Hey what is going on you guys and welcome back to the channel in today's video, I'm gonna be sharing with you guys exactly when you should apply for your next credit card and how long you should wait. Now.
This is one of the most frequently asked questions inside of our Facebook group at the credit Society, so I definitely hope this video helped you guys out now before I get started with this video, I need to say thank you guys so much for tuning by this Channel, thank you guys so much for the support and the love on these videos and also thank you guys so much for actually checking out the links down below in the description.
It really really does support the channel, and I just want to recognize that so before applying for your next credit card, you guys need to consider these two very, very important factors that's, gonna, be that welcome spent or the minimum spend requirement For getting that welcome, spend and number two is actually going to be your risk tolerance.
So if you're looking to get a new credit card, you need to understand. Have you hit that welcome bonus? Have you hit that minimum spend requirement first? So what that is, is these credit cards will offer these type of promotions, where, if you spend X amount you & # 39, ll get X amount of points back or you'll, get an X amount of cash back back.
If you applied for a card like two weeks ago, and you still haven't hit that minimum spend requirement, it's, not gonna make sense to apply for a new card, because you're missing out on fifty. Sixty or even a hundred thousand points right there, so one of the first things that I take into consideration before applying for a new credit card is have I received my welcome bonus.
Yet if I just applied for the Chase, Sapphire Preferred - and I'm, looking to get the American Express gold card, but I haven't hit. My welcome bonus for the Chase. Sapphire Preferred and I spent another $ 2,000.
It's, not gonna make sense for me to get another card. So I've. Seen a lot of people out there that think it's cool to apply for ten cards at the same time, but they can't hit that welcome bonus. You're, essentially losing out on money and just throwing away tons of money right there.
You guys need to focus on getting that welcome bonus first, so this is gonna be custom catered to who you are and how much spend you actually do. Now the number two thing is risk tolerance, like I mentioned earlier, risk tolerance comes down to how bad do you want that credit card in that span of a time if credit card issuers see you opening a whole bunch of cards within a short period of time, You're, actually gonna get an increased chance to get a financial review or worst case scenario, get your accounts shut down.
I personally don't, pull that many cards within a short period of time, because I want to keep a good, healthy relationship with that credit card issuer. Now a lot of factors actually change this. So if I get one card with Chase and then I get another card with American Express it's, not gonna be the same as if I pulled from Chase three different times, because that's, the same credit card issuer.
So if I'm actually going from the same credit card issuer, if I want my Chase Freedom and then my Chase Sapphire Preferred and then I want to get into the chase ain't business cards, I don't. Do more than six to eight weeks that's, actually the the latest! I do it now, like I said this is gonna be dependent on how bad you want the cards, how long it takes you to get that welcome bonus and what your risk tolerance level is.
So I know that there are some huge heavy spenders out there and they really want their points and you know their risk. Tolerance level is pretty high, so if they get shut down, they know hey. Maybe my business or my ein will cover it or maybe you know my spouse will get the next set of cards so for them they have a higher risk tolerance.
But for me I, like my points I like having a good relationship with the bank. So so I've, actually seen a lot of people that pull from the same issue within four weeks and they get a proof. But for me it's, not really worth it, and that's.
What it comes down to now, like I mentioned the general rule of thumb for me, is eight weeks within the same issuers. The other rule of thumb, for me, is if I'm going with different card issuers, so I'm going from Chase to American Express.
Sometimes I'll pull within four to six weeks and then anything after that. You're, usually good, but that's. Just the data points off of my own history. Now, if you're, someone looking to get a new card and you really don't know when you should apply for you've hit that welcome bonus and you're ready, but it'S only been like two to three weeks here's.
What I recommend first look into other credit card issuers as long as you're not affected by that 5:24 chase rule the 5:24 chase rule for anyone who doesn & # 39. T know is that you can only get five cards within 24 months if you want to get accepted for any of chases cards.
