How Often Should You Apply for a New Credit Card?
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- Опубліковано 1 лис 2024
- Want to improve your credit score? Here's how often to apply for a credit card.
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You just provided a perfect breakdown and analysis as to why someone may want to consider additional credit cards in their portfolio. We are currently living within a Golden Age of Credit Cards, in terms of Rewards and Benefits. Credit Card experts like you are sharing invaluable info to the public, arming viewers with simple yet thorough strategies and options.
I rank this as one of your Top 5 videos to date. Keep up the great work Sebby.
I typically apply for a new card when I know I have major spending coming up. So for example if I know I will be buying some furniture or appliances, I will first apply for the card with greatest bonus and then make the purchase with the card. This way I am not really forcing myself to spend more than what I need to.
I love this strategy!
what do you fight to jungle
Excellent.
“This way I am not really forcing myself to spend more than what I need to.” What do you mean? Is it so you aren’t tempted to spend to reach certain bonuses with the cards you already have?
@@WolfvsKioTi it’s the idea that I’m going to buy furniture anyway, I might as well hit the bonus with this new card and get the extra money
You are speaking my language, I have been in this game for 5+ years now and applied for almost every card out there. It's nice to see someone else as OCD about applications, churning, planning, and cancellation/downgrading as I am.
whats your credit? any tips or advice to add?
Something Productions just use the damn card and pay off bills normally. It’s so simple.
cap
I am a grad student that does not earn much money, and therefore do not spend much (in comparison to someone already in their career jobs). A trick I do is that my mother, who already uses her cards for work and gets more than enough rewards for it, gives me all her bills (water/electricity/health insurance, etc) and the cash (or deposits it directly to my card if she's going to that bank anyways), and I pay the bills for her. So a few minutes on the phone with a computer and I have the added rewards. I also accompany my partner to the grocery store or things like that and do the same: I pay with the card and he pays me back. Again, this adds rewards I wouldn't otherwise get since my spending is low.
Mel A but you’re also taking the rewards they could possibly earn
@@michaelslater8796 Not everyone has comfy rewards cards. Better someone on your end gets some of that transaction $ instead of just letting the merchants and banks keep it all.
Your partner doesnt use a credit card? ehh?
@@superazn264 they probably just don't care not everyone is all about that rewards life
I usually apply for 2 cards every year and use it till the no interest ends, then transfer the balance over to a new card with no interest. I havent paid interest in like 4-5 yrs.
The Last Prophet Balance transfer fees exist for a reason.
sure... unless you get a card that doesnt have any. dun dun dun!
The Last Prophet name one !
Amex Everyday Preferred. No fee to transfer.
Pay your balance off in full every month and you'll never have to pay any interest.
Yesterday I applied for 2 cards at once. My credit score is at 766 amd since hard inquiries are temperary for 6 months and I have no plans to take out a loan or open another card with in those six months, I'm gonna go for it
Is this still applicable in 2019? It seems that credit card companies have tightened up recently. Can you make an updated video on how often should you open a new credit card account?
Yeah those signup bonuses are decreasing or theyre changing their terms. I just got a quicksilver card because it has no fee, a $150 signup bonus and no foreign transaction fee. I sign up for a new card about once a year.
Mr. Sebby, could you please do a video covering authorized users, both being one and adding one for the purposes of building credit? My mom has helped me this way by adding me onto a couple of her cards that she doesn't keep a balance on. It would be great to gain a better understanding of the affect this has on your credit history and how young a person can be to add them as an authorized user to start building their average age of accounts? Thank you so much for your time and efforts to help people understand something that should be taught in high school, extensively, based on its lifetime affect. You sir are awesome by the way! (:
I would love to see a video explaining authorized users !
