When you apply together, your Age of Youngest Account doesn't keep getting reset every couple of months.
But, applying for to many cards together can trigger low limits and Adverse Action from creditors that become concerned you "need" money and are now a higher risk.
But, applying for to many cards together can trigger low limits and Adverse Action from creditors that become concerned you "need" money and are now a higher risk.
And now for actionable advice...
Chase denies on their in-house brands if you have more than 5 new accounts in 24 months (search 5/24), so plan accordingly if you want some of those.
Two cards at once, with 6-12 months of no app-ing in between should give you steady growth of scores and limits.
Chase denies on their in-house brands if you have more than 5 new accounts in 24 months (search 5/24), so plan accordingly if you want some of those.
Two cards at once, with 6-12 months of no app-ing in between should give you steady growth of scores and limits.
This is helpful, thanks for the feedback!
A little bit of background:
I currently have 3 credit cards: Cap one QS (opened in 2008, $5k limit), Nordstrom visa signature (2017, $7k), Amex (Sept 2018, $4k).
0 degs. TU: 777, EQ: 761, EX: 709 , and a new car lease.
I'm considering opening new accounts because I want to increase my overall limit/decrease my (15%) utilization percentage.
Cap one (my starter card) has denied me CLI since I reached a $5,000 limit about 6-7 years ago. Nordy's has taken me from $2500 -> $7,000 in a year and I opened an AMEX hoping for a higher limit but got $4,000. I've only had it since Sept, so I'm really hoping to increase my limit on this card in the next couple of months. I've gathered Chase & Discover are often pretty generous with their CLIs so I'm considering adding one of them to my wallet and then moving into the garden for a while as I would like to buy a house in the next 2-3 years. But is it better to grow the cards I have and then open a card closer to the time I purchase a home? I imagine opening bonuses and APRs would really come in handy after buying a house, but will CCs be harder to qualify for? I have no clue what to do. 
@DH1988 wrote:This is helpful, thanks for the feedback!
A little bit of background:
I currently have 3 credit cards: Cap one QS (opened in 2008, $5k limit), Nordstrom visa signature (2017, $7k), Amex (Sept 2018, $4k).
0 degs. TU: 777, EQ: 761, EX: 709 , and a new car lease.
I'm considering opening new accounts because I want to increase my overall limit/decrease my (15%) utilization percentage.
Cap one (my starter card) has denied me CLI since I reached a $5,000 limit about 6-7 years ago. Nordy's has taken me from $2500 -> $7,000 in a year and I opened an AMEX hoping for a higher limit but got $4,000. I've only had it since Sept, so I'm really hoping to increase my limit on this card in the next couple of months. I've gathered Chase & Discover are often pretty generous with their CLIs so I'm considering adding one of them to my wallet and then moving into the garden for a while as I would like to buy a house in the next 2-3 years. But is it better to grow the cards I have and then open a card closer to the time I purchase a home? I imagine opening bonuses and APRs would really come in handy after buying a house, but will CCs be harder to qualify for? I have no clue what to do.
You currently have an Average Age of Account of roughly 4 years. You may find opening additional accounts to be counter-productive since each new card will further reduce you AAoA and also reset the Age of your Youngest Account to zero; both of those factors are known to cause FICO scoring penalties.
Its possible that you may be able to triple your Amex credit limit 61 days after opening the account and that will certainly help your utilization. But the 3X CLI isn't guaranteed and often depends on the amount of spend you've placed on the card. Large credit limits are a function of income - lenders are required by law to inquire about your "ability to repay" and that ability is correlated to your income.
Why is there such a difference between your EX and your other two scores? Do you have a delinquency/derogatory reporting on EX?.
On mobile, so excuse the silly quoting:
"But is it better to grow the cards I have and then open a card closer to the time I purchase a home?”
No. You don't want to open any new accounts (or get hard pulls for other than necessary life activities) in the 12 months prior to seeking a mortgage. (This is the limit of my understanding due to not needing a new mortgage presently. You should seek further advice in the mortgage forum.)
"But is it better to grow the cards I have and then open a card closer to the time I purchase a home?”
No. You don't want to open any new accounts (or get hard pulls for other than necessary life activities) in the 12 months prior to seeking a mortgage. (This is the limit of my understanding due to not needing a new mortgage presently. You should seek further advice in the mortgage forum.)
I agree with all that was previously said. If possible, bring your utilization down naturally, by paying it down. But if you do want to get new cards, I personally would make sure that they are meaningful cards for me, rather than opening them just to open them.
