Newbie Needing Advice on Credit App Spree Order

[Anonymous]

Happy Thursday!

Long-time reader here but first-time posting so please be patient with me . I started my credit profile in 2009 and was irresponsible with it to say the least. However, I grew my FICO8 from 525 (average between all three credit bureaus) to 726 TU / 709 EX / 703 EQ all thanks to this forum! I'm in the process of building my first home and I am set to close in December 2020. Once I close, I would like to go on a Credit App Spree as I have been gardening just 3 cards for the past 3 years (Apple $2K Limit, Cap1 Quicksilver $1500 Limit & Cap1Platinum $2500 Limit). Soft/hard inquiries in the last 3 years are only from the mortgage. In addition to this I have one auto loan with Capital One (2 lates back in 2016) & I have no student loans or personal loans. Closed accounts that are paid in full on my profile come from Commenity & Synchrony back in 2014/2015. No collections. My base salary is $90K a year & I average $120K per year after commissions + bonuses.

I wanted to know if anyone had any suggestions on the order, in which, I should apply for the following cards, and/or if there are any other cards I should consider or cards on this list I shouldn't consider based on the bit of information listed above. My plan is to use these Credit Cards to furnish our home & to continue building my credit profile. I don't really want to open many store cards, however, I am afraid that I won't get high balances on any non-store cards.  Perhaps you can recommend some cards that would yield a higher balance and possibly some rewards based on my profile? 

Any feedback you have will be appreciated! Thank you all again!

1. Lowes
2. Discover
3. Hilton (I work for Hilton & travel/stay at Hilton's often; I also am a Diamond-member because I am at an Executive level in the company)
4. Crate & Barrel
5. Costco
6. Restoration Hardware
7. Home Goods

Thank you again!

[Anonymous]

I would focus on the Hilton card.  Seeing as how you can grow your CL with this AMEX card quicker than the other companies.  You should certainly readup on AMEX 3x cli.

The Disco card would be my next target.

Not sure there is any benefit to the store cards unless they have discounts associated with them.  

Best of luck

[Anonymous]

Thank you @Anonymous !!! I appreciate your feedback!

[Anonymous]

I would hit the disco first they are finicky. Jmo. My first round I got denied; my second round I made them first, no problem approved

[Anonymous]

Thank you @Anonymous !!

[Anonymous]

Disco, Hilton, and Lowe's are the only three from the list that I would app for. Disco and Hilton are no-brainers and great cards. Lowe's has become indispensable for me. I use it weekly, it gives 5% off purchases or extended deferred-interest financing on larger purchases, and can attain good limits. The other four cards I'd ignore completely and when you want to buy from them, use your Hilton/Disco to avail yourself of useful rewards.

Edit - Costco would likely have value but I'd put a higher ranking on the others.

[Anonymous]

Yeah I don't recommend store cards, they lower insurance scores and increase premiums in all but like 4 states. Plus thats alot of cards in this climate.

[Anonymous]

Thank you @Anonymous ! Would you apply for those 3 cards in any particular order?

[Anonymous]

I'd probably app Disco first, then Amex, then Lowe's. Give it three months in between apps. App sprees haven't typically worked out well lately for people, not like a couple years ago, and Covid has made the banks more risk-averse. Apping multiple cards closely is likely to backfire.

[randomguy1]

---

@Anonymous wrote:

Happy Thursday!

Any feedback you have will be appreciated! Thank you all again!

1. Lowes
2. Discover
3. Hilton (I work for Hilton & travel/stay at Hilton's often; I also am a Diamond-member because I am at an Executive level in the company)
4. Crate & Barrel
5. Costco
6. Restoration Hardware
7. Home Goods

Thank you again!

---

Citibank is sensitive to inquiries so I would apply to the Citibank Costco card first, then go for the card you most desire, whether Discover or Hilton.

Instead of so many cards, I would personally go after a card with a large SUB (sign up bonus) because those often will give you a better return on investment initially. Would really do the math and see how much you are going to spend, and what are you going to get in return for opening a store card. After you make those initial purchase, how much are you going to use those store cards other than Lowes going forward? How much are they actually going to save you? How limited are they compared to other cards?

For example, the Bank of America Premier Rewards gives you 50,000 points for $3,000 spend with a $95 fee. The card additionally gives you a $100 Airline Incidental Statement Credit every year. 

Or the Chase Freedom gives you a $200 bonus after you spend $500 with 5% rotating categories and 5% off groceries for the rest of the year.

The Freedom also has 0% intro APR for 15 months from account opening on purchases. The Freedom Unlimited offers 1.5% cashback on all purchases with the same intro APR period. There are other cards out there, just wanted to give you two examples off the top of my head that might serve you better.

Make sure the math works out and the store card actually nets you a higher return than a credit card with a bigger SUB. Not to mention, a regular credit card might be more useful and less limited to only that one store going forward. Lastly, consider a SUB will give you the money back right away after you meet the spend requirements vs how long it might take you to accumulate points on a store card based on its rewards system.