Pretty much.

An ancillary benefit is if you want to book a trip soon. You do your "app-o-rama," hit all the bonus requirements, get all your points, book your flight and wash your hands of it.

I follow a lot of this stuff pretty closely and have been building up my credit this year. Started the year with about maybe $8,000 in CLs and now have about $40,000.

I do about a new card every six months. Getting in nice and slow and building up my Chase relationship as I think they got the best suite of cards. Once, I'm done with them I may try Amex. Regardless I request CL increases every 6 months for just about every card I hold.

quote:
how much of an impact does this have on your credit report with having some many hard inquires?

Each application is about 2-5 points off your score and recovers quickly. Most effective individuals have scores north of 720 to do this.

This post was edited on 10/22/13 at 4:24 pm

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Posted by LSUAfro

Baton Rouge

Member since Aug 2005

12775 posts

Posted on 10/23/13 at 9:06 am to Teddy Ruxpin

quote:
I follow a lot of this stuff pretty closely and have been building up my credit this year. Started the year with about maybe $8,000 in CLs and now have about $40,000.

Nice. In the last 2-3 years I've done similar. I probably started with about 5k CL and probably at any given time have about 30-40k.

quote:
Once, I'm done with them I may try Amex. Regardless I request CL increases every 6 months for just about every card I hold

I started my wife on the AMEX SPG to take advantage of the 30k sign up bonus and to establish a relationship with them. I've been using the Sapphire Preferred/UnitedExplorer/Freedom for the 2 years and about to sign up for another Chase in the next couple of months. I'm hoping one of them bumps up their bonus offers. The United Explorer is worth keeping just for the free bags/club passes.

Waiting for Amex business Gold to hopefully offer the 75k bonus point sign up again and I'll probably jump in to Amex at that point. $10k spend in 4 months