Tempted to go on app spree! HELP?!

[Anonymous]

Hi everyone,

I'm new to the website/forums but would occasionally read up on peoples' past experiences and have gotten great tips! I'm itching to go on an app spree and am debating on whether or not I should? I really want to increase my overall credit limit and may be willing to get a few cards to have them grow together. I'm hoping you guys can give me some guidance or suggestions! 

I currently have:

BofA Cash Rewards $5000 CL

Chase Freedom $5000 CL

Citi Forward $2900 CL

Wells Fargo Student $2000 CL

Barclay Apple $1500 CL

The cards I'm interested in are:

Amex BCP

Amex BE

Amex EP

Capital Quicksilver

Citi Double Cash

Citi Thank You

Penfed Premium Travel Amex

Penfed Platinum Rewards Visa

US Bank Visa Sig

US Bank Flexperks Travel Amex

I've just read so many posts about multiple apps on one company website = 1 HP. 

Should I jump the gun?! If so...which cards should I aim for?

[Anonymous]

Amex, Chase & Citi will give them to you.  Great to have some extra for padding & also the rewards.  Not sure about BofA.  I decided to wait at least another 6 months to get the travel rewards card from them.

[Anonymous]

I would not go for PenFed. They are app spree resistant and will either decline you or hit you with an adverse action when they see that you went on one. USBank is kind of picky here too and they have been devaluing their cards lately, so tread cautiously.

DoubleCash and Quicksilver don't make a ton of sense together. Why go for both?

I doubt you will get approved for 3 AmEx, especially since you don't have one with them yet. Pick the one that fits your spend profile best.

I would recommend against app sprees just for the sake of doing it. It sounds like you may be on the verge of a reaction, rather than carefully considering your needs and finding a card that fits. What gaps in your spending do your current cards leave that you want to fill?

[leoment]

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@Anonymous wrote:
I would not go for PenFed. They are app spree resistant and will either decline you or hit you with an adverse action when they see that you went on one. USBank is kind of picky here too and they have been devaluing their cards lately, so tread cautiously.

DoubleCash and Quicksilver don't make a ton of sense together. Why go for both?

I doubt you will get approved for 3 AmEx, especially since you don't have one with them yet. Pick the one that fits your spend profile best.

I would recommend against app sprees just for the sake of doing it. It sounds like you may be on the verge of a reaction, rather than carefully considering your needs and finding a card that fits. What gaps in your spending do your current cards leave that you want to fill?

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This is really solid advice salt_water gave.  It's tempting to app for a bunch of cards, especially once the first few approvals come in, but will you actually use them?

I don't have Penfed, but I've heard that, like Barclays, they really don't like sprees.  I'd hold off on apping for 6-12 months after your spree so you don't spook them.

If you travel internationally, I'd say get the Quicksilver because it has no foreign transaction fees, otherwise the Double Cash is a better choice for your general spend.

For Amex, you need to decide if you want cashback or want MR points.  I prefer cashback, which is why I like and have the BCP, but others prefer the points structure on the ED cards.  I'd say pick one and stick with it - that way you aren't splitting rewards across a ton of accounts.

Before you app for anything, take a look at your past few statements on the cards you have currently.  From there, try and get a sense of what your spending patterns are like (maybe you buy more groceries/less gas/more restaurants, etc) and then match them up with cards that can yield the best rewards for you.

Good luck!

ETA:  I wouldn't expect all of your apps to be a single HP.  More than likely each app will incur 1 (or more) HP, even those coming from the same bank.  There are some rare instances to this, but they are the exception, rather than the rule.

[Anonymous]

You guys are extremely helpful! I suppose I'm looking into getting the most cash back for all my purchases. I only ever spend using my credit cards and pay them off each month. I'm definitely leaning towards Amex BCP/BE for the 6%/3% on supermarkets, I just want to make sure the BCP is worth the annual fee. I agree now that only getting the Citi DC makes sense. I really like how I would have the ability to choose 2 categories to receive 5% cash back each quarter with the U.S. Bank Visa Sig as well. And I'd love to use the Penfed Travel obviously as a main travel card, but based off of your knowledge I should wait on them.

[leoment]

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@Anonymous wrote:
You guys are extremely helpful! I suppose I'm looking into getting the most cash back for all my purchases. I only ever spend using my credit cards and pay them off each month. I'm definitely leaning towards Amex BCP/BE for the 6%/3% on supermarkets, I just want to make sure the BCP is worth the annual fee. I agree now that only getting the Citi DC makes sense. I really like how I would have the ability to choose 2 categories to receive 5% cash back each quarter with the U.S. Bank Visa Sig as well. And I'd love to use the Penfed Travel obviously as a main travel card, but based off of your knowledge I should wait on them.

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This chart is extremely helpful when determining whether or not to go for a BCP versus a Sallie Mae card.. courtesy of our very own Themanwhocan on the forums

http://ficoforums.myfico.com/t5/Credit-Cards/Themanwhocan-Charts/m-p/3987392#M1118795

Also keep in mind that Amex does have Offers including Small Business Saturday that can help you recoup your annual fee if you decide to go for the BCP. (I made my annual fee + some back last year)

You might find his charts useful to help you plan out your app spree to maximize your rewards

And welcome to the forums, by the way!

[Jerry45]

Welcome to the Forum.