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New Member
bamboo2
Posts: 4
Registered: ‎12-07-2012
0

Concerned about credit accounts being closed

[ Edited ]

I have a credit history of 3+ years with zero late payments and no negative hits on any of my reports. I was approved for cards with Amex, Chase, Discover as well as store cards like Target and Wal-Mart. My score has dropped from 720-730 to 680ish as a result of all my inquiries (probably lower, I haven't checked in the past two weeks). I recently went on a bit of a credit application spree (I went too far: 15 applications). These applications have occurred between October and December. I would do 3-4 on the same day and then wait a few weeks. My thinking was that I would do lots of credit inquiries at once, get the credit cards, and then allow the inquiries to fall off around the same time. So, I would take a short-term drop on my credit scores but get be able to establish history with major creditors for the long-term. I realize 15 is an extremely excessive amount of inquiries in a short period of time, but I thought I was doing the right thing by doing them all at once so that they will drop off my reports all at once.

 

Apparently I didn't do enough research and I now see that certain companies will do periodic reviews and close accounts based on the new information. I am particularly concerned about my American Express BCE card being closed. I am very good about managing my money, payments, and accounts and so having many accounts to keep track of does not bother me and is not difficult for me to handle.I have now read that American Express and Chase (and others?) will continue to review my reports and I am very concerned about those accounts being closed because of my silly mistake. Since receiving these cards in October (Amex) and November (Chase) I have used them regularly for my everyday purchases and I have both paid them off as their balances post.

 

Does anyone have advice on this matter? Is there anything I might do to proactively prevent any account closures? I am rather panicked since the whole purpose of applying for so many accounts was to be able to start establishing history with all the different creditors--and that may wind up ruining exactly that. Thanks

Frequent Contributor
CreditWorld2013
Posts: 346
Registered: ‎02-01-2012
0

Re: Concerned about credit accounts being closed


bamboo2 wrote:
I have a credit history of 3+ years with zero late payments and no negative hits on any of my reports. I was approved for cards with Amex, Chase, Discover as well as store cards like Target and Wal-Mart. My score has dropped from 720-730 to 680ish as a result of all my inquiries (probably lower, I haven't checked in the past two weeks). I recently went on a bit of a credit application spree (I went too far: 15 applications). These applications have occurred between October and December. I would do 3-4 on the same day and then wait a few weeks. My thinking was that I would do lots of credit inquiries at once, get the credit cards, and then allow the inquiries to fall off around the same time. So, I would take a short-term drop on my credit scores but get be able to establish history with major creditors for the long-term. I realize 15 is an extremely excessive amount of inquiries in a short period of time, but I thought I was doing the right thing by doing them all at once so that they will drop off my reports all at once. Apparently I didn't do enough research and I now see that certain companies will do periodic reviews and close accounts based on the new information. I am particularly concerned about my American Express BCE card being closed. I am very good about managing my money, payments, and accounts and so having many accounts to keep track of does not bother me and is not difficult for me to handle. I have now read that American Express and Chase (and others?) will continue to review my reports and I am very concerned about those accounts being closed because of my silly mistake. Since receiving these cards in October (Amex) and November (Chase) I have used them regularly for my everyday purchases and I have both paid them off as their balances post. Does anyone have advice on this matter? Is there anything I might do to proactively prevent any account closures? I am rather panicked since the whole purpose of applying for so many accounts was to be able to start establishing history with all the different creditors--and that may wind up ruining exactly that. Thanks

Honestly...there is nothing you can do since the reports already show your app spree. I would just make sure your balances are all paid in full, calculate how many inquiries are on each report, and make sure your income is respectable for the credit lines you have been given. If you find 10 inquiries on 1 report (you may have spooked someone) if they are spread across the 3 you will probably be okay. If you have 50K in credit lines and 30K in income you may run into trouble with AMEX and their FR's. If you still have more income v. credit lines you should be fine. Finally, don't app for anything else and if you have any accounts closed...try contacting the backdoor numbers and seeing if they will reconsider. Good luck and keep us posted!

Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012
0

Re: Concerned about credit accounts being closed

hey i did the same thing as you and opened a lot of accounts in a short time. from june to october i opened 17 new accounts, my inqs are 17(ex) 16(eq) and 9(tu). the only card that was closed was my bestbuy card and that was the card i first apped for. i havent had any problems with any other banks but also my utl is between 1% and 3% and dont let more than one card report.

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)
New Member
bamboo2
Posts: 4
Registered: ‎12-07-2012
0

Re: Concerned about credit accounts being closed

What do you mean you don't let more than one card report?

Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012
0

Re: Concerned about credit accounts being closed

[ Edited ]

i pay my cards as soon as the last pending charge goes thru so i dont even get a minimun payment date it just stays at 0. i only let one report a balance or carry a small balance.

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)

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