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peakprime

Credit Card Stacking

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I approached a company to help me fund a business and they told me to try a technique called credit card stacking. This involves getting a bunch of credit cards all at the same time. So instead of getting 1 5k credit card I get 6 so i can get 30k for my start up how does that work when credit card companies will decline if you have too many inquires...any ideas?

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Inquiries don't matter.

If your credit is bad you will get declined for that.

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If you have great credit and decent income you should get limits much higher than $5k.

I was auto-approved this week for a Citi card At $33k.

Edited by cv91915

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3 minutes ago, cv91915 said:

If you have great credit and decent income you should get limits much higher than $5k.

I was auto-approved this week for a Citi card At $33k.

Which bureau did it pull? Did it pull all three?

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1 minute ago, peakprime said:

Which bureau did it pull? Did it pull all three?

Experian.  But who cares?  Go pick out some great cards that work for you.

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because I applied for three credit cards on Experian so I am trying to spread them out over the bureaus so they don't say too many open account or too many inquries so I have 6 on experian in last 6 months but none on Equifax or Transunion

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I'm thinking in doing so, if you apply for so many cards at once, one or more of those creditors might get nervous seeing you immediately applied for others, then close your account.

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47 minutes ago, peakprime said:

because I applied for three credit cards on Experian so I am trying to spread them out over the bureaus so they don't say too many open account or too many inquries so I have 6 on experian in last 6 months but none on Equifax or Transunion

There are times where you don't get a lot of say in which bureaus are in play.  Some issuers use a particular bureau depending on the part of the Country in which the applicant resides.  Others are dedicated to a bureau.  

The database would be a good source of information for such issues...

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you're much better off and in more control by doing some research on your own. good luck and welcome :wave:

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On 7/1/2018 at 4:42 PM, peakprime said:

any ideas?

Don't pay this company for their advice. I've seen some that charge a % of the credit you get approved for, or even worse ask for personal info or copies of credit reports. 

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