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in 2014, my credit score was 550. I had no credit cards at the time. I applied for capital one and I got approved for the Palatium Mastercard with $300 credit limit. I then applied for the discover card and got approved for $500 limit. Fast forward to 2023, I have 16 credit cards with 265K credit line on all my cards. My credit score is 818 right now.
Sooo proud of you, now thaaat's discipline. I hope to duplicate your success. I was at 550 six months ago and today I'm at 700. We have to remember that credit and credit score is a moneymaking game for the banks. As the saying goes "... Don't hate the player, hate the game" ✌️👍🤞
Your scenario of “going slow” is literally how it happened to me. I got a secured card, then about a year later applied for the chase united club card and got approved for 4.5k then six months later got an automatic increase to 8.5K. The secured card got a credit increase to $450 when it converted to a regular card and they never increased it.
Once again, Adam, you've given me a bachelor's degree in credit over the years of your channel. I thank you for your knowledge, your teaching skills and generosity of time!
I totally agree with your reasoning about the number of cards a person should apply for at certain points of time in their lives. My first Amex Gold was 34 years ago. This past December I decided to hit the credit card points and miles game hard. I have a combo of 9 cards since December 2022. Amex Platinum, Gold, Hilton Honors, Blue Business, Chase World of Hyatt, Chase Business INK Unlimited, Sapphire Preferred, Wyndham Business Earners then finally the Amex Marriott Business card. I know it’s a lot, but I used a lot of them for business travel thus my job paid for them by reimbursement. I started my own LLC and that is why I got the business cards. It’s a juggle, but doable. Thank you for your great videos and information!
I don’t leave comments very often but I have to say your advice is excellent! I wish more people would give this type of advice. Thank you for what you do.
I applied for my first card last year and got a $500 credit limit. Kinda useless. Three months later I applied for a second one and got approved for ten thousand. Who could predict that?
Your advice is sound but sometimes there is a lot of variation in banks...amex vs chase vs capitol one vs citi. It would be useful to have a video on rules of different card issuers.
Good advice! In my case I started with 2 secured cards the same month, both graduated at 6-7 months, got 2 personal AMEX cards and 2 business AMEX cards the same year 🤣 I lack moderation 🤣
Apply for your first card as soon as you turn 18. If you're in your 20's o 30's than apply for it by yesterday, time is key in this game. I applied for four credit cards in a seven month period, but already had three cards before that. Haven't apply for any more cards ever since as I feel I have the ones that I wanted already (both Freedoms, Custom Cash, Discover It, US Bank Cash Plus, Amazon Prime Visa). Now I'm waiting for those four inquiries to drop off my credit report which first one will be in two weeks (all of them will drop this year). It's important to note that my credit score stayed the same (768-771) for almost a year and a half. It jumped 20 points just a few days ago (791). I'm 24 btw
Thankful for my parents putting me as an authorized user, and for my high salary. I think those two factors have allowed me to be approved for 3 credit cards over the course of 6 months despite having none of my own. Also pleasantly surprised to find that cap one didn’t bucket me and they were the ones who gave me my first CC when I started my job last year. I’m happy in their ecosystem as of now, and will get the VX as soon as I can justify the spend.
I agree with the first year thing. After that I feel one every 6 months is ok. You want to get several cards the first few years to help in keeping your average age of accounts always up. We had two cards that were 20 years old so when we started getting a lot more cards our average age plummeted to about 7 years. No concern whatsoever but if you are just starting out, the less cards you have up front the more your average age will plummet. You have to be aware of the various rules, even if they are not stated rules. For instance, there is word of mouth wisdom that Citi doesn't like any inquiries in the six months prior when applying for a credit card. So if you go for a citi card then don't apply for anything six months prior. The apple card is inquiry sensitive as well. After you have a few cards and been established I say stop simping for the cards and these companies. At this point I will go out of my way to apply for several like cards on the same day just to see who approves and who gives better credit limits. Once I got three of the 2% cards in one day, the credit limits were vastly different. Guess which one gets rewarded with the most use? You guess it, the one with the highest credit limit. The others can go pound sand. Shift the power dynamic, make them work for your interchange fees.
My five oldest cards could go away and I wouldn't miss any of them very much in terms of rewards. But they are my five oldest cards. The newest of them is more than three years older than the next oldest card. So I keep them to help my average age of accounts.
Thanks for explaining why my credit limits are so low!! I only get 2.5 to 4K limits and apparently it’s because of that one time I opened 4+ cards at once. I’ve gotta slow down my applications! 😕😮💨
at 21 years old w less than 2 years of credit history i have been approved for 7 credit cards and this year so far ive been approved for 3 cards in the span of 4 months so it’s really just different for everybody and I have around a 750-760 score.
I got my first credit card in July of 2021 and my second one in September 2021 and my third in October 2021. Then I got the Citi Premiere Card in Jan of 2022 and the Amex Rose Gold in April 2022 and then two Business Credit Cards from Amex. So that waiting a year with one card is absolutely unnecessary.
not into the slow walking. Haven't had credit cards in years and didn't realize the perks of them. In like 11 months I added 10 cards to my wallet (7 personal and 3 business). Cards range from limits of $500-$16,000. Scores 730+. Gardening for now but will add another 2-3 at end of 2023 or early 2024.
one important strategy I learned from several TH-cam credit sites, is that you should eventually grow your total available credit to represent at least what your total income, or near to it. The reasoning for that strategy is that if you have only ONE credit card (e.g. $4000) and you have an emergency, then if you have an emergency and need to use $3000 out of it then you have 75% utilization already which creates an automatic score reduction on your credit files. So having several cards (e.g. 5-7 cards with a total of $20k available credit) and then utilizing $3000 of it is a 15% and not 75% The plan is to grow your total credit by getting a new one every 6 to 12 months What do you think?