An important thing to pay attention to is where the inquiries are going so that you can attempt to keep them pretty even among your accounts (I like to use credit pull database to predict where they are going). I also like to sign up for multiple cards at once (one card per credit bureau) where one card has a signup bonus and the other cards traditionally lack sign up bonuses but offer large value (such as the citi double cash).
for the past 2 years I was applying for 2-4 cards every few months but now I've reached a point where I have a pretty sure plan and am biding my time waiting for opportune moments to apply for the few remaining cards that fit my long term goals. I've managed to not apply for about 3 months now, which is quite a feat.
kalmtraveler you're a moron
@@jayz4evr Sebby recommends to literally eventually have 21+ cards. How long do you want to take to get that many 21+ years?
Love this guy. If I could, I would give him a Diamond card. Thank you.👌
Saed Abdulle yea he's super knowledgeable. Glad I stumbled upon his Channel. I've learned quite a bit from him.
Thank you! I'm averaging about one every three months over the past year, the last one being the IHG after your video about the increased signup bonus.
Sebby did a great job. I'd add that Seb already has most of the great cards. Chase seems to have a lock on several of the best travel/hotel cards such as United, Southwest, CSP, CSR, Ritz Carlton, IHG, British Airways, Marriott, and Hyatt--not to mention their co-branded relationships with Disney and Amazon. By applying with cards from other banks first, you may lock yourself out for several years on many of these cards because of Chase's 5/24 rule. If traveling interest you, try to make these cards the one you apply for first. But make sure it makes sense too. For instance, there are no airports in my area that service Southwest or Jet Blue. I also prefer renting villas or apartments through VRBO rather than having a hotel. So me applying for these type of cards do not make sense for me.
I just want to say Thank You. I have learned a lot from your channel. Keep up the good work.
I love this guys's credit card channel.
Is this the credit card channel?
Is there any benefit to applying for 2 different credit cards at the same exact time? Is there a loophole that minimizes the hard inquires?
You can combine hard pulls for certain issuers:
blog.asksebby.com/rules-to-know-for-chase-credit-card-applications-1d29ae699e1c
www.asksebby.com/blog/rules-to-know-for-american-express-credit-card-applications
Thanks for the info Sebby!
Hey Sebby, I've watched almost all your videos and really appreciate them so thank you.
Can you do a video or comment on how to tell if you're going to get accepted for a card? I am always afraid about getting approved and although you recommend the Sapphire I don't think I'd be able to get it even though I want it.
Thanks.
You can look at historical data here www.reddit.com/r/churning/comments/48bavt/credit_card_approvaldenial_reporting_mega_thread/
Creditkarma, Creditsesame. wallethub, and some others are goodish at predicting approval but break down a bit when you have high numbers of new accounts and inquires. Remember the Chase 5/24 rule (5 new accounts, not inquires, on your credit report, regardless of issuer, in the last 24 months) for the Sapphire.
Aye Sebby, whats up, I Have a question , In May, I Had a ''THIN Credit file'' NOTHING was on my Credit Report File, 0 FICO score,..
So I Applied & Surprisingly Got APPROVED for the *CAPITAL ONE Secured Credit Card, with a $200 limit ($49 Deposit).* The same day, I Applied & Surprisingly Got APPROVED for the *DISCOVER IT Secured Credit card, $200 limit ($200 Deposit).* Six months later, every thing is going good, My FICO score is over 700?! I Need You advice, IYHO, What *Unsecured, 0 annual fee Credit cards* do you recommend I apply for now or should I Just Wait over a year, and then apply? Please Let me know! Thanks!
Its better to raise credit limit on exsiting cards for people with a short credit history. A new card will lower your score. I apply once or twice a year. I love discover but had a bad experience with American express.
Miss desire Independance What was your credit score when you applied for discover. I only have 1 credit and personal. With a 701 cs
I have Amex and I love them.
Hey Sebby. I have the Chase FU from over a year ago, and recently got the CSP, and 2 weeks later, the regular freedom to fill out the trifecta. I know traditional wisdom is to finish 5/24, but reading shutdown threads on r/churning is making me hesitant to finish it out in a reasonable time frame (2/30 aside). But your video implies that you can basically just get another card when minimum spending (and things like 5/24) permit. Also, I got targeted for the AMEX platinum 100k, so I was thinking about going for that then downgrading into the gold. Thoughts?
