topic Re: Quad Apps - too much? in Credit Cards

Quad Apps - too much?

Anonymous — Thu, 10 Apr 2014 00:54:58 GMT

Next month I plan on applying for some additional cards. Expect EQ and EX to be around 700 and TU 750 (will pull before apps). I would like to apply for the following, but let me know if I'm being too...optimistic...and if four is too many pulls at once:

Discover IT (received offer)
Sallie Mae Barclay
AMEX BCE (I prefer non-travel rewards)
Chase Freedom or Sapphire

Only baddie on all reports are a few lates on an auto loan nearly 7 years old. Will be at 1-2% util. Currently have quicksilver 2250 and target store card 200. Oh, and all of the above "pre-qualify" checks have gone through except for Sallie Mae, which I couldn't find a pre-qualify check for.

Thanks

Re: Quad Apps - too much?

Skye12329 — Thu, 10 Apr 2014 00:55:25 GMT

Personally i would apply for 2 of those cards and then wait like a 1 year or 2 and apply for the other ones.

Re: Quad Apps - too much?

myjourney — Thu, 10 Apr 2014 00:57:35 GMT

@Anonymous wrote:
Next month I plan on applying for some additional cards. Expect EQ and EX to be around 700 and TU 750 (will pull before apps). I would like to apply for the following, but let me know if I'm being too...optimistic...and if four is too many pulls at once:

Discover IT (received offer) EQ TU
Sallie Mae Barclay TU
AMEX BCE (I prefer non-travel rewards) EX
Chase Freedom or Sapphire EX in most cases

Only baddie on all reports are a few lates on an auto loan nearly 7 years old. Will be at 1-2% util. Currently have quicksilver 2250 and target store card 200.

Thanks

4 is not to many if your profile can handle it especially if you spread the INQ's accros CB's

IMHO

Re: Quad Apps - too much?

SunriseEarth — Thu, 10 Apr 2014 00:58:30 GMT

@myjourney wrote:
@Anonymous wrote:
Next month I plan on applying for some additional cards. Expect EQ and EX to be around 700 and TU 750 (will pull before apps). I would like to apply for the following, but let me know if I'm being too...optimistic...and if four is too many pulls at once:

Discover IT (received offer) EQ TU
Sallie Mae Barclay TU
AMEX BCE (I prefer non-travel rewards) EX
Chase Freedom or Sapphire EX in most cases

Only baddie on all reports are a few lates on an auto loan nearly 7 years old. Will be at 1-2% util. Currently have quicksilver 2250 and target store card 200.

Thanks

4 is not to many if your profile can handle it especially if you spread the INQ's accros CB's
IMHO

Re: Quad Apps - too much?

Credit-hoarder — Thu, 10 Apr 2014 00:59:26 GMT

Or maybe just 6 mos. You'd probably qualify for the other two after that.

Re: Quad Apps - too much?

Anonymous — Thu, 10 Apr 2014 02:04:59 GMT

Thanks for your responses. I only have one inquiry in the past year on only one report, so I don't think existing inquiries will be an issue. Maybe it would be best to just hold off on two of them until after the lates drop off in August or September, although I'm not sure how much of a difference it will make - I am eager to get additional accounts and a higher total limit so I can have more wiggle room in the utilization department. I did see some crazy claims from other people - like someone with 47k income and (IIRC) a 700ish score and got an 18k limit from Discover (!!!) Sounds too good to be true, though.

Re: Quad Apps - too much?

Creditaddict — Thu, 10 Apr 2014 02:14:13 GMT

with those 4 I say all at once because they are spread out on the credit reports well and the order you listed them is great too!

GO GO GO, all 4.

Re: Quad Apps - too much?

myjourney — Thu, 10 Apr 2014 02:14:47 GMT

@Anonymous wrote:
Thanks for your responses. I only have one inquiry in the past year on only one report, so I don't think existing inquiries will be an issue. Maybe it would be best to just hold off on two of them until after the lates drop off in August or September, although I'm not sure how much of a difference it will make - I am eager to get additional accounts and a higher total limit so I can have more wiggle room in the utilization department. I did see some crazy claims from other people - like someone with 47k income and (IIRC) a 700ish score and got an 18k limit from Discover (!!!) Sounds too good to be true, though.

