Apply now or Wait?

[Anonymous]

I have a question for you all, and I am hoping that this is the right place to post this. Moderator please move if not.

I am currently trying to decide if I should apply for more credit cards now so all the HPs disappear at the same time, or to wait until I have higher limits on my other cards, to try and attract a better limit. I don't need more credit, but I would like to be getting better cash back. I'm currently looking at BofA cash rewards card in order to get the 3% on gas. If I do this, should I also apply for any other cards I might be interested in at the same time before going into the garden? I'm also open to suggestions on other cards I should consider, but my main goal is cashback.

I have been searching through these boards the last few months, and learning tons of things, but I can't find too much to help me decide if I should go now or wait. Also, Should I close my secured card so I don't have a small limit reporting?

Here are my Current cards.

Local credit union, $500 cl Secured. I got this credit card October 2016 to start reporting to the bureaus to get a credit score.

Discover it. $3000 CL Opened September 2017.

Amex BCE $6000 CL opened May 2018

Citi DC $2000 Cl. Opened July 2018

Fico8 Scores as follows EX:724 TU:729 EQ:737

Current reported Credit usage is 14%

AAOA .9 Years.

Credit inqs. TU:2 EX:2 EQ:2

[SouthJamaica]

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@Anonymous wrote:

I have a question for you all, and I am hoping that this is the right place to post this. Moderator please move if not.

I am currently trying to decide if I should apply for more credit cards now so all the HPs disappear at the same time, or to wait until I have higher limits on my other cards, to try and attract a better limit. I don't need more credit, but I would like to be getting better cash back. I'm currently looking at BofA cash rewards card in order to get the 3% on gas. If I do this, should I also apply for any other cards I might be interested in at the same time before going into the garden? I'm also open to suggestions on other cards I should consider, but my main goal is cashback.

I have been searching through these boards the last few months, and learning tons of things, but I can't find too much to help me decide if I should go now or wait. Also, Should I close my secured card so I don't have a small limit reporting?

Here are my Current cards.

Local credit union, $500 cl Secured. I got this credit card October 2016 to start reporting to the bureaus to get a credit score.

Discover it. $3000 CL Opened September 2017.

Amex BCE $6000 CL opened May 2018

Citi DC $2000 Cl. Opened July 2018

Fico8 Scores as follows EX:724 TU:729 EQ:737

Current reported Credit usage is 14%

AAOA .9 Years.

Credit inqs. TU:2 EX:2 EQ:2

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You have enough cash back cards. You don't need more. Better to stop applying and let your profile age.

[Anonymous]

OP—For what purpose are you looking to open new CCs? You have enough revolving credit to work on and increase your FICO scores. As previously stated, you have enough general cash back cards with some yielding higher % in certain or rotating categories.

Is there a specific spend you have in mind? Are you looking at travel cards (air, hotel, points)? Balance transfer cards? With an AAoA of just under a year, I would generally recommend you age your accounts (particularly the newest) for another 9-12 months at least. If you have a particular spend or need in mind, that may justify an app or two now.

As you pointed out, you’ll likely get a better SL a year from now than you would today. It’s all a balancing test with nothing guaranteed.

[Anonymous]

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@Anonymous wrote:
OP—For what purpose are you looking to open new CCs? You have enough revolving credit to work on and increase your FICO scores. As previously stated, you have enough general cash back cards with some yielding higher % in certain or rotating categories.

Is there a specific spend you have in mind? Are you looking at travel cards (air, hotel, points)? Balance transfer cards? With an AAoA of just under a year, I would generally recommend you age your accounts (particularly the newest) for another 9-12 months at least. If you have a particular spend or need in mind, that may justify an app or two now.

As you pointed out, you’ll likely get a better SL a year from now than you would today. It’s all a balancing test with nothing guaranteed.

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@I don't know if this is quoting or not, but @Anonymous I am specifically looking for more than 2% cashback on gas, which is one of my higher spend categories. That's why I was looking at the BofA card. I can get 3% on gas, which would have earned me an extra $25 already this year not to mention from what I read, that card grows really quickly without hard pulls to help further my total credit available. I'm unsure of applying in another year or so, because I might be looking at a mortgage in two years or so.

[CreditInspired]

OP
I do agree with others that you should let what you have age and stop applying for atleast a year. But if you are determined to get another card, CitiCostco gives 4% back on gas. However, there is an annual fee to join Costco.