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Strategy to get to 21 cards...

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dytch2220
Regular Contributor

Strategy to get to 21 cards...

What is the best strategy for getting to the magic #21 cards.  I have 7 currently and am still in the late stages of repair before I will have "good" credit so I can start applying for cards I really want to keep.  I'm looking for the most efficient without hindering my ability to get increases or impacting my credit scores unduly.

 

If you dont' mind sharing, would also like suggestions of cards I should apply for from good through excellent.  I'm mainly looking for cash back and/or no annual fee type cards.  I do have accounts with USAA and PenFed, but no credit lines as of yet.

Installment Accounts

Revolving Accounts
Message 1 of 68
67 REPLIES 67
Remedios
Moderator

Re: Strategy to get to 21 cards...

What's special about 21 cards?

Have you been hanging out at Credit Karma or something? 

"To The Left" ~ Gandhi
Message 2 of 68
CreditCobra
Regular Contributor

Re: Strategy to get to 21 cards...

I'm a huge fan of the Affinity CU Cash Rewards Visa Signature.

 

https://www.affinityfcu.com/Credit-Cards/Cashback-Rewards-Visa-Signature.aspx

 

It's a quarterly rotater, and they don't publish their calendar in advance, but it's been a fantastic card. Right out of the gate you get the following:

 

  • 5% Cash back at Amazon & Bookstores (some exclusions apply).
  • 2% Cash back at supermarkets, restaurants gas stations, watch, listen and ride services such as Netflix, Spotify and Uber.
  • 1% Cash back on everything else.

Then the 5% categories stack on top of those. The 5% quarterly rotators are capped at $3,500 per quarter spend, which is still pretty generous.

 

For some history, here's what 2022 has looked like.

 

First quarter:

 

  • Gas
  • Cellular/Wireless
  • Cable/Satellite

Second quarter:

 

  • Gas
  • Supermarkets (including Costco)
  • Home Gardening

Third quarter:

 

  • Gas
  • Wholesale Clubs
  • Fast Service Restaurants

Fourth quarter:

 

  • Gas
  • Supermarkets (including Costco)

What a year for 7% cash back on gas for the entire year, and 7% cash back at Costco for three out of four quarters. I love this card!

Current Cards:

Prospective Cards:

Stats (updated: 11/28/2022):


Message 3 of 68
SouthJamaica
Mega Contributor

Re: Strategy to get to 21 cards...


@dytch2220 wrote:

What is the best strategy for getting to the magic #21 cards.  I have 7 currently and am still in the late stages of repair before I will have "good" credit so I can start applying for cards I really want to keep.  I'm looking for the most efficient without hindering my ability to get increases or impacting my credit scores unduly.

 

If you dont' mind sharing, would also like suggestions of cards I should apply for from good through excellent.  I'm mainly looking for cash back and/or no annual fee type cards.  I do have accounts with USAA and PenFed, but no credit lines as of yet.


The best thing you can do is to NOT apply for so many cards.  I don't know why you think 21 is a magic number. 


Total revolving limits 721200 (619200 reporting) FICO 8: EQ 725 TU 723 EX 700

Message 4 of 68
simplynoir
Community Leader
Mega Contributor

Re: Strategy to get to 21 cards...

I'm failing to understand why you want to apply for more cards right now. You state you're still in the credit repair stage of your rebuild and from what I can see in your signature with perhaps the exception of your Capital One Platinum have good cards to use right now. I wouldn't even consider anything right now and even when clean be slow and methodical with lenders possibly tightening their belts

Message 5 of 68
fantic
Established Contributor

Re: Strategy to get to 21 cards...

so you only have to add 14, can be done, in dunno, 2 or 3 years? You can add a lot of store cards, including Walgreens which seems very useful(it even tells your SL). I think Tomo is SP(just 1% cb though). 

For fast growth I would recommend BoA and Amex, CCR and BCE. You already have Navy, envy you. 

If you pay rent, WF Bilt. Also WF Autograph covers a lot of areas, for 3%. 

If you want 2% flat, since you have Penfed account, PCR. But you need to park 500 at checking to get 2%, so if you don't want hassle, WF Active Cash or Citi Double Cash.

Don't expect big limits even if you get approved 4 at once(like me). See my sig, diminishing returns from the 3rd card. Realistically could app once in 3 months I guess? If you want bigger SLs, app sparingly, say once or twice a year..

Apr/21 C1 Plat. Secured(500->700):CLOSED, Aug; CITI DC(1000->1500->3000); PC to CC(Oct/22), Sep; CFF(500), Oct; Amazon store card(2100->4000->6000), CITI Best Buy store card(2000):CLOSED, Nov; Tomo(2000->3000), Jan/22; C1 S1(2000->2400), Feb; Disco It CB(3000->4500), Oct; WF Bilt(2500), Citi AA MileUp(7300), PenFed PowerCash(2000), Banc of California Max Cash Preferred(500) Nov; Citi AA Platinum Select(1500)
FICO8 EX 727 EQ 738 TU 746 FICO9 EX 727 EQ TU util 1~2%(of 33200)
AAoA 11m but TBD after app spree! AoOA 1y7m AoYA 0m Cards 5/6 7/12 13/24 Inq EX 4/6 14/12 EQ 2/6 3/12 TU 2/6 5/12
Future cards: Citi Rewards+/Disco Miles/BoA TR or CCR/WF Autograph/USB Cash+/FNBO BPme Rewards?/Synchrony Walgreens?/Chase United Explorer?
Message 6 of 68
SUPERSQUID
Valued Contributor

Re: Strategy to get to 21 cards...


