@takeshi74 wrote:No idea. "Too much" varies by credit profile and creditor. And "too much" for what, specifically? Approvals? Keep in mind that an approval is a low bar and just a starting point. Recent credit seeking activity doesn't just affect approval odds but the CLI's, APR's, etc that you stand to qualify for as well as potential for adverse action depending on credit profile.
I would guess that 3 new account is a fair bit of activity for scores in your profile -- assuming that those are FICO 8's. Always consider both the specific scoring model and CRA when referring to scores.
However, you really just have to see how your creditors respond to your recent activity for an answer relevant specifically to you.
@Anonymous wrote:*Wow*, yes I see all of those cards in your signature
Matter fact, I've been noticing that by numerous folks on these boards, and I was trying thinking to myself, "Gosh, I have a longs ways to go!", and also that "Maybe one day I will be like them!".... all kinds of thoughts in my mind...
Number of cards needs to be the result of your needs/wants, what you can reasonably manage and what your credit profile supports. Don't just get X cards because others have that many.
@Gmood1 wrote:Basically the most illusive cards(unicorns) where the lenders are super picky of inqs and new accounts.
One needs to select cards based on one's needs/wants and how well a given card suits the individual -- not based on perceived illusiveness or being a "unicorn".
Inquiries are a relatively small factor despite the obsession over them here. One always needs to consider sources. The reason why so many here are fixated on inquirieis is because there are many builders and rebuilders with thin and/or poor credit profiles. For such sitations, HP's and new activity can have a much bigger impact. Impact will taper off as a credit profile thickens and improves.
It's not just the card or creditor that matters but one's credit profile as well. The card/creditor is just part of the equation despite how people tend to state that "X gives high limits", "Y is conservative", "Z hates inquiries and/or new accounts", etc.
Hello takeshi74,
Thanks for you reply.
My original thought about "too much" was for the number of INQs within a particular timespan. Since my orignal post, it has come to mean a lot more than that to be honest. I never figured that I would gain so much helpful information in one thread. Also yes the scores are FICO 8 scores.
One of the major reasons for me to obtain additional credit lines, was because of each site's analysis of my credit history. When I say each site, I mean myFICO and those other sites out there such as Karma and others. They all indicated that I need a mix of credit lines, as well as I need additional credit on my credit lines. They all told me that my utilization was great. Even my credit counselor told me the exact same thing (non-profit entity). So that's why I began my quest, and where I am today.
I still want to be responsible with my credit and only use what I need to use, or use what can benefit me and reward me ;-)
Hopefully my response will shed some light on things, and above all I am a student of myFICO ^wink^
@Anonymous wrote:
@Themanwhocan wrote:Have you seen these cash back charts yet? The Sallie Mae is no longer available... http://ficoforums.myfico.com/t5/Credit-Cards/Cash-Back-credit-card-charts/td-p/4004725
It is usually a good idea to wait a while after applying for several cards, to allow your FICO score to recover, and also allow your recent cards and inquiries to age. That will improve your lilelyhood of approval and also your starting credit limits. But probably more importantly it gives you time to be absolutely sure you are applying for the best cards for your spending habits. And to come up with a strategy on which cards to obtain when, and how you plan to increase the credit limits, etc.
Hello Themanwhocan,
No I have not seen those cash back charts yet. I have clicked the link and will study up on that too as well. I thank you for sharing that link with me, as well as any others who might visit this thread.
I certainly do not want my scores to go down a whole heckuvalot, but I am prepared to garden for a while to allow a recover of any hits to my FICO scores. I also think I will keep an account on myFICO.com as I do want to closely monitor things over the course of at least the next 3 or 4 months, and I do like how myFICO breaks everything down.
I do see where you indicated that Sallie Mae is no longer available. I take it that at least once upon a time, Sallie Mae offered rewards cards in their line of credit lines?
Sallie Mae Rewards card gave 5% cash back at Amazon.com up to $750 spend per month, also 5% at Grocery Stores ($250 spend/month) and 5% at Gas Stations ($250 spend/month).
@Anonymous wrote:
@longtimelurker wrote:
And to state the obvious (but sometimes it needs to be said on this forum): just because a card is hard-to-get doesn't mean it makes sense for someone to try to get it. Sometimes the most popular and easy cards will give the best rewards for a certain pattern of spending (which could be why they are popular). It helps to consider a credit card as a (boring) tool, that allows you to get some or all of:
1) loans at a reasonable rate
2) rewards on your purchases
3) perks such as lounge access
Select a card on the basis of how well it meets your goals on these more objective scales, and not focus on things like "is it metal", "prestige" or "hard to get" (slightly different from prestige as the average person in the street won't know to be impressed by some of the harder to get cards!)
