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I'm looking at applying for a couple of cashback cards (the Uber one that gives 4% for restaurants/dining, and one from Ducks Unlimited/FNBO that gives 5% for gas), but I'm just after opinions as to whether it will be better to apply for both at the same time, or do one, wait for age of credit etc to improve again, then apply for the other.
I know that there will be a double hard pull for the applications, which will be a score decrease, and there will be a noticeable decrease in age of accounts. Given I have a relatively short credit history (2 1/2 years average age of open accounts, youngest account at 9 months, three open accounts at around a year (CC, Lowes store card, HELOC), mortgage at just under 3 yrs, and a joint CC with just over 7 years), should I wait on one, or even both for a bit? Are there any other considerations I should be aware of?
Based on Credit Karma:
TU is 757, 1 HP.
Equifax is 756, 2 HPs.
Based on my bank:
FICO9 (Experian) is 810, not sure of HP number.
That's a fair point... not sure why I didn't explicitly say which cards! You guys here would certainly be able to tell me whether they are good ideas or not!
I was looking at the Uber card for restaurants/dining cashback, and the Ducks Unlimited card for the 5% on gas. They seem to be the highest permanent returns in those two categories that I've found.
Good to know about FNBO. Thanks!
Based on our monthly budgets, I think that we should be expecting $40-50 a month back from both cards. Not a huge amount, but it's better than nothing!
And yes, wherever is nice. Sometimes the weather's whatever, but whenever it gets nice, it's nice.
@Anonymous wrote:Good to know about FNBO. Thanks!
Based on our monthly budgets, I think that we should be expecting $40-50 a month back from both cards. Not a huge amount, but it's better than nothing!
And yes, wherever is nice. Sometimes the weather's whatever, but whenever it gets nice, it's nice.
Do you by any chance write Dr Seuss books? Lol good luck with the cards. I would think that with your scores and history you’d be able to get them both.
Well, I'm back. Applied for FNBO, rejected due to an outdated link. No pulls. So, found the up to date link, reapplied, rejected due to a "thin credit file" (as mentioned in the first post, I have 3 credit cards (one joint), 1 mortgage, 1 HELOC, 2 1/2 yr age of open accounts, youngest at 9 months, oldest at 7 years). Gave up.
Applied for Uber card, instant approval, 9k limit, raising total credit available (not counting HELOC and joint account) to 30k. It's a start!
Congrats on the Uber card and the fantastic SL!