Sequencing my applications (edited again: new plan #2)

[TyrannicalDuncery]

Sorry, my plan has now changed (01/01/23). My new plan is below.

This post contains accurate information about my current situation, but outdated information about my goals and the strategies I'm considering. The general structure is still pretty similar. 

Thanks to those who helped me with the previous versions of the plan; that feedback is still helpful with my new plan!

I have a long-term plan in mind (feel free to critique it). There are 4 cards I want, and I plan to apply for one every 6 or 7 months, starting 6ish months from now. I'm wondering whether I should do these in a particular order and/or slow down my plan, based on my situation.

Here are the cards I'm after, in order of priority:

1. DuPage Imagine (geo-locked but I have an in, haven't joined DuPage CU yet)
2. AAA Daily
3. Affinity (just joined Affinity FCU this month)
4. BofA Customized

I'm wondering whether maybe some of these are "tougher" than others.

Here is some information that seems relevant.

Cards:

• 10k, 10 years old
• 10k, 6 months old
• 22k, just got today (yay! that's why I'm all excited about my plans today)

Credit:

• Experian: 794 (per freecreditscore.com), about to go down from my new card
• Hard inquiries: 2
  • one from 7 months ago
  • one from 2 weeks ago

In case you're wondering why I want the DuPage Imagine (gives points on charity) when many charities incur processing fees close to 5%, my answer is that I think the PayPal Giving Fund allows me to use my credit card to donate without transaction fees. Correct me if I'm wrong.

[DakotaM]

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@TyrannicalDuncery wrote:

I have a long-term plan in mind (feel free to critique it). There are 4 cards I want, and I plan to apply for one every 6 or 7 months, starting 6ish months from now. I'm wondering whether I should do these in a particular order and/or slow down my plan, based on my situation.

Here are the cards I'm after, in order of priority:

1. DuPage Imagine (geo-locked but I have an in, haven't joined DuPage CU yet)
2. AAA Daily
3. Affinity (just joined Affinity FCU this month)
4. BofA Customized

I'm wondering whether maybe some of these are "tougher" than others.

Here is some information that seems relevant.

Cards:

• 10k, 10 years old
• 10k, 6 months old
• 22k, just got today (yay! that's why I'm all excited about my plans today)

Credit:

• Experian: 794 (per freecreditscore.com), about to go down from my new card
• Hard inquiries: 2
  • one from 7 months ago
  • one from 2 weeks ago

In case you're wondering why I want the DuPage Imagine (gives points on charity) when many charities incur processing fees close to 5%, my answer is that I think the PayPal Giving Fund allows me to use my credit card to donate without transaction fees. Correct me if I'm wrong.

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Your plan sounds nice and steady.  I feel that the Bank of America cards are harder to get than Affinity or AAA, though that is probably just cause of the three, they are the only ones that didn't approve me for their card!  The AAA card is probably the easiest to get approved for, since it is backed by Comenity, the issuer of lots of store cards.  Affinity will send out quarterly pre-approval offers that are solid (though I got mine without pre-approval).  The high limit you got today bodes well for the limits on your future cards, especially with spacing out the applications like you plan to do.

Good luck!

[805orbust]

Yup, 1 every 6 months is a good pace, thus a good plan. My gut tells me go for BOA first as I *believe* theyre more inquiry sensitive than the others. I think you're good either way.

[TyrannicalDuncery]

There are two cards I would like to get this year. I think I can get them both if I apply for them at the same time. But when I apply for more cards after that, I'm wondering whether getting two cards right in a row would look bad on my history. So I'm wondering which is better:

• Get two cards, wait 12 months.
• Get one card, wait 6 months, get another card, wait 6 months.

All I care about is how it affects my ability to get future cards. I think I've heard that some issues like to see 0/12, but I'm not sure whether getting 2 cards back-to-back is some kind of "red flag" that takes a long time to go away.

Obviously there are other advantages and disadvantages as well, but I'm not very interested in those.

[Remedios]

@TyrannicalDuncery you already started a thread about possible applications 10 days ago.

Please do not start an individual thread for every separate question while topic remains the same 

It's easier to follow and everyone is on the same page, plus no redundant threads/posts. 

[TyrannicalDuncery]

Sorry, I thought it would be clearer this way. I won't do that anymore.

[TyrannicalDuncery]

According to this article, I might lose my bank accounts or credit cards if I apply for too many credit cards. How likely is that? Does it vary by institution? If my account is closed, do I get my money back?

I'm sure it depends on the individual situation. Here is my particular situation:

•  Banks:
  • [redacted] (heavy use) (10 years)
  • Alliant Credit Union (moderate use) (6 months)
  • US Bank (light use) (6 months)
  • Affinity FCU (light use) (1 month)
  • Coinbase debit card (planned for this month)
• Cards:
• [redacted] Visa ($10k) (10 years)
• Alliant Signature ($10k) (6 months)
• Elan Max ($22k) (1 month)
• Other credit: none
• Utilization: 1%
• Experian FICO 8: 794 (about to go down due to new card)
• Hard inquiries: 2
  • one from 7 months ago
  • one from 2 months ago
• Plan: Apply for 2 of the following 3 cards at the same time, 6 months from now (if safe):
  
  • Bilt Mastercard
  • Capital One Union Plus Primary Access
  • BofA Customized Cash Rewards

I have no idea what impact that 1% utilization might have: maybe they will trust me less because there's no reason for me to need another card? Maybe they will trust me more because there's less risk I will max everything out?

[sznthescore]

It all depends on the issuer and your credit profile. That being said, if you only have 3 credit cards total, there's nothing to worry about.  Some insight on the type of cards you have, along with the banking relationships you have would help others shine light on your query.

[TyrannicalDuncery]

Thanks, @sznthescore! I redacted my oldest relationship but here's more details:

•  Banks:
  • [redacted] (heavy use) (10 years)
  • Alliant Credit Union (moderate use) (6 months)
  • US Bank (light use) (6 months)
  • Affinity FCU (light use) (1 month)
  • Coinbase debit card (planned for this month)
• Cards:
  • [redacted] Visa ($10k) (10 years)
  • Alliant Signature ($10k) (6 months)
  • Elan Max ($22k) (1 month)
• Other credit: none
• Utilization: 1%
• Experian FICO 8: 794 (about to go down due to new card)
• Hard inquiries: 2
  • one from 7 months ago
  • one from 2 weeks ago
• Plan: Apply for 2 of the following 3 cards at the same time, 6 months from now
  
  • Bilt Mastercard
  • Capital One Union Plus Primary Access
  • BofA Customized Cash Rewards

Yes, I joined Affinity right before they nerfed the card lol. Still don't regret it.

[simplynoir]

With those stats I honestly think you have nothing to worry about when you apply for two of those three cards