Apply to multiple cards and ask for current credit limit increase at the same time?

[Anonymous]

I heard that if you want to apply for multiple credit cards, apply at the same time. What if I also want to have a credit limit increase of my current credit card? I only have one credit card--Chase Freedom. I have been using it for over a year now and the limit is still $500... My FICO score is 723. (Was 732 in Dec 2016. Maybe it dropped bc I applied to the Amazon store card.)

I am trying to get some more no-annual-fee credit cards just to hold on to. I am thinking of the Amex EveryDay® Credit Card and Citi Thankyou Preferred card. I need an Amex card for the consumer protection they give. Having a Mastercard also sounds pretty good? I am aware of the utilization so maybe I do not really need the Citi one.

[fltireguy]

First, what card do you have? Someone here might be able to give you advice on a CLI.

Second, what are your FICO scores? What type of card are you looking for?

[Anonymous]

Hi, thank you for the suggestion. I updated my question.

[csryang]

I think only applying for the cards you need is the general good advice. It's always good to cluster all your needed apps together on the same day so that accounts and inquiry can age together.

Amex everyday is good but you need to think if you really use membership reward points or know how to use them later! Otherwise, Cash back is always good to start with like Amex BCE (blue cash everyday). Amex has easy rule to get 3X credit limit increase that you can read about.

Citi TY preferred earns TY points and it's also another system to learn. You can definitely redeem membership reward from Amex or TY points from Citi into cash but it kind of loses some of their potential value. Citi double cash is a straight and easy 2% cash back card.

It might also be better to aim for a card with higher Sign on bonus with first year waived annual fee. I believe chase sapphire preferred might be a good option and then after one year is due, you can product change it to another freedom or freedom unlimited. You also need to read how to use ultimate reward points or you lose its max value.

Discover it has no annual fee and rotating category like chase freedom

After you know for sure which card to get, search online for the max historical sign up bonus history to see if it's worthwhile to sign up for it now or later. Cardmatch tool website or others might be good website for that

[csryang]

Also with chase it's easier to just sign up for a new card to hopefully get a higher credit line. What's your limit on Amazon card? Is it with chase? If so you can try to ask chase to move some of your credit line to freedom. Once you do, it's easier to move some of the limit from that card to your freedom. If you consistently get low credit limit card, you need to investigate what's going on. Is it your low income? Is it that you have negatives on your credit report? It might be worthwhile to get your credit report annual to check since they are free.