What should be my next step?

[Anonymous]

Got approved on the AMEX Blue Everyday for $6000!

Very big thank you to everyone who offered advice! It's very much appreciated.

My question now: how long should I wait before hitting Chase? Another year or a few months?

I'd rather give it enough time so I can go through the AMEX's 3 month $1000 spend to qualify for the $200 bonus, but otherwise, is there a benefit hitting Chase this year vs next? It'll help out my average in the long term to pack them tighter together, right?

Extra details:

Experian reports the AMEX hit cost me -19 points, so I'm now at 746.

Also, I just noticed that when I hit Chase last year, they pulled from both Transunion and Experian.

@KLEXH25

Thank you for letting me know about the double-dip! I called them up and got an extra $200! So now a total of $4500! She also noted that I can reinquire every 30 days (I thought it was 60 or 90), but either way I'd call that a bonus! Thanks!

[KLEXH25]

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@Anonymous wrote:

Got approved on the AMEX Blue Everyday for $6000!

Very big thank you to everyone who offered advice! It's very much appreciated.

My question now: how long should I wait before hitting Chase? Another year or a few months?

I'd rather give it enough time so I can go through the AMEX's 3 month $1000 spend to qualify for the $200 bonus, but otherwise, is there a benefit hitting Chase this year vs next? It'll help out my average in the long term to pack them tighter together, right?

Extra details:

Experian reports the AMEX hit cost me -19 points, so I'm now at 746.

Also, I just noticed that when I hit Chase last year, they pulled from both Transunion and Experian.

@KLEXH25

Thank you for letting me know about the double-dip! I called them up and got an extra $200! So now a total of $4500! She also noted that I can reinquire every 30 days (I thought it was 60 or 90), but either way I'd call that a bonus! Thanks!

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That is awesome!! Congratulations on the new AMEX - that's a nice starting limit! I think focusing your spend on the AMEX for the next three months is a good idea. After that, you can hit up the prequalifications and see what else comes up.

I think you should be good with CHASE in three months, unless they shy away from applications that are too close. If that's the case, 6 months might be a good time frame. It'll also give your scores time to come back up. I'm surprised at the 19 point drop from the inquiry (I thought it'd be less), but it should come back up. When I got my second card, it took about 2 weeks for it to report and then my score jumped up 28 points from where it was when I applied. Hopefully that will happen for you too.

As for Discover, when you get approved for a CLI, you can apply again in another 30 days. However, you may not actually get one for another 30, 60, 90, 180 days....etc. It's different for everyone. Based on the Discover Data Points thread, if your CLI request is declined, you can do it as often as you'd like until you do get approved (some people do it every week). Some people will see a consistent pattern such as an approval every 60 or 90 days. Others don't, so it's anyone's guess. But at least you can try with no HP. And of course, whenever you get a CLI, you can call for a double dip on the same day. Sometimes it works, sometimes it doesn't, but it's always worth a try!

[SouthJamaica]

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@Anonymous wrote:

Got approved on the AMEX Blue Everyday for $6000!

Very big thank you to everyone who offered advice! It's very much appreciated.

My question now: how long should I wait before hitting Chase? Another year or a few months?

I'd rather give it enough time so I can go through the AMEX's 3 month $1000 spend to qualify for the $200 bonus, but otherwise, is there a benefit hitting Chase this year vs next? It'll help out my average in the long term to pack them tighter together, right?

Extra details:

Experian reports the AMEX hit cost me -19 points, so I'm now at 746.

Also, I just noticed that when I hit Chase last year, they pulled from both Transunion and Experian.

@KLEXH25

Thank you for letting me know about the double-dip! I called them up and got an extra $200! So now a total of $4500! She also noted that I can reinquire every 30 days (I thought it was 60 or 90), but either way I'd call that a bonus! Thanks!

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Congratulations!

I would wait a month or two on before applying for the Chase FU.  Since you're working on your Amex signup bonus anyway you might as well.

[Anonymous]

@KLEXH25

Thanks! And thanks for the extra info on the Discover. I remember looking into that a long time ago when I first got the card. Your explanation makes more sense now. (And I had zero idea on the double dip until you mentioned it!)

Your experience with your second card is very interesting. I've been thinking about how this will impact my scores next month (2 cards vs 1) & 2X increase in credit limit. I wouldn't argue with an increase of 28 points!

@SouthJamaica

You're right, I think a few months would be great to let things settle and see where I stand.

[Anonymous]

I had a similar experience as KLEXH25 with each of my first two cards.

First card the pull took my scores from around 560 to 530, but once the card actually started reporting...went up to around 637. lol

Second card (well over a year later), it was something like -8 to 10 on the pull and then +15-20 after reporting.

I imagine this is just something for "newer" credit files. Swings like that shouldn't happen for those with long established files (and especially if you have 5+ cards). Though still with a "thinner" file, the hard pulls when I was considering buying a house didn't really do anything to my scores, though I don't know if mortgage & credit card pulls carry any sort of different weight. Side note: after my best friend took out his mortgage & it began reporting, his score went up a little (around 750/760 scores to 770s); we suspect it was "adding diversity" to his credit report.

[Anonymous]

@Rebuilt

Thanks for sharing the extra datapoint! It's fascinating how all these things are calculated and how they're determined. I get how (and why) the scores drop and then go up, but it's funny to see how they're influenced so drastically.

I'm very curious to see where these will end up now. And then what'll happen in X months if/when I hit Chase.