-
How many credit cards is it possible to apply for until they stop you?
So, can I ask a stupid question? Can I just keep applying to cards with bonuses? Except for restrictions like 5/24, can I just wind up with 20 cards? My credit is excellent, will it screw it up? Is there no downside other than total credit available ->> utilization changes to closing a credit card? What’s the catch?
I have about 6 free cards at the moment, and I just got my first paid one (IHG, but I hate them now). So over the next year could I conceivably get 4 paid cards with bonuses and then cancel or downgrade next year to avoid the annual fee? I always thought that was suspect. Was I wrong?
I do have a Chase Ink card, but the business it was associated with no longer exists. Does it matter or can I open business cards as well?
Thanks!
-
5 Replies
-
Curious on this strategy for cards with high AF. Unless really useful are those ones that you typically downgrade before the fee hits? looking at the AMEX Platinum business with the 150K SUB. I am P2 on the personal one so does that count toward the 1 bonus per card?
-
I have over 20 credit cards (opened over the years of course and no all are personal).
How did you open your INK? LLC, Sole Prop?
-
Many of us have 20+ cards active. It’s pretty much inevitable when you go full throttle into this game. So yes you can but once again you need to be strategic about this.
Each bank can and does have its own rules. For example, Chase has 5/24 and Amex has its 1 bonus rule per card and now rolling out card family bonus restrictions for Delta and personal Blue family cards. Citi has 24 & 48 month SUB restrictions and so on.
As far as opening and closing cards that too has to be done strategically as you want to make sure to keep 1-3 of your oldest cards so that your credit history length remains high and pull up your average card history age as you add more and more new cards. You generally want to downgrade a card, hopefully to a free one, instead of close unless there is a reason to actively close it. Always keep a card open for a full year before doing any downgrades or closures. Frequent closures will be noted by the bank labeling you as a card churner which generally isn’t profitable for a bank. After 2-3 years you’re ok to close a card.
As for the biz card with the associated business no longer existing you should technically close it but if it is tied to your personal credit there really isn’t much use in closing it. Just use it as you’re still the one paying the bill and ultimately responsible for the card. But it does give you a reason to open new biz cards as you start your new biz and “close” your older ones (excuse given to bank if they inquire why you need more cards).
-
So far sounds like no downside, just a matter of optimization. How is the new Points Guy app for keeping track since I’d be watching for the good bonuses?
-
Yes. Leave at least 30 days between applications to the same bank. Be very strategic and don’t get taken in without analyzing and doing the math on each card. Don’t be impulsive. But yeah, go wild if you are responsible with credit
Log in to reply.