Welcome back to the channel, today's video is going to be about a really good question that I'm asked a lot and that's somebody talked about topping. That is, how often do we wait to apply for another credit card? You know if we recently just got one okay, so this is a really good question. I'm going to give you my tips, my advice on what I believe make sure you subscribe you're doing an Amazon gift card giveaway once we hit 2,000 subscribers. This is hopefully very, very soon I'll be giving away four.

It was that gift cards $ 25 each desk around this video all right. So before we talk about how often I want to get into when we should be cautious or when we should just avoid this strategy just in general, okay, so the first thing is going to be when we're trying to get something big. So let's say, for example, a loan like a personal, long home equity line of credit mortgage, maybe even a car. You know car, it's kind of you know not the biggest purchase, but it's still considerably big and makes a big impact on our lives.

So definitely a mortgage and a HELOC, definitely personal loans and a car why it's really best to have no inquiries on your report a hard, an incursion on your report when mortgages, mortgage companies or banks, or whatever, whatever you're going through your lender, is looking at your Credit report: it's really best and you know a lot of people who do mortgage applications. They always advise it's really best when you have no credit inquiries at all. No, it is not. You know going to pretty much be a end-all be-all.

If you have some inquiries but your chance of being approved, you know mortgages cost a lot of money. They can be anywhere between a hundred thousand up into the millions of dollars. Okay, so you wan na you know, for somebody give me that much money you want to really make sure you're on your P's and Q's, so definitely avoid a mortgage holder. How can you lie on a car so you're trying to do that now, just stop it! You really want to have no increase the credit cards, they can wait.

Number two is: if you have bad, I want to call a limited credit or you're trying to rebuild your credit right now. In this stage you know we're trying to rebuild. That means we have some things that we did wrong and that's cool. That's all right.

If we have bad or limited credit, that means you might be kind of early in the credit game, and we might you know in a bad credit or you know a little worse credit we're just trying to you know, take babies ups at this point again, it's Not a race and as a marathon, so I stake our time. So, let's definitely avoid getting credit cards if we're just beginning out with, like you know, rebuilding we have limited credit, maybe only a few months or we really you'll have bad credit, we're trying to just kind of just start over hundred percent. So that's number two. We also want to avoid if we were just a client for a credit card, we were just a client for a credit card, I'm holding off for at least six months to a year on.

It's really important to understand why you were declined for the credit card, whether it be debt to income ratio, whether it be things that you may already owe: maybe collection accounts, unpaid bills, etc, bankruptcies or um. You know the credit score is not I'm high enough so that we have just got a decline recently within the last month, or so I'm definitely gon na wait at least about six months to even obviously how does a year before we apply. Okay, now Nana were out of that part, let's get into when at how often so, if you're asking me for a straight answer, I am going to say honestly and it's depends and we'll get into this anywhere between MMR between three to six months. Why, three to six months, let's first start with six months, let's just say for our general audience, who just wants to have a credit card.

It takes a day on your score. Okay, that's number one too many cards in a certain period. So if you're doing a credit card every week or every month, you know, even if that's even possible, if the banks don't stop you that causes a red flag, they want to know why all of a sudden, this person is looking for all this money. All this credit, what are they trying to do or they're trying to you know, take all this money.

You know blow it away blow it out and just run away or they going through a financial hardship or they risk things like that. This is how banks look at these type of transaction and as a fraudulent base, are they doing any type of fraud? And things like that, you know, banks are looking at in a lot of different ways that we may realize and also finances. You know. So, let's get into it so three to six months.

All right, then, when your credit score, you know, you know every time you apply for a credit card, it takes a dinging, your score. It can be anywhere between two to ten points. I mean it's no really set number, but I'd say anywhere honestly that I've seen two to ten to fifteen points when you apply for a credit card. So doing that, often and often and often, even though it is temporary, it still is a it's temporarily affecting your car.

I'm sorry your credit score, so you want to kind of hold off on that unless again you're into the game, you know how it works and you're cool with the risk. That's the big reason: that's taking a ding on your score. Every time what I mean dang, your credit score is your number is being deducted anywhere again between two times same suite of fifteen points, mostly like two to ten points, but I've seen 15 as well. Okay, so you definitely want to start from that again too many cards or applications, and you know a certain amount of time, especially with some like a month or two definitely cause a red flag.

You know what are you doing, etc and three finances like I said. So what are you doing it for? Okay? Are you doing it for the? When I said three months? I'm thinking you know, maybe you know cuz most credit cards have signup bonuses right, so you spend X amount of money in three months. You'll get this point, so you wouldn't. You want to really be focusing unless you have that like a lot of money, but you know for the average person you're, not a bunch of money is coming in and you have a big sign up bonus.

You have to make, let's say, send four thousand three months, which is pretty typical nowadays or three thousand three months. Probably most of your expenses are going to be able you're only going to be doing all of your expenses property. Just one. You know most people.

You know it's kind of challenging, it may be less. You have the help, so you really want to focus on one card sign of bonus because for people who don't make a lot of money with people who are budgeting or don't want to spend a lot of money spending more than three thousand and four months or Three thousand three months: it can be almost all your money, it can be. You know all your bills are something that I mean it really can be. So you really want to focus especially put on bigger bonuses like Amex.