Don't be using Credit cards as an emergency fund. Create an emergency fund of your own of 3-6 months of expenses and put it in a high yield savings account. That is only used for emergencies. I repeat do not use credit cards to cover emergencies. It can place you in a world of hurt financially
Just do your research before getting a card or 2, I got 2 secured cards on the jump 500 / 200 CL after a year 500 jumped to 1500 and unsecured, 200 CL still hardly used for this reason and is also unsecured after about 2 years. Sitting on 6 cards now got the Amazon Card 10K CL Lowes 20K CL Apple 4K CL Alt Go + 1K CL only use it for fast food lol, Have not really done much with my credit after those and it's been about 3 yrs. nearly 770 across the board, paid statements or as much as needed to keep my balances low. Either way lots of great lessons online especially some youtubers like the guy in the video :P PS: Waiting for my inquiries to drop and I'll most likely get more cards.
It is definitely good to have a scheduled, timely, paced plan to acquire the GOOD quality credit cards! This from a guy with 20 cards and only 5 are REALLY good!🙄
This channel is super helpful. I wish I found it earlier than I did. I got my first card a bit late, in October from Discover. It’s unsecured, 2k limit. I had a credit history of almost 8 years w/ student loans and a car loan. 3+ years of perfect payment history on the car, while student loans are deferred still. I ended up applying for the Amex BCE in April and got a 4600 limit. I wasn’t sure if I should wait six months or a year between cards. I’m a grad student and I keep a tight budget anyway so I don’t think it will hurt me too much.
A few things oldest card is 7 years old I have applied for 11 cards in the last 12 months. I got All of them but now most issuers won't approve me for another one. Citizens denied me to many inquiries Wells Fargo same thing Citi approved me for 1 card then denied me the second card for to many inquiries
Not surprised. Citi has a very soft spoken probably a rule rule where they don't like any inquiries in the prior 6 months when applying for a card. I think Wells Fargo is inquiry sensitive too, although I applied for four cards in one day, all got approved and one was a Wells Fargo card. What card from citizens were you after?
ok my credit history is something... i think im at a point where ive gotten one card every 2 years or atleast gotten approved for them lol so im at 5? cards in 7 years and a 770 ish score. the reason i looked this up to see if it was possible to get 3 cards in a month or 2 and from what your saying its been done before. cause i accidently got a card i cant use for the time being like a month? month and a half ago and i had a different plan in mind lol now theirs 2 more cards i need but i dont wanna get declined for them for having to many accounts open too fast. like tring to get the robinhood gold card and a bank transfer card for consolidation. im just glad to know my chances arent 0
The answer is very close together. i got impatient and just went for it got approved for a chase card crazy only alittle after a month since i got my other card
Age plays a major factor not mentioned. Someone in their early 20's has a better shot at getting approved for a second secure card in their first year. I waited 10 months to get approved for a C.O second card and that was only for a secure card. Also this could happen with the younger generation too. That if you get a secure card you still might need a second secure card after the first one graduates. My credit score hasn't gone up either and going over my 30% utilization hasn't helped. Best advice if you apply for a second under 1 year you could get denied. I wish Adam would mention that a denial is more likely than an approval. With every denial it makes credit card applications worse because one number banks look at how many credit reports for credit were made. I had 4 in a short in a month and got denied by X1 for having this one reason amount a few more. I'm in my 50's and having a blank credit report it my age really makes getting credit really hard.
I was able to get 13 credit cards within a 2 year period and now I have a 779 credit score. I am closing a couple of them now like Opensky and Tomocredit. I have about 5 months before I have 0 inquiries and then I go for the chase cards.
Excellent video!! Like once Justin from Inbound Points said on one of his videos , he said to be smart how we apply for all our credit cards, because it will start to feel like Pokémon that you just want to catch them all 💳💳💳💳
I have already 3 credits cards and i only hav 6 month of credit history, 2500 in the first one and 500 in the other 2, i only hav one card that donts hav benefics, the other 2 are very good, i hav 740 credit score😊
what do you recommend I go after first, I have Business Platinum, Gold, Hilton Hores, Blue Cash, Plum and Amazon Prime. My credit is 740 across the board. Which personal card should I apply for?
Great work on your videos been watching a few. I applied to a personal cc in April and I want to apply to a business card this month. Does my ding in my personal report affect my business report? Will my personal report be ding twice if I do apply? I have a 750 score that most definitely will go up this month as I have very little utilization.
My two main goals with my credit score is to have one good enough to get me the cheapest interest rate on mortgages and auto loans, through most lenders. As of now, I perceive that a 780 would be good enough for that. Second, I want my credit profile to not be extremely sensitive to new accounts and hard inquiries. I want to be able to take advantage of rare SUBs and new credit cards without having to worry about my score too much or how it might affect me getting another credit product in the future. My second credit card cost me about 30 points on my credit score, but my 5th card only cost about 15, so its getting better. I would prefer it if my score dropped less than 10 points.
ON YOUR CREDIT REPORT, THEY WILL BOTH SHOW UP AS LINES OF "REVOLVING CREDIT" (yes.. they will both be seen as credit cards, as far as the credit report goes)
I'm horrible! I get a card and then I want another one and another one. Patience is not one of my strong suits. I have been averaging 6 or so cards per year the past few years. I really need to slow down, especially since I am way over 524 and there are a couple of Chase cards I want. Again, great content!