@Remedios wrote:

What's special about 21 cards?

Have you been hanging out at Credit Karma or something? 


LOL.

{ BK7 DC 12/2019 } target 1000/ kohls 3000/ discover IT cb 5500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 2500 /first savings bank cc 2500/ cap1 QS 5000/ cap 1 savor one 3100 /comenity rewards mc 3k, Penfed PCR signature visa 7.5k/ penfed gold 7.5k NFCU >signature visa cash rewards 15700/bread cashback amex 6k

>/ nfcu platinum 3k, BABY NEEDS NEW SHOES !!!!!
closed-- reflex, applied bank, first digital, mission lane, ikea, fingerhut, big lots, valero gasoline, ollo, more to come
Rebuilding since September 2020
Message 7 of 68
SUPERSQUID
Valued Contributor

Re: Strategy to get to 21 cards...


@dytch2220 wrote:

What is the best strategy for getting to the magic #21 cards.  I have 7 currently and am still in the late stages of repair before I will have "good" credit so I can start applying for cards I really want to keep.  I'm looking for the most efficient without hindering my ability to get increases or impacting my credit scores unduly.

 

If you dont' mind sharing, would also like suggestions of cards I should apply for from good through excellent.  I'm mainly looking for cash back and/or no annual fee type cards.  I do have accounts with USAA and PenFed, but no credit lines as of yet.


IMHO you have a nice lineup already. Those 2 NAVY cards can grow quickly if used and paid prudently and I have been able to get Discover to give decent limits with a subpar portfolio, ymmv

{ BK7 DC 12/2019 } target 1000/ kohls 3000/ discover IT cb 5500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 2500 /first savings bank cc 2500/ cap1 QS 5000/ cap 1 savor one 3100 /comenity rewards mc 3k, Penfed PCR signature visa 7.5k/ penfed gold 7.5k NFCU >signature visa cash rewards 15700/bread cashback amex 6k

>/ nfcu platinum 3k, BABY NEEDS NEW SHOES !!!!!
closed-- reflex, applied bank, first digital, mission lane, ikea, fingerhut, big lots, valero gasoline, ollo, more to come
Rebuilding since September 2020
Message 8 of 68
increasingmyfico
Regular Contributor

Re: Strategy to get to 21 cards...

21 isn't the magic number. Honestly you already have more than enough. At this point I would focus on grooming your profile and only adding cards that will benefit you or bring more value than the ones you already have. 


Message 9 of 68
sarge12
Senior Contributor

Re: Strategy to get to 21 cards...


@dytch2220 wrote:

What is the best strategy for getting to the magic #21 cards.  I have 7 currently and am still in the late stages of repair before I will have "good" credit so I can start applying for cards I really want to keep.  I'm looking for the most efficient without hindering my ability to get increases or impacting my credit scores unduly.

 

If you dont' mind sharing, would also like suggestions of cards I should apply for from good through excellent.  I'm mainly looking for cash back and/or no annual fee type cards.  I do have accounts with USAA and PenFed, but no credit lines as of yet.


I have heard nothing that indicates having 21 cards is such a great idea. For what it is worth, I think acquiring cards slowly is a good idea. I never get more than 2-3 in any single calander year, and I hope to be at 20 cards within 2 years. Since I now have 27 cards, that will require closing 7 more cards than I open. I do have a hard time closing cards though, even now, when at my age I really want to simplify life. Being really OCD, I log onto every single card online just to make sure nothing fraudulant is happening in mostly dormant accounts. I will likely reduce the numbers of cards I have the same way I built such a high number...slowly. One danger you need to be aware of, and the reason a slow build is a good idea, If you double the number of cards you have in 1 month, it will cut your AAoA in half. The one card that I have plans to close first is the barclaycard, followed by capital one, regions, and the new pf/cp card or whatever it was HSBC switched me to. Many of my cards were acquired due to a decent SUB, and are now somewhat useless to me. Closing cards too quickly will also damage your credit. Going both ways, it is best to close or open 1 or 2, wait a few months to see the effect on your score, and if small change, you could close or open another. Just take it gradual, as too many changes quickly can kill your score and make lenders nervous. Credit scores are, and always have been a marathon. Do it right, and open cards gradually, while limiting exposure to each lender. As a general rule, I normally limit exposure to 2 cards per lender, although I do now have 3 cards under the US bank banner. One is a quicken US bank. One was a State Farm US bank card that had a 17,000 dollar limit. For some strange reason they sent me a very attractive offer with a SUB to open a second State Farm Premier cash rewards also with US bank. I have no idea why, because the other card was strictly used for insurance.

TU fico08=808 11/16/22
EX fico08=795 11/16/22
EQ fico09=810 11/16/22
EX fico09=794 11/16/22
EQ fico bankcard08=833 11/16/22
TU Fico Bankcard 08=831 11/16/22
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 10 of 68
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