Newbie Help, Considering Credit Card Spree...

Anonymous · ‎01-23-2015

Hi,

I am new to the forum, and just recently started taking my credit seriously. A friend of mine was nice enough to help me with some credit basics, and my FICO scores are currently the following:

TU 726, EQ 735, EX 753

The cards I am looking to get are Disc. IT, CapOne Visa Signature, & Amex Green or Gold. Currently i only have a credit union CC (which has helped to get me where i am). I have only 2 inquiries in the past year, no derogatory marks on my credit, but my account history is not long at all.

How realistic would it be to apply to all three of the cards i want to get? Does the CC spree strategy still work, or provide any benifits if all 3 cards are with different banks? Thank you for helping a credit newb, this forum has been a godsend.

Creditaddict · ‎01-23-2015

You are ready I would just make a couple changes:

1. Apply for American Express Gold Plus Rewards since it's AF free for a year and has a sign up bonus

2. Right after the approval of the Amex gold go right back in and apply for American Express Credit Card (Everyday card is what they are pushing most these days and a good no AF card) Amex will use the same hp from the gold and that will get you in with amex on a credit card that can possibly get a CLI in just 61 days of 3x your initial approval!

3. Apply for your Discover it

4. I would apply for either Capital One Quicksilver for excellent credit or Venture for Excellent Credit if you would find any use in a travel card... you can go to capitalone.com and go down to bottom of page and click the button "Check for your pre-qualified offers" this is just a sp to check and answer the questions "Excellent Credit" and then choose "Cash back or Travel Rewards" is most interested and see what offers come back and apply.

5. Id consider throwing in a Chase too just because! (you can check your pre-qual offers at chase.com under credit cards too. Capital one and chase tend to be golden on approvals if you are pre-qual.

Anonymous · ‎01-23-2015

@Creditaddict wrote:
You are ready I would just make a couple changes:
1. Apply for American Express Gold Plus Rewards since it's AF free for a year and has a sign up bonus
2. Right after the approval of the Amex gold go right back in and apply for American Express Credit Card (Everyday card is what they are pushing most these days and a good no AF card) Amex will use the same hp from the gold and that will get you in with amex on a credit card that can possibly get a CLI in just 61 days of 3x your initial approval!
3. Apply for your Discover it
4. I would apply for either Capital One Quicksilver for excellent credit or Venture for Excellent Credit if you would find any use in a travel card... you can go to capitalone.com and go down to bottom of page and click the button "Check for your pre-qualified offers" this is just a sp to check and answer the questions "Excellent Credit" and then choose "Cash back or Travel Rewards" is most interested and see what offers come back and apply.
5. Id consider throwing in a Chase too just because! (you can check your pre-qual offers at chase.com under credit cards too. Capital one and chase tend to be golden on approvals if you are pre-qual.

What does the Gold Plus Rewards have that the PRG doesn't?

Creditaddict · ‎01-23-2015

@Anonymous wrote:
@Creditaddict wrote:
You are ready I would just make a couple changes:
1. Apply for American Express Gold Plus Rewards since it's AF free for a year and has a sign up bonus
2. Right after the approval of the Amex gold go right back in and apply for American Express Credit Card (Everyday card is what they are pushing most these days and a good no AF card) Amex will use the same hp from the gold and that will get you in with amex on a credit card that can possibly get a CLI in just 61 days of 3x your initial approval!
3. Apply for your Discover it
4. I would apply for either Capital One Quicksilver for excellent credit or Venture for Excellent Credit if you would find any use in a travel card... you can go to capitalone.com and go down to bottom of page and click the button "Check for your pre-qualified offers" this is just a sp to check and answer the questions "Excellent Credit" and then choose "Cash back or Travel Rewards" is most interested and see what offers come back and apply.
5. Id consider throwing in a Chase too just because! (you can check your pre-qual offers at chase.com under credit cards too. Capital one and chase tend to be golden on approvals if you are pre-qual.
What does the Gold Plus Rewards have that the PRG doesn't?

sorry think PRG was what I meant just put in wrong order.... I always get myself tongue tied trying to make sure people don't apply for regular gold card vs premier and for some reaosn i always call it plus in my mind!... APPLY FOR PREMIER REWARDS GOLD! not green!