I got my first two credit cards one day after the other then my third after 2 months and then 3 months later my fourth but I’m done till like 1 year from know or maybe even a year and months
As someone who only owns no more than four cards at the same time, I'm always curious about how influencers who claim to have 30+ cards can get decent credit limits for each one.
I started off last fall and honestly, other than SUBs, I don't think I need anymore cards. My BCE card is managing as a great daily card. I've got a cheesy local bank card for emergencies. MAYBE I get a hotel or extra gas card. Then again, I prefer the slow and sure strategy.
I've been approved for 5 credit cards over a weekend and a total of 8 approvals in one week's time. Half of these were major credit cards like Visa, Discover, and Mastercard. The rest were store cards. My limits were pretty decent in my opinion. I must also say that I went from a 450 FICO score to above 700 FICO scores over all 3 major credit bureaus inside of 6 months. I will admit that my results are not typical. I was able to accomplish this because I came into a large sum of money and was able to pay my debt down from 99% utilization to 0% utilization within a couple of weeks, which is the fastest route to increasing credit scores. In total, I had at least 22 credit cards. To each their own, but I prefer the quicker route.
@@mxsaigon3599 Believe it or not, a lot of people have 30 or more. I'm on the low end of credit card ownership. I write a credit blog so my cards are mostly the result of research for my blog so that I can pass my findings on to my followers. My #1 lesson is that credit card inquiries are overrated. Myself and others have proven this time and time again.
@@charleschristianson2730 I have not collected one dime from my website. I give free advice because I used to have bad credit and there was no one there to guide me in what works and what doesn't. I'm simply sharing my proven experiences.
What is the hit to your credit score by applying for credit cards? 2 points? 5 points? And is the amount of points lost multiplied if applying for multiple cards at one time? How long does it take to get those points back? I have questions. 😂
True. I went crazy applying for credit cards because of watching too much youtube videos. My score from 800 plus went down to 739 in less than three months. I have 4 new credit cards but my score suffered way too much. I had like 7 hard inquiries. Its a mixed feeling situation.
If your anal about your credit score like I am, because you've ruined your credit in the past and then get hard inquiries which dings it, I get where your coming from. I check mine on almost a daily basis. And recently applied for to many and I'm not in my happy place right now. Tough lesson to learn. Tons of credit at ones disposal but just a fair score now. I'm disgusted with myself.
The thing about credit scores it will never stay the same soon as your pay your bills in full on time that will drop your score but you will have a good credit profile on paying your bills on time just pay your bills on time for 10 years having a long credit history is a plus and keeping it under 20 to 10 percent reporting is the key but credit scores never stay the same
Petal just demoted me to a Petal 1 Rise card which charges $96 annual fee. I didn’t even get good rewards to match $96 a year. I was forced to cancel it even though it built my credit for so many years. I’m pissed because it will hurt my credit for cancelling
Proud money Nordstrom and Target are under the same bank, how come the rules are different for Target? They are so much harder to get a increase and Nordstrom’s is easy? Help
Not sure. Nordstrom may have a different deal with the bank, they might want those card customers more, maybe they take on more risk themselves vs what the bank is responsible for. Target might not need the card customers quite as much so they have a different deal with the bank. Purely a guess, though, I have no inside knowledge there.
Should I apply for a new credit card? I have a credit history of 1 year and 7 months I want to get the Amex gold card but I don’t want to get it if it’s gonna drop my credit too much. I have a 757 credit score
Kidn of at the point where trimming down from 7 cards, to 4, makes sense. Is there any downside? Income is decent, score is above 800, there won’t be any CC debt, so utilization won’t be an issue. Is there any downside to closing accounts if I’m not seeking credit? I already have a mortgage.
I’m fairly decent at credit. Adam can chip in but from my understanding as long as you can replace the credit utilization of the 7 cards with those 4 cards would work. If the other 3 cards you’re thinking of getting rid of is older. You will see maybe a solid dip in your credit score so that’s probably gonna be the biggest equation. Other than that it’ll just be a waiting game until your credit score goes back up.
@@jakeizlove Right that’s secondary. My main point was the dipping of your credit because of the closing of accounts depending on the age. That would be your biggest factor to think of.
@@Fuerya I haven’t applied for a card in nearly 10 years so it might not matter. I might hold onto them a little longer , but I don’t necessarily like to cycle credit cards just so companies feel like there is adequate activity.
I want at least 4 credit cards but I have 2 priemer bank cards I soley regret this isn’t included in my 4 . I applied to 2 credit builders and one loan in less then 30 days it dropped me 9 points so I mean nothing to bad but honestly I have not touched a credit card for 4 years so I deserve that lol ❤😂😂
At an income of around 35k a year and retired, what shoudl be a good second credit card, i started late building credit and am now around 727. I am looking for a second card with gas perks and stuff. ???
Citi custom cash is a good alternative it gives you 5% cash back on your highest spend category and one of those is gas. If you only use the card for gas then is really good
Don’t get the Shiti Custom Crap. I think for your purposes an Amex blue cash fits you like a glove. 3x gas and groceries and if you splurge for the $95/year version, 6x groceries. Simple, efficient and has everything you want.
Why? Oh why…do ppl still believe increasing your credit limits is THE GOAL! You don’t need to do that if you don’t have higher spending needs. So dumb, it doesn’t make you look rich. Stop! SMH
By increasing your credit limit, it helps you to keep your credit utilization low, which helps you to build your credit score. You can't keep your credit utilization under a certain percentage if you have a low credit limit and you use up most of that credit limit just by buying weekly groceries😂 it's not about trying to look rich
Having a higher limit allows you to have the most desirable percentage of utilization which improves your credit score which gives you access to lower interest rates for mortgages etc
Credit utilization like everyone else said. One take away though, the finance community has it's niches like every other one out there. The guy with the most points. Most luxury cards. Best transfer rate or % across all categories. And some want the largest credit limit possible.
