Question on applying for multiple cc's at once.

[Anonymous]

Hello. I'm new to credit cards and just applied and received an Amex Blue cash a few days ago. Other than that I only have a 5 year old Macy's card that I don't use. After being on this forum, I've been wanting to apply for more CCs, but I'm not sure if that will hurt my credit. Is it better to wait a couple of months between getting cc's? I'm not sure what is affected and how things work. I'm not worried about any short term marks on my credit since I am not planning on a home or anything major anytime soon. I'm focused on long term. Would it be ok to just go and apply for 1 or 2 more credit cards right now? Thanks.

[Uncle_Money]

Welcome to the forum!

Have you checked your Fico scores? That's the first thing you need to do.

Generally, it is not a good idea to apply for several CCs at once as each app results in a hard inquiry, which remains on your CR for 2 years. Lenders frown upon too many of these. Amex is a prime card so you're off to a good start. My advice is to start building with Amex for at least 6 months prior to applying again. Should you feel the urge to do so immediately, you should be fine with just one more app. I would call it quits for a while after that, though.

[fused]

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ooa4oo wrote:
Hello. I'm new to credit cards and just applied and received an Amex Blue cash a few days ago. Other than that I only have a 5 year old Macy's card that I don't use. After being on this forum, I've been wanting to apply for more CCs, but I'm not sure if that will hurt my credit. Is it better to wait a couple of months between getting cc's? I'm not sure what is affected and how things work. I'm not worried about any short term marks on my credit since I am not planning on a home or anything major anytime soon. I'm focused on long term. Would it be ok to just go and apply for 1 or 2 more credit cards right now? Thanks.

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Sorry, but I respectfully disagree with the other poster. If you only have  Amex and Macy's cards, you'll be limiting yourself, not every merchant accepts Amex. You should have a back up card or two. If you are thinking in the long-term, I would apply for 2 more cards, either Visa or MC, or both. What do you wish for in a card? Points, cash back, FF miles, travel rewards, etc.?

[Anonymous]

I knew I should have combined my posts. I just didn't want to clutter one message with too many things. Anyway, I currently feel that cashback cards are most appropriate for me.

[Uncle_Money]

Respectfully noted fused 

I just don't like the sound of multiple apps at once. However, a Visa or MC thrown in the mix can't hurt. I just wouldn't go on an applying "spree."

Message Edited by Uncle_Money on 08-18-2008 02:08 PM

[Anonymous]

Thank you for the quick responses. I am going to get the chase freedom and discover open road right now if that is the case. I guess it is only two more cards, so the term spree was bad.

[fused]

Are you going to app right now? If so, please let us know what happens...the forum could really use some good news right about now. GL!!!!!!!!!

[Anonymous]

Ok I will let you know how things go. The Chase Freedom app needs to be reviewed. (Does anyone know how long this takes?) The Discover Open Road was instantly approved. Just curious.. how come Amex and Discover can instantly approve, but for Chase you have to wait?

[haulingthescoreup]

FWIW, I went on a long-planned app spree, 5 TL's in one weekend. PenFed Plat Visa, a high-limit BofA WP MC, Chase Borders Visa, Citi Home Depot store card, and a PenFed auto loan, each of which fit a specific need in my credit profile. I knew exactly what I wanted, and waited for my reports to be in the best possible shape.

I certainly don't recommend this for everyone, but I was very short on TL's, and I needed some serious diversification. I would say that those who have short credit history might as well get it over with all at once, as long as you've done your research. Think what will be helpful for you, know which report(s) they pull and what they want to see in terms of scores and reports.

That being said, a 710 is nice, but it wouldn't hurt to get it a bit higher. (Was that EQ or what? You do have three FICO scores: EQ, TU and EX.) I'd let your new cards hit at least 3 months in age, and even better 6 months, to have higher scores and look more attractive to new creditors.

[preci0uz]

what's this nonsense about waiting time?!?1 haha

Call Chase's recon # and tell them to review your application.

888-245-0625

Good luck and let us know!

I'm not applying for any credit cards, so I must get the rush through other's CC approval haha