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Quick run down:
Transunion - 782
0-inquiries
Equifax- 768
4-inquiries
2 fall off on 12-3-18
other 2 in 3-2019
credit age- 7yrs
5 credit cards - $3757/$11435
utilization -33%
Have not applied for credit cards since 2014, which was only 1. I have 4 pre-approval offers from chase(cfu, cf, csp, slate) in which i have been a member for many years. I am also a penfed member for 2yrs and would like to apply for the Visa Platinum Signature and PenFed Power Cash Rewards Visa Card. Some one told me to get the chase out of the way first because of the 5/24 rule, so what should i do? I am wanting to get atleast 4 more decent CL cards.
OP
Are these FICO scores? If no, first find out what your FICO scores are before applying.
Second, IMHO, before applying, I suggest getting your overall utilization to lower than 28.9% for possible larger CLs. Are there balances on all 5 cards. If yes, try to have balances on only 3-4 cards.
It just depends on what you want — cash back or travel rewards or whether you care about paying an AF or not.
Yes, if you are interested in Chase cards do those first because of the 5/24.
GL2U
yes those are my fico scores, and that balance is only on 1 card. i would like 1 travel card and the rest cash back cards for now. and how many cards should i go for?
OP if you do decide to go for more than one card I suggest apping for the Chase first. That way you get in under the 5/24 rule.
@pappie23 wrote:Quick run down:
Transunion - 782
0-inquiries
Equifax- 768
4-inquiries
2 fall off on 12-3-18
other 2 in 3-2019
credit age- 7yrs
5 credit cards - $3757/$11435
utilization -33%
Have not applied for credit cards since 2014, which was only 1. I have 4 pre-approval offers from chase(cfu, cf, csp, slate) in which i have been a member for many years. I am also a penfed member for 2yrs and would like to apply for the Visa Platinum Signature and PenFed Power Cash Rewards Visa Card. Some one told me to get the chase out of the way first because of the 5/24 rule, so what should i do? I am wanting to get atleast 4 more decent CL cards.
IMO keep your 1 card reporting a balance and the rest zero. Get you utilization on that card to under 8.9% and if not for sure under 28.9% reporting. Thats first.
The next thing depends on what income you will claim on your application. Then are you willing to pay an annual fee? Then what is your future spend?
If you put 1k a month in everyday spend, then I would look at cards with sign up bonuses and apply for 1 of those at time, meet the spend requirements for the bonus, then repeat on another useful card for you.
IMO this strategy keeps your FICO scores from taking too big a hit on AAoA at one time and the inquiries are spread out so maybe the 2nd/3rd/4th apps won't get spooked.
IMO do the above on keeper cards you will use forever after you are done applying for cards.
Good luck!
@pappie23 wrote:yes those are my fico scores, and that balance is only on 1 card. i would like 1 travel card and the rest cash back cards for now. and how many cards should i go for?
OP - Think quality, not quantity. You have a great profile, unless you need it, don't just app for cards just because you want them. I would suggest looking at each card you are thinking of getting and see how it applies to you. From there, then decide if you need it or can live without it. Once you have that in place, you can either get it or not.