Let’s say I’m booking some kind of major trip and I’m gonna throw $8000 down on a card. If I don’t pay that immediately before it is reported as my balance to the bureaus, and my credit limit is only 10k, I just killed my credit utilization and my credit score is going to plummet. If my overall credit limit is 60k, I’m going to fare much better. That’s why.
So you can state and supposedly follow all these rules when starting out with credit cards but you can't follow the 1 rule from Discover to activate the quarterly categories once every 3 months? Yeah, you are a whiner. Unsubscribing.
It’s the first time I’ve heard of him slipping up on activations after years of this channel being out. He’s human; give him a break. And the Discover thing is doing something when this is about refraining from doing something. Very psychologically different. Two different kinds of discipline.
@@alexc2265 No breaks to give. Yes, people make mistakes. But he made a whole whiny video about it and proudly claimed to be a whiner. Such a waste of time.
Damn. I started out getting two cards within 4 months of each other. 18 months later I have a Chase Sapphire preferred. Can I close my second card - a Credit One $500 limit pos - without wrecking my score? Still keeping my first card, a Discover.
Maybe during a time when the call center is open, that way you can call right away after your application and get a reconsideration if you were denied, or get approved faster if you are pending an answer.
got my first card in 2019 with a local credit union to start building my credit and i started with a CL of $500 about 8 months later i got it increased to $1000. Jan 2022 i decided to get a store credit card (big mistake) not sure what my credit score was at the time but i think it was around 720 and i got approved for $1500. Around aug/sept last year i started to learn more about credit cards and decided to get into the game and apply for chase freedom unlimited and got approved for $3000 my score was 753 with transunion and equifax. I decided to wait 6 months and in march i applied for citi custom cash and got approved for $2900 on credit karma my scores were 761 but on the citi paperwork it said my score was 780. Im looking to apply for the freedom flex next and i want to wait another 6 months but i might crack and apply in June. My score on equifax and transunion is 750 and on experian i think its around 730 right now. I work in retail so my income isnt that high but im not sure how people with lower incomes esp college students get approved for crazy high limits sometimes. On my chase and citi applications i added extra income since i live with my parents, dont pay rent, and they help me out with some expenses. My total credit utilization is also always below 1% and i always pay on time and in full so im not sure why i get approved for low limits. I guess i’ll see what happens the next time i apply
My story is pretty much exactly the same as yours, started my credit journey in 2019 and always got low limits, difference being my income is decent. I just applied for a new credit card recently and finally got a sizable credit limit, 13k credit limit with fidelity credit card. No idea why, my credit score has been 700+ for all of my credit cards too except my first one.
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in 2014, my credit score was 550. I had no credit cards at the time. I applied for capital one and I got approved for the Palatium Mastercard with $300 credit limit. I then applied for the discover card and got approved for $500 limit. Fast forward to 2023, I have 16 credit cards with 265K credit line on all my cards. My credit score is 818 right now.
So the first card should not be canceled no matter what?
@@yobryann1538 No, old credit cards have high impact on the scores.
Sooo proud of you, now thaaat's discipline. I hope to duplicate your success. I was at 550 six months ago and today I'm at 700. We have to remember that credit and credit score is a moneymaking game for the banks. As the saying goes "... Don't hate the player, hate the game" ✌️👍🤞
16 cards but only 26k? I got 26k in a year with 5 cards. … And I have never been under 650… how could you get 550? You cartel or some? Lol
@@charted8015 265k not 26k. My ex wife ruined my credit and that's why it was at 550. What's with the cartel thing?
Your scenario of “going slow” is literally how it happened to me. I got a secured card, then about a year later applied for the chase united club card and got approved for 4.5k then six months later got an automatic increase to 8.5K. The secured card got a credit increase to $450 when it converted to a regular card and they never increased it.
Once again, Adam, you've given me a bachelor's degree in credit over the years of your channel. I thank you for your knowledge, your teaching skills and generosity of time!
Best advice about credit cards here on YT!!!!! This advice is GOLD to me as I have lived it and have all the cards I want without hurting my score.
I totally agree with your reasoning about the number of cards a person should apply for at certain points of time in their lives. My first Amex Gold was 34 years ago. This past December I decided to hit the credit card points and miles game hard. I have a combo of 9 cards since December 2022. Amex Platinum, Gold, Hilton Honors, Blue Business, Chase World of Hyatt, Chase Business INK Unlimited, Sapphire Preferred, Wyndham Business Earners then finally the Amex Marriott Business card. I know it’s a lot, but I used a lot of them for business travel thus my job paid for them by reimbursement. I started my own LLC and that is why I got the business cards. It’s a juggle, but doable. Thank you for your great videos and information!
I liked that I waited after my first card . Ive learned so much before applying for another one that I knew would be very helpful for my needs.
I don’t leave comments very often but I have to say your advice is excellent! I wish more people would give this type of advice. Thank you for what you do.
I applied for my first card last year and got a $500 credit limit. Kinda useless. Three months later I applied for a second one and got approved for ten thousand. Who could predict that?
Your advice is sound but sometimes there is a lot of variation in banks...amex vs chase vs capitol one vs citi. It would be useful to have a video on rules of different card issuers.
Always straightforward... I like this guy
Thanks!
Good advice! In my case I started with 2 secured cards the same month, both graduated at 6-7 months, got 2 personal AMEX cards and 2 business AMEX cards the same year 🤣 I lack moderation 🤣
4:36 can vouch for this, my first card had a $300 limit just recently (after waiting roughly a year) got approved for $7000 limit on my second card.
