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I was just approved for Amex BCP. And for the next card, I was gonna get Hilton Surpass, which is also Amex, but decided to get Ritz Carlton as I use Marriotts more.
How soon should I wait to apply for a new credit card? Before Amex BCP, I got BoA reward card (the red thingy) about 4 months ago.
EQ: 698
TU: 708
EX: 700.
I now have 4 total accounts (3 CCs and 1 car loan) and 3 recent inquiries.
I have a feeling that Chase hates me, so I'm a bit nervous. I got the 7-10 days wait message when I applied for Chase Freedom (actually couple of weeks ago.) and got told to wait, didn't wait and called right away and got rejected. The status line still says wait 7-10 days tho. Weird.
Anyways, is applying for credit cards in short periods or time a bad thing? How much should I wait?
What's your highest reported utilization right now on any credit card you have?
Do you have ANY open installment loans reporting? (mortgage, auto, student, personal)
32%. Which will drop to around 4% on next statement. Just 1 leased car, no loans.
Your car lease counts as an installment loan, so you're set there.
Applying for two or three cards in a short period isn't necessarily a bad thing, but it tends to work better if you have a thicker file with more history. People in a position to do that like the idea of seeing their new cards "age together."
I think Chase will accept you a few months down the road. They like to see a couple of cards under one's belt and at least a year of history. They're also sensitive to new accounts. And they'll deny you automatically if you have five new cards within the past two years.
If you'd like Chase cards in the near future, I'd wait six months to a year to apply. And I wouldn't apply for anything else in the meantime. If Chase isn't a priority, you can be more flexible.
32% utilization is a smidge high. 28.9% of your limits or lower is considered to be responsible borrowing. 8.9% optimizes your scores. With your scores being good but not excellent, I'd suggest going for the extra points first and applying when your utilization is 8.9% or below.
Yeah, I had to buy two plane tickets right before the statement closed to secure the seats. I paid it as soon as it posted but didn't go through in time.
I'll try to wait it out. Thanks guys.
It's fine to spend a larger chunk of one's limit at times. Simply skip applying for anything until your report is a little more flattering. It looks to me like you're in great overall shape as your scores have the cushion to absorb the temporary ding that comes with less than optimum usage.
Outside of optimizing one's report, knowing the nuances of the various banks is useful, such as Chase liking slightly thicker files than a lot of lenders require. You can get a lot of useful tips by checking in here before you submit applications.