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do a 6month or 1 year wait on card app spree right after one?

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4yearsin
Member

do a 6month or 1 year wait on card app spree right after one?

I just had 4 new accounts about 5 months ago

but i need to get 4 more cards for reward structure to beneift fully for business.

my scores are around 715-730 with Aaoa-4yr10mo one 30 day late from 3 yrs ago

These are all prime cards from Sams Club, Citi,discover,nfcu

 

How much of diffrence do i have for approval waiting 7 months after approval of new account

verus waiting till there all 1 year. My Credit file is somewhat thin but with alot of 4-15yr+ AU accounts on there.

 

Is it worth the lose of finical benefit of waitng extra 6 months or is this a auto denial from major banks?

 

Than you for the help

Message 1 of 9
8 REPLIES 8
Remedios
Credit Mentor

Re: do a 6month or 1 year wait on card app spree right after one?


@4yearsin wrote:

I just had 4 new accounts about 5 months ago

but i need to get 4 more cards for reward structure to beneift fully for business.

my scores are around 715-730 with Aaoa-4yr10mo one 30 day late from 3 yrs ago

These are all prime cards from Sams Club, Citi,discover,nfcu

 

How much of diffrence do i have for approval waiting 7 months after approval of new account

verus waiting till there all 1 year. My Credit file is somewhat thin but with alot of 4-15yr+ AU accounts on there.

 

Is it worth the lose of finical benefit of waitng extra 6 months or is this a auto denial from major banks?

 

Than you for the help


 

You don't have to wait but with that many new accounts in such a short period of time, you're probably about to enter diminished returns and denials period. 

 

If you want approvals, garden at least six months for Citi, Synchrony would probably approve you right now but I wouldn't go near them after app spree, Discover is already very iffy due to app spree and more cards you have, less of desirable customer you become to them.

NFCU, no clue.  

 

I would suggest you do nothing for a year but that's probably sci fi, so try for six months. 

 

Message 2 of 9
SouthJamaica
Mega Contributor

Re: do a 6month or 1 year wait on card app spree right after one?


@4yearsin wrote:

I just had 4 new accounts about 5 months ago

but i need to get 4 more cards for reward structure to beneift fully for business.

my scores are around 715-730 with Aaoa-4yr10mo one 30 day late from 3 yrs ago

These are all prime cards from Sams Club, Citi,discover,nfcu

 

How much of diffrence do i have for approval waiting 7 months after approval of new account

verus waiting till there all 1 year. My Credit file is somewhat thin but with alot of 4-15yr+ AU accounts on there.

 

Is it worth the lose of finical benefit of waitng extra 6 months or is this a auto denial from major banks?

 

Than you for the help


When you go 12 months without a new account you might get promoted to a higher scorecard. I would wait until then and see where my scores are before making any decisions.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 3 of 9
4yearsin
Member

Re: do a 6month or 1 year wait on card app spree right after one?

so im guessing 1 year will give me better results.

 

I  just thought anything over 6 months is the same as 12.

 

so when ppl mention 2/6 4/12= that means theres 2 new under 6 months and 4 new accnts under a year?

 

Thanks for the ppl on this board.... I've learnt so much last 2 years i doubt i would know withot myfico fourms

 

If all new accounts i opened were opened on July 2 2022 on CR

does that mean I would i could app spree on JULY 10 2023 and all my apps would be 0/12 and inq would be 0/12

or does one have to wait for all statement cuts so waiting till there about 13mo.

 

Basically do i wait till 12mo or 13mo after account opens?

 

 This is total cards i need for rewards and home expenses.

So once i Get the rest of the 4. I plan to gardern atleast 2 years.

Also do you have to pay taxes on CB rewards.. So if i made 4k in annual CB , it would be taxed?

Message 4 of 9
coldfusion
Community Leader
Mega Contributor

Re: do a 6month or 1 year wait on card app spree right after one?


@4yearsin wrote:

so im guessing 1 year will give me better results.

 

I  just thought anything over 6 months is the same as 12.

 

so when ppl mention 2/6 4/12= that means theres 2 new under 6 months and 4 new accnts under a year?

 

Thanks for the ppl on this board.... I've learnt so much last 2 years i doubt i would know withot myfico fourms

 

If all new accounts i opened were opened on July 2 2022 on CR

does that mean I would i could app spree on JULY 10 2023 and all my apps would be 0/12 and inq would be 0/12

or does one have to wait for all statement cuts so waiting till there about 13mo.

 

Basically do i wait till 12mo or 13mo after account opens?