Facts. I have 3 Cards and I applied for each card 1 year apart from the other.
Apply for your first card as soon as you turn 18. If you're in your 20's o 30's than apply for it by yesterday, time is key in this game. I applied for four credit cards in a seven month period, but already had three cards before that. Haven't apply for any more cards ever since as I feel I have the ones that I wanted already (both Freedoms, Custom Cash, Discover It, US Bank Cash Plus, Amazon Prime Visa). Now I'm waiting for those four inquiries to drop off my credit report which first one will be in two weeks (all of them will drop this year). It's important to note that my credit score stayed the same (768-771) for almost a year and a half. It jumped 20 points just a few days ago (791). I'm 24 btw
I went for 4 in the first year lol. I regret nothing. One year of credit history 733 TransUnion Score.
Thankful for my parents putting me as an authorized user, and for my high salary. I think those two factors have allowed me to be approved for 3 credit cards over the course of 6 months despite having none of my own.
Also pleasantly surprised to find that cap one didn’t bucket me and they were the ones who gave me my first CC when I started my job last year. I’m happy in their ecosystem as of now, and will get the VX as soon as I can justify the spend.
I agree with the first year thing. After that I feel one every 6 months is ok. You want to get several cards the first few years to help in keeping your average age of accounts always up. We had two cards that were 20 years old so when we started getting a lot more cards our average age plummeted to about 7 years. No concern whatsoever but if you are just starting out, the less cards you have up front the more your average age will plummet.
You have to be aware of the various rules, even if they are not stated rules. For instance, there is word of mouth wisdom that Citi doesn't like any inquiries in the six months prior when applying for a credit card. So if you go for a citi card then don't apply for anything six months prior. The apple card is inquiry sensitive as well.
After you have a few cards and been established I say stop simping for the cards and these companies. At this point I will go out of my way to apply for several like cards on the same day just to see who approves and who gives better credit limits. Once I got three of the 2% cards in one day, the credit limits were vastly different. Guess which one gets rewarded with the most use? You guess it, the one with the highest credit limit. The others can go pound sand. Shift the power dynamic, make them work for your interchange fees.
My five oldest cards could go away and I wouldn't miss any of them very much in terms of rewards. But they are my five oldest cards. The newest of them is more than three years older than the next oldest card. So I keep them to help my average age of accounts.
Very sound advice, especially the part about others traveling from referral points!! Run your own race 😊.
Thanks for explaining why my credit limits are so low!!
I only get 2.5 to 4K limits and apparently it’s because of that one time I opened 4+ cards at once.
I’ve gotta slow down my applications! 😕😮💨
at 21 years old w less than 2 years of credit history i have been approved for 7 credit cards and this year so far ive been approved for 3 cards in the span of 4 months so it’s really just different for everybody and I have around a 750-760 score.
I got my first credit card in July of 2021 and my second one in September 2021 and my third in October 2021. Then I got the Citi Premiere Card in Jan of 2022 and the Amex Rose Gold in April 2022 and then two Business Credit Cards from Amex. So that waiting a year with one card is absolutely unnecessary.
not into the slow walking. Haven't had credit cards in years and didn't realize the perks of them. In like 11 months I added 10 cards to my wallet (7 personal and 3 business). Cards range from limits of $500-$16,000. Scores 730+. Gardening for now but will add another 2-3 at end of 2023 or early 2024.
Great Advice Adam.
one important strategy I learned from several TH-cam credit sites, is that you should eventually grow your total available credit to represent at least what your total income, or near to it.
The reasoning for that strategy is that if you have only ONE credit card (e.g. $4000) and you have an emergency, then if you have an emergency and need to use $3000 out of it then you have 75% utilization already which creates an automatic score reduction on your credit files.
So having several cards (e.g. 5-7 cards with a total of $20k available credit) and then utilizing $3000 of it is a 15% and not 75%
The plan is to grow your total credit by getting a new one every 6 to 12 months
What do you think?
Don't be using Credit cards as an emergency fund. Create an emergency fund of your own of 3-6 months of expenses and put it in a high yield savings account. That is only used for emergencies. I repeat do not use credit cards to cover emergencies. It can place you in a world of hurt financially
The shade with his honesty. 😂 I LOVE it because he is absolutely correct. Play the long game. 😎
I love it lol hahaha
Just do your research before getting a card or 2, I got 2 secured cards on the jump 500 / 200 CL after a year 500 jumped to 1500 and unsecured, 200 CL still hardly used for this reason and is also unsecured after about 2 years. Sitting on 6 cards now got the Amazon Card 10K CL Lowes 20K CL Apple 4K CL Alt Go + 1K CL only use it for fast food lol, Have not really done much with my credit after those and it's been about 3 yrs. nearly 770 across the board, paid statements or as much as needed to keep my balances low. Either way lots of great lessons online especially some youtubers like the guy in the video :P PS: Waiting for my inquiries to drop and I'll most likely get more cards.
It is definitely good to have a scheduled, timely, paced plan to acquire the GOOD quality credit cards! This from a guy with 20 cards and only 5 are REALLY good!🙄
Out of curiosity, what are the 5 cards you use most?
Pretty cool, I'm at a 815 and just applied for the free Disney chase card, and now about to get the Bilt card
This channel is super helpful. I wish I found it earlier than I did. I got my first card a bit late, in October from Discover. It’s unsecured, 2k limit. I had a credit history of almost 8 years w/ student loans and a car loan. 3+ years of perfect payment history on the car, while student loans are deferred still. I ended up applying for the Amex BCE in April and got a 4600 limit. I wasn’t sure if I should wait six months or a year between cards. I’m a grad student and I keep a tight budget anyway so I don’t think it will hurt me too much.
