I have been an authorized user on a Citi Dividends World Elite MasterCard for about 1 year, and I have been the only one using or making payments on that account for the full year. The account has a $38,000 credit limit, and has always had low utilization (less than 10%, usually closer to 3%.), is always paid in full each month (except for a short period in January - March where I took advantage of a 0% APR promo, and drove it up to a little over $3,000), and has been open for about a decade. This account is currently sitting with a $0 balance, and the statement has been cut at that amount. I have no intention of ever using this card again.
On June 26th of this year, I was approved for an American Express Cash Magnet (1.5% cash back on everything) with a $15,000 credit limit. The first statement has not yet been cut, but I have already made one payment on it (~$1300), and it is currently sitting with a balance just under $500, which I intend to pay in full before the statement cuts to keep my utililization low. This is abnormally high spending for me, as I am usually under $1000 total each month.
On July 4th of this year, I realized that I would have rather applied for the Citi Double Cash Card (2% cash back on everything), and—testing my luck—decided to apply anyway. I was approved on July 18th with a $500 credit limit. Not much, but I'll take it. I'll just have to use the Cash Magnet for the occasional larger purchases.
Shortly afterward, I tried to pre-qualify for the Discover It Cash Back card to take advantage of the rotating categories. I was denied due to too many recent inquiries. This was a soft pull, though.
I have no other current credit accounts of any form.
My credit scores are as follows: 706 EX, 727 EQ, 738 TU
Inquiries (1 Month): 2 EX, 0 EQ, 0 TU
Inquries (12 Month): 4 EX, 0 EQ, 1 TU
Inquiries (24 Month): 5 EX, 0 EQ, 1 TU
1 Open account (the Citi Dividends) is currently showing on my reports, with a current balance of $0.
There are no negative factors on my credit reports other than the aforementioned inquiries.
Annual Income: ~$67,000 (~$35,000 personal)
Rent: $150/month (Single room renting from my parents)
Assets: ~$130,000 (~$25,000 in cash savings)
My goal is to apply (and get approved) for the following 3 cards (in priority order):
1. Discover It Cash Back (for rotating categories and first year cashback match)
2. Something with no foreign transaction fee for when I am travelling abroad (was thinking Capital One Quicksilver, as I prefer straight cash back over travel rewards.) I understand the Discover card has no foreign transaction fee, either, but acceptance abroad is spotty at best.
3. Something from the Visa network, just so I can have a card from each of the 4 major networks. (maybe the Best Buy Visa, as I do shop at Best Buy a lot)
I am afraid to start applying for these immediately, as I will probaby get denied, but I do want to get all of these as quickly as possible. I know I will never spend beyond my means, and will always make each payment on time, but I get that the creditors do not know this.
The conventional wisdom is to wait 6 months between applications, but I really want to knock at least one of these out of the way well before that.
Would it make sense to try after my first American Express statement reports to the credit bureaus to show that I'm not racking up huge amounts of debt right now? What are some strategies that might help me get through my list quicker?