 

 This is total cards i need for rewards and home expenses.

So once i Get the rest of the 4. I plan to gardern atleast 2 years.

Also do you have to pay taxes on CB rewards.. So if i made 4k in annual CB , it would be taxed?


In reverse order:  if a signup bonus or cashback reward is tied to actually spending money it's generally not taxable.     That's why for example sign up bonuses or cashback on credit cards aren't taxable whereas signup bonuses for opening up checking accounts are. 

 

Whether it's fine to only wait exactly 12 months or better t to wait until the 1st of the next month instead depends upon the issuer. 

 

Context matters but 2/6 and 4/12 often do refer to 2 new accounts in the last 6 months/4 new accounts in the last 12.    It can also mean the number of inquiries but when used in that context it's generally called out. 

(5/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 5 of 9
Citylights18
Valued Contributor

Re: do a 6month or 1 year wait on card app spree right after one?

When applying for a card within the same issuer e.g. AMEX or Chase they will look at how recent its been since you've opened an account.

 

With a new issuer they look at inquiries more so than amount of accounts typically. Chase has a 5/24 rule on personal cards that includes all issuers but that isn't the norm but many are super tight on inquires.

 

Inquiries drop off your report in two years but don't affect your score after 12 months. 6 months however is an important milestone as far as inquiries go with some issuers. Personally if I had 6 months without an INQ (which I do now barely) that would be a good time to go for another product.

Official travel point totals as of 12/26/23 (1,382,693 Total Points)
Chase Ultimate Rewards 661,525 | IHG One Rewards 144,443 | Hilton Honors 143,801 | AMEX Membership Rewards 102,729 | World of Hyatt 90,413 | Marriott Bonvoy 65,343 | Citi Thank You 62,712 | Wells Fargo Rewards 33,652 | Southwest Rapid Rewards 28,105 | United MileagePlus 13,316 | British Airways Avios 12,333 | Jet Blue TrueBlue 11,661 | NASA Platinum Rewards 1,883 | AA Advantage 1,744 | Navy Federal Rewards 792 | Delta Sky Miles 175 | Virgin Atlantic Virgin Points 100 | Lowes Business Rewards 6,992 ($69.92) | Amazon Rewards 475 ($4.75) | Discover CB 499 ($4.99)
Message 6 of 9
SouthJamaica
Mega Contributor

Re: do a 6month or 1 year wait on card app spree right after one?


@4yearsin wrote:

so im guessing 1 year will give me better results.

 

I  just thought anything over 6 months is the same as 12.

 

so when ppl mention 2/6 4/12= that means theres 2 new under 6 months and 4 new accnts under a year?

 

Thanks for the ppl on this board.... I've learnt so much last 2 years i doubt i would know withot myfico fourms

 

If all new accounts i opened were opened on July 2 2022 on CR

does that mean I would i could app spree on JULY 10 2023 and all my apps would be 0/12 and inq would be 0/12

or does one have to wait for all statement cuts so waiting till there about 13mo.

 

Basically do i wait till 12mo or 13mo after account opens?

 

 This is total cards i need for rewards and home expenses.

So once i Get the rest of the 4. I plan to gardern atleast 2 years.

Also do you have to pay taxes on CB rewards.. So if i made 4k in annual CB , it would be taxed?


1. There are no hard and fast rules; the longer you wait, the better you look to them.

 

2. I believe it's best to space one's applications out rather than go on "sprees".


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 7 of 9
mgood
Valued Contributor

Re: do a 6month or 1 year wait on card app spree right after one?


@SouthJamaica wrote:

1. There are no hard and fast rules; the longer you wait, the better you look to them.

 

2. I believe it's best to space one's applications out rather than go on "sprees".


Agree. I've done a small spree, so I can't really tell someone else not to try it. But I think you could get one new card every 6-7 months from now on and not raise any alarms. Might double up once in a while and get two at once. It's probably better to wait a year, so you're on that better scorecard for no new accounts opened in 12 months, but that's just too much to ask of most of us, lol.



EQ8 774, TU8 771, EX8 768 as of July 14
AZE6 - 2% Utl - New Cards: 1/6, 3/12, 7/24
Message 8 of 9
805orbust
Valued Contributor

Re: do a 6month or 1 year wait on card app spree right after one?

Big fan of the 1-year wait here. Results are much better in my case with new accounts. Increase requests I usually judge by account, issuer, time since last request, and big picture for the product, however for new accounts I usually space them out a year... 2022 being the exception and of course, it resulted in a useless, waste of time approval. 🤣



Message 9 of 9
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