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I am planning on applying at least to Discover, Cap one, Barclays, BoA and Chase.
Is there a strategic way to do this to increase my approval odds?
All on the same day, within minutes/hours, etc.. or any other way I should look into before going on my app spree?
Any suggestions are very much appreciated.
Thanks
@Superduper2014 wrote:I am planning on applying at least to Discover, Cap one, Barclays, BoA and Chase.
Is there a strategic way to do this to increase my approval odds?
All on the same day, within minutes/hours, etc.. or any other way I should look into before going on my app spree?
Any suggestions are very much appreciated.
Thanks
Generally, inquiries are almost immediately available to issuers looking at the same CRA so timing in that sense isn't critical. As a general rule, if you insist on spreeing, apply first for the issuer you think is most sensitive to inquiries so they will see the least.
ETA: To pre-empt Barclays haters: Note though that even if approved, all issuers will review your account from time to time. So while going for Barclays first might prevent a rejection due to too many inqs, once the inqs and new accounts show up, some issuers may then take AA including closing the new account.
IMO it might be better to apply for 3 cards then wait 6 months and pick up the other two - no one needs 5 new cards all at once and you'll get better SL's and less "notice" (aka possible AA) by taking a slightly slower road to your goal.
@longtimelurker
ETA: To pre-empt Barclays haters: Note though that even if approved, all issuers will review your account from time to time. So while going for Barclays first might prevent a rejection due to too many inqs, once the inqs and new accounts show up, some issuers may then take AA including closing the new account.
Thanks for replying. May I ask what is the deal with Barclays ? Never had a card with them, Is there a reason why people hate them and also why some obviously love them?
@pipeguy wrote:IMO it might be better to apply for 3 cards then wait 6 months and pick up the other two - no one needs 5 new cards all at once and you'll get better SL's and less "notice" (aka possible AA) by taking a slightly slower road to your goal.
You are correct, I don't need that many cards.
Which ones would you suggets I go for from the ones I mention if you had to choose at least 2?
Discover pre approval gave me a 13%+- APR but I have no idea if it will be on a $100 CL or what, since I settled with them back in 2012. Surprised they even want me back.
Thanks
5 new cards? Slow the roll and plan on applying for a new acount once every 6 months. It will keep the inquiries down and allow each account to age 6 months before the next app.
That would also keep things spaced in case some great sign on offer comes up.
Discover and Cap-1 are probably the easiest ones to acquire. (I have Discover with a $22k limit and I've closed all my Cap-1 cards other than Cap-1 backed cards ie: Cabela $18k and GM $13.5k).
Barclays will say no until they say yes which might take a while. (I have 2 cards with Barclays $15k and $11k)
BoA "approved" me for a big $2k CL which stayed there no matter how many HP's I suffered until I closed it 3 years later. A year later I applied again and started with a $15k SL which is now $25k. I also have a second BoA card with an $18k limit.
Chase well they are Chase, I have 3 accounts Freedom Unlimited $10k, Amazon Visa $5k and AARP at $6k these are my lowest limit cards and they don't seem to be interested in increasing my limits (I always PIF on all three).
You didn't mention your income or credit scores so it's hard to know exactly how you might succeed, but if I were you I'd start with Discover and Cap-1 and go from there.
Remember Chase's 5/24 rule (maximum of 5 apps in 24 months). If you're interested in a Chase card, I would apply for that one first if you're about to hit 5 within 24 months.
@Superduper2014 wrote:
Any suggestions are very much appreciated.May I ask what is the deal with Barclays ? Never had a card with them, Is there a reason why people hate them and also why some obviously love them?
1) The deal with Barclay's is that they want you to use there card and get jealous if you have to many other cards or get a lot of cards after theirs. They will often lower your CL or cancel your cards. That said if you are somewhat loyal, and not a new card chaser every few months they can be good.
2) You should get the cards that will benefit you most. This is where others can't really help without a lot more info. Some want cards for zero balance transfers, others want a low APR card to carry long term balance. Many want travel rewards and other only cashback. After figuring what you want as rewards you need to figure where your normal spend falls. Cards can give rewards in many categories and this depends where you spend your money. My cards are not necessarily your best cards. The same for other posters. You need to do homework on cards to find the correct fit. All of the mentioned issuers have good cards, which is the best for you only you can answer.
Agreement with other posters
I agree with the idea that it would be better to slow down and not go for all at once. No more than 2 now.
Easiest to acquire: (Discover and Cap-1)
Fastest CL increases: (Discover)
If you're interested in a Chase card, I would apply for that one first
Chase's 5/24 rule (maximum of 5 apps in 24 months).