The people getting shutdown are generally being substantially more aggressive than 2 cards.
If you want to talk strategy: www.asksebby.com/free-card-consultation
Wella Fargo doesnt go product change like that anymore. My Secured Card limit was 600 and after six months they offered me an unsecured card for 600. They told me to keep the card and keep using as normal that they would update it in the system to unsecured. A month later they increased my limit from 600 to 1000 without me doing anything.
This was from Nov 2019 to June 2020
So helpful Sebby! I realized I applied for too many cards in 2018 . And to not close the accounts that I have. Right now I have delta platinum and Amex gold. Was considering closing out a Wells Fargo card and venture card just because I don't use them bc with ventureone it takes so much longer to get points to travel on. But when traveling abroad not every place accepts Amex. Would you recommend to wait a year of applying for cards to increase your FICO score? I kinda want maybe the Hilton honors bc of the sign up bonuses and no annual fee. But I really am also interested in Chase sapphire too. With Chase sapphire can you get special rates flying Southwest since they are affiliated or use points to travel with chase sapphire with southwest ; kinda like two cards combined I guess?
I got approved for 4 cards within a month.
11/10 CSR
11/23 AMEX Gold
12/2 AMEX Platinum 75k offer
12/2 AMEX Delta Gold 50k only 1k spend!
pw jc what is CSR? I got an AMEX PLAT and Delta Gold. What will you use your AMEX Gold card for if you have an AMEX PLAT?
#FlexWallet 😉
Thanks Sebby this was very helpful for me this morning.
I’m sorry if this is a dumb question, but even if there’s no annual fees and the card is of no use to you, is it ok to just stop using the card? I get it’s not hurting me to keep it, but if I’m constantly applying for new credit cards let’s say every 3 months and keep the card for a couple years before letting it die out, bc I’m constantly rotating the cards, in my mind it won’t affect my credit too much. Bc if you’re applying for credit cards every 3 months at some point it’s just ridiculous how many someone will have if they don’t cancel/ let them die out on their own. Idk if my question makes sense, and sorry in advance if I missed the whole point of the video.
I’m confused !! I don’t understand how can you say that you apply for a new card every 2-4 months !? 🤔 So how many credit cards and hard inquiries do you have in your credit report ??
Inquiries fall off after 2 years. More credit cards (technically more credit products in general) is better than less.
The thing to consider is that most other credit products involve you paying interest (mortgage, car loan, etc.)
@@AskSebby so applying for credit looks better to the banks if you do it every 2-4 months? Wouldn't all those inquaries look bad though?
Hey I’m looking to apply for a credit card I want to build credit as well as purchasing a new apartment I just wanna make the correct steps
Hello Sebby,
I was wondering how often should you call to request a credit line increase? I'm currently working to gain higher credit limit to eventually be able to take out higher loans. My credit right now is average and currently working to get it higher. Please advise. Thank you for all the knowledge!
Kendall Price Depends on the bank. There's a video about it on UA-cam, search it.
Short Names thank you! Still working on ways to get high credit scores
$50-$60k in SF? Woooo!! :) Great video, once again.
Yeah. Its really expensive to a point where you need to make like 200k to be considered middle class.
Citi cards is the best credit card company. I have 3 citi cards one with 34k limit, the second with a 24k limit, my third i recently opened started with 10k, ask for a credit line increase and now i have 15k, use the third card to pay off my car with with the 0% balance transfer. Credit score is 805, went down from 824 once my car was paid off😭. It was worth it because now I’m paying no interest.
Hey Jay which citi card would you recommend someone start off with if they have a credit score below 600
@@freddarling6681 get a citi secured Mastercard. You will need to pay them a security deposit of 200.00. but once you show excellent payment history, 6 months to a year, they will increase your credit limit and your credit score will go up. Citi will definitely increase your limit after you show good payment history.
