How to spread out apps

[Anonymous]

I've been reading here off and on for several months, and learning a lot about the world of credit. But I wanted to finally post to get a little advice. I went back and found several threads about whether it's better to do an app spree or to spread the applications out. My question is: if I spread out the applications, how much time makes sense between applying for various cards?

I am looking at adding several rewards cards across which to spread my spending. I am considering Chase Freedom, Discover It, Barclay Rewards, and perhaps BoA Better Balance Rewards. I currently have a BCE, which was just increased this weekend to a CL of 24K after I followed the advice in the Amex 3X CLI thread. This is my first new credit card in over a decade. I also have a Cap One card @ 4K, and a HSBC overdraft @ 1K, both of which go back to 1999/2000. I only discovered that the world of credit cards was larger than I had known when Cap One denied me a CLI, and I realized that I had a good FICO from the denial letter.

I gather from reading here that Barclay's doesn't like new accounts in the months before or 6 months after. But what about the others? Is a new account every six months a good pace? In spreading the apps out I'm hoping to maximize my initial CLs.

EQ is 801, EX is 799 as of 2 months ago (pre Amex). I just have that 1 hard pull from 2 months ago. AAoA is 7 years. No late payments or derogatory marks. Util is 4%.

[lg8302ch]

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@Anonymous wrote:

I've been reading here off and on for several months, and learning a lot about the world of credit. But I wanted to finally post to get a little advice. I went back and found several threads about whether it's better to do an app spree or to spread the applications out. My question is: if I spread out the applications, how much time makes sense between applying for various cards?

@I am looking at adding several rewards cards across which to spread my spending. I am considering Chase Freedom, Discover It, Barclay Rewards, and perhaps BoA Better Balance Rewards. I currently have a BCE, which was just increased this weekend to a CL of 24K after I followed the advice in the Amex 3X CLI thread. This is my first new credit card in over a decade. I also have a Cap One card @ 4K, and a HSBC overdraft @ 1K, both of which go back to 1999/2000. I only discovered that the world of credit cards was larger than I had known when Cap One denied me a CLI, and I realized that I had a good FICO from the denial letter.

I gather from reading here that Barclay's doesn't like new accounts in the months before or 6 months after. But what about the others? Is a new account every six months a good pace? In spreading the apps out I'm hoping to maximize my initial CLs.

EQ is 801, EX is 799 as of 2 months ago (pre Amex). I just have that 1 hard pull from 2 months ago. AAoA is 7 years. No late payments or derogatory marks. Util is 4%.

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I only found this forum end 2012. At that time I had two cards with 5k and 3,5K. Reading about sprees I got infected and added 6 new accounts. Well lesson learnt...with a thin file you do not get ideal terms at a spree.  (Freedom with 22,99% APR and Discover with low limit) To my big surprise I tried to add Barclays Arrival card and to my big surprise I got accepted with nice terms as  new card #6. But since then I have decided that sprees are not for me and I would rather like best terms. That is why I changed to the 6 months interval for new card app and get better results. But that is up to each person...YMMV...some members will vote for the sprees.  I will keep the 6 mo app interval as I like to get best terms to begin with rather than fighting CL or APR...,that is just my personal experience with an extreme credit extention in 2013. Good luck whatever you decide!

[coldnmn]

Welcome to the forum, 6 months seems like a good plan. The important thing to remember do I apply because I have use for the card or do I just want the card. If you have a use for the card go for it. To many make the mistake of wanting the card and shortly after closing it. This hurts your credit with lowering your AAA and adding inquiries and new TL to your report. This lowers your chances for the best limit and interest rate on a card that you can really use.

Good Luck!

[aubie1kenobie2]

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@Anonymous wrote:

I've been reading here off and on for several months, and learning a lot about the world of credit. But I wanted to finally post to get a little advice. I went back and found several threads about whether it's better to do an app spree or to spread the applications out. My question is: if I spread out the applications, how much time makes sense between applying for various cards?

