When to Spree?

[Anonymous]

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@BronzeTrader wrote:

dyn085,

Just wonder what the 13 cards you get approved.  Total bonus and bonus spending?  Can you share?

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PRG (25k MR)

BCP ($150)

ED

Delta (60k miles)

Limitless 

USAA Fuel Rewards

Credit One (didn't know, later closed)

Citi AAdvantage  (30k miles)

Barclay Red Aviator (40k miles)

Alaska VS (30k miles)

IHG (60k points)

DiscoverIT

Amazon (store card)

I don't recall what the spending requirements were on each of them, most were between $500 and $2k iirc. They didn't all start with great limits because my credit score wasn't the greatest at the time but after some CLI's on my last break I'm now sitting at around $62k available. The Barclay/Citi cards are the only real 'duplicates' that I have aside from the regular USAA Amex that I accidentally applied for. I had forgotten about the Credit One card so they technically weren't all 'solid', but I'm otherwise pleased with the rest.

[BronzeTrader]

Great to know.  Good for you.

We all agree that something works well for one person may not work better for another person.  It is just for me that I do not find spreeing is useful.  I continue to be open to all new card with the best bonus, CSR before and BA PR the latest.  I can open 2-3/year person card and 1-2/year business card.  It never hurts me with AAoA.  I have FICO all at 8xx level.  All my cards are the highest quality with good rewards.  All the dead cards were closed, particularly the ones with AFs.  

YMMV.  Also I do not recommend spreeing to my friends or family members.....

[HeavenOhio]

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@Anonymous wrote:
My Best Buy Citi card is 2 years old, Chase Freedom is 5 years, and the Discover IT is like a week old. I have student loans that are about 9 years old, and my current car lease is a little over a year and a half.

I'm still trying to learn about which cards people seem to be fans of, I actually ended up getting the Discover IT because of the new pre-qual site that I found here. I bank with chase so I think the sapphire would be a good travel card, although my girlfriend loves her venture card. I don't travel for business or anything but this year we went to San Francisco twice, Vegas, Orlando, DC soon, and Orlando again for thanksgiving. I'm also interested in the Amex blue cash preferred that someone referenced earlier in the thread, I believe that I can get good use out of a grocery store card. I'm open to any suggestions though, despite how this question may have seemed, I'm not just gonna up and go crazy without a ton of research first lol

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I think you're in great shape for the AMEX BCP right now. Or possibly even better, soon after your Discover card hits your reports. 61 days after acquiring the BCP, you should also be in good shape for their 3X CLI. (If your starting limit turns out to be so high that 3X seems unreasonable, adjust your request down accordingly.)

You definitely have enough history for a Sapphire card. But your current limits may not enourage Chase to give you the CSP's $5,000 minimum starting limit. I think a good strategy might be to grab the AMEX card relatively soon, garden for six months, then apply for the CSP. If you want to grab a second card right after acquiring the CSP, that would likely be fine too. But do the CSP first.

As others have mentioned, keep sign-up bonuses in mind. You don't want too many of them going on at one time as that can put people in the position where they spend money that they wouldn't be spending otherwise.

[Anonymous]

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@BronzeTrader wrote:

Great to know.  Good for you.

We all agree that something works well for one person may not work better for another person.  It is just for me that I do not find spreeing is useful.  I continue to be open to all new card with the best bonus, CSR before and BA PR the latest.  I can open 2-3/year person card and 1-2/year business card.  It never hurts me with AAoA.  I have FICO all at 8xx level.  All my cards are the highest quality with good rewards.  All the dead cards were closed, particularly the ones with AFs.  

YMMV.  Also I do not recommend spreeing to my friends or family members.....

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Great to know, good for you? You literally asked, I didn't force feed this down your throat. If you don't want the info then don't ask...

I get it, apply for CSR/CSP before dropping your 13 card spree. That's nothing other that what I've already recommended. That will get you the highest quality cards with the best rewards without some fake news dead cards claiming some fake AF's. We're both on the same page there; I'm just recommending that they start their AAoA early like many others have recommended. 

I'm glad you seem to think you have control of your rewards with your closed out cards, CSP and BA will only do so much for you mathematically. If that works for you then great, lol! Good job reaching your pinnacle!

[UncleB]

Just as the definition of 'spree' is somewhat subjective the opinions on if a 'credit spree' is wise - or not - are subjective as well. 

Applying for multiple credit products in a short time span is definitely not for everybody, and personally I don't recommend it to people with weak credit profiles. 

In any case, if somebody does decide to submit multiple applications in a short time span they should be aware of what credit bureaus the various lenders often use for their region, and they should take into consideration any spend requirements for sign-up bonuses that may be applicable.

Finally, a 'spree' is never without risk, and even for those with a thick credit profile there is always some risk of AA - and that's assuming the account is approved to begin with.  As with many things credit, YMMV.

[marty56]

I have 7 CCs and it is work to manage those.  One of them I dont use except for the AF so  I have to remember to check it once a month so I don't miss that payment.  I should have them on auto pay but I don't really like auto pay.  I'm old school.  LOL to me an app sprree is once every five years.  If you want to do an app spree, at least make sure you can PIF your other CCs so you are AA proof.  Also remember that the more CCs you have, the more work it takes to manage them.

[BronzeTrader]

Agreed with the above two.  Only apply for the credit card you are going to use.  Credit line is not free money or bitcoin that you pile up and keep forever.  I know I'm the minority here at MyFICO and old school.  But definitely I'd like to give some advice to some young people.  Use credit responsibly and do not get any credit related troubles.  You can certainly take advantage of the nice signon bonus, but get a plan and do not fall into your own credit trap.

[Anonymous]

Just wanted to update this thread, I went ahead and applied for the AMEX Blue Cash Preferred this morning and was approved for $10,000 limit. I'll probably stop there unless I decide to go for the Chase Sapphire as my travel card, but I'm not sure if I'll go through with that yet. So that'll probably be the end of my insane 2 card spree, thanks for the replies!

[HeavenOhio]

I'd garden before applying for Chase just because they're Chase.