Barclays. Cash forward mastercard

[SecretAzure]

---

@Anonymous wrote:

I might wait for a few more months and let some of my "new accounts" age and let some hit a year old before trying...I just don't trust Barclays and don't want to waste a hard inquiry for nothing or a small CL. with my Fico I might get approved but the new accounts might screw me when it comes to a starting credit line. I appreciate all your information.

---

I always recommend waiting after new accounts...unless you have no new accounts and are going to do multiple on the same day. I think it looks better to have aged accounts and do multiple cards all at once and then garden for a year or more. In my case, I had last app'd for BCE and then something over a year later I app'd for Freedom and Ring at the same time and then waited 2 years and just got Freedom Unlimited. Starting limits have always been above 6K and my income (throughout this time) has been between 28K and 35K. So the profile definitely trumps income...but income does weigh heavily on how much you might get approved for.

Edit:

Example:

Your method:

New account -> 3 months -> new acct -> 3 months -> new acct -> 3 months -> new acct

Possibly better method:

New account -> 1 year -> New acct (about 2) -> 1 year -> New acct (about 2)

[Anonymous]

Yeah, my wife pulled the trigger on CashForward to get a targeted $200 bonus offer.  Kind of regret it.  No use for the card.  She uses it on accident about once a quarter. 

[Anonymous]

---

@wasCB14 wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:

what's considered 'new accounts"? anything under 6months?

---

Yes - maybe even longer with Barclays. I have read they are very easily spooked. A more senior member of the forum could answer you better, though.

---

Consider your sources. A lot of the "denied for too many new accounts" reports are from people with more cards than 95%+ of the population.

---

Thanks for the information. Maybe I worry too much.

[Anonymous]

I know BOA considers anything 1 year a "new account"....but of course your fico score and your income will matter a lot too.  I'll just wait until July to pull the trigger.

[Anonymous]

---

@Anonymous wrote:

I might wait for a few more months and let some of my "new accounts" age and let some hit a year old before trying...I just don't trust Barclays and don't want to waste a hard inquiry for nothing or a small CL. with my Fico I might get approved but the new accounts might screw me when it comes to a starting credit line. I appreciate all your information.

---

First lesson here, if you don't trust them don't do business with them.    They aren't worth the hassle. 

[Anonymous]

True...but Chase changed so much that most people couldn't get approved....if you have 5 new accounts within 2 years you can get a chase card? who thought of that? and BOA hates me lol.....I have a amazon chase card from them but they won't touch me even with a good credit score because of the 5/24 rule.

[SecretAzure]

---

@Anonymous wrote:

True...but Chase changed so much that most people couldn't get approved....if you have 5 new accounts within 2 years you can get a chase card? who thought of that? and BOA hates me lol.....I have a amazon chase card from them but they won't touch me even with a good credit score because of the 5/24 rule.

---

5 credit cards in 2 years will look bad to all lenders...you just seem desperate/reckless at that point. Besides Synchrony (maybe), I don't know who wouldn't be cautious with a profile like that. Do you really need another credit card when you have so many new ones? It's not about you trusting them, it's about them trusting you. Barclay's is cautious, Chase less so. You may get these approvals but your starting limits might start to take a hit (unless you're making big bucks). It's better to let your cards age a little and apply after all your special introductory periods end (at least).

[Anonymous]

a lot of people have credit cards for different reasons....I have my chase amazon visa because I spend 4 grand a year on amazon and 5% cash back helps....I have a Chevron visa because I have a farm and spend 3 grand a year in fuel so I get a better fuel rate.....I have an Amex because when I travel anywhere in the world they take it without any foreign fees.... I have a tractor supply card because I spend thousands there every year and get special rates and financing....I have a Walmart master card because I spend thousands of dollars at Walmart online and get 3% cash back instead on 1% with other cards. and so on! a lot of people get new travel credit cards for the sign-up bonuses ....any little bit helps so for credit card companies like Chase to just make blind rules with asking the customer why they have the cards is insanity. it use to be that you would have a visa and a master card and maybe an AMEX in your wallet! now every store has their own credit card with their own benefits and if you spend a good bit of money at those places there's a huge difference between 1-1.5% cash back and 3-5%.... the credit card companies throw out the candy and then get spooked when people eat the candy. spend more time looking at payment History and what people owe than how many cards they get if they have proven to be a responsible person with Credit. 

[Anonymous]

---

@Anonymous wrote:

True...but Chase changed so much that most people couldn't get approved....if you have 5 new accounts within 2 years you can get a chase card? who thought of that? and BOA hates me lol.....I have a amazon chase card from them but they won't touch me even with a good credit score because of the 5/24 rule.

---

You can bypass Chase 5/24 in your Chase account if they have "selected offers for you".

[wasCB14]

---

@SecretAzure wrote:

---

@Anonymous wrote:

True...but Chase changed so much that most people couldn't get approved....if you have 5 new accounts within 2 years you can get a chase card? who thought of that? and BOA hates me lol.....I have a amazon chase card from them but they won't touch me even with a good credit score because of the 5/24 rule.

---

5 credit cards in 2 years will look bad to all lenders...you just seem desperate/reckless at that point. Besides Synchrony (maybe), I don't know who wouldn't be cautious with a profile like that. Do you really need another credit card when you have so many new ones? It's not about you trusting them, it's about them trusting you. Barclay's is cautious, Chase less so. You may get these approvals but your starting limits might start to take a hit (unless you're making big bucks). It's better to let your cards age a little and apply after all your special introductory periods end (at least).

---

Some desperate and reckless people open a lot of new accounts...but so do financially sound bonus chasers who don't need the credit and just like free travel.

5/24 is more about Chase limiting their losses to the latter group.