JonnyB20

About a month ago, I stumbled across the points/mile game. After reading only a few blogs I started to apply for various ccs. Without really understanding what I was doing, I had 9 new credit cards (10 cards if we count the Capital One Venture I had obtained a couple months earlier) with 11 applications (2 of the apps were rejected due to applying for identical cards).

Of course, my credit score dropped. Last time I checked I had a score with the following: Experian 748, Equifax 767, and Transunion 734.

One reason for the flurry of apps is that presently I can meet the minimums due to large purchases coming up in April/May/June.

I had decided to stop to allow my credit score to recover. However, we are expats that will be traveling back to North America this summer with some overseas friends. I would really like to have these friends travel with us to some places in the states. Unfortunately I didn't realize Southwest traveled out of my homebase city so I basically ignored Southwest. But due to Airtran merger, they fly out of our little city and for cheap (miles wise)! Now I would love to get a hold of the Southwest Business and Southwest personal cards in order to freely travel with my friends (and try to obtain the companion pass). It appears that this will be the only time that these dear friends will be with us in the States.

Right now I have one Chase card, the Sapphire Preferred, that I just picked up and have yet to use.

So my question is - Am I crazy to consider applying for another Chase card let alone 2 more cards?

PainCorp

First, you should never blindly apply to cards without researching. Second, yes, that is crazy.

Jesperss

Crazy no, idiotic yes

jdtravel

I wouldnt apply for them.

JonnyB20

The consensus so far is "Crazy bordering on the insane."

Good to know from wiser and more experienced milers. Yep, the harsh reality is that I made some mistakes, learned a few lessons and need not be greedy.

In the future I will be careful to only choose cc's whose points I am convinced will be the most valuable to me. And I will keep the number of card apps to more of a temperate level. I have done a lot of reading since my first AOR and God willing will be wiser in the future.

psfcfa

If I were you, I'd give it until early 2014 at least, and make sure my credit score was up in the 770-780 range...

dcpilgrim

How much are your feelings going to be hurt if you are turned down? If you are willing to come up with nothing for your hard pulls, then you can consider being aggressive. You don't get if you don't ask.

You only have one chase card, and you are splitting personal and biz. I'd wait as long as you can bear it to space away from the last chase app (you definitely need more than 30 days from the csp app), then give it a shot. My understanding is you can't change the companion designation too frequently via SW, so check on that too if it is a factor.

With only one chase card I think your blacklist potential is low. To me, that is the only real risk. Credit inquiries are nothing but flesh-wounds. But not all share that opinion.

Make sure you have your recon raps ready, cause there will be some phone calls involved.

mrp20

your risk of denial also depends, in part, on which bureaus chase & the other issuers are likely to pull in your state and have pulled for the cards you already have. capital one nails you on all 3, chase/amex are typically experian, etc. so part of the calculus (e.g. getting flagged for manual review on inquiries) is whether your report at the bureau chase would pull from shows a pile of inquiries, in addition to the new lines. in the long-run, you want to be especially careful about managing the accumulation of inquiries on your experian report.

callmedtop

I was in a similar situation as you, and applied for an Ink Bold card...got a little too greedy. Was denied due to too many accounts being open in too short of a time. My credit scores are currently similar to where yours are now, but used to be higher (780-790).

I would wait.

redtop43

I've had no problems. I've been applying for credit cards for a bit over a year now. My score was around 790-800 and my wife's around 750, and I don't think either of our scores has really moved. We don't do AOR's, I tend to apply for a new card every 2 months or so. But maybe these credit pulls interact with other credit factors differently for different people.

Even if they lowered my credit score, I would still feel like "so what?" I don't get a free dessert with my entree at the local steakhouse for having a high credit score. It's there to be used.

Maz67

Same here. We don't do AORs either. Every so often we apply for when we see something we want. In a 2 month span We have been approved for the same number of cards as those doing AORs.

I never have really gotten why there is so much emphasis placed on inquiries. From what I understand, they come off in about 6 months so unless you are applying for a large mortgage anytime soon, why stress over inquiries?

iliopsoas

Terrible, incomplete advice.

You don't need to wait until 2014 or scores to go back above 750 to apply.

You applied for 11 cards in 1 month. Not terrible, depending on which credit reporting agencies were pulled.

Chase tends to pull EX and sometimes pull both EX and EQ. If you only have a few inquiries on EX, wait another month or 2 and then apply for more Chase cards. To be certain on which CRA Chase will pull, go to this database here and input your state and card http://creditboards.com/forums/index...pp=creditpulls

Hard inquiries will fall off your credit reports in 2 years but the impact should significantly lessen by 6 months. Some creditors will deny base on # of inquiries but the impact of inquiries on FICO isn't that significant. You should be more worried about average age of accounts. At this point, 1-2 more accounts won't kill you. If your AAoA is above 5 years, you're golden.

If you get declined, call in for reconsideration.

Data point: I applied for and got approved for 14 cards over past 5 months. No denials. Sure, I spaced them out a little. Applied for 6, waited for 1-2 months and applied for 2-3 more each time. My FICOs have only dropped 10-15 points.

biggestbopper

I've been playing cards for many years and have probably had over two hundred accounts.

Eleven is nothing--although it is a good start.

Who cares if you get turned down? I sure don't--and a call to the reconsideration line just about always turns things around.

I don't care about all the inquiry stuff either. Hard or soft they don't really appear to make much difference.

Just read the appropriate threads on FT and follow the app tips you'll find.

By the way, dear OP, I have five Chase cards right now, including some INKs and a Sapphire MC. Had the Sapphire Visa before and got a second bonus for the MC.

Don't worry, be happy. @:-)

This hobby is supposed to be fun.

brasov02

Seriously? I've heard a lot of bad advice but this thread has packed a lot of it in a small space. Kudos to the last couple of posters who have tried to set the record straight and the OP at ease. Of course it varies somewhat from person to person but to tell someone not to apply for a credit card until their score is above 770 is absurd in most normal situations. My personal credit score is now up in that upper 700-range but I went for years collecting credit cards without a decline all while my credit score hovered in the very low 700's. Thank heavens I didn't get this sort of advice when I started this game or I'd have missed out on a lot of fun, free traveling in the last few years.

PHLisa

In my fall AOR I got 2 Chase cards at once: CSP and Priority Club. I had gotten a SW card 6 months prior and already had an Amazon card. Since you just got the CSP, I think you have to wait at least 31 days to apply for another Chase card, but you can apply for personal and business together.

Also, they don't always pull EX. I live in PA and everyone pulls TU except Amex, which really sucks because almost all my inquiries pile up on one report.

Inquiries do not fall off after 6 months - they come off after 2 years, but their impact lessens with time, so they will be less of a factor in the algorithm in 6 months.