Ok will do, Thanx Jay👍✌
@@freddarling6681 no problem
Can I take out money on my credit card then just pay it back to hit the bonus points?
So glad I found your channel
Is there any sort of card you think I am missing? I have 2 travel related cards (CSR and Titanium), Chase Freedom, Chase Freedom Unlimited, Sam's Club MC (3x points on dining and fuel$, Ann Taylor world MC (5x points on Ann Taylor purchases), VS Pink store card, Target Store credit card and BMW Card (I used to have a BMW but traded it in. Have a Porsche, but may go back to BMW in a couple of years). I have been logging in my expenses and my biggest expense on a monthly basis is actually groceries! (Then dining out because let's be honest, I'm not the best cook, because I work all day as an accountant and the last thing I want to do is babysit things cooking on a stove after I've spent the time to buy the ingredients). I do buy lots of store prepared food or frozen meals from King's Supermarket, Fresh Market and Shop Rite (to feed a family of 3). Is there a card that gives more back for supermarket purchases? My end goal is to maximize my cards in order to take annual vacations for my family.
What firm do you work at?
HLVX CHA0S I work for a publicly traded company in Jersey City, NJ (it's in many industries but the main industry is Insurance and risk).
Bank of America cash rewards
Because my girlfriend loves credit cards too, we are able to maximize our sign up bonuses by spacing out our cards for the year. She will get a business card, then refer me and 45 days later I’ll get the same business card with the referral. Then 45 days later I’ll get a personal card, refer her and 45 days later she’ll get the same personal card and the referral. Then 45 days later, she will get a business card, and round and round it goes. We then use that card for EVERYTHING we can spend on it, but because we stack them like that, really we only have 45 days each card to hit minimum spend, which hasn’t been an issue so far. This keeps us under 5/24, gives us a good, but sometimes anxious, minimum spend period, and insures we are averaging about 20-40% return on our spend. It’s tricky, but well worth getting the system down!
She's what you'd call a Keeper Girlfriend
What about hard inquiries from applying every 2-3 months, isn't that a negative impact on your score and frowning upon by banks.?????
Inquiries drop off though :)
How long should I wait to apply for a credit card after I’ve been denied a card? The next card I’m trying to apply for now will be the “secured” credit card . Should I wait or should I just get it now ?
Applying for a card every 2-4 months seems like a lot especially because you are only suppose to have 2 hard inquiries every two years
YMMV? I'll happily do free/heavily discounted trips every 2-3months just by paying rent while keeping a 750+ score.
Especially when I'm going to places like Bora Bora for 6-7 days that run $1,200 per night.
I usually get 3 or 4 every 3 or 4 months and apply in batches on the same day
Hi🤗 if you don't mind me asking,
How does that work?
I fear the hard pulls. I have 4 so far, 1 for my bank 2 for credit cards and one for my apartment, also, my credit is very new, (I'm at 720)just a year old. I do make 52000 a year tho.
I want to play the bonus game, mostly because I know I can hit the minimun spend, but I also don't want to get burn.
So, how do you do it?
Is it better to apply for more than one, in one day?
Thank you
C T I wouldn’t apply to more than one at a time. You’d obv get approved making that much. Just use it for a year or however long the no interest period lasts for then get another one. Applying for 3/4 at a time could hurt your credit in the short term from what I know. Plus why do u need that many. You can do 2 a year. One every 6 months at most would be my recommendation. I just got my 5th in 4 years of having a credit card and my score is almost at 800. Don’t think having more would of helped me any differently since I don’t have big expenses anyways. I do use 4of them monthly and paid balance at the end of month
@@notnoternexto thanks you for responding.
I was thinking about done ng it for the bonus points. I know I can hit the minimun required to so I thought, why not? It's basically free money.
But you are right.
