How many new accounts is too many?

[Anonymous]

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@Anonymous wrote:
Yes I have the PCR which will make it way into the SD once it has matured. My penfed card wasnt on my list but I decided to open a savings account through them and after I found out they HP I went for the card same day. QS is 1.5% but it was upgraded from a platium so not much life left before there are no more CLI. My Citi DC has a SL of $500 so it will be awhile before I could use it as a daily driver. My CFU has been my go to for standard cashback rewards until I grow my Citi DC.

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I missed CFU which makes it four catering to general spending (eventually 3 in the SD, along with secured cap1 that is 50% of your cards), why did you apply for CFU knowing you already have QS and going after DC? The logical Chase card choice should have been Freedom for its 5% category to compliment Discover.

If I were you, I would PC QS to Savor so you can get some use out of it when restaurants/fast food isn't on 5%, then I would PC FU to Freedom for its 5% category, use PCR 1.5% as your general spending card until you can raise the limit on the DC. You can also raise PCR's 1.5% to 2% by opening a Penfed checking, but you will have to maintain a daily balance of $500 or monthly direct deposit of > $500 to avoid the $10 monthly fee for the checking account.

[Anonymous]

The QS came after these cards I hadn't checked for an upgrade to my platium for awhile before getting these cards. Checked back a week ago and low and behold an offer to upgrade to QS so I accepted it. However it is logical to PC cards to ones with revolving categories I applied for what I believed my scores/history would approve at the time. These cards are fresh they need a little time age. I understand there is a more logical way to maximize my Cashback rewards but having just jumped from 2 CC to 7 I think I need to rebound a bit before I start requesting changes. Am I wrong in thinking this way? I value all words of wisdom on this site as I'm still learning how to conquer my credit.

[Anonymous]

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@Anonymous wrote:
The QS came after these cards I hadn't checked for an upgrade to my platium for awhile before getting these cards. Checked back a week ago and low and behold an offer to upgrade to QS so I accepted it. However it is logical to PC cards to ones with revolving categories I applied for what I believed my scores/history would approve at the time. These cards are fresh they need a little time age. I understand there is a more logical way to maximize my Cashback rewards but having just jumped from 2 CC to 7 I think I need to rebound a bit before I start requesting changes. Am I wrong in thinking this way? I value all words of wisdom on this site as I'm still learning how to conquer my credit.

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FU and Freedom has the same UW, you could have gone for either card and Freedom was the logical choice with DC in mind. That said, obviously you have a few signup bonus to fulfill, once that is out of the way, don't be afraid to call and ask if PC is available to you, you can probably ask for QS to Savor now since it's SDed anyway, surprised Savor wasn't a choice for your Platinum when you upgraded. Product Change is strictly internal and has no bearing on your credit profile, no need to rebound as you put it, as long as the PC option is available to you.

[Anonymous]

I will definitely do that once I hit my bonus thank you so much for the advice. I would have jumped on a Savor card in a heart beat if it was offered I'll call and see if I can upgrade the new QS to Savor wouldn't hurt to ask. I wasnt sure about about the CF vs CFU UW so I opted for CFU as Citi DC wasnt originally in the line up until I got a mailer with a single APR so I figured I'd try to get my foot in the door with them and I squeaked by with a $500 SL wasnt sure if I would get denied for too many Inq but had nothing to lose at that point so I went for it glad I did. Had already been approved for CFU when the mailer showed up in my mailbox so I added it to my list of cards.

[Anonymous]

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@Anonymous wrote:

2. They get my foot in the door with the big lenders and allows me to build a relationship and grow the credit lines on their cards.

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IMO, "foot in the door" is pretty meaningless with most lenders.   I have seen no evidence that getting a card helps much (or at all) with getting the one you want later on.   With much of the approval process automated, I don't think relationship type stuff is given much weight.    And, going with a lender based model means a) you may be wasting time/spend/rewards with an issuer that really doesn't have stuff you will want, and b) missing smaller lenders who might have a great card for you.

When selecting a card, I pay no attention to the issuer, unless they have restricting rules, like Chase 5/24.    But that's just me.

[Anonymous]

Just one last thing, you get cash back match for the first year with discover, meaning 10% for rotating category and 2% for general spending, this should be your daily driver after other SUBs are met, leave some general spending for DC (pay it down early if you have to) to increase your chance of CLI down the road and take over general spending once Discover hits one year, don't waste spending/rewards on CFU's 1.5% and SD it until Freedom PC becomes available.

[Anonymous]

Actually that's makes the most logical sense I will start using my Discover as my daily until after my 12 months is up Chase bonus will be met this week and PIF. This is why I love this Forum a vast wealth of knowledge. Thank you @oldman87 for your insight and pointing me in the right direction.

[Anonymous]

No problem.

[Anonymous]

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@Anonymous

IMO, "foot in the door" is pretty meaningless with most lenders.   I have seen no evidence that getting a card helps much (or at all) with getting the one you want later on.   With much of the approval process automated, I don't think relationship type stuff is given much weight.   

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I agree completely that previous positive history may not mean much with respect to an approval or denial, one thing it can impact is the potential SL of a future product that is apped for.  There are some lenders, Citi is one that comes to mind, that seem to put more weight into previous history than others.  For example, one may be approved for a relatively small limit on their first Citi product, but after 1 year of positive Citi "history" they are able to get approved for another product with a much higher SL.  I don't think this applies to the OP at all here, as he's not apping for cards today to position himself to apply for others a year from now near as I can tell.  I do think that it's worth mentioning that previous favorable history can impact terms of future approvals, not necessarily the approval (verses denial) in and of itself.

[Gmood1]

I can name several where a current relationship does have some weight. Amex being one of them and Penfed being another. Nope it doesn't guarantee an approval. But it sure as heck makes things easier to get one than with no prior history with those two lenders at all.