Apply for PNC Cash Rewards and Amex Cash Magnet same day or one at a time?

[bergrides]

All,

I am looking to add 2 cards to increase my cash back - the PNC Cash Rewards card and the Amex Cash Magnet. I know there are general spend cards with higher cash back, but after a good deal of research on customer service, web sites, etc., the Cash Magnet fits my needs. The PNC Cash Rewards will provide better cash back for restaurants and gas than my Amex BCP, and helps with the requirements for my wallet accounts.

My Amex BCP is a year old, that is the only HP I have on my Experian, the TU and Equifax are at 0. I am over 2 years into my auto loan so those HPs have rolled off. Since I have a BCP, I am hoping the Cash Magnet will be a SP. The PNC Cash Back will definately be a HP.

My Fico 8 scores: Equ 836, TU 827, Exp 821. I have a Amex BCP, LL Bean (Citi) card, and a Kohl's card. I will probably be cancelling the Kohl's card since it has such a low limit and only is used once or twice a year.

Would it be less of a hit to my FICO to apply for both cards on the same day, apping for Amex first since it would be a soft pull, or app for one then wait a year and app for the other?

Thanks for your help.

[coldfusion]

It would in theory be less of a hit if you spaced out the 2 applications a year apart, but given your profile I would probably roll the dice and apply for both cards now.  For scoring purposes any HP will age out in 12 months anyway.

As you note, while the probability is that the AMEX app would trigger a SP there is a non-zero possiblity that it will trigger a EX HP.

PNC also pulls EX, so I would probably app for the AMEX card first and if there is an HP you can reevaluate how you want to proceed.

[Anonymous]

Probably not a popular opinion but why would you be concerned about hard pulls and 2 new accounts? You're a good 80 points above the minimum score to get the best rates on practically any credit product. 2 HPs and 2 new accounts won't drop you anywhere close to 740. Unless I'm missing something?

[bergrides]

@maroonwhite71: Good point, but I like to keep it high as events not in my control in the past have dropped my score over 40 points, such as when Bean changed servicing companies - Barclay to Citi.

Thanks

[randomguy1]

With the forementioned credit score and current inquiries, I would app for both now so my AoYA, inquiries, and such age at the same time. Your credit score has a bit of wiggle room so I would be focused more on long term recovery rather than the short term unless you are thinking you will drop out of tier 1 credit and will need that rating in the near future for a large loan such as a mortgage or auto loan.

[bergrides]

@randomguy1: Thanks, something to think about. I am hoping the one old vehicle holds out for a couple of years so I won't need a car loan for a couple of years. I am just cautious and thinking through the process.