Hi again longtimelurker,
Thanks for your comments on this too. As I said earlier, I am being like a sponge and absorbing everything. This is another reason why I really like this site is because there are so many different takes/angles on the same thing. It is to the point that I am really starting to love this site!! ;-)
Your point #1, indicates that getting loans at a reasonable rate is something that we should all consider. When the folks at the CU told my better half and I that they would recommend to us to apply for the credit card, rather than the line of credit because of the interest rate, well ummm... we were suprised and shocked to hear this for sure. Our minds was made up on getting a line of credit, but we left HAPPY because of the low interest rate, and the fact that we can pull CASH from our credit card with no additional fees or separate interest charges for that. It all falls under the low APR and no trickery. ;-)
Your point # 2 about rewards, that's also precisely what the person at the CU told us. To be honest, she was the branch manager. She told us that her and her husband make about 90% of their charges on their VISA for the rewards, and pay it off before the bill due date. She said in effect, that they treat their VISA just like their DEBIT card, except only on rare occasions do they use their DEBIT card. My better half then says, you know what my supervisor at work and a couple of co-workers do the same thing. They try to maximize on their rewards and that's the major way that they do it. *Wow*... it has me thinking...
Your point #3 about loung access, I am not sure of what that means, so as soon as I click this "Post" button, I am off to searching and googling... hehehe... I still have lots to learn ;-)
In a nutshell though, this site ROCKS!
On 2) that is what most people on here do (or try to do most of the time!) You use a credit card instead of cash (or debit card) to get rewards, and then pay in full before the due date. Another advantage on "big" purchases is you get extra protections often, such as purchase protection (if the goods are faulty) and extended warrenty etc.
That said, unless you spend a lot, the impact isn't life-changing. The amounts back are fairly small, and you have to be careful that you are not incurring extra spending just to get the rewards (which is the whole reason the issuers offer rewards!) But yes, better than using cash.
@longtimelurker wrote:
@Anonymous wrote:
@longtimelurker wrote:
And to state the obvious (but sometimes it needs to be said on this forum): just because a card is hard-to-get doesn't mean it makes sense for someone to try to get it. Sometimes the most popular and easy cards will give the best rewards for a certain pattern of spending (which could be why they are popular). It helps to consider a credit card as a (boring) tool, that allows you to get some or all of:
1) loans at a reasonable rate
2) rewards on your purchases
3) perks such as lounge access
Select a card on the basis of how well it meets your goals on these more objective scales, and not focus on things like "is it metal", "prestige" or "hard to get" (slightly different from prestige as the average person in the street won't know to be impressed by some of the harder to get cards!)
Hi again longtimelurker,
Thanks for your comments on this too. As I said earlier, I am being like a sponge and absorbing everything. This is another reason why I really like this site is because there are so many different takes/angles on the same thing. It is to the point that I am really starting to love this site!! ;-)
Your point #1, indicates that getting loans at a reasonable rate is something that we should all consider. When the folks at the CU told my better half and I that they would recommend to us to apply for the credit card, rather than the line of credit because of the interest rate, well ummm... we were suprised and shocked to hear this for sure. Our minds was made up on getting a line of credit, but we left HAPPY because of the low interest rate, and the fact that we can pull CASH from our credit card with no additional fees or separate interest charges for that. It all falls under the low APR and no trickery. ;-)
Your point # 2 about rewards, that's also precisely what the person at the CU told us. To be honest, she was the branch manager. She told us that her and her husband make about 90% of their charges on their VISA for the rewards, and pay it off before the bill due date. She said in effect, that they treat their VISA just like their DEBIT card, except only on rare occasions do they use their DEBIT card. My better half then says, you know what my supervisor at work and a couple of co-workers do the same thing. They try to maximize on their rewards and that's the major way that they do it. *Wow*... it has me thinking...
Your point #3 about loung access, I am not sure of what that means, so as soon as I click this "Post" button, I am off to searching and googling... hehehe... I still have lots to learn ;-)
In a nutshell though, this site ROCKS!
On 2) that is what most people on here do (or try to do most of the time!) You use a credit card instead of cash (or debit card) to get rewards, and then pay in full before the due date. Another advantage on "big" purchases is you get extra protections often, such as purchase protection (if the goods are faulty) and extended warrenty etc.
That said, unless you spend a lot, the impact isn't life-changing. The amounts back are fairly small, and you have to be careful that you are not incurring extra spending just to get the rewards (which is the whole reason the issuers offer rewards!) But yes, better than using cash.
Longtimelurker,
I saw from the tables that the amounts are small, but every little bit would help me. I do get cash back on some things using my visa DEBIT card. And no, I won't do extra spending just to get an reward... my better half and I both agree that we are going to use it like we do our DEBIT cards.... we are trying to work on some sort of system or something to keep up with what we will be spending so when the bill is due, we haven't *ahem* overextended- if you know what I mean ;-)