@vermontcred wrote:I heard that there are certain ways to apply to get more. You apply for XYZ cards first, then the 2nd set, and 3rd set. For example if someone was going for 10 cards I hear applying for Chase first is best a lot.
Chase *really* doesn't like to be included in credit card "sequences" (which sounds like another term for "spree" to me.) They SP on a regular basis after approvals and are known to close accounts when too many cards are opened in close timing with their approvals. One or two on a solid profile would likely be ok, but I wouldn't push it harder than that.
If you're looking to build a credit portfolio, we would need to know where you stand currently with scores/DTI/utilization, etc
@ChargedUp wrote:
@vermontcred wrote:I heard that there are certain ways to apply to get more. You apply for XYZ cards first, then the 2nd set, and 3rd set. For example if someone was going for 10 cards I hear applying for Chase first is best a lot.
Chase *really* doesn't like to be included in credit card "sequences" (which sounds like another term for "spree" to me.) They SP on a regular basis after approvals and are known to close accounts when too many cards are opened in close timing with their approvals. One or two on a solid profile would likely be ok, but I wouldn't push it harder than that.
If you're looking to build a credit portfolio, we would need to know where you stand currently with scores/DTI/utilization, etc
This.
Welcome to the forum. It's apparent you've been watching YouTube if you're talking about sequencing credit card applications. This is a theory in which you can easily hypothetically get approved for an absurd amount of credit cards in a short time by "sequencing" your applications based on which credit bureau a particular lender pulls.... based on where you live.
The easy way to add 30 cards idea purveyed is that by targeting banks that pull different CRAs, they don't know about each other's pulls, or any approvals... Therefore leading to multiple approvals at once. One such guru guy, right off the bat says his strategy is to go after Chase business cards first because they don't count towards the 5/24 rule. This is true but, you still have to be at 5/24 (or under) when you apply. Then he proceeds to claim he can add 4 or 5 Chase business cards within 4 or 5 months. This is complete nonsense.
Chase limits you to 2 approvals every 30 days and they also have limits to how many of each (business) card you can have per EIN. I would have a hard time believing that your average person approved for two Chase Ink cards in thirty days is going to get any further approvals in the next thirty days, or 60, or 90 days for that matter.
Then, a very good point brought up, up thread, Chase, along with many other lenders will continue to SP your credit in the future and while someone may temporarily fool them initially because they don't see the hard pulls and approvals, they will be seeing them within about 90 days due to that within that time-frame the new accounts will have reported to all three major CRAs. As mentioned, there is a strong likelihood there will be adverse action, up to and including the closure of the account(s). Going for 10 cards at once, let alone 20, or 30 only raises the probability of AA significantly.
Getting $200k to $500k in unsecured credit. Is it possible? Absolutely, and more! It's just not possible, again, for the average person to acquire this amount of unsecured credit in a short period of time. It generally takes years to build these kinds of TCLs.
Someone with a clean profile, good scores and a fairly healthy income could realistically go for 2 or maybe 3 cards every 6 months without much fear of AA. However, when people push the envelope, they may continue to get approvals (temporarily) but the starting limits will begin to go down to toy amounts... and eventually they'll get more and more denials as they'll be flagged as aggressive credit seekers.
Many people try present these grand ideas on how to beat the system with their "hacks" and "tricks". Most approaches to this are simply unrealistic for the overwhelming majority of the public (if at all in some cases). What most people experience when attempting these things are lower scores, being stuck in credit card purgatory, not being able to get credit, or CLIs when they might need it, a giant dose of reality. If people won't slow down on their own, the system will do it for them in one way, or another.
The best way is to build upon what you have with CLIs and add cards strategically from there.
If you had $500k+++ in credit, what would you do with it?
@vermontcred wrote:Hi Joe, thanks for the detailed reply.
Appreciate the advice on Chase, that is exactly what I heard as well.
I heard you can do large sequence and that makes sense that banks can catch on and lower CL later on.
With that being said, what banks provide the highest business credit cards limits you see?
I provided my credit profile in previous comment.
Versus me applying for a ton, maybe I will apply for 2-4.
I invest into real estate, I would mostly use it to acquire new projects.
@vermontcred Being you're in with Chase I can tell you from personal experience that they can be very generous. But, they like to see the spend and PIF. In the last 12 months they've handed me a total of 38kk in autoCLIss across both my Ink cards (29kk on the limited alone) every 4 months like clockwork. I didn't have to do anything but use the cards andPIFF. Will they do that for you?IDKK but it's certainly possible.
There's one member here who's wife was approved for a new Ink card with them for 63kk. A great start.
There are others out there such asAmex, Discover,CUss and even Cap One that can be generous as well. My wife had several Cap One cards that at one time or another reached 80k CLs. It just really all depends on your credit and relationship with your lenders.
I'd suggest you consider starting a new thread in regards to building your limits to $xxx but include all the info you did above with your accounts and other profile details and I'm sure you'll get more responses and advice from people who have done it and can steer you in the right direction to realistically achieving your goals.