I recently applied twice in one day to Chase. Got my CSR and Freedom Unlimited. Chase ended up closing down the freedom unlimited right away after approval cause they said it was too much credit in one day apparently. Any advice and getting it reopened? I already spoke to the customer service manager, he couldnt do anything. Mailed a letter to HQ. I don't want to reapply and get hit with another pull.
@@Hyuksel94 how was your fico, etc? , could you give me some insight into how you got approved by chase. Thanks🙂
Really like the longer, in-depth videos! Please do more of these.
I just got my first credit card I have the petal 2. Should I try to get another one so I can keep my utilization down. Also I’m a student do you have any suggestions
I have a question! I'm fairly new to the game and have only had about 3 years of history. My oldest secured card is 3 years old but I now have several unsecured cards with AMEX, Chase, Discover, etc. I want to close the oldest secured card from my credit union because they refuse to refund my 1k deposit.
Is it better to close that card sooner than later? Does it even matter?
I just got approved for the chase freedom with a pretty decent credit line. How long should I wait to apply for the reserve?
I would apply today (if you get this) to combine hard pulls. Make sure to use a different browser or to clear your cookies. Otherwise anytime should be fine (probably after you hit the $500 min spend).
I'm 26 and have two, both of which I got 1 year ago (a regular one and a rewards one). One my cards doubled my credit limit for being a good customer. Thinking of getting an airline one but I never get close to using much of the credit on both my cards combined, and end up flying on different airlines all the time in terms of airline cards
Seb, if one were to do a Chase Trifecta, or better yet the Quadfecta, wouldn't it be more beneficial to get the Sapphire Preferred ($95) and the IHG MasterCard ($49) for a total annual fee of $144 in lieu of the Sapphire Reserve? If you're using transfer partners with your UR points, especially if you're getting the 5% from the Ink Cash on in addition to the Freedom, wouldn't the difference in return between the Preferred and Reserve be moot in your overall UR point value?
Consider the IHG Accelerate portal that gives you extra points for using the card - in Q1 2017, for example, you could get up to 41k bonus points, and all of the bonuses looked pretty easy to attain.
YMMV. There's no right answer since it really depends on your circumstances. Accelerate isn't really viable unless you're a consultant, BD, travel-focused job. The majority of the points (15k) are after 18 nights. 18 nights / 90 days (that's 6 hotel nights a month) is ambitious unless you get paid to travel for work or just have a long trip lined up.
I see, is it generally getting more difficult to meet the bonuses than it was before? In Q1 '17 they looked pretty easy, and I don't think you'd need to stay all that much to reap 30k+ points, at least at that time.
Generally, though, if you have a CSP, the benefit of upgrading it to the CSR doesn't seem as good as keeping the CSP and getting the IHG card, if nothing else than just for the free night annually.
f4phantom2500 Q1 required only 3 stays if you planned it right: 3 different brands and one stay abroad. Another thing to note is that you could get these offers without the Chase card so it doesn't/shouldn't affect whether you get the card. You need to isolate for the real variable to compare cards properly.
Certainly it is an excellent presentation... no question yet, I wanted to hear more about how often should you apply for cards. 🤔. But, thank you so much.
What do you guys think I should go for: Amex platinum or the Ritz Carlton? Cheers
But how often Should you apply for a credit card? I understand that fact about working on a minimum spend for a bonus. But if I can hit a minimum spend every month. How often should I apply for a card? Every month? Every two months? I don’t think he answered his own question.
This popped up on my front page...loll Sebby looks super different!
Good morning Sebby hope all is well. here's a question, should I apply for another secured credit card, having a secured card already and with poor credit? A year ago I had a credit score of 430 and now its 588 with a TD secured card. But I was recently told to apply for a secured card from Discover.
Given your situation, I think adding another secured card and letting it age makes sense: www.asksebby.com/blog/comparing-secured-credit-cards-from-major-issuers
I just paid off my only (active) credit card (my score is just below 800, so I'm in pretty good shape) however, I'm looking to apply
for 1-2 more credit cards at the same time. I know this will lower my avg credit age and perhaps affect my credit score a bit. Is applying for two cards at the same time a bad idea?