@I am looking at adding several rewards cards across which to spread my spending. I am considering Chase Freedom, Discover It, Barclay Rewards, and perhaps BoA Better Balance Rewards. I currently have a BCE, which was just increased this weekend to a CL of 24K after I followed the advice in the Amex 3X CLI thread. This is my first new credit card in over a decade. I also have a Cap One card @ 4K, and a HSBC overdraft @ 1K, both of which go back to 1999/2000. I only discovered that the world of credit cards was larger than I had known when Cap One denied me a CLI, and I realized that I had a good FICO from the denial letter.

I gather from reading here that Barclay's doesn't like new accounts in the months before or 6 months after. But what about the others? Is a new account every six months a good pace? In spreading the apps out I'm hoping to maximize my initial CLs.

EQ is 801, EX is 799 as of 2 months ago (pre Amex). I just have that 1 hard pull from 2 months ago. AAoA is 7 years. No late payments or derogatory marks. Util is 4%.

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Those are GREAT stats! And Cap One denied a CLI?? Somehow it doesn't make sense. Anyway, I know from reading posts on this forum that inquiries typically matter if they were incurred in the past 6 months, so I imagine every 6 months is a good interval. I would wait until the new CL from Amex reports before I'd apply so that creditors would see the 24k CL.

[indiolatino61]

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@Anonymous wrote:

I've been reading here off and on for several months, and learning a lot about the world of credit. But I wanted to finally post to get a little advice. I went back and found several threads about whether it's better to do an app spree or to spread the applications out. My question is: if I spread out the applications, how much time makes sense between applying for various cards?

@I am looking at adding several rewards cards across which to spread my spending. I am considering Chase Freedom, Discover It, Barclay Rewards, and perhaps BoA Better Balance Rewards. I currently have a BCE, which was just increased this weekend to a CL of 24K after I followed the advice in the Amex 3X CLI thread. This is my first new credit card in over a decade. I also have a Cap One card @ 4K, and a HSBC overdraft @ 1K, both of which go back to 1999/2000. I only discovered that the world of credit cards was larger than I had known when Cap One denied me a CLI, and I realized that I had a good FICO from the denial letter.

I gather from reading here that Barclay's doesn't like new accounts in the months before or 6 months after. But what about the others? Is a new account every six months a good pace? In spreading the apps out I'm hoping to maximize my initial CLs.

EQ is 801, EX is 799 as of 2 months ago (pre Amex). I just have that 1 hard pull from 2 months ago. AAoA is 7 years. No late payments or derogatory marks. Util is 4%.

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One app every six months seems ideal...that's what I am doing (or trying to...lol).

[emptypockets]

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@Anonymous wrote:

I've been reading here off and on for several months, and learning a lot about the world of credit. But I wanted to finally post to get a little advice. I went back and found several threads about whether it's better to do an app spree or to spread the applications out. My question is: if I spread out the applications, how much time makes sense between applying for various cards?

@I am looking at adding several rewards cards across which to spread my spending. I am considering Chase Freedom, Discover It, Barclay Rewards, and perhaps BoA Better Balance Rewards. I currently have a BCE, which was just increased this weekend to a CL of 24K after I followed the advice in the Amex 3X CLI thread. This is my first new credit card in over a decade. I also have a Cap One card @ 4K, and a HSBC overdraft @ 1K, both of which go back to 1999/2000. I only discovered that the world of credit cards was larger than I had known when Cap One denied me a CLI, and I realized that I had a good FICO from the denial letter.

I gather from reading here that Barclay's doesn't like new accounts in the months before or 6 months after. But what about the others? Is a new account every six months a good pace? In spreading the apps out I'm hoping to maximize my initial CLs.

EQ is 801, EX is 799 as of 2 months ago (pre Amex). I just have that 1 hard pull from 2 months ago. AAoA is 7 years. No late payments or derogatory marks. Util is 4%.

