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

[Drifter73]

As with any hp and new credit line, you take a hit on your score and then it climbs back up in a few months of ontime payments and low Utilization.

I added x7 (personal) credit lines in 2021 and x6 (personal and business) credit lines in 2022.

I took hits left and right and now climbing back up again in the new 2023 year. Should be back to 750+ scores across all x3 by March or April.

This year (2023) I only plan on adding x3 credit lines mid year. The last x2 years was just a rapid growth approach to reach my rebuild goals faster.

With what you mentioned I don't think adding 2 or 3 cards is going to hurt you much and your score should spring board back up by the 3rd month of responsible use.

[FinStar]

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@TyrannicalDuncery wrote:

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:

• Very low credit utilization
• Accounts with Alliant Credit Union (6 months old), Elan Financial Services (1 month old)
• Applying for 2 credit cards per year (maybe both at the same time)
  
• 3 credit cards total

I have no idea what that "low credit utilization" piece might mean: 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?

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@TyrannicalDuncery - since the premise of the original topic is the same (i.e. strategy - applying for X number of CCs over Y number of months), the threads have been merged. There is no need to create separate threads on basically the same topic as your strategy evolves where questions may arise on your alleged strategy. Please ensure to abide by myFICO Forum TOS user guidelines and avoid creating multiple topics on basically the same subject.

[TyrannicalDuncery]

Thanks, I edited the original post with my new focus to avoid confusion. I'm still getting a feel for what counts as the same topic as something else. Thanks for going easy on me.

[FinStar]

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@TyrannicalDuncery wrote:

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

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[FinStar]

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@TyrannicalDuncery wrote:

Thanks, I edited the original post with my new focus to avoid confusion. I'm still getting a feel for what counts as the same topic as something else. Thanks for going easy on me.

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The original post was restored to avoid confusion by the community, especially since your initial op was already nested/quoted. To ensure the flow of discussion with the original background, a disclaimer in red was added to the original post. Just provide updates on any posts downstream so that the community can follow things seamlessly. As questions arise from your original CC application strategy post them here rather than create multiple threads.

[TyrannicalDuncery]

Thanks! I changed the disclaimer to link to the new plan. Is that okay?

[coldfusion]

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@FinStar wrote:

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@TyrannicalDuncery wrote:

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

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I laughed out loud when I saw this.

@TyrannicalDuncerysince you listed a BoA card as #4 on your list, are you familiar with the BoA 3/12 and 7/12 rules?  If not, I suggest you do your due diligence and research them. 

[TyrannicalDuncery]

@coldfusionThanks! I'm vaguely aware of those, but I should look into them more.

What is the cat supposed to mean? I assume it means I'm dumb somehow, which would be accurate.

[coldfusion]

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@TyrannicalDuncery wrote:

@coldfusionThanks! I'm vaguely aware of those, but I should look into them more.

What is the cat supposed to mean? I assume it means I'm dumb somehow, which would be accurate.

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lol, no it doesn't mean that AT ALL. Not even close!

TL,DR on the BoA rules,  they factor in both recent approvals and existing relationship when evaluating applications.

[TyrannicalDuncery]

<gullible eyes>Oh good then, I was worried about the cat.</gullible eyes>

Yeah thanks @coldfusion! Although I don't expect to have 3/12 at any point, I'm leaning away from the "apply for 2 cards at a time" thing just out of fear: it sounds like the BofA card is the toughest card on my list (even my updated list).

Also I read that Forbes article about multiple applications in a short time sometimes (rarely) leading to account closure, and now I'm terrified even though it seems like common practice (at least for people who've been gardening).

Interestingly, I have Merrill Edge but no BofA bank account. I'll let you know how my application goes!