Just curious as to how how many apps do most of you fill out in a year? And do you do more than one on the same day or do you spread them apart? I plan on applying for a Chase card today at the bank but also looking to possibly get a 2nd card later this year. Have been trying to rebuild my credit and been doing a god job with it for the past two years. And is there a strategy to doing apps since I know that too many inquiries can possibly lower my score?
FYI: I haven't had an inquiry on my report in almost three years.
Wow 3 years no hps, wish i had that self control
.Though thats the plan starting now haha. I just say only apply for what you really want /need and when you feel you are ready. It can be nice to app for the ones you want close together so they age tofether but thats neither here nor there. Just follow your instinct and look at what you want to do with your credit. If we did this more often first i think there would be alot of 800'$ walking around lol
.Though thats the plan starting now haha. I just say only apply for what you really want /need and when you feel you are ready. It can be nice to app for the ones you want close together so they age tofether but thats neither here nor there. Just follow your instinct and look at what you want to do with your credit. If we did this more often first i think there would be alot of 800'$ walking around lol
The reason behind the three years was because I was paying off an old collection bill and a $700 Credit One charge off that I completed in October but hasn't cleared my report yet that it's closed. I just didn't want to apply for another card until I knew I was ready to be more financially responsible. Good thing, though is that I've been getting prequalifies for the Slate and Discover IT cards for the last 6 months. But I wanted to continue to wait and now I'm ready.
I've been averaging around 5 accounts per year, but that's more than just credit cards. CC's per year would be 3.2 average. My account acquisition rate is going to go way down now though that I'm effectively credit complete with some minor exceptions based on changing spending habits.
Mathematically (which is a longer explanation) with how the FICO algorithm scores negatives (and an inquiry / new account is a negative) you're better off taking all your negatives, in this case new accounts, at once and as soon as possible rather than spreading them out... and then go back to sitting on your hands like you've been doing.
I've done 15 and 14 months between apps as I was holding my breath for a mortgage shot which finally happened; however, 3 years is top shelf on this forum haha.
I know I sound an addict when I say this, but I won't apply a lot every year..
Last year I opened 5 cards.
and this year, I plan on opening just 1.
My wallet should be complete.
Last year I opened 5 cards.
and this year, I plan on opening just 1.
My wallet should be complete.
I tend to keep no more than 3 inquiries on any single credit report. If I were you and you haven't burned Chase in the past. I would go for the Chase Freedom and Discover IT and let them age together. By applying for the Freedom in the bank they can override a denial. The Discover I believe still offers double rewards the first year. Also Discover once your established are good for CLIs every 90 days. It's my opinion creditors try to match CL. So many people once getting approvals go overboard and get a drawer full of $500 cards. If you do that chances are you end up in toy limit CL He!!. Slow and steadywins the race. Apply for a need not a want. That way when you need a card your chances are good for approval. Good Luck on your credit journey!
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
