Considering an App Spree

[Anonymous]

In the next few weeks I'll pay down my utilization, and get my scores into the 760 range and have zero inquiries in the last six months across all three bureaus (Save the Amex card). At that point my goal is to apply for a decent number of cards across each bureau, aiming for cards that meet most of the following criteria: 1) Generous spending limits, 2) SP CLIs, 3) Cashback rewards/low-ish APR/no AF, 4) Good banking reputation.

Here's the lineup I'm looking at.

Legend

Card I Have

New Personal Card

New Business Card

Double Pull

Experian

1. Amex Magnet Card
   
   • $10K Approval July '18. Haven't activated it yet. Looking for advice on whether or not to activate it because I've heard on one hand activating it could boost my limits and on the other hand activating it could scare away other approvals.
   • Amex SimplyCash Plus. Piggyback on the pre-existing relationship and go for a SP approval.
   • Amex Plum Card. Piggyback on the pre-existing relationship and go for a SP approval.
2. Chase Ink Business Unlimited
   • CLI current Chase Freedom Unlimited and combine the HP
3. City Double Cash
4. Discover it
   

Equifax

1. Chase Ink Business Unlimited
2. PNC Business Cash Rewards
   
   • CLI current PNC Cash Rewards and combine the HP
3. City Double Cash
4. Discover it

TransUnion

1. Alliant Visa Platinum Card
   • Super sensitive to new accounts. Run before others.
2. Bank of America Platinum Visa Business Credit Card
   • {Moderator edit - against forum rules to discuss this}
3. PenFed Power Cash Rewards
   
4. Synchrony Walmart Business
   • It's not a great card or SL but it's worth it for adding a business credit tradeline
     
5. NFCU cashRewards

Also, for what it's worth, here's banks I've ruled out:

• Barclay's - despite the automatic CLIs, their trigger-happy AA isn't worth risking
• U.S. Bank - I've heard they're notoriously difficult. Not worth the bother this go-round
• Capital one - 3 HPs for an Automatic CLI? Not this round. If they don't care about number of inquiries though I'd tack them on at the end.
• My Regions Card - they've become a PITA. They can't even autopay from an external account.
• *Alliant - I'm on the fence about them, because I've read they might reverse my credit limit if I ever do another CLI with them, so I figure it's a one time shot and then leave it where I get em

I'm not worried about NFCU being the last inquiry on TU because they don't mind inquiries from reports on this board. The Walmart card or City/Discover cards may be one too many inquiries though. Also, I'd have to edit my spree if a bank decided to pull a different bureau than what I found they normally pull.

[simplynoir]

I'm not understanding the need for numerous 1.5% cards when some of the others earn better and even then you have several 2% cashback cards as well. What exactly is the goal for cards you'll basically never use because either you're gonna get a card that has better earnings and also has similar earnings at 2%?

[xaximus]

You have a couple of redundant cards in your list. I would think twice about the cards that are similar to others.

Citi DC
Discover IT
Power Cash Rewards
NCFU Cash Rewards
Cash Magnet

I believe all of these cards have CB. That seems a bit redundant? (I've made this mistake already as you can see in my sig below.)

[kilroy8]

For NFCU members like us - the Flagship is superior to Citi DC because the 2% will be immediate, not 1 + 1, and the SL will be a multiple of what Citi will give you. The $49 AF after 1st year is offset by the cell insurance/travel fees inclusion. NFCU Flagship changes to 1 pt = 1 cent, soon. Also, there is a SUB, but a high spend to get there.

[Anonymous]

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@xaximusI believe all of these cards have CB. That seems a bit redundant? (I've made this mistake already as you can see in my sig below.)

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simplynoir and xaximus, I'm well aware of the cashback duplication across cards. I'll be using these cards for inventory purchases split across personal and business cards, and having multiple cash back cards is a real win. It makes the most sense for business. (1.5%-2% Cash back/purchase = higher business ROI) Maybe I could get by with just 2-3 cards (I'm definitely looking at that 3x CLI on the AMEX), but I'd rather app a few more cards and spread my utilization out to keep my score from tanking so hard once I start making purchases--so that's why I'm looking at so many cash back cards.

Maybe I could mix a travel card in there. I just hadn't thought about it yet.

[Anonymous]

kilroy8, thanks for the insight on the NFCU Flagship. From all I've read on here NFCU sounds like a great product, and it's one of the ones I'm more excited about.

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@kilroy8 wrote:

the [NFCU] SL will be a multiple of what Citi will give you.

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Is that once Citi posts to TransUnion, or just after I get the approval from Citi?

[Anonymous]

None of the business cards (not sure about Walmart business) you listed report to your personal profile except negative information (if you don't pay your bills) and the initial HPs, as long as you keep (most of) your business inventory purchases on the business cards, it would have no effect on your personal UTI/profile/scores.

[AverageJoesCredit]

My question is why haven't you activated that new Amex? You basically get 2 months grace before it actually reports to the bureaus.

An approval like that, 10k , can only help your profile and actually using it will help you internally with Amex.

[Jnbmom]

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@AverageJoesCredit wrote:
My question is why haven't you activated that new Amex? You basically get 2 months grace before it actually reports to the bureaus.

An approval like that, 10k , can only help your profile and actually using it will help you internally with Amex.

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+1 It can only help your credit profile and they don't usually report til 2 statement cut. Some creditors do look at your other limits , that 10K is good thing.

[Anonymous]

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@AverageJoesCredit wrote:
why haven't you activated that new Amex?

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Because I took advice from someone not on these forums. Said person has today been debunked by you and a moderator. I should have checked in here sooner.

I have activated the Amex and it will be reporting to the bureaus early September.