@Anonymous wrote:I need two more cards to get the most out of my monthly spending and I want to know when the best time to apply for them would be.
I'll give a brief overview for context and provide other information as needed:
- Took out a debt consolidation loan in April which basically eliminated my outstanding debt and I'm sitting at around 9% utilization.
- Scores shot up after that, so in May, I applied and was approved for NFCU Go Rewards at $25k SL and Cap One QS at $2k SL (had a previous CO with them). These two cards have NOT shown up on my report yet.
- Currently I have NFCU Go Rewards, Discover it ($20k limit, had since 2016), AMEX Blue Cash Preferred ($8k limit, had since 2017), and QS.
- I want to add Chase Freedom Flex for the other 5% categories and 3% at drug stores as I shop at Rite Aid a lot since it's close to my house. I also was a CSP eventually for travel rewards as we travel a couple times a year.
- Current scores are low 700's across the board FICO 8 (718/726/724 TU/EX/EQ) and income of ~105,000.
I think it's a safe bet to apply for the Freedom Flex at least, BUT here's my issue: my car was stolen last week and it's a pretty safe bet that I'll need to take out a car loan in the near future. I want to make sure I get a good rate on this, so I don't want to spook creditors by having multiple applications, especially since the NFCU card and QS card haven't shown up on my report yet and probably will in the next couple weeks while I'm applying for the car loan.
I'm thinking the best option would be to get the car loan, then apply for the FF once I get it, then wait a few months and go for the CSP. Does this sound reasonable? Or is this greedy and I should just get the car loan and wait 6+ months for the new cards? Realistically, the extra 1.5% cash back at Rite Aid won't really be anything, but the sign up bonus on both the FF and CSP are really sweet..
Congrats on your two new CCs! The Navy Fed CC will normally report to the CBs after the 2nd statement date (about 60 days or less after the CC approval date), so you should see your 3 CRs update within about 4 days after your 2nd statement date. I don't know when the QS will report.
Since you want the highest FICO scores possible while auto loan and CC shopping, I recommend using the AZEO method with your CCs ASAP. If you're not already using the AZEO method, then if you use the AZEO method with a new auto loan reporting at 100% utilization and new CC accounts, you could see your FICO 8 scores remain in the 700 to 715 range, but it depends entirely upon your credit profile.
I agree that if I were in your shoes, I would focus on the auto loan next, not the Chase CCs. Check out both PenFed and Navy Fed auto loan rates for pre-approval before you go car shopping. (PenFed is a HP to join the CU, if you're not already a member.)
With a strong credit profile, I'd wait until Sept. to apply for the CFF. That's at least 4 months after approvals on your 2 new CCs, because you'll also probably have a new car loan, so you'll have 3 new accounts on your CRs. Otherwise, I'd wait until Oct., which is 6 months after approvals on your 2 new CCs, so your FICO scores have a chance to recover somewhat from the 3 new accounts. 3 to 6 months after that, I'd apply for the CSP.
