I’m so excited! I was just approved for THREE different unsecured cards. I’ve been using my Capital One Secured Platinum Mastercard (CL $ 950) for over a year with about 5-25% utilization (usually around 5-12%). I applied for five credit cards yesterday and was approved for three, denied one and the app is “still processing” on a fifth (pretty sure it’s gonna be a denial).
Cards I applied for —
1. Capital One Venture Rewards — approved for $ 5000!
2. Capital One Platinum — approved for $ 500
3. American Express Blue Cash — approved for $ 1000
4. Discover NHL Red Wings — denial
5. Discover It Cash Credit – “still processing”
Now, some questions…
1. Should I close my secured card? Once I get the cards in the mail and switch over all of my bill payments to my new cards, should I close the secured card and get my $ 650 back? I’m pretty sure the secured card will stay on my credit report as in good standing for 10 years, right? Or should I wait a while and have all four cards?
2. How should I split up my recurring bills? Should I use all three (or four) of my credit cards a little bit or put everything onto one card (the Venture card, probably). Should I put like one recurring payment (Netflix or something) on each of the cards and then use the Venture card predominantly?
3. I’m expecting/have already seen the beginning of the FICO score dings I’m going to get for my app spree, but I read that it’s better to do app for a bunch of cards all at once and that will effect your score less. Is this accurate or have I misunderstood and done some icky damage to my credit?
4. Will this app spree negatively effect my ability to apply for a car loan in summer 2016?
Thanks in advance, y’all!