cancel
Showing results for 
Search instead for 
Did you mean: 

How Many Credit Cards Should I Apply For Or Get?

tag
pappie23
Established Member

How Many Credit Cards Should I Apply For Or Get?

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.

Message 1 of 7
6 REPLIES 6
CreditInspired
Community Leader
Super Contributor

Re: How Many Credit Cards Should I Apply For Or Get?

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

 


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 2 of 7
pappie23
Established Member

Re: How Many Credit Cards Should I Apply For Or Get?

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?

Message 3 of 7
Anonymous
Not applicable

Re: How Many Credit Cards Should I Apply For Or Get?

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.

Message 4 of 7
KELSTAR
Regular Contributor

Re: How Many Credit Cards Should I Apply For Or Get?


@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!

Signature as of 10/01/21. Clean file. MYFICO 3B. I live in Green Bay, Wisconsin for those tracking what credit bureau is pulled by location.
FICO 8 EQ=796 TU=799 EX=801
FICO 9 EQ=816 TU=816 EX=813
MORTGAGE SCORES EQ=773 TU=782 EX=787
AAoA=4Y3M AoOA=11Y4M AoYA=5M
VANTAGE SCORES EQ=825 TU=813 EX=813
BUSINESS CREDIT SCORES. Formed LLC 6/1/18. YEARLY SALES=3M
EXPERIAN BUSINESS CREDIT SCORE=77 EXPERIAN FINANCIAL STABILITY RISK RATING=1 SMALL BUSINESS SCORE SERVICE SCORE=210 D+B=80
HARD PULLS last 12 months EQ=1 TU=1 EX=1 Three new accounts reporting.
HARD PULLS last 24 months EQ=1 TU=2 EX=2 Four new accounts reporting.
INCOME=$290k as of 10/01/21 for income stated on applications. DTI=2.5% Business sales 300k monthly.
MAIN BUSINESS and PERSONAL BANKING=CHASE
MORTGAGE=800K 03/21 2.25%
INSTALLMENT LOAN. Vehicle loan opened 08/18. Zero down. 45K at 0% for 60 months LINCOLN FINANCE.

OPEN PERSONAL ACCOUNTS/OPEN DATE
DISCOVER=34k 10/17 CITI COSTCO VISA=16k 06/18 US BANK CASH+=7k 06/18 PENFED PLATINUM REWARDS=10k 07/18 CHASE FREEDOM=10k 07/19 CHASE SAPPHIRE RESERVE=14.1k 09/20 AMEX PLATINUM= NPSL 04/21 AMEX HILTON SURPASS=10k 05/21

OPEN BUSINESS ACCOUNTS/OPEN DATE
CHASE INK CASH=10k 07/18 AMEX MARRIOT BONVOY=10k 02/19 CHASE INK UNLIMITED=10k 09/19 US BANK BUSINESS CASH=29k 10/19 WELLS FARGO BUSINESS PLATINUM=20k 11/19 AMEX LOWES BUSINESS=15k 11/19 AMEX BLUE BUSINESS PLUS=35k 02/20 CHASE INK PREFERRED=50k 07/20 AMEX BUSINESS GOLD=NPSL 09/20 AMEX BUSINESS PLATINUM=NPSL 05/21 CHASE BUSINESS LINE OF CREDIT= 225k 09/21
Message 5 of 7
CreditInspired
Community Leader
Super Contributor

Re: How Many Credit Cards Should I Apply For Or Get?

OP

Great credit profile.

If it were me, I would apply for 2 CCs. Definitely apply to Chase first. Then, second, apply for one from PenFed. If you are instantly approved for both and got decent SLs, and feel you need a third one, pull the trigger.

However, if you are denied, take a step back and rethink your strategy.

GL2U

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 6 of 7
xaximus
Valued Contributor

Re: How Many Credit Cards Should I Apply For Or Get?


@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. 



Scores - All bureaus 770 +
TCL - Est. $410K
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.