Longterm Plan to Build My Wallet

[851]

I am about to app “several” new credit cards and wondering a couple things. Interested in 3-5 new personal acc, and 2 corp acc.  WalletHub is scoring me 95%+ accross the board.  Combined CC utilization is <3% reported (PIF monthly, use a single 2% CB card). D:I is between 15-25% I estimated.  I have 4 personal accounts today: 3 cc and a dell charge acc. My bus has 2 acc, one is amex plum. These 2 corp acc are not in my personal CR.

1) The CSR is/was top of my list. I have a Chase card today according to my CR. My CR also reminded me that Chase has closed 2 of my accounts in the past 5 years (the only closed accounts in this timeframe). Both were closed because I did not spend money / use the cards.

Is Chase going to be a problem? I’m a high net worth individual and dont “need” a cc for cashflow purpose, I need them in order to maintain my credit score and they do offer real convenience.  So I’m a little annoyed at chase right now and inclined not to even apply for their products on my principals. My credit was near perfect until Chase closed these accounts... still sitting arounds 820-30 today, BUT AAOA is now 9.5years according to WalletHub. Just feels like a low blow from Chase.. and I love Jamie Dimon as a CEO, now it feels like a Lanister/Stark thing lol grrr

1b) Could I ask Chase to repoen what they closed, and if so, would I get my aaoa restored?  I'd want a PC too if that needs factored in. Does this even matter; 9y vs 15y?  Aaoa will surely fall below 5yr if open 3-4 credit accounts. However, I have no plans or needs for credit related things for the next 5-10yrs, so maybe it is moot as long as I do this app spree method.

2) How many cards could I app? I want 3-5 new personal cards. 

2b) My company is c corp and I had to provide my ssn for the biz cc’s. I want 2 more cards for the biz.

[Anonymous]

1 - no they won't reopen them, if you don't use them for an extended amount of time most lenders eventually close them for inactivity.  A bare minimum would be some use at least once a year and some lenders need something every 6 months to keep them active.

Your scores are prime for approval on anything you pick as long as you do your homework beforehand on which CR they will pull and if they're going to double pull 2 CR's like Chase tends to pull EQ/EX on new accounts with the rarity of pulling only one or the other.

2 - I recently did several apps in 60 days and picked up 5 new accounts w/o any repercussions.... of course it's a YMMV with each profile as to what will/could happen from this type of applying

I can't speak to the Biz side of things but, I'm sure someone will chime in on this 

[Remedios]

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@851 wrote:
I am about to app “several” new credit cards and wondering a couple things. Interested in 3-5 new personal acc, and 2 corp acc.

1) the CSR is top of my list. I have a chase card today according to my CR. my CR also reminded me that chase has closed 2 of my accounts (the only closed accounts on the report). First in 2014, and I just learned about the second, which was 2017. Both were closed because I did not spend money. One of them was $10k but the other they CLD from $25k to $600, then closed it. Also one was 19 yrs and the other 16yrs.

Is Chase going to be a problem? I’m a high net worth individual and dont “need” cc, so I’m a little annoyed at chase right now and inclined not to even apply for their products on my principals. My credit was near perfect until chase closed these accounts... still sitting arounds 820-30 today, but AAOA is now 9.5years. Just feels like a low blow from chase.. and I love Jamie Dimon as a CEO, now it feels like a Lanister/Stark thing lol grrr

1b) should i ask chase to repoen what they closed and could i get my aaoa back near 15? Does this matter ? 9y vs 15y aaoa will surely fall below 5yr if open 3-4 cc. I have no plans or needs for cr things for the next 5-10yrs

2) how many cards should I app? I want 3-5 new acc. I have 4 acc now, 3 cc and a dell charge acc. My bus has 2 cc acc one is amex plum. These 2 acc are not in my CR

2b) my company is c corp and i had to provide my ssn for the biz cc’s. Is this going to happen again? Because i want 2 more cards for the biz.

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1) That depends on your 5/24 status. You wont know till you apply. If you're under 5/24, you're good to go if the only reason for closing cards was non use. 

1b) Not going to happen

2) One, maybe two, if you want to keep them. App spree is so 2017. 

If you have specific business cards questions, feel free to post it in business forum. 

[851]

Hmm ok, so closed is closed.  That settles that.

I might ask to PC my current BofA and my current Chase into the products they are currently offering.  My cards date back to dot-com and pre-financial crisis... so I can't even find my products by google searching - I have to log into the sites or look at the cards themselves to see their product names.

Once that's done, I'll app for the others I want.  Or should I app then PC?

[Anonymous]

Swaps are good if you're not going to miss out on a new card bonus by opening a new account.

Here's a good list of what's current and it's broken down by lender https://frequentmiler.boardingarea.com/best-credit-card-sign-up-offers/

[851]

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@Anonymous wrote:

...as long as you do your homework beforehand on which CR they will pull and if they're going to double pull 2 CR's ...