If you spend five thousand three months. That's a really big purchase amount again unless you, if you have a lot of money than this, doesn't apply to you, but for most people that applies to you now, let's avoid some things now, if you are at Chase lover, if you admire a chaser, you may Be like she's, you know they have rule called 5:24 and what that means is, if you have applied for five credit cards and last 24 months, which is two years you're automatically going to be declined, four cards that are five, twenty four, so let the Chase Sapphire Preferred to chase fit to Chase Sapphire Reserve cards like that. Those really nice cars that have them really lucrative sauna bonuses and everybody loves to have for travel, and all that stuff you got an automatic could be declined for them. That includes retail cards.

That includes a little like our credit one car American Express cards whatever. So you know that you want to apply for three cards in the next six months, and you know a couple of them from majority of them or chase. Do the chase ones first, because 5:24 and it's really easy to be all over font 24 so anyway, that I know that are waiting of the year or so because of Chase is 524 wool it's unfortunate, but this is how they want to deal with it when It comes to credit card training and things of that nature so definitely award it get all your chase cars. I believe first and then apply for all the other car and doesn't mean you're gon na be approved for orders of the cars, because those banks look at it as well, but it's not an automatic decline.

Okay, closing too many cards. We want to avoid this as well closing too many cards. One is messing up your credit H. It's just messing it up.

Why'd, you close all of these cards. Sometimes again. Sometimes let's say you get a sign up on it for Chase and as soon as you get that sign up once you close the card, I believe they have a right to you. Anybody can tell you I'm wrong.

Please comment. They have a right to retract that signup bonus from you unless you stay with them for X amount of time. Now what that X amount of time is, I don't know, but I'm just, for example, I know like some some bank accounts when you open up a bank account, you may open up a bank account within Bob. You know three months you might get $ 300.

If we deposit two thousand dollars in it and if you close your account within you know the 90 days after that, or something like that, they'll take that money back you're actually owe them that money back. So just be careful with that. Another reason I'm closing too many cards again just try to downgrade just trying to downgrade. If you can to a product that may I'd say, the annual fees is too much and you don't see the your worth after the first year of most cards.

So let's say the Sapphire reserve after the first year that Forbes and I $ 50 annual fee. This doesn't make sense to you anymore, downgrade to a card and alleged average of me, but I can chase freedom where it says freedom unlimited. Keep that credit line open. Don't close it, it's not gon na affect your credit score, just gon na downrange a product but you're going to keep the same account number I like good stuff.

Alright, so that's a big thing! You don't want to bite off too much. You can shoot and what I mean by that is annual fees. If you have the Amex platinum in the chase, fi reserve 550 plus 450 - that's $ 1,000 right. There well do the bath right.

Yes, it's $ 1,000 right there, I'm just a credit card annual fees. Now again, a you if you've got the money, if you're making use out of it and stuff that makes sense. But you know your finances, don't bite off too much. You can chew and the another thing we want to avoid is we don't want to fall into the hype when the Chase Sapphire Reserve came out ever I apply for it and honestly I mean I kind of I'm upset that I didn't get it.

I actually got the MX platinum instead Amex type of guy for certain things, but I haven't gotten to Chase Sapphire Reserve just yet. The reason I haven't gotten it now is because you have to wait four years before you can apply for a sapphire car and get to sign up on it. So I had the Sapphire Preferred three years ago, so I have one more year that I won't be getting the sapphire reserve. But what if the moral of the story is know yourself, don't believe all the hype done you caught up and when everybody else is doing.

I know it's cool to see other people doing things take your time if it doesn't make sense at that point in time. If you get a credit card for travel, then you're not traveling within the next five to ten years. It does not make sense to get that car right now, don't get it because everybody else has it get it, because it's going to at the end of the day, make sense for you and for your family if you're, not getting the car and cat doesn't make Sense guys it doesn't make sense, you can pull it out. All you want, does it make sure it makes sense? Okay, let's just recap three to six months is the timeframe in my opinion, and we are going to be cautious with this.

If we're getting a mortgage home equity line of credit, personal loan cars, if we have limited credit or we're trying to build and if we were just declined, okay, if you are somebody who does not you know fit in that description, just be cautious as well. It's gon na be a ding in your score if you're doing too many of these make sure the signup bonuses make sense. For you, your finances makes sense. Three to six months.

Timeframe also be cautious and avoid the 524 rule get your chase cards up. The Li first apply for those cards. If you know you need chase cards, don't close your cards try to downgrade to lower tier cards. So if you have a sapphire Reserve card, it's 450 every year, Dan gets you to chase freedom, it's $ 0 annual fee and it's not going to mess up your credit age, don't bite off too much.

You can chew and do not believe the hype. If anybody has any other, you know, thank you be cautious for the time frame that works for you, even if you're doing one eye a max with the every night staying. Let me know, and let me know what you avoid as well. If you liked this video - and you think this video was helpful, subscribe share it and again, like this video, give me a thumbs up Amazon giftcard once we get to 2,000 subscribers so make sure you live, subscribed and you'd comment that you're subscribed.

So I can answer you into the drawing thanks for watching this. Video have a good one.