Reply
Established Member
Posts: 14
Registered: ‎12-06-2012
0

A lot of new accounts ..Should I worry?

So I went on a two week application spree. I have opened the following accounts:

 

BOA Cash Rewards $1000

AMEX BCE $2000

Citi Diamond Preferred $1000

USAA World MasterCard $10,000

Lowes Storecard $800

Walmart Storecard $1000

 

Should I be worried when all these report that it will cause any of these cards to be closed or a FR from Amex?

USAA World MasterCard 10000, American Express EBC 2000, Citi Diamond Preferred 1000, Chase Freedom Visa 1500, Lowes StoreCard 800,USAA Classic Platinum MasterCard 500, BOA 123 Visa 1000
Your FICO® score at Equifax is
676 as of December 6, 2012
Established Contributor
Posts: 766
Registered: ‎01-16-2012
0

Re: A lot of new accounts ..Should I worry?

No.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

Re: A lot of new accounts ..Should I worry?


FinallyBetterCredit wrote:

So I went on a two week application spree. I have opened the following accounts:

 

BOA Cash Rewards $1000

AMEX BCE $2000

Citi Diamond Preferred $1000

USAA World MasterCard $10,000

Lowes Storecard $800

Walmart Storecard $1000

 

Should I be worried when all these report that it will cause any of these cards to be closed or a FR from Amex?


I wouldn't worry about it, FR"s aren't as common as people think, this definately shouldn't because I got

 

Amex BCP

Citi Forward

Walmart

Chase Sapphire

Chase Freedom

Navy Federal Platinum

 

I jumped from $3,900 to 55k in personal credit limits within a month and nothing it's about 3 months since. although I do pay on time with multiple payments each month to keep my balances down. If you want to stay under the radar for sure just enroll in automatic payments Amex seems to like that a lot.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012
0

Re: A lot of new accounts ..Should I worry?

Smiley Very Happy @ FR

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Valued Contributor
Posts: 1,540
Registered: ‎01-29-2008
0

Re: A lot of new accounts ..Should I worry?

Well six open accounts within a two week span I would be weary,  I opened 2 accounts within a month and I am worried about any repurcussions, to the op I would not open any new accounts for some time let these accounts age and do not keep a high balance at all, keep a low profile, also congrats you have some nice accounts opened.


Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800
Valued Contributor
Posts: 1,165
Registered: ‎10-15-2011
0

Re: A lot of new accounts ..Should I worry?

I'd be worried!  Actually, I am worried.  I opened up 4 accounts about two weeks ago!  I also opened up 4 accounts about 6 months ago too.  I wasn't so worried then!  I didn't go out and charge a lot or do anything silly then, so I hope if any get worried now, they take into account that I haven't done anything stupid or foolish.  In fact my current util is about 6%.  It is only even that high because I loaned a credit card to my sister who went wild with the thing.  (I am sorry, why did she need to eat at Red Lobster when she just got a new card and that was the reason behind her borrowing my card?  And Wendy's, and ....  you get the picture.) 

 

If they get worried, point out that your util is low, if it is!  I did that when I reconned for the Discover and Chase cards.  I simply said; I doubt many people came out of Christmas with as little debt as I did.  The lady at Discover chuckled at this in such a way that I knew it wasn't her that fared as well as I did in this.  The lady at Chase was rather pleasant about it too!  (She completely avoided the question about the limit and told me that was determined by the verification department, I knew what this meant!  It meant I was getting a low limit and she didn't want to talk to me about it and that verification couldn't change it!  I didn't care that it was low, but was hoping for twice what it was!)

 

If any of them are sensitive to new accounts it could be an issue, six accounts is a lot.  I am mostly worried about Barclays in my list and Merrick!  (If Merrick gets annoyed by this I will simply say, did you notice that I paid off my account in full today?  Now, do you think I care?)  I think one of the biggest worries would have been what order you did that in!  (I look at that USAA card and I am thinking really?  My score is higher, maybe I should try for one of them!  The biggest I have is that crazy one from Compass, I still don't understand that!)



Rethink every purchase you make, before you make it. Use the card with the best rewards. Pay in full each month. Redeem rewards often. Use the cards online shopping for more discounts. Smile, knowing that being thrifty allows you to actually get more out of the same amount of money!
Valued Contributor
Posts: 1,987
Registered: ‎06-25-2012
0

Re: A lot of new accounts ..Should I worry?

As long as you keep your utl low < 5 you should be fine. I opened a total of 17 new accounts in 6 months and nothing happened. My utl never went higher than 3%.
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Valued Contributor
Posts: 1,960
Registered: ‎08-13-2007
0

Re: A lot of new accounts ..Should I worry?


jsickz32 wrote:
As long as you keep your utl low < 5 you should be fine. I opened a total of 17 new accounts in 6 months and nothing happened. My utl never went higher than 3%.

+1 - as long as you maintain low util, you should be fine. But, should a lender take AA against you, you can always argure your point such as "getting the best rewards based on my spending habits". They really cannot argue with smart spending.

Ray

** Every Card has a Job, and Every Card does its Job **

Highlighted
Valued Contributor
Posts: 1,170
Registered: ‎05-17-2010
0

Re: A lot of new accounts ..Should I worry?


FinallyBetterCredit wrote:

So I went on a two week application spree. I have opened the following accounts:

 

BOA Cash Rewards $1000

AMEX BCE $2000

Citi Diamond Preferred $1000

USAA World MasterCard $10,000

Lowes Storecard $800

Walmart Storecard $1000

 

Should I be worried when all these report that it will cause any of these cards to be closed or a FR from Amex?


Worried?  Don't be worried, the "damage" has already been done and you can't reverse it.  Look forward to what you have and if something adverse happens, take it as a lesson learned.  No use worrying over something that's out of your control.  Nice haul on that spree though!    

FICO Scores Updated 06/15 EQ08 754 EX08 751 TU08 836
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.