It won't make a difference and all cards will age together and the bonus is all INQ's fall off together too 2 years from now

Re: Quad Apps - too much?

Revelate — Thu, 10 Apr 2014 02:22:02 GMT

@Creditaddict wrote:
with those 4 I say all at once because they are spread out on the credit reports well and the order you listed them is great too!

GO GO GO, all 4.

Hehe, OK maybe I'm not as old as I thought (in reference to a post I made earlier).

I'd absolutely spree in your case assuming you're going to sit on your hands afterwards for a while: my only question is the Sallie Mae and BCE sort of overlap from a rewards perspective unless you plan to use the SM card then the BCE once you hit the rewards cap (which seem absurdly low in SM's case except for books, though it's probably targetted towards students who aren't driving / buying much groceries).

Also the Sapphire really doesn't make much sense unless travelling in my opinion: Freedom is better for the typical person and 2x restaurants is pretty easy to cover elsewhere if you need it and I suspect between the Freedom and Discover you're likely covered half the year at 5% anyway on those every year.

Re: Quad Apps - too much?

Anonymous — Thu, 10 Apr 2014 02:45:08 GMT

Yes, maybe you're right about the Sallie Mae, It just seems like the most well-liked of the Barclay cards. Maybe I'll just do the Rewards one, although I'm not entirely against travel rewards - maybe I'd do more traveling if I had rewards. Well, I'll probably do all 4, and in case I'm denied one or two, I'll have (hopefully) at least two approved, and then in 6-12 mos I can ask for a CLI, wherever possible. I'm not planning on applying for any additional credit after these apps for awhile, although I may be looking for an apartment at some point before the inquiries drop off.

Thanks

Re: Quad Apps - too much?

azguy13 — Thu, 10 Apr 2014 03:18:19 GMT

@myjourney wrote:
@Anonymous wrote:
Next month I plan on applying for some additional cards. Expect EQ and EX to be around 700 and TU 750 (will pull before apps). I would like to apply for the following, but let me know if I'm being too...optimistic...and if four is too many pulls at once:

Discover IT (received offer) EQ TU
Sallie Mae Barclay TU
AMEX BCE (I prefer non-travel rewards) EX
Chase Freedom or Sapphire EX in most cases

Only baddie on all reports are a few lates on an auto loan nearly 7 years old. Will be at 1-2% util. Currently have quicksilver 2250 and target store card 200.

Thanks

4 is not to many if your profile can handle it especially if you spread the INQ's accros CB's
IMHO

I agree with this.

Make sure you consider what it will do to your AAoA as well. If you are approved for all of these, depending on your profile, it may make your AAoA take a decent hit. Now, as long as you don't app for much in the next year or so, you should be alright.

Let us know what you do.

Re: Quad Apps - too much?

Kenny — Thu, 10 Apr 2014 03:25:05 GMT

@Anonymous wrote:
Yes, maybe you're right about the Sallie Mae, It just seems like the most well-liked of the Barclay cards. Maybe I'll just do the Rewards one, although I'm not entirely against travel rewards - maybe I'd do more traveling if I had rewards. Well, I'll probably do all 4, and in case I'm denied one or two, I'll have (hopefully) at least two approved, and then in 6-12 mos I can ask for a CLI, wherever possible. I'm not planning on applying for any additional credit after these apps for awhile, although I may be looking for an apartment at some point before the inquiries drop off.

Thanks

I think what Revelate is saying is that usually the Sallie Mae gets you more money back in most scenarios than the BCE. They wonder what the choice of BCE is about? MSD? Backdating? Good sign up bonus? Just curious.

It is a great choice for a card, and I think it should be the first TU pull, then whatever card may be TU afterwards since Barclays is pretty INQ sensitive.

Re: Quad Apps - too much?

Anonymous — Thu, 10 Apr 2014 13:22:02 GMT

I would like to have a good variety of cards/processors, and AMEX cards seem to be well-liked, in general, plus they don't seem to be super stingy with credit lines and CLI...but if you can think of any other well liked cards that have non-travel rewards (not mentioned already), maybe I'll go for one of those instead. I end up doing a lot of food spending, i.e. groceries, restaurants, etc. My current AAoA is 7 years, so if I do get approved for 3-4 new cards, it will take a hit.