Now there are people saying that this 5:24 rule is going away, and some people who are 8, 24 1024 are actually not getting affected and they're, actually getting accepted for these cards. Naturally, without the asterisk star bonus, I don't know exactly what's going on.
I don't know if they took away that rule, but that's. What I've, been seeing in our Facebook groups from multiple multiple sources, so I do need to do more. Research on the forums and I need to see more data points before I can verify that type of information.
But I would just urge on the side that 5:24 is still around. I just wouldn't. Take the hit for no reason now before you actually apply for that next guard here's. What I recommend look at those data points like I just mentioned, and look into the communities.
The resources I highly recommend one is gonna be reddit, so are slash, personal finance is really good, are slash. Credit is really good. There are other credit cards sub reddits that will really help you guys out check out the my FICO forum, another great community, right there and if you guys, don't like if you guys, aren't familiar with forums or reddit, then You guys can check out our Facebook group too.
This is the credit society. If you're about to get a new card, ask the group hey? How long should I wait for this card or what's, the shortest length of time? You guys think I should go for this card, because at the end of the day there's, no set rules.
There aren't any issuers. That say you have to wait. Six to eight weeks, you have to wait a minimum three months. You have to wait a whole year if you want to get a new card these. These rules, aren't, set that's.
Why these type of videos it's, gonna be more arbitrary and subjective, so it all comes down at data points. Some people will pull these cards really quick. Some people will apply for them within two to three weeks and they've been completely fine, it depends on the time of year depends on.
The season depends on who you are and how fast you can hit. Those welcome bonuses now ask the community find out what those data points are, but if you guys go with that general rule of thumb, you'll be good, but here's.
The thing that I want to mention to you guys there's, no need to be in a rush. You don't need to rush. The whole thing you don't need to get 15 cards within a year. I understand some people feel, like you know, time is limited, but there are only a certain amount of cards that you guys can get and I feel like if you're in this game for at least two to three years, you'Ve gotten most of the cards at that point, so especially if you utilize business cards and you're not affected by that 5:24 rule.
This is something you guys need to consider there's. No rush for this. The end game is pretty close, so I think the the early-to-mid game it's about 80 %, but mid game to late game. That's about a 20 % difference right there.
So there's, really no need to rush it. You guys, I always play the safe game. I always go the healthy route. I want them to like me that way. You guys don't have to worry about getting shut down or losing your points or just anything knock on wood.
Anything really bad happening to your account. Now. One last thing before I spit some truth on this video, please don & # 39. T worry about heart inquiry, so when I mentioned polls earlier poll is just getting like an application or going for card regardless.
If you get accepted or not a lot of people like to generally freak out about heart and queries, please do not worry about hard inquiries. They're, not gonna kill you, they temporarily decrease your score, but the stronger your credit profile is the longer you have accounts.
The more accounts you have, the better. Your score is the less that hard inquiry actually affects you. So please, don't, get deterred by the fact you're gonna get a hard pull. I know people that freaked out, oh, is that business card gonna give me a hard pull.
Is that American Express gold card? Give me a hard pull it doesn't matter. If it gets you a hard pull, it really doesn't. Your score goes down temporarily and at the end of the day, it doesn't affect you in a long-term standpoint and that's.
What this whole game is about now guys. I really hope this video helps you guys out. I hope you guys got a bit of insight and if it did help you guys out make sure you guys smash that, like button right now drop a like button right now, let's.
Try to get a thousand likes on this video and, if you guys, are interested at all in getting any type of credit cards, and you want to support me in the channel and the Facebook group. What you guys can do is check out the links down below in the description that really does help out tremendously now.
My last thing to you guys is, let me know down below in the comments. How long do you wait before you get a new credit card? Do you wait six months or do you wait four weeks, I'm, really curious to see what type of answers we get down below, but how many cards do you guys apply within the same this year and how many cards do you guys apply If it's different issuers, please let me know down below in the comments, but if you guys, didn't enjoy this video hope.
I see you guys in the next one: [ Music, ], [, Music, ]