Anonymous · ‎01-23-2015

@Creditaddict wrote:
@Anonymous wrote:
@Creditaddict wrote:
You are ready I would just make a couple changes:
1. Apply for American Express Gold Plus Rewards since it's AF free for a year and has a sign up bonus
2. Right after the approval of the Amex gold go right back in and apply for American Express Credit Card (Everyday card is what they are pushing most these days and a good no AF card) Amex will use the same hp from the gold and that will get you in with amex on a credit card that can possibly get a CLI in just 61 days of 3x your initial approval!
3. Apply for your Discover it
4. I would apply for either Capital One Quicksilver for excellent credit or Venture for Excellent Credit if you would find any use in a travel card... you can go to capitalone.com and go down to bottom of page and click the button "Check for your pre-qualified offers" this is just a sp to check and answer the questions "Excellent Credit" and then choose "Cash back or Travel Rewards" is most interested and see what offers come back and apply.
5. Id consider throwing in a Chase too just because! (you can check your pre-qual offers at chase.com under credit cards too. Capital one and chase tend to be golden on approvals if you are pre-qual.
What does the Gold Plus Rewards have that the PRG doesn't?
sorry think PRG was what I meant just put in wrong order.... I always get myself tongue tied trying to make sure people don't apply for regular gold card vs premier and for some reaosn i always call it plus in my mind!... APPLY FOR PREMIER REWARDS GOLD! not green!

Lol gotcha.

Anonymous · ‎01-23-2015

Thank you for the detailed response.

So you think i can get away applying for the AMEX Premier Rewards Gold, then something like the AMEX Blue Cash Everyday, then the Discover IT, and lastly the CapOne QuickSliver Visa Signature? I guess that would still count as 3 inquiries if I do it in one day?

I don't know if having 3 cash back cards is overkill or not, but i don't do enough traveling to justify a travel CC just yet. Thanks again for the help, it all still seems magical to me. Just a couple of years back, my credit was in the 400 range, i have gotten so use to not having CCs. I feel like a kid at the candy store right now...

Creditaddict · ‎01-23-2015

@Anonymous wrote:
Thank you for the detailed response.

So you think i can get away applying for the AMEX Premier Rewards Gold, then something like the AMEX Blue Cash Everyday, then the Discover IT, and lastly the CapOne QuickSliver Visa Signature? I guess that would still count as 3 inquiries if I do it in one day?

I don't know if having 3 cash back cards is overkill or not, but i don't do enough traveling to justify a travel CC just yet. Thanks again for the help, it all still seems magical to me. Just a couple of years back, my credit was in the 400 range, i have gotten so use to not having CCs. I feel like a kid at the candy store right now...

Yes, perfect plan in that order... GO!

VinceB · ‎01-23-2015

Why would anyone want Cap One Quicksilver nowadays when you can get Citi Double Cash with and effective 2% cash back reward? I just closed my Quicksilver because Cap One gave me such a small credit limit whereas Citi was much more generous and comes with a better 0% APR term.

Check it out before you go for Quicksilver. Just my 2 cents.

Creditaddict · ‎01-23-2015

@VinceB wrote:
Why would anyone want Cap One Quicksilver nowadays when you can get Citi Double Cash with and effective 2% cash back reward? I just closed my Quicksilver because Cap One gave me such a small credit limit whereas Citi was much more generous and comes with a better 0% APR term.

Check it out before you go for Quicksilver. Just my 2 cents.

I kind of agree.

Anonymous · ‎01-23-2015

Will definitely check out the Citi Double Cash, hope it has no foreign transaction fees.

I do alot of EU transactions, so i will like the highest cash back on those purchases, with no foreign transaction fees.