Maximum number of cards you should apply for in a year?

Discussion in 'Other Credit Card Programs' started by LAM, Jun 20, 2012.  |  Print Topic

  1. LAM

    LAM Silver Member

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    I am getting ready for my second set of applications this year. I waited over 90 days (I applied for three cards the first time). I would like to apply for 4 cards this time. If all four are approved how many more cards should I look at applying for within the year of my first application? (Credit score is great, no outstanding debt but mortgage, now have 6 cards) I don't want to be greedy and get hits on my credit report and then get a bunch of denials.
     
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  2. marcwint55

    marcwint55 Gold Member

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    It all depends on your income and other qualifying criteria. I've previously had as many as fifty credit cards at one time, although now I have about twenty of the major cards. Keep in mind that if you apply with Citi for two cards at the same time, you will only have one hit on your credit report. The one bank that can really be a pain in the rear is Chase. If you have more than three Chase cards, I would close one or two before applying for more with them.
     
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  3. edekba

    edekba Gold Member

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    Chase too. I got 2 Personal Cards within 12 days and they dinged my EXP once. Then 14 days later i got the Ink and they dinged EQF

    Also from what I've read; you don't want to close your Chase Accounts; just call reconsider line and have Chase move around your lines of credit instead of closing them.
     
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  4. marcwint55

    marcwint55 Gold Member

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    thanks for the info. It can come in handy.
     
  5. dhammer53
    Original Member

    dhammer53 Gold Member

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    If you do the math, it gets unwieldy. ;)

    60 days between applications (I'm rounding) = 6 apps per bank per year.

    Multiple this by the number of issuing banks. Let's say the number is 6. Yikes... :D That's a lot of applications and miles + points. Your actually number will vary since some banks don't offer the variety of say a Chase or Amex. ;)
     
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  6. mommypoints

    mommypoints Gold Member

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    Waiting 90 days between applications was a good move. There is no magic maximum number. I did 7 last year total, others did 20+. I would say see how this round goes, and what offers are available in 90 days, and go from there. Good luck with this round!
     
  7. jkchan83

    jkchan83 Silver Member

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    I have 5 personal accounts with Chase plus an Ink Bold. Never close a Chase account voluntarily. If you don't get instant approval, call reconsideration. They are definitely willing to move credit lines around if you don't get instantly approved. If that doesn't work, then offer to close an account to reduce the total number of Chase accounts you have.

    Since Chase is paying much more attention to their sign-up bonuses and the cards are generally no longer churnable, the biggest value in having an open account is leveraging it into a new Chase account. Good luck.
     
  8. HaveMilesWillTravel
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    HaveMilesWillTravel Gold Member

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    Well, I recently had four Chase personal cards. I wanted the UA Club card and also wanted to get rid of the CO Mastercard as the fee was coming due. I was expecting that Chase would give me the Club card if I offered up the old CO card... but nooo, they gave me the Club card with a ridiculously high credit limit without even blinking. So now I still need to get rid of the CO card. Not sure that they'd give me another new one just a month after the last application (even with the CO horse trade), so should I just call and ask to have the credit moved from the CO card to, say, my Sapphire card?
     
  9. edekba

    edekba Gold Member

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    not sure they'll move credit lines around for you w/o the opening/closing of an account. Maybe call their retention and see what they'll offer?
     
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  10. HaveMilesWillTravel
    Original Member

    HaveMilesWillTravel Gold Member

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    Well, yes, I'd want to close the CO card but retain the credit. If they are willing to waive the fee, I'd be okay with keeping it, but it's at this point a worthless card for me (other than the trade-in and credit value) since my other cards offer all the same benefits and more.
     
  11. edekba

    edekba Gold Member

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    See if they'll waive the fee... then next time there's a nice chase card you want at least you might be able to trade the CL for it.
     
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  12. LAM

    LAM Silver Member

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    I ended up applying for four cards. I got a targeted 50,000 Delta AMEX, the 80,000 Priority Club Visa through an old link floating around, and did the two browser trick to get a 40,000 and a 50,000 Citibank Hilton Visa (I am trying to build up hotel points at the moment for my next big trip). I think I will wait until the end of the year and see if there are any especially good values floating around. Thanks for everyone's opinions.
     

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