Which Cards to Apply For & How Many Applications in a Single Day

[Anonymous]

Hey there everyone. I am brand new to My Fico. I was looking to expand my total credit limit by adding new cards. I currently have a Chase Reserve $15kCL, Chase Freedom UL $5k CL, Cap 1 Quicksilver $17k CL & Wells Platinum Secured $1k CL.

I dont need more cards but really want to add more cards to increase my total available CL. I'm not sure which to add.

Also how many card applications can I submit in a single day before I appear desparate?

I do have a Pre-Qual from:

Amex: 3 Blue Products

Citi: Costco, Simplicity, Diamond Preferred, Thank You, Premier

US Bank: Ca**bleep**, Cash365, Flex Perks +

Bofa: Cash Rewards, Travel Rewards, Premier Rewards

Discover: IT  

My FICO's are EX 725, EQ 745, TU 745. No late payments ever.

Thank you so so much.

[Anonymous]

What's your utilization look like, both overall utilization and any cards with high utilization over 38.9%?

There are tons of stories of massive app sprees -- a lot depends on how many inquiries you have right now, and what bureau each lender MAY pull.  People usually set up their app sprees by looking for lenders more likely not to pull all the same bureau.

[Anonymous]

Thanks for the quick reply. Im at 15% Utilization. I have the following inquiries. TU 2, EQ 0, EX 7 (5 of which were Auto Loans)

[Anonymous]

Open a tab for every card you want, fill out every application first and then hit final submission all at once, with luck none will know about each other's inquiries until they update next month.

[Anonymous]

15% utilization overall, what about highest individual utilization on any cards over 40%?

[Anonymous]

Cap 1 is at 27%

CSR is at 7%

CFU is at 0%

WF is at 0%

[Anonymous]

Just an FYI...

Carrying balances on 50% of your credit card dings you (a little bit) on all 3 bureaus.

Carrying a balance over 8.9% on any account also dings a little bit.

Carrying a balance over 8.9% aggregate also dings you a little bit.

Paying CSR off any time will cause Chase to update reports to $0 quickly. Capital One to 8.9% or less would take a statement cut, and if any interest posts it might push you over 8.9% so account for that.

I'd honestly try to boost your scores by paying your smallest balance to $0 and the other card below 8.9% (considering any interest posting).

You may not get a lot of points but it might make a difference in credit limit given on approval!

[Anonymous]

Sweet thanks! I was thinking of paying them all to $0 first and letting it update before going on application frenzy. I have them all closing on the 5th & 6th of the month.  Which card do you suggest?

[Anonymous]

Do not under any circumstances ever pay all your credit cards to $0 at the same time! This can actually decrease your credit score! I know, bizarre right? See my signature link to read about the AZEO Method and why.

You always want one credit card showing usage if between $3 and 8.9% of the limit on that card. Doesn't matter which card, but always one card. Once it reports usage for the month you can pay it off to avoid interest (except Chase).

Chase cards will re-report $0 midcycle if paid off so Chase are poor cards for the AZEO card. I'd pay Chase to $0 and Capital one to below 8.9% considering interest that posts. If you can afford it, pay capital one to 5% and let that report at statement cut.

Remember paying to 5% needs to be the balance at statement cut.

Your scores will bump up a bit and may help with approvals or starting limits.

Do you have any open installment loans reporting, such as mortgage or student or car loans?

[Anonymous]

Yeah super weird but I will take your advice and run with it. I will pay off chase and get Cap 1 to 5% before the statement closes in a few days.

As for the Installment loans I have a GM Lease with a $30,715 balance, Ford Motor Credit Lease at $24,130 and a Mercedes Financial Lease that just ended which as of last pull had a $598 Balance.