How often can you apply for a credit card?
Everyday until you get denied! 😆
A few things
oldest card is 7 years old
I have applied for 11 cards in the last 12 months.
I got All of them but now most issuers won't approve me for another one.
Citizens denied me to many inquiries
Wells Fargo same thing
Citi approved me for 1 card then denied me the second card for to many inquiries
Not surprised. Citi has a very soft spoken probably a rule rule where they don't like any inquiries in the prior 6 months when applying for a card. I think Wells Fargo is inquiry sensitive too, although I applied for four cards in one day, all got approved and one was a Wells Fargo card. What card from citizens were you after?
@@teddybear100 oh I'm aware of the fact but still a bitch that happens though
ok my credit history is something... i think im at a point where ive gotten one card every 2 years or atleast gotten approved for them lol so im at 5? cards in 7 years and a 770 ish score. the reason i looked this up to see if it was possible to get 3 cards in a month or 2 and from what your saying its been done before. cause i accidently got a card i cant use for the time being like a month? month and a half ago and i had a different plan in mind lol now theirs 2 more cards i need but i dont wanna get declined for them for having to many accounts open too fast. like tring to get the robinhood gold card and a bank transfer card for consolidation. im just glad to know my chances arent 0
The answer is very close together. i got impatient and just went for it got approved for a chase card crazy only alittle after a month since i got my other card
Good information. Thank you
Age plays a major factor not mentioned. Someone in their early 20's has a better shot at getting approved for a second secure card in their first year. I waited 10 months to get approved for a C.O second card and that was only for a secure card. Also this could happen with the younger generation too. That if you get a secure card you still might need a second secure card after the first one graduates. My credit score hasn't gone up either and going over my 30% utilization hasn't helped.
Best advice if you apply for a second under 1 year you could get denied. I wish Adam would mention that a denial is more likely than an approval. With every denial it makes credit card applications worse because one number banks look at how many credit reports for credit were made. I had 4 in a short in a month and got denied by X1 for having this one reason amount a few more. I'm in my 50's and having a blank credit report it my age really makes getting credit really hard.
Lots of great advice in this video!
10:38 Such a great point!! 💯💯
I was able to get 13 credit cards within a 2 year period and now I have a 779 credit score.
I am closing a couple of them now like Opensky and Tomocredit.
I have about 5 months before I have 0 inquiries and then I go for the chase cards.
Great content as always, thanks Adam!!!
Great video! How often can you apply for a business credit card 💳?
Excellent video!! Like once Justin from Inbound Points said on one of his videos , he said to be smart how we apply for all our credit cards, because it will start to feel like Pokémon that you just want to catch them all 💳💳💳💳
I have already 3 credits cards and i only hav 6 month of credit history, 2500 in the first one and 500 in the other 2, i only hav one card that donts hav benefics, the other 2 are very good, i hav 740 credit score😊
I'm like 6month too I just have best buy 3000 credit line should apply 1 more at the same month is okay what you think
@@oscarlara-yg9do i wait to momth between every card, idk if that affect in something but u should look for preapplycations instead
what do you recommend I go after first, I have Business Platinum, Gold, Hilton Hores, Blue Cash, Plum and Amazon Prime. My credit is 740 across the board. Which personal card should I apply for?
Great work on your videos been watching a few.
I applied to a personal cc in April and I want to apply to a business card this month. Does my ding in my personal report affect my business report? Will my personal report be ding twice if I do apply? I have a 750 score that most definitely will go up this month as I have very little utilization.
My two main goals with my credit score is to have one good enough to get me the cheapest interest rate on mortgages and auto loans, through most lenders. As of now, I perceive that a 780 would be good enough for that. Second, I want my credit profile to not be extremely sensitive to new accounts and hard inquiries. I want to be able to take advantage of rare SUBs and new credit cards without having to worry about my score too much or how it might affect me getting another credit product in the future. My second credit card cost me about 30 points on my credit score, but my 5th card only cost about 15, so its getting better. I would prefer it if my score dropped less than 10 points.
- over time it will barely be affected by an inquiry. Mine only dips 2-3 pts & sometimes none at all. But that is with a 20yr history
Thanks for the good info. 👍🏻
I like how everyone didn’t even comment how bad this video is instead and shared what they actually learned
Great video as always! Does charge cards count as a credit card? Like AmexGold, etc.. 🤔
They are not the same. One you can make monthly payments. The other you pay in full.
ON YOUR CREDIT REPORT, THEY WILL BOTH SHOW UP AS LINES OF "REVOLVING CREDIT" (yes.. they will both be seen as credit cards, as far as the credit report goes)
One every 6 months will keep you under 5/24
I was thinking that , every 6 months apply for credit
And will keep alot hard inquires off your credit report
I'm horrible! I get a card and then I want another one and another one. Patience is not one of my strong suits. I have been averaging 6 or so cards per year the past few years. I really need to slow down, especially since I am way over 524 and there are a couple of Chase cards I want.
Again, great content!
Very good advice
I got my first two credit cards one day after the other then my third after 2 months and then 3 months later my fourth but I’m done till like 1 year from know or maybe even a year and months
As someone who only owns no more than four cards at the same time, I'm always curious about how influencers who claim to have 30+ cards can get decent credit limits for each one.
because maybe they are full of crap?
If it's not Chase the sky is the limit. Lol/24 and really if they're not inquirey sensitive, then go for it.