Arika Chennelle it depends whether its issued by the same banks. i just tried it with chase. i applied for the reserve and got accepted but when i applied for the freedom unlimited it declined my app
@@porterwight1746 oh ok...good to know...thank you for the info! I'm looking at Citi and Cap 1
Does Amex offer a product change? Thinking to change from the Amex Gold not utilizing it as much. Any suggestions?
What about kohl’s credit card? This bank I have two of there card. But can’t this one? I pre approved my self last months. It’s congratulations then the screen went blank ? Then they gave me code to use. Then send need information, they send a letter out
Hey Sebby, I have a Capital One Platinum card and was thinking of product upgrading to a Quicksilver today but this morning Capital One sent an email giving me a 3k CLI. Should I not go forward with upgrading to the Quicksilver now since I got my CLI?
I have a simple question? If I sign up for the for the Bank of America credit card, does that now mean I have a new bank account with Bank of America? Or would I need to go there and sign up for a account then apply
Thank you for sharing.. New subscriber here👍🏾👍🏾
Question SEBBY i just applied for a Chase freedom unlimited around the end of march, i want to apply for the Amex blue cash preferred or the chase freedom because they offer 5x pt or 6x pt.? is it even wise to apply for another card within a month. ( i have a 1/24 ratio currently). and all my scores are about 700+ on discover free credit report, chases credit report. or should i wait 2 months or 4 months. mind to say my chase freedom unlimited i got $300 bonus offer and credit line of 4,500. thanks love your videos
www.asksebby.com/free-card-consultation/
First thing I saw in the video was the Highland Park Bottle and the Lagavulin Box behind it.
and the kavalan!!!
How fast does the hard inquiry show up on your credit reports? I want to apply for 2 cards each to a few issuers. I have targeted offers for amex platinum 100k and 25k for everyday, along with 100k for CIP. Ill get the business first, then I want to double dip at multiple issuers, but I dont want to lose out. Im thinking 2 from amex and 2 from chase both of which im preapproved for, but im greedy and i want more. Is this a wise strategy at 2 per issuer in one day? How many issuers could I go for without much worry? I have a lot of expenses coming and the minimum spend on all these should be feasible.
Each issuer has different rules. You wouldn't be able to get more than 2 with Chase per 30 day period anyways. Otherwise that sounds fine. I would focus on the Chase cards first since you're under 5/24.
For example, if you apply for the Chase cards, get rejected for one, and you apply for the Amex. You might put yourself in a position where you can no longer get those Chase cards.
Ask Sebby yes understood, but I wanted to take the 100k and amex platinum and pair the everyday card with it to combine inquiries with amex. On the chase side Ill get CIP with a solo HP and pair up the CSP and southwest card. Total 5 cards with 3 HP. Im planning an anniversary in SFO to take advantage of the centurion club in SFO and LAS on the way back. Also considering swapping the CSP for the ritz or another hotel card for a free stay.
i got the chase sapphire reserve in november 2016, chase ink business preferred in march 2017, what should i get next? i will downgrade my ink business before the next annual fee, what should i do about the chase sapphire reserve? i have about 380k UR points still untouched. i will be spending 10-20k in october 2017 so which credit card should i get next?
I applied for 2 cards at the end of February and got approved. I got greedy and went for a 3rd and got declined.... regrets, lol. Guess I'll wait a couple 4 months to apply for another 2.
bedtime u denied try calling the banks reconsideration line to be reconsidered
Plaz Flame slow down
Plaz Flame wait at least 6 months
I'm not a US citizen and I live in Turkey. Can I get a credit card if I open a LLC company in the USA? So is ITIN or EIN enough to get a credit card? Or is it not possible to get a credit card without an SSN?
Wow awesome computer screen...