Thanks

Re: Quad Apps - too much?

Themanwhocan — Thu, 10 Apr 2014 13:40:21 GMT

The Sallie Mae gets more rewards than a BCE, under all spending patterns. And if you consistently exceed $250 monthly spend on either Grocery or Gas Station purchases, you can always wait 6 months and apply for a second Sallie Mae card.

Re: Quad Apps - too much?

Anonymous — Thu, 10 Apr 2014 17:29:52 GMT

And if your grocery spending is higher ($12K per year or so) get the Amex Blue Cash instead.

Note that TMWC's chart omits the select department store category, which is a slight advantage of the BCE/BCP. But this helps BCE only if most of the spending is in that category (and not on gas or groceries) AND is under $7,500 a year (when BCP becomes better) which is probably a very small group.

Similarly if drug stores are added, Blue Cash would be the choice at a slightly lower level.

Re: Quad Apps - too much?

Dw4250 — Thu, 10 Apr 2014 17:45:15 GMT

@Anonymous wrote:
Next month I plan on applying for some additional cards. Expect EQ and EX to be around 700 and TU 750 (will pull before apps). I would like to apply for the following, but let me know if I'm being too...optimistic...and if four is too many pulls at once:

Discover IT (received offer)
Sallie Mae Barclay
AMEX BCE (I prefer non-travel rewards)
Chase Freedom or Sapphire

Only baddie on all reports are a few lates on an auto loan nearly 7 years old. Will be at 1-2% util. Currently have quicksilver 2250 and target store card 200. Oh, and all of the above "pre-qualify" checks have gone through except for Sallie Mae, which I couldn't find a pre-qualify check for.

Thanks

Given your profile, 4 apps is definitely reasonable.

Last month, I apped and was approved for the Sallie Mae, BCE, Delta Skymiles, Freedom and Lowe's, plus I PC'ed and CLI'ed my Capital One and US Bank and got a new car. My scores were right in the same range as yours (except your TU is much better than mine).

As others have said, do it all at once, take the temporary credit hit from the INQ and new TL's and in 6-12 months you'll be golden. One word of caution...be sure you're not plannng on apping on anything major (i.e. a mortgage) in the next year.

Re: Quad Apps - too much?

Anonymous — Thu, 10 Apr 2014 22:52:06 GMT

Hmm...The BankAmericard Cash Rewards card doesn't look too bad - $100 bonus if spend $500 in first 90 days isn't bad...but it appears to be a Signature Visa - So maybe it's not worth trying for with just average/good credit...

Discover sent me a second offer in two weeks...don't tempt me to app now!

Re: Quad Apps - too much?

Anonymous — Fri, 11 Apr 2014 07:00:32 GMT

I have mediocre credit (670-680) and got the Bank Americard. It's a visa signature with a 3500 limit.

Re: Quad Apps - too much?

lg8302ch — Fri, 11 Apr 2014 07:23:45 GMT

@SunriseEarth wrote:
@myjourney wrote:
@Anonymous wrote:
Next month I plan on applying for some additional cards. Expect EQ and EX to be around 700 and TU 750 (will pull before apps). I would like to apply for the following, but let me know if I'm being too...optimistic...and if four is too many pulls at once:

Discover IT (received offer) EQ TU
Sallie Mae Barclay TU
AMEX BCE (I prefer non-travel rewards) EX
Chase Freedom or Sapphire EX in most cases

Only baddie on all reports are a few lates on an auto loan nearly 7 years old. Will be at 1-2% util. Currently have quicksilver 2250 and target store card 200.

Thanks

4 is not to many if your profile can handle it especially if you spread the INQ's accros CB's
IMHO
+1

I would count on double pulls for Chase and not attempt to get CSP for now. Stick to Freedom and wait 6-12 months and then app for CSP.

Re: Quad Apps - too much?

lg8302ch — Fri, 11 Apr 2014 07:28:14 GMT

@Themanwhocan wrote:
The Sallie Mae gets more rewards than a BCE, under all spending patterns. And if you consistently exceed $250 monthly spend on either Grocery or Gas Station purchases, you can always wait 6 months and apply for a second Sallie Mae card.

wow.... you can have two Sallie Mae cards ?? You really have done an excellent job with your cash back strategy