Have 30+ accounts. 🤣
I started off last fall and honestly, other than SUBs, I don't think I need anymore cards. My BCE card is managing as a great daily card. I've got a cheesy local bank card for emergencies. MAYBE I get a hotel or extra gas card.
Then again, I prefer the slow and sure strategy.
All depends on your score. Typically if you have a score over 680 and a good track record, personally I would apply for a new card every 4-6 months.
Sagacious words👍🏾
I've been approved for 5 credit cards over a weekend and a total of 8 approvals in one week's time. Half of these were major credit cards like Visa, Discover, and Mastercard. The rest were store cards. My limits were pretty decent in my opinion. I must also say that I went from a 450 FICO score to above 700 FICO scores over all 3 major credit bureaus inside of 6 months. I will admit that my results are not typical. I was able to accomplish this because I came into a large sum of money and was able to pay my debt down from 99% utilization to 0% utilization within a couple of weeks, which is the fastest route to increasing credit scores. In total, I had at least 22 credit cards. To each their own, but I prefer the quicker route.
I can't wait to see how quick you're broke and in debt again..
22 CC?!? How do you keep track?
@@mxsaigon3599 Believe it or not, a lot of people have 30 or more. I'm on the low end of credit card ownership. I write a credit blog so my cards are mostly the result of research for my blog so that I can pass my findings on to my followers. My #1 lesson is that credit card inquiries are overrated. Myself and others have proven this time and time again.
@@billcollectorshateme7723 It sounds to me like your #1 lesson is to inherit a bunch of cash..
@@charleschristianson2730 I have not collected one dime from my website. I give free advice because I used to have bad credit and there was no one there to guide me in what works and what doesn't. I'm simply sharing my proven experiences.
What is the hit to your credit score by applying for credit cards? 2 points? 5 points? And is the amount of points lost multiplied if applying for multiple cards at one time? How long does it take to get those points back? I have questions. 😂
1 point or nothing to me.
@@charted8015same for me.
Depends on the person. Mine went down 9 or 10 pts
Ugh mine was 9 points it nothing to a big dawg because I’ll gain that and more over the next year
True. I went crazy applying for credit cards because of watching too much youtube videos. My score from 800 plus went down to 739 in less than three months. I have 4 new credit cards but my score suffered way too much. I had like 7 hard inquiries. Its a mixed feeling situation.
It’ll bounce back pretty fast
if they card were worth it/and u didnt need to make a major purchase (house, etc), worth it. cause ur score should bounce back pretty quick
If your anal about your credit score like I am, because you've ruined your credit in the past and then get hard inquiries which dings it, I get where your coming from. I check mine on almost a daily basis. And recently applied for to many and I'm not in my happy place right now. Tough lesson to learn. Tons of credit at ones disposal but just a fair score now. I'm disgusted with myself.
@@mikenkfalls Feel the same here.
The thing about credit scores it will never stay the same soon as your pay your bills in full on time that will drop your score but you will have a good credit profile on paying your bills on time just pay your bills on time for 10 years having a long credit history is a plus and keeping it under 20 to 10 percent reporting is the key but credit scores never stay the same
Very Good👍
🙏
@@ProudMoney Desde🇵🇷 Puerto Rico
Petal just demoted me to a Petal 1 Rise card which charges $96 annual fee. I didn’t even get good rewards to match $96 a year. I was forced to cancel it even though it built my credit for so many years. I’m pissed because it will hurt my credit for cancelling
Stay away from low tier banks/issuers like them. And even low cap 1 cards. They will cancel, downgrade accounts, lower CL for any reason.
Proud money Nordstrom and Target are under the same bank, how come the rules are different for Target? They are so much harder to get a increase and Nordstrom’s is easy? Help
Not sure. Nordstrom may have a different deal with the bank, they might want those card customers more, maybe they take on more risk themselves vs what the bank is responsible for. Target might not need the card customers quite as much so they have a different deal with the bank. Purely a guess, though, I have no inside knowledge there.
Thanks so much great tip.
I would wonder if the average transaction at Nordstroms is larger than the average Target transaction?
Right you could have something there.
What u talkin bout Adam...I applied for 99 credit cards in 3 months at Chase and approved for all at 850! 😁😜🤑💵💸
Me too! I applied for 343 cards and got them all!
Ha, I knew it!
@@ProudMoney you set it up...too easy...😁
Could you take one down and pass it around? Now there would be 98 credit cards on the wall(et).
@mitchell.9632 I'll bite. 97 credit cards
Should I apply for a new credit card? I have a credit history of 1 year and 7 months I want to get the Amex gold card but I don’t want to get it if it’s gonna drop my credit too much. I have a 757 credit score
I recently just got 4 new cards and my credit didn’t drop at all, one of them was the AMEX Gold. Still sitting at 782!
@@newt0n_in how much time?
I just want to know how many open credit card accounts do you have Adam? Not including co accounts with your wife
🦗🦗🦗
Kidn of at the point where trimming down from 7 cards, to 4, makes sense. Is there any downside? Income is decent, score is above 800, there won’t be any CC debt, so utilization won’t be an issue. Is there any downside to closing accounts if I’m not seeking credit? I already have a mortgage.
I’m fairly decent at credit. Adam can chip in but from my understanding as long as you can replace the credit utilization of the 7 cards with those 4 cards would work. If the other 3 cards you’re thinking of getting rid of is older. You will see maybe a solid dip in your credit score so that’s probably gonna be the biggest equation. Other than that it’ll just be a waiting game until your credit score goes back up.
@@Fuerya I’m at point where utilization matters less.
@@jakeizlove Right that’s secondary. My main point was the dipping of your credit because of the closing of accounts depending on the age. That would be your biggest factor to think of.
