Hi all,

I'm going to apply for the 50,000 Chase Continental CC today but have one question.

If I were to apply just for the Continental card, would my credit score take less of a hit, than if I applied for 3 cards today?

Thanks!

Yes, if all three inquiries were going to be pulled from the same CRA (Experian, Equifax, or Transunion). But inquiries are usually not that big of a factor for future applications unless you have 6 or more on one report. When the new cards begin being reported is a bigger factor.

So if you had your eye on three cards, you would probably be better off applying for all three today, especially if they pull different credit reports, than if you were to wait to apply for the second until a month or so from now after the first new card reports. This is all a big YMMV thing and depends on what else is on your report. If you currently have a thick older file, none of this will have much of an impact. If you only have one current tradeline on your reports, then all this would have a significant impact.

What are your goals? What are the other two cards you are looking at getting?

Currently I've had an Alaska Airlines VISA Signature for almost 10 years (that's a guess and it was a Platinum before a signature). I also have a United Mileage Plus VISA that I've had for a year now.

Other than that, I have a car loan (7 months) and that's it. I don't own a home but in the next few months I will be actively searching to buy one. I'm 26 and have never paid a dime of interest in my life on credit cards. My score as of last August was 762.

It sounds as if I'd be wise to apply for three in one day rather than one every other month.

My concerns are the following:
- Will applying for three cards nail my credit score hard enough to disqualify me for financing on a home.
- What happens when I don't want to keep these cards for over a year (when you have to pay the annual fee).

Honestly, I really want to capitalize on the Continental bonus because I have a United account and the 50,000 miles will really bolster my balance in United (once they transfer over). I have more than enough miles in Alaska, so I would consider American next I think. However, I just missed the 75K bonus deadline.

So basically, I'm just looking for any advice people can offer me right now.

Thanks again.

Since you are planning to apply for a mortgage, I would not get any new cards. Getting the lowest rate on a mortgage is far more important than a credit card bonus.

You usually do not want to apply for any new credit cards within six months of applying for a mortgage. With your thin file you could take a significant short term hit with three new cards showing up if you currently only have 4 tradelines on your report. Since your file is so thin, three new cards would hit your average age of accounts pretty hard.

I would not apply for any more credit cards until after you get your mortgage.

ddallas - I really appreciate the advice. The potential mortgage is the only thing holding me back as of now and has been for quite some time.

I really appreciate it again!

agreed with holding off on CC's...the most important things you do with you credit score are basically mortgage or auto loan, so it's best not to mess around with it if you're planning on going for a mortgage soon.

I am a mortgage broker in illinois. Generally, when you go to get a mortgage the bank wants to see 4 open trade lines on your credit report. A single additonal credit card will only cost you a 10 point drop in your score for the inquiry and the new card.

I, too, recommend that you NOT play the credit card mileage maximization game if you intend to get a home loan or car loan in the next 2 years. It just isn't worth the risk.

Why don't you find out by getting a rough estimate of the average age of your credit history. Start with credit karma. Then check you your credit files with Experian and Equfax and see if you can get similar ages of all open accounts. If your age is decent (over 8 years) then you risk more as you open more lines that will dramatically lower that average age. If you average age is only 3 years, it will be much less of a factor.

Credit scoring is hardly a perfect science but an art. Age of trades is one variable, the others are delinquency (which has the largest effect on score), number of trades and utilization. So if use a card, even as a transactor that has a low line, but on the day the credit is pulled for scoring your utilization is high relative to the credit line that can also lower the score. Mortgage and auto loan rates will be priced according to score, but in fairly large score bands so a 10 point difference may not be that great unless you cross a score band.

We just applied and got the 50K cards, but shortly thereafter we got a letter saying that the 50K would not be given because we have another chase card. the T&C says ONE time for FIRST TIME chase customers

I hope that does not happen to me. My card is coming in the mail anyday. I already have two other chase cards plus business/personal bank accounts with them. I will threaten to cancel all my accounts with them if they deny it, but I am sure they wont care.

Do you have bank accounts with chase? Maybe go into a branch and get a banker to make an appeal for you by phone while you are in the branch. That will be my course of action if this happens.

Another thing with Chase... don't apply for two Chase cards (I think two you mentioned are ??) within the 6mo - they will deny you on the 2nd (happened to me recently as I didn't notice they were both Chase).

Completely agree with others about mortgage app coming up - i would only apply for one card, if any, unless your credit is way over 740. Most lenders from my experience want at least 740-750 for the best available rates. If you don't get the best rate due to credit drop for some reason, that can cost you a WHOLE lot more than the miles are worth on the cards.

I got Chase United and Chase PC within 4 mos. The only minor issue is that I had to lower my Credit Limit on a third card.

Yes, I got two Chase cards within about 45 days. I was denied at first though for the second. The first was a Southwest card for my business and the second was the CO card. I applied for the CO card personally. I called and disputed the decision saying I needed a personal card and they had to move down my credit limit on my other card to make way for this one.