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With your stats, you can probably app whenever you want, lol!

However, I think the logic behind a spree is whatever damage to AAoA is done by apping will be minimized by all apps occurring around the same time, and the accounts aging at the same time. If you app every 6 months, you will always have a new(er) account showing. In the end, it is your decision, but at times it is not possible to wait 6 months if a card has a bonus that is for a short period of time.

That being said, I have done a couple of sprees and I have tried to focus on apping for cards that pull different bureaus as well to limit the effect. So given your info, I would app for the Barclays first (they pull TU - I would consider the Arrival vs the Rewards, just my opinion), then Chase Freedom or Discover (EQ pullers, although Chase may pull TU); then BOA Better Balance Rewards (EX puller).  I would do Barclay's first as they seem to be the most sensitive to INQ's. The logic behind this is even though INQ's post to reports instantly, the CCC's may not see the other INQ's because they are pulling a different burreau.

My current scores are in my signature, and even with my recent addition of several accounts, my scores have not suffered. I don't think my limit on the cards were affected much by how I apped. Your strong score and history will be to your advantage, however way you choose to apply.

[Creditaddict]

I would say since you are looking at just 4 new cards to go ahead and do them all at once.

check out Fidelity Amex thoough vs. better balance.

[Anonymous]

Thanks everyone for the advice on timing. At the moment my AAoA is propped up by a large number of grad school loans, so I don't feel in any rush to add several cards at once. I also feel that adding slowly makes sense for me given that up until this point I've put most of my spending on my debit card, and want to see how everything works out.

As for the individual recommendations, i really appreciate the thoughts. 

emptypockets, I'm stll figuring out what my next move should be, but as for Arrival I'm not sure I would come out ahead with my spending vs the annual fee. Also, I was looking at the Rewards in part to cover my utility/phone bills @ 2%.

Creditaddict, I know that the Better Balance gets mediocre reviews here, but the quarterly payment seems attractive. I hadn't been looking at the Fidelity Amex because I'm not sure that I would want another financial product with them. I have a little bit here to figure out my next move. 

[Creditaddict]

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@Anonymous wrote:

Thanks everyone for the advice on timing. At the moment my AAoA is propped up by a large number of grad school loans, so I don't feel in any rush to add several cards at once. I also feel that adding slowly makes sense for me given that up until this point I've put most of my spending on my debit card, and want to see how everything works out.

As for the individual recommendations, i really appreciate the thoughts. 

@emptypockets, I'm stll figuring out what my next move should be, but as for Arrival I'm not sure I would come out ahead with my spending vs the annual fee. Also, I was looking at the Rewards in part to cover my utility/phone bills @ 2%.

Creditaddict, I know that the Better Balance gets mediocre reviews here, but the quarterly payment seems attractive. I hadn't been looking at the Fidelity Amex because I'm not sure that I would want another financial product with them. I have a little bit here to figure out my next move. 

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Fidelity is BofA just like the Better Balance.

[Anonymous]

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@Creditaddict wrote:

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@Anonymous wrote:

Thanks everyone for the advice on timing. At the moment my AAoA is propped up by a large number of grad school loans, so I don't feel in any rush to add several cards at once. I also feel that adding slowly makes sense for me given that up until this point I've put most of my spending on my debit card, and want to see how everything works out.

As for the individual recommendations, i really appreciate the thoughts. 

@emptypockets, I'm stll figuring out what my next move should be, but as for Arrival I'm not sure I would come out ahead with my spending vs the annual fee. Also, I was looking at the Rewards in part to cover my utility/phone bills @ 2%.

Creditaddict, I know that the Better Balance gets mediocre reviews here, but the quarterly payment seems attractive. I hadn't been looking at the Fidelity Amex because I'm not sure that I would want another financial product with them. I have a little bit here to figure out my next move. 

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Fidelity is BofA just like the Better Balance.

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I meant with Fidelity. I thought that redemption had to be into a Fidelity account.