Sorting the Credit Card Offers

The first step in taking the card issuers up on their offers and avoiding getting to many cards from the same issuer as described in my previous post, is to make a detailed plan for credit card application spree. Many factors have to be involved in this process, and serious thoughts have to be considered, or you may end up damaging your credit history rather than improving it.

You have to know the limitations of your current history. The lower your score is at the moment, the longer it is going to take before you can start applying for the best cards. There is no point applying for multiple cards where approvals are given with a score around 650. That only means your credit limite will be low and the average age of your credit history is going to suffer dramatically. Both is not very good for your credit score and not good for future approvals. Remember if a card issuer notice that other issuers will only give you a $500 credit, then it is much more likely that the following card issuers are going to follow suit rather than give you a higher credit limit.

Get one or a maximum of two cards when you credit score is below 700, and once it reaches above 700, you can consider applying for additional cards. If you have the income to back it up, there could be some large credit lines waiting for you and you also get to apply for the best credit card rewards program. All the good stuff happens when your credit score is above 700 and your credit history contains revolving credit for a couple of years.