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Olymmmpia

How many CC apps are 'too many' when rebuilding?

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For the first time...in 7 years...my reports are finally clean. All 3 of them. And, with ALL the baddies gone, each now has a score of 700+.

 

Now that I'm entering the post-apocalyptic 'rebuilding phase,' I'd like to apply for some unsecured cards...maybe up to 3, just to start.

 

My question is...how many CC's should I apply for at once? Is applying for 3 too many?

 

There's been discussion over the years...usually surrounding shopping for car loans & mortgages...that if you submit multiple applications 'at once' or close together (within 30 days), you'll usually only get dinged for 1 'hard pull' vs 3-4 or whatever. Anyone have any insight on whether this strategy is correct, and/or would it apply to CC apps as well?

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Do you have any open, positive tradelines on your report?  I'm guessing you have something as you have scores.  I'd think carefully about applying for cards at this point.  Don't apply for something just to get a tradeline and score boost.  Only apply for cards that you want and will use.  I'd skip store cards at this point.  

 

Having said that, applying for 3 cards now may not be a bad idea.  After 6 months, and hoepfully a few CLIs, you can think about adding more (if you find some that you want and will use).

 

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Find the cards that have bonuses that you can clear without much effort and for which you won't be revolving balances.  There are a number out there that only require a thousand or so in spending within the first 90 days.  Those are good ones to get around the time that things like auto insurance comes up for renewal since you already would have been spending that money...

 

A couple of store cards that will actually see use are worth having IF and ONLY IF they are stores that you would ordinarily be shopping at anyhow.  Example would be the Target Red Card if you shop at Target since the 5% at point of purchase is helping you in multiple ways as you rebuild...an online SCT card that won't ever be used (or will only see use once a year) is NOT worth the hit to the credit reports...

 

The grouping of inquiries is largely a myth in reality AND is not something that applied to credit card hunting. 

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