I saw one at BESTBUY FORSALE($600). IT WAS TALLER. I LOVE IT. I ALMOST BOUGHT IT. BUT, IT WASN'T IN MY BUDGET..
THE MAN THAT'S TRYING TO BUILD-UP MY CREDIT SCORE FROM INDIANAPOLIS 🇺🇸
I applied for the amex essential (got approved) then 7 weeks later I applied for the mbna Mastercard and got approved.
What is your opinion on pre screened offers sent on a thin credit file? Example: I was sent a loan check in the mail based on a pre screened offer. Will it help or hurt my credit score? I am at a 654. I am looking to get my score up so I can get better cards and stop paying things in cash.
Hello Sebby, New Subscriber her. I am currently watching you've videos and get a lot of information. My situation is that I am preparing to purchase a home in the next year or so however, I have taken some hits in the past due to some poor and uneducated credit choices. I have pretty much some base on repairing and have been doing so but I only have one credit card. I would now need to apply for 1-2 more credit cards esp. since I only have 2 inquiries on my report. What card is recommended with a score in the 570s and that I would benefit from long-term esp. down the line making home purchases?
Get your score up to 600-650 and look for starter cards.
I know this is an old video but base on what you are saying in 1:30, what would be the best CC to use to pay for rent? I wanted to do this but I didn't want to be charged the $25 processing fee but now that I think about it, it would be best as long as I am getting more than $300 back. not sure but would like to know what you think
Hey Sebby! What is your opinion on Tally , the credit card payment company which allows you to group your cards?
Hey Sebby, would you add the Uber Visa credit card into the mix of no annual fee cards that would be good to get into the 3 that you listed in the video? I have one credit card so far (BofA Cash Rewards) and looking to get a 2nd credit card and trying to decide if I should do the Citi Double Cash or Uber next, or any of the three you listed?
Can you explain what you mean by minimum spends? I didn’t know you had to spend certain amounts on cards?
It's the minimum to receive the bonus. Like 2000 dollars in a 3 month period.
Thanks for the great info. When does the amount of Hard Inquiries start to negatively impact the FICO score? According to Credit Karma, after 4 it is supposed to impact my score. BUT, when I used their Credit Score Simulator it showed a score Increase if i added an additional card (I have 4 Hard Inquiries already). Is the Simulator correct? Is it safe to get another card? And if so,, how many can i get before the Hard Inquiries becomes a problem. Thanks in advance for the help, John
There's no hard rule to this. If you're a thin file, more is obviously more detrimental.
If you have athick file, my friend has 20+ inquiries and still has a 760 score. Remember that inquiries are a low impact factor.
Do you find yourself running out of offers (like Amex giving you one time eligibility whether you meet the spend or not) or how do you get around this ie. close account and wait 24 months for some cards to be re-eligible?
If you're running out of cards, you're probably 40 cards in.
I SEE YOU WITH YOUR HIGHLANDPARK, MY MAN! 👊🏽
👊
I have 2 credit card 💳 open anther card does it hurt your credit score ? One is a visa and the second is a visa from my credit union bank !
Biggest hit will be AAoA. 2 steps back, 3 steps forward.
My question is how many inquiries is too many is I am applying for credit cards?
Ask Sebby how do you pay your rent with credit card? I would love to do that, but have always paid via either paper check or electronic bank transaction.
It’s going to depend on whether or not your landlord or property management company accept credit card payments. I believe there may be additional ways as well.
My current cards are double cash, freedom, discover it, and the blue cash everyday.. thinking about getting the savor card or the uber card my problem is using the cards, I always fall into using just 1 card currently it's the double cash.
At 20 years old I have a 750 credit score but credit history, how do I build credit history?
well, I have a credit score of 780, good income, homeowner and one gas card with great payment history. Applied for CSR and got rejected. Call the reconsideration line and told me some bogus reason why I was declined. I believe it was because I have zero Chase card history. So I applied for Chase Freedom a couple days later and got rejected again. Maybe applying so soon was a mistake? That's already two apps in one week. Should I apply for the Discover it immediately card instead and then wait a few months later, then apply for Chase cards? Or should I wait a month or so then apply for the Discover it? Any help would be awesome.
