Want to apply for Capital One QS and Amazon Chase Rewards

[Anonymous]

Hey guys, just signed up for myFICO today!  Around two years ago I applied for my first Credit Card, the Discover It Card.  Limit $2000.

Almost a year ago I then applied for an Amex EveryDay Card, limit also $2000.

Lately, in order to lower my utilization I've been interested in obtaining more credit.  I received an invitation to apply for the Capital One Quicksilver Card, but I'm also interested in applying for the Amazon Chase Rewards card, as they will give me an $80.00 gift card to use on Amazon.

I've checked my credit report which only shows 2 hard inquiries, one of which is set to expire around October.

According to CreditCheckTotal my FICO 8 Scores are as follows:

EXP: 730

TU: 722

EQ: 714

Do you guys think I should hold off on applying?  Should I wait for one of the hard inquiries to expire, or should I reduce my current balances even more (they're already below 30%, quite low) first.

Additionally, should I apply for only one of the cards, or both, or more?  What are your thoughts?

Thanks!

[ddemari]

Do you guys think I should hold off on applying? 

Nope, unless you have some goals like a mortgage or something where you don't want any new tradelines. 

Should I wait for one of the hard inquiries to expire, or should I reduce my current balances even more (they're already below 30%, quite low) first.

If your overall utilization is not sky high, across the boards are you below 16%? And, if your income is pretty good, you are in good shapre. 

Additionally, should I apply for only one of the cards, or both, or more?  What are your thoughts?

Personally, I love the Chase Amazon visa. I would apply for that first. Then apply for Quicksilver Visa. I would guess Cap1 will give you a higher limit but the Chasse amazon visa is nice and they are picky. Your profile looks good. App and let us know! 

[ddemari]

Plus, Chase will love that you have an Amex card, they will want your business. You seem to be in a great position for a variety of cards.

If Amazon Visa and QS Visa are what you want. Keep it 2 those two cards. Don't do what most of us do, app for everything and then not have options down the road.

Good luck.         

[Anonymous]

Hey thanks for the response!  My current utilization is 27%, although I use my Amex rather frequently, and by this friday after some payments are made I should be around 12% utilization across the board.  Not planning on any mortgages or anything of that sort, so good to know there's no need to wait.

I'll submit the applications later today and update you guys!

[ddemari]

27% percent is kinda high although your scores are good. Maybe try and get iT down before applying. Capitalone id do it though. They are easier.

[Anonymous]

Sounds good.  Yeah, I'll wait until TU, EQ, EXP all reveal a utiization under 16%.  I'm not in any rush.  After that, would you suggest applying for the Amazon rewards first and waiting until a response is recieved? Or simply applying for both at the same time?

[ddemari]

Im confused u are at 16% or less across all 3 CRA's? And 27% on amex? If thats the case, apply for both. If u are at 27% across all 3 CRA's then hold off on Chase.

If u can wait. Get utilization down to 9 % across all 3 CRA's for a chance at good aprs.

Eithet way app for chase then cap1.
Chase might go instant for u, pulling probably EX/TU.

Cap1 should be instant pulling all 3.

[ddemari]

Im sorry i saw u said untill 16%. Sorry for confusion. Wait it out till then.

[Anonymous]

Got it! Thanks for the help!

[Anonymous]

Did you app yet?