Many of us complain about lender guidelines such as Chase's 5/24 limit on new accounts. Bank of America (3/12 for non-account holders) and US Bank (1/12) have other rules that are well-known. Most of these rules were set up to limit SUB-chasing or to identify what a bank would consider 'excessive credit-seeking behavior' which could be a sign of financial distress. From our perspective, it can be annoying to have those limits placed on us. 
On the other hand, we often remind each other that "Credit is a marathon, not a Sprint," to try to pace ourselves, and to realize that we need to keep some self-discipline in the process. Periodically, we may look on with horror (or envy) as someone tries to get away with a monster App Spree. We know that's not really the way to build good credit. Overly-seeking credit can be addictive and counterproductive to our finances. As a general guideline, I usually suggest to newer members that slow and steady wins the race, and that planning to add about one new account every six months is a good long-term pacing that will usually keep you within the various lender limitations, especially for those with low-to-medium scores, thinner files or derogatories. The more you go over that, the more likely you'll start getting denials eventually, and that's regardless of the strength of your profile.
In another thread today, one of our Moderators suggested that we reframe the way we look at those lender guidelines since they help to force our focus on what is most important to building our profile. I thought that was a good point, since there are so many credit card options out there, having a limiting framework can actually be helpful in setting priorities. Having a good strategy requires taking inventory of our existing cards, an honest evaluation of our financial picture and needs, and a careful consideration of which credit cards would be most beneficial. Sometimes, chasing after the FOTM card (Flavor of the Month) or the latest, greatest SUB isn't the card we most need. And over-app'ing can be a disruption to improving our finances with the best card for us.
At times, I've been guilty of the impulsive apps so I'm not pointing fingers. But I've also planned for new cards and I'm doing so right now. I keep some MS Word documents on my computer where I track new accounts dates in the previous 6-12-24 months, CLI dates, Inquiry dates by bureau, and also lists of cards that I think would be beneficial. Having lists and dates helps me to come up with a plan for the next six months, one year, or two years. And not impulsively diving into cards can help me make sure I'm making good choices and optimizing my chances of success. If it wasn't for limits on how many cards I could add, I might find myself going in five different directions all-at-once with nothing to show for it.
For the community, how do you set limits for yourself on new cards or inquiries and do you have a process before applying for new credit? How long do you plan or do you impulsively app? Is impulsive or excessive app'ing a problem or a concern? We're in the last three weeks of 2020. As it draws to a close, what are your credit goals for 2021?
..... Kudos to @Remedios for the topic. 
@TheFIGuy wrote:I'm in a holding pattern for 2021+, either (a) AMEX would have to re-organize and end the partnership with Charles Schwab, or (b) a really good business 2%+ Cashback card would have to be announced for me to leave the current holding pattern.
If (a) happened I would be reaching out to you @Aim_High for Chase trifecta help so let's hope (a) isn't in the 2021+ future.
My current setup:
Daily Drivers
- AMEX CS Platinum
- AMEX Gold
- AMEX BBP
- USB Altitude GO
Thanks @TheFIGuy. And what's really good about your example is that it's okay to be in a 'holding pattern' sometimes and just be content with what we've built! That reminds me of a couple of forum postings where our members felt lost because they exhausted the obvious possibilities. Anyone can get there, but it's a sign that maybe some time on the sidelines is in order. Congrats on building a lineup that is working well for you!