Is your oldest card at least 12+ months old? Feel free to fill out a free card consultation and mention you got denied for CSR + CF in the comments www.asksebby.com/free-card-consultation
Doesn't it affect your AAOA? Also I know a lot of banks are inquiry sensitive.
I want that dog in the background
There are 2 dogs in the background.
Mike Rotch where is the one with the glasses from lol
Awesome and informative. Sub!
Which card do u recommend for mortgage and utility bills?
I think bonuses outweigh “age” score dropping and so on, i PC’ed my 5% back on discover to the gas and restaurant 2% card then applies for 5% rotating discover after about a month for the 10% cashback from the welcome offer and an intro period of 14 mo (which i didn’t have previously), i think if people can earn more rewards and add accounts with positive value who cares about age and average age or whatever
Hi so you take what you get back and pay your credit bill?
At this point I'm applying for new cards as soon as I reach welcome bonuses 😂 but I'm trying to build the number of accounts as early as possible now that I'm starting to understand all this
Never had a credit card, and only have done small loans over the past(20 years) and now I'm trying to build credit by way of credit cards. Last year I was denied for a credit card because I had no credit history orwak of the purse types of credit. I want to apply again this year for a credit card if I'm denied by One credit card company how long should I wait to apply to a different one?
You should look into a secured credit card from Discover. It basically requires you to put your credit limit in an accompanied account as collateral. Then after paying you bill on time for a year you can apply for a 'normal' credit card.
Another route is to get a basic card from the bank you're with. BofA gave me my first credit card just because I had a checking account with them.
@@blijbunny correct, I ended up going with my current banking institution. I didn't want to do a secured cc, so my bank was my best best. Thanks for the reply
So I could make my citi costco card a double cash card???
Once you go Costco, you can't go back.
i.e., if you had a Citi DC => Citi Costco you can't => DC again.
@@AskSebby So I'm locked into Costco even though I never changed. Not a bad card but a little disappointed since I'm slowly building up my credit card portfolio and will eventually have a card that beats it in every category. Thank you for the response!!!
Basically, the moment it becomes a Costco card (whether you PC or applied for it directly) it can't be changed.
It's a fine card especially if you shop for expensive items at Costco (double extended warranty).
Hi Sebby, please make a video on the cons of having too many credit cards...how to manage and keep track of all of them.
Video on managing multiple cards coming Thursday :)
Just have them all on automatic minimum payments
Wouldnt applying for a card every 4 months like you claim you did affect your number of total inquiries per year? Howd you get around that?
I applied for an a American Express everyday credit card last month and already hit the minimum spend for the bonus. I don't gently applied for a discover it credit card and it got denied. So I definitely rushed it.
Did you reapply? I wait 6 months before opening a new card or getting a limit increase.
The no annual fee that you "keep around"....are you still making purchases on these cards monthly? With so many cards I feel like you might not be able to use them all. What is your input on this?
Video on this coming up :)
Excellent, I am very new to this and your videos I stumbled upon today. Excellent work.
Can you actually go to the lounge after arrival to your destination?
Very insightful! Thanks!
Wow rent is high asf there. You can get a nice two bedroom condo in Nashville,Tn for no more than $1,200 at the very most.
It's a supply/demand issue. There's not enough homes and there's people pushing against home development.
Salaries tend to be higher to counter-act this: www.levels.fyi/
Love your nerdiness bro! Thanks for the info
Once.
Then let the credit grow.
I applied for 2. 1 year ago this year 3 limit is $10.000 each
Wow that’s awesome
A video about how to get deals on airbnb would be great. Airbnb is the one thing i cant find a way to get cheaper besides using the uber credit card that gives 3% back on hotels and vacation rentals including airbnb.
I'm not really a fan so not much expertise I can add :(
Good stuff Sebby!