Should I apply for more? I need some friendly advice.

[sarge12]

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@Anonymous wrote:
I just got approved for an AMEX BCE last 5/4 with a 10K SL. I pushed the CLI buttons on my 2 other cards. Capital One got bumped to 1,250K CL and my Discover card got bumped to 3K CL.

Not to be greedy but do you think I can still apply for another card? I'm thinking of getting a Citi DC because I got a prequalification letter from them in the mail.

Also I really wanted to have an Amazon Store Card but I have been denied last year back when I just started building credit.

I need some advices as I am totally new to the whole credit world. Haha!

TU 717 | EQ 716

So far I have 5 hard inquiries on TU and 5 hard inquiries on EQ, my Amex' application would probably add another one on the next update.

Thoughts?

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It is hard to say for sure, while a couple of more cards would help with utilization, and 3 months ago I might have said go for it, the recent news about the credit card default rate rising to 4 year highs makes me urge caution. It might be time for everyone to take a conservative approach. We all try to read the tea leaves on these things, but in my opinion the credit card issuers will be taking actions to try and reverse the rising default rate. Now what form that might take, and which profiles that may be targeted would require analytics that are not at my disposal. For myself, I am planning to hide in the garden until there are more favorable default rates being reported. There have been a few AA's reported on chase, and capital 1 lately, but it is hard to tell if this is an actual trend. The default rate is not so high that I would expect panic, and if you fit into what would be considered a normal profile, you are probably safe. The thing is, many here, myself included, do not have a normal average amount of credit cards. In our zeal to have the best profiles, we may become more noticable than we might like to the issuers. I mean, if you have 16 cards like me, the issuer can see that and also that many have little use. It might be correctly identified as a SUB and rewards chaser, and might lead issuers to cut their losses with me and AA some of my accounts. This is all just my thoughts, and I could be wrong.