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This is where I'm at right now actually... trying to plan the order in which to app so as to not jeapordize my liklihood of any approvals.  My wildcard is that I applied for a HELOC last week too.  I don't intend to use any of this credit in the forseeable future, but I think this could be my last big move which should carry me into/thru retirement without needing to worry about apps in that phase.  Literally and figuratively, back to gardening

[K-in-Boston]

I'll just chime in that the WalletHub average age of accounts may or may not be correct.  Closed accounts still factor into that until they fall off of your reports completely, which is usually about 10 years.  Just to put that into an easy example, say you have a card that is closed that was opened 21 years ago and only one open account that was opened 1 year ago, your average age of accounts would be 11 years even though many of the websites that give educational VantageScore scores would display 1 year.

Rather than a product change to CSR, I would suggest a fresh application for one as you'll get the signup bonus, worth at least $750 in free travel.  Then any remaining Chase cards you might have (as long as they are not co-branded like United, Marriott, etc.) could be easily product changed to Freedom and/or Freedom Unlimited in order to pair well and earn on the non-travel/dining categories of the CSR.  I'm not aware of any legacy Chase cards still in circulation other than some cobranded ones; I know personally I had two cards changed automatically to a Slate and a Freedom by Chase around the time of the financial crisis.

BOA certainly has a lot of legacy cards still in circulation, particularly affinity cards (i.e. alumni cards).  Your ability to product change those will depend on the actual card, and even if a PC is available the terms may not be the same if the card was originally issued by MBNA prior to BOA acquiring it.  You mentioned that you are a high net worth individual; do you have significant deposit/investment accounts with Bank of America/Merrill Lynch/Merrill Edge or Chase?

As for business cards, you may want to consider one of many options from American Express.  Those will never appear on your personal credit reports.

[Anonymous]

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@851 wrote:

I am about to app “several” new credit cards and wondering a couple things. Interested in 3-5 new personal acc, and 2 corp acc.  WalletHub is scoring me 95%+ accross the board.  Combined CC utilization is <3% reported (PIF monthly, use a single 2% CB card). D:I is between 15-25% I estimated.  I have 4 personal accounts today: 3 cc and a dell charge acc. My bus has 2 acc, one is amex plum. These 2 corp acc are not in my personal CR.

1) The CSR is/was top of my list. I have a Chase card today according to my CR. My CR also reminded me that Chase has closed 2 of my accounts in the past 5 years (the only closed accounts in this timeframe). Both were closed because I did not spend money / use the cards.

Is Chase going to be a problem? I’m a high net worth individual and dont “need” a cc for cashflow purpose, I need them in order to maintain my credit score and they do offer real convenience.  So I’m a little annoyed at chase right now and inclined not to even apply for their products on my principals. My credit was near perfect until Chase closed these accounts... still sitting arounds 820-30 today, BUT AAOA is now 9.5years according to WalletHub. Just feels like a low blow from Chase.. and I love Jamie Dimon as a CEO, now it feels like a Lanister/Stark thing lol grrr

1b) Could I ask Chase to repoen what they closed, and if so, would I get my aaoa restored?  I'd want a PC too if that needs factored in. Does this even matter; 9y vs 15y?  Aaoa will surely fall below 5yr if open 3-4 credit accounts. However, I have no plans or needs for credit related things for the next 5-10yrs, so maybe it is moot as long as I do this app spree method.

2) How many cards could I app? I want 3-5 new personal cards. 

2b) My company is c corp and I had to provide my ssn for the biz cc’s. I want 2 more cards for the biz.

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[Mod Snip] Chase is NORMAL in following procedures used by most credit card companies in having activity as a way of boosting or keeping/ maintaining usage of credit cards so as to continue having good credit scores [/Mod Snip]

[K-in-Boston]

Reminder: All posts on the myFICO Forums must be Friendly, Supportive, and Respectful.

[Anonymous]

fol

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@851 wrote:

I am about to app “several” new credit cards and wondering a couple things. Interested in 3-5 new personal acc, and 2 corp acc.  WalletHub is scoring me 95%+ accross the board.  Combined CC utilization is <3% reported (PIF monthly, use a single 2% CB card). D:I is between 15-25% I estimated.  I have 4 personal accounts today: 3 cc and a dell charge acc. My bus has 2 acc, one is amex plum. These 2 corp acc are not in my personal CR.

1) The CSR is/was top of my list. I have a Chase card today according to my CR. My CR also reminded me that Chase has closed 2 of my accounts in the past 5 years (the only closed accounts in this timeframe). Both were closed because I did not spend money / use the cards.

Is Chase going to be a problem? I’m a high net worth individual and dont “need” a cc for cashflow purpose, I need them in order to maintain my credit score and they do offer real convenience.  So I’m a little annoyed at chase right now and inclined not to even apply for their products on my principals. My credit was near perfect until Chase closed these accounts... still sitting arounds 820-30 today, BUT AAOA is now 9.5years according to WalletHub. Just feels like a low blow from Chase.. and I love Jamie Dimon as a CEO, now it feels like a Lanister/Stark thing lol grrr

1b) Could I ask Chase to repoen what they closed, and if so, would I get my aaoa restored?  I'd want a PC too if that needs factored in. Does this even matter; 9y vs 15y?  Aaoa will surely fall below 5yr if open 3-4 credit accounts. However, I have no plans or needs for credit related things for the next 5-10yrs, so maybe it is moot as long as I do this app spree method.

2) How many cards could I app? I want 3-5 new personal cards. 

2b) My company is c corp and I had to provide my ssn for the biz cc’s. I want 2 more cards for the biz.

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lowing along pls post post app updates good luk