 GMT

@dodgerslv wrote:
@Anonymous wrote:
I think the answer is going to depend on each person's profile.
It's not just the number of accounts added as well. Lenders do look at the total amount of credit that you have added and also number of inquiries you picked up along the way.

youre right enharu, and i am glad they did re-open the cards you have with chase! Im afraid i may be at hight risk for any type AA. I opened 5 chase cards in a period of 10 months. I am nearing my first one year anniversary with the one of my Chase cards, i would not be surprised if they take some kind of adverse action after they see i have opened 5 of their cards plus 7 more (4 Citi, 1 Bofa, 1 Barclays, 1 GE) in the last 10 montths. I am more at risk cuz i still have some baddies lingering around till next month and then august/september (when they are due to fall off). Oh well, i applied already so there is nothing i can do now but just hope i slip through their cracks...LOL

You will be fine. If something was going to happen, it already would have.

The analyst cited I had obtained over 300k of unsecured credit over the span of 1 year, on top of 15 inquiries (some were auto loan), which was why they took Aa.

Re: How often/much do you app?

gdale6 — Sat, 22 Mar 2014 20:51:10 GMT

For myself no more than 2 new TLs in 6 month period (CC & instal loans included) will do 1 extra (once a yr) if there is money to be made in getting a particular card. This method tends to keep the AAoA, inquiries and FICO scores in check.

Re: How often/much do you app?

BigBS — Sat, 22 Mar 2014 20:52:35 GMT

No set pattern for me either. Before last month hadn't app'd in 2+ years, but then did 4 over a 6 month period. In the garden now, for an indefinite period.

Re: How often/much do you app?

lg8302ch — Sat, 22 Mar 2014 21:03:52 GMT

I was a really bad girl in 2013 as I added 100K additional credit with 7 new cards...feel that was the limit for me. After my Arrival approval I decided to behave a little better and add 1 card every 6 months only. We will see how that will turn out on my next app for Sallie Mae in June if declined then I will go for the next on my wishlist .

Re: How often/much do you app?

fot1 — Sat, 22 Mar 2014 21:05:35 GMT

I will app 2-3 times every year or so.. But i like to be consevative so I know i will get eveything I app for..

Re: How often/much do you app?

Open123 — Sat, 22 Mar 2014 21:10:25 GMT

These days, only app when there's something compelling.

The past several years, I've app'ed for about 3 cards every 4 months or so. Never experienced AA, but all apps were pending review, except for Chase (except business cards), Amex and Citi which have always been instant approvals.

When it's a card I know will only be app'ed for the bonus, I always have them reduce the CL to $5K, even before I receive it for activation. I've always been keen on keeping available CLs low, except on cards I actually charge on, such as Chase and Amex cards.

*Edited* For instance, since Discover, US Bank Cash+ and Freedom (1.10 isn't enough for me for non bonus spend), I don't see a reason for CLs above their $1,500 and $2,000 rewards Caps. Obviously, I will *NEVER* spend on any of the cards unless it's the 5% bonus; so, I have each at $5K.

Re: How often/much do you app?

indiolatino61 — Sat, 22 Mar 2014 21:08:36 GMT

@red259 wrote:
Since I am still laying the foundation of my credit report (have six cards at the moment). I have been trying to keep my app cycles to once every six months or so and no more than 3 to 4 cards at a time. I have read about people applying for four credit cards every 91 days and was wondering what practice everyone uses namely, how often do you apply for cards and when you apply how many do you usually go for in one cycle?

I do one or two every six months, but there will come a time where I won't need any more cards...yeah, right...lol....

Re: How often/much do you app?

krial — Sat, 22 Mar 2014 21:13:30 GMT

Now that I have some credit established to work with, my plan is to keep my inquiries down to a maximum of 1 per CRA per 6 month time period. Technically this would allow me 6 apps a year, and keep my inquiries down to 2 per year per report.

Obviously less would be better to let the current lines age and grow more, but this much would allow me ample room for new cards with perks that would be useful, interest free periods, decent signup bonuses, etc.

It also won't tax any of my reports so that I can be much more likely to get approved for cards when I do decide to app for them.

Re: How often/much do you app?

Dw4250 — Sat, 22 Mar 2014 21:45:08 GMT

@red259 wrote:
Since I am still laying the foundation of my credit report (have six cards at the moment). I have been trying to keep my app cycles to once every six months or so and no more than 3 to 4 cards at a time. I have read about people applying for four credit cards every 91 days and was wondering what practice everyone uses namely, how often do you apply for cards and when you apply how many do you usually go for in one cycle?