@@Fuerya I haven’t applied for a card in nearly 10 years so it might not matter. I might hold onto them a little longer , but I don’t necessarily like to cycle credit cards just so companies feel like there is adequate activity.
Dont get too many on your personal credit. Do credit for business side would keep the dog off your personal credit score.
I want at least 4 credit cards but I have 2 priemer bank cards I soley regret this isn’t included in my 4 . I applied to 2 credit builders and one loan in less then 30 days it dropped me 9 points so I mean nothing to bad but honestly I have not touched a credit card for 4 years so I deserve that lol ❤😂😂
At an income of around 35k a year and retired, what shoudl be a good second credit card, i started late building credit and am now around 727. I am looking for a second card with gas perks and stuff. ???
Citi custom cash is a good alternative it gives you 5% cash back on your highest spend category and one of those is gas. If you only use the card for gas then is really good
Don’t get the Shiti Custom Crap. I think for your purposes an Amex blue cash fits you like a glove. 3x gas and groceries and if you splurge for the $95/year version, 6x groceries. Simple, efficient and has everything you want.
@@TeamTimeRiders Thanks
I want 30 credit cards in 5 yrs
😂
20 might be possible but 30? That’s a lot
I wish I would have known this I lost 128 points ಥ_ಥ
"You are ridiculous, i got five cards on my first year"
Lol
Same here....13 within a 24 month period including one from PSECU for $20,000
I'll leave a comment, go to the video, subscribe and give this a huge thumbs up. Thanks for the great information.
Your one of the persons I grew to like some people have unnatural voice and it just cringing to me to hear about credit education
Why? Oh why…do ppl still believe increasing your credit limits is THE GOAL! You don’t need to do that if you don’t have higher spending needs. So dumb, it doesn’t make you look rich. Stop! SMH
By increasing your credit limit, it helps you to keep your credit utilization low, which helps you to build your credit score. You can't keep your credit utilization under a certain percentage if you have a low credit limit and you use up most of that credit limit just by buying weekly groceries😂 it's not about trying to look rich
Having a higher limit allows you to have the most desirable percentage of utilization which improves your credit score which gives you access to lower interest rates for mortgages etc
@@jaykenpachi6788exactly its lowering % used without changing what you buy and getting a hard pull from opening a new account
Credit utilization like everyone else said. One take away though, the finance community has it's niches like every other one out there. The guy with the most points. Most luxury cards. Best transfer rate or % across all categories.
And some want the largest credit limit possible.
Let’s say I’m booking some kind of major trip and I’m gonna throw $8000 down on a card. If I don’t pay that immediately before it is reported as my balance to the bureaus, and my credit limit is only 10k, I just killed my credit utilization and my credit score is going to plummet. If my overall credit limit is 60k, I’m going to fare much better. That’s why.
So you can state and supposedly follow all these rules when starting out with credit cards but you can't follow the 1 rule from Discover to activate the quarterly categories once every 3 months?
Yeah, you are a whiner.
Unsubscribing.
Sounds like you are the Whiner! 😪Bubye!
It’s the first time I’ve heard of him slipping up on activations after years of this channel being out. He’s human; give him a break. And the Discover thing is doing something when this is about refraining from doing something. Very psychologically different. Two different kinds of discipline.
@@Heart2HeartBooks looks like he has corralled all of the whiners onto one channel. Yuck! Such a waste of time. "Proud Whiners".
@@alexc2265 No breaks to give. Yes, people make mistakes. But he made a whole whiny video about it and proudly claimed to be a whiner.
Such a waste of time.
Yay!
Zero is the correct number.
Come back to the game, we need you!!!
@@cardojp absolutely not
Help us Jason kazama you are our only hope.
@@aaront936 my wife would divorce me and take all the kids if I went back to the game now
@@berryzedzero you're playing the game wrong.
Damn. I started out getting two cards within 4 months of each other. 18 months later I have a Chase Sapphire preferred. Can I close my second card - a Credit One $500 limit pos - without wrecking my score? Still keeping my first card, a Discover.
Adam, is there a best time during the day to submit an online application for a better chance at approval?
Maybe during a time when the call center is open, that way you can call right away after your application and get a reconsideration if you were denied, or get approved faster if you are pending an answer.
got my first card in 2019 with a local credit union to start building my credit and i started with a CL of $500 about 8 months later i got it increased to $1000. Jan 2022 i decided to get a store credit card (big mistake) not sure what my credit score was at the time but i think it was around 720 and i got approved for $1500. Around aug/sept last year i started to learn more about credit cards and decided to get into the game and apply for chase freedom unlimited and got approved for $3000 my score was 753 with transunion and equifax. I decided to wait 6 months and in march i applied for citi custom cash and got approved for $2900 on credit karma my scores were 761 but on the citi paperwork it said my score was 780.
Im looking to apply for the freedom flex next and i want to wait another 6 months but i might crack and apply in June. My score on equifax and transunion is 750 and on experian i think its around 730 right now. I work in retail so my income isnt that high but im not sure how people with lower incomes esp college students get approved for crazy high limits sometimes. On my chase and citi applications i added extra income since i live with my parents, dont pay rent, and they help me out with some expenses. My total credit utilization is also always below 1% and i always pay on time and in full so im not sure why i get approved for low limits. I guess i’ll see what happens the next time i apply
My story is pretty much exactly the same as yours, started my credit journey in 2019 and always got low limits, difference being my income is decent. I just applied for a new credit card recently and finally got a sizable credit limit, 13k credit limit with fidelity credit card. No idea why, my credit score has been 700+ for all of my credit cards too except my first one.
Because you lost your income as SHIT .
List*
Good tips. Thank you.