Closing credit card accounts down?

[snowkitty]

I just read a post where someone said their cap1 card shut down because of too many new accounts/inquiries. I didn't know the card companies do this. I have opened all my cards in the past month! Is that something common? Is there a way to prevent it once your accounts are opened? That is VERY scary!!!

[LS2982]

I wouldn't worry about it. It usually takes more than just new accounts for creditors to get spooked.

[bichonmom]

I just responded to your post on the other thread. I really don't think you have anything to worry about, but his post does give pause, doesn't it? 

Ive been on this forum for 1 1/2 yrs and don't recall more than a handful of people posting about that happening. And there is almost always a reason, except for the rash of b of a closures. Opening 15 CCs inunder 3 mos is really extreme. Even with my rebuilding, haven't opened that many in a yr and half.

Just don't app for anything for a while and keep your util low.

[jamesdwi]

Use the new cards lightly at first, PIF on most cards, keep overall UTL less than 10% don't invite too many new friends to your credit report. 

if you loan your newest buddy $20 and you then found out he met 15 other friends and borrowed a bunch of money from them, all with in 3 months of borrowing money from you? You would probably rethink your relationship with your new buddy, if it happed after you known each other for 6 months and they were always good with repayments things would probably be okay. 

[snowkitty]

Thanks for the info.....I just got approved for a gas card today but I took 2 hard hits so that really freaked me out! I love my array of cards and don't wanna lose em'