There's no definitive answer to this question. I just went on an "app spree" where I netted 5 new cards, a PC, two CLI's and a new car this month. But I only had one unsecured card (and two secured cards) in my wallet. So the purpose of the spree was to build my portfolio quickly, and then let them grow "organically". For me, that will most likely be my one and only app spree. I may add a couple down the road as my credit profile strengthens (US Bank Cash+ and CSP come to mind), but I would probably close/SD one of my existing accounts in its place.

Personally, I think less cards (with higher CL's) are way better than beaucoup cards with smaller limits...I can't imagine trying to manage 15-20+ different cards at a time. But this board offers daily testimony that many people can and do manage large volumes of cards very successfully. As enharu and others mentioned, be careful not to overstretch yourself as your banks are constantly monitoring your credit behavior via SP, and you do not want to leave yourself open to an AA/CLD.

Bottom line, you should always ask the question: Do I need this card? If you do, and your scores are good, go for it! If you can't find a reason for it, then hold off. The worst reason to app for a new card would be just 'cause it's been six months.........

Re: How often/much do you app?

BigBS — Sat, 22 Mar 2014 23:41:56 GMT

@Dw4250 wrote:
@red259 wrote:
Since I am still laying the foundation of my credit report (have six cards at the moment). I have been trying to keep my app cycles to once every six months or so and no more than 3 to 4 cards at a time. I have read about people applying for four credit cards every 91 days and was wondering what practice everyone uses namely, how often do you apply for cards and when you apply how many do you usually go for in one cycle?
There's no definitive answer to this question. I just went on an "app spree" where I netted 5 new cards, a PC, two CLI's and a new car this month. But I only had one unsecured card (and two secured cards) in my wallet. So the purpose of the spree was to build my portfolio quickly, and then let them grow "organically". For me, that will most likely be my one and only app spree. I may add a couple down the road as my credit profile strengthens (US Bank Cash+ and CSP come to mind), but I would probably close/SD one of my existing accounts in its place.

Personally, I think less cards (with higher CL's) are way better than beaucoup cards with smaller limits...I can't imagine trying to manage 15-20+ different cards at a time. But this board offers daily testimony that many people can and do manage large volumes of cards very successfully. As enharu and others mentioned, be careful not to overstretch yourself as your banks are constantly monitoring your credit behavior via SP, and you do not want to leave yourself open to an AA/CLD.

Bottom line, you should always ask the question: Do I need this card? If you do, and your scores are good, go for it! If you can't find a reason for it, then hold off. The worst reason to app for a new card would be just 'cause it's been six months.........

Very good advice. I did not mention in my previous post that since Feb I have applied for 7 CCs (Gold AMEX Delta Skymiles, Barclay Arrival WMC, DISCOVER it, 2 x CU CCs, and 2 x Shopping Cart Trick CCs) which is the reason for going to the garden. Debated with some of the last ones did I really need them with the members of the board, but can now honestly say I don't need anymore. Time to let everything gro.

Re: How often/much do you app?

CreditScholar — Sun, 23 Mar 2014 02:04:09 GMT

I will usually apply for 1 card a year, perhaps 2 if there's a very compelling offer. As a general rule I will apply under the following circumstances:

1. There is a card that I really want which is either new, or is superior to something I currently have.

2. If a signup bonus is big enough. My current threshold for this is 100k, and I won't bite unless its that high. As I consume the available 100k offers out there, then I might reduce my threshold to 70-75k, but for now I know the Amex plat and BA offers are on my list for this year/early next year. I blame Open and enharu!

Re: How often/much do you app?

eddie84 — Sun, 23 Mar 2014 02:56:13 GMT

I don't app anymore since I have most of the cards that I want. Unless something with a really good signup bonus comes along then yeah. Other than that I'm pretty content with my current lineup.

Re: How often/much do you app?

red259 — Sun, 23 Mar 2014 03:07:04 GMT

@eddie84 wrote:
I don't app anymore since I have most of the cards that I want. Unless something with a really good signup bonus comes along then yeah. Other than that I'm pretty content with my current lineup.

I kind of look forward to the day I have all the cards I want. On the other hand that day would be depressing, because it would mean no more signup offers are out there that I want!