Multiple Credit Cards
Jan 29, 2011 | 10:58 pm
#1
Original Poster
Join Date: Jan 2011
Location: Bend, OR
Posts: 136
Multiple Credit Cards
I'm looking into getting additional credit cards purely for the sign up bonuses. Currently I've had an Alaska Airlines Visa card for nearly 10 years. I've also had a United Visa for nearly a year.
My concerns:
The potential for diminishing my credit score as a result of applying for new credit cards.
I received a waiver on the annual fee for my United card for the first year, but in March I'll need to pay $75 to keep the card. I've paid $75/year to keep my Alaska Airlines card. I would like to not pay for the annual fees, but am concerned that if I cancel cards and apply for new ones, my credit score will take a hit.
Also, are there income stipulations to get the AMEX Platinum card?
Thanks everyone!
My concerns:
The potential for diminishing my credit score as a result of applying for new credit cards.
I received a waiver on the annual fee for my United card for the first year, but in March I'll need to pay $75 to keep the card. I've paid $75/year to keep my Alaska Airlines card. I would like to not pay for the annual fees, but am concerned that if I cancel cards and apply for new ones, my credit score will take a hit.
Also, are there income stipulations to get the AMEX Platinum card?
Thanks everyone!
Jan 29, 2011 | 11:40 pm
#2
Join Date: Jan 2010
Posts: 1,708
I'm looking into getting additional credit cards purely for the sign up bonuses. Currently I've had an Alaska Airlines Visa card for nearly 10 years. I've also had a United Visa for nearly a year.
My concerns:
The potential for diminishing my credit score as a result of applying for new credit cards.
Yes, getting new cards often lowers your score. So you have to ask yourself is there a reason why you will need to maximize your FICO score in the next year (applying for mortgage, car loan)? Usually it is a good idea to stop applying for any new cards at least six months before you plan on applying for a loan.
I received a waiver on the annual fee for my United card for the first year, but in March I'll need to pay $75 to keep the card. I've paid $75/year to keep my Alaska Airlines card. I would like to not pay for the annual fees, but am concerned that if I cancel cards and apply for new ones, my credit score will take a hit.
Your credit score goes up and down depending on your actions. Once again, you ask yourself which is more important to you over the next six months, a big sign up bonus, or maximum FICO score.
Also, are there income stipulations to get the AMEX Platinum card?
There might be, I think the main requirement is that you can come up with the $450 for the annual fee. You probably can't be a student with less than 18k income, but you don't need 100k either.
My concerns:
The potential for diminishing my credit score as a result of applying for new credit cards.
Yes, getting new cards often lowers your score. So you have to ask yourself is there a reason why you will need to maximize your FICO score in the next year (applying for mortgage, car loan)? Usually it is a good idea to stop applying for any new cards at least six months before you plan on applying for a loan.
I received a waiver on the annual fee for my United card for the first year, but in March I'll need to pay $75 to keep the card. I've paid $75/year to keep my Alaska Airlines card. I would like to not pay for the annual fees, but am concerned that if I cancel cards and apply for new ones, my credit score will take a hit.
Your credit score goes up and down depending on your actions. Once again, you ask yourself which is more important to you over the next six months, a big sign up bonus, or maximum FICO score.
Also, are there income stipulations to get the AMEX Platinum card?
There might be, I think the main requirement is that you can come up with the $450 for the annual fee. You probably can't be a student with less than 18k income, but you don't need 100k either.
Jan 30, 2011 | 6:51 am
#4
Join Date: Jan 2009
Location: MCO
Posts: 867
In my case, when I got in on the credit card promotions game, my credit score actually went up a few points. I'm guessing because I only had one card before starting and the credit limits I was getting on the new cards were significantly higher.
Jan 30, 2011 | 8:14 am
#6
Join Date: Dec 2010
Location: WAS
Programs: AA ExPlat, UA Plat, Marriott PP
Posts: 95
Length of credit history is apparently a large factor in your credit score. Because of that, I would suggest you at least explore some other options before closing the Alaska Airlines card.
There are a variety of threads related to credit scores in various places around Flyertalk, so you might want to search a bit for those and get some ideas.
There are a variety of threads related to credit scores in various places around Flyertalk, so you might want to search a bit for those and get some ideas.
Jan 30, 2011 | 10:22 am
#7
Join Date: Aug 2007
Location: YTO
Posts: 595
CDN Plat openly divulges income requirement
For Canadians, Amex openly reveals its minimum income requirements for each card (CDN$72,000 for Plat Charge card) on the website. Perhaps the US site has similar info in the fine print.