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The Shopping Cart Trick worked for me at Express, I got approved for a new account unknown on CL and it also worked at JCREW but I didn't accept. I am afraid of opening to many new accounts. Will opening to many credit accounts with small CL hurt or help my credit score?
As stated it will bring down your average age of accounts. If you get to many toy limit cards it could make you look desperate for credit and CLI may become few and far between. Also it may hurt you for getting better cards in the future for the same reason. Remember always apply for cards you will use not just because you get approved. Credit card companies frown on people opening and closing cards in a short period of time. If it's the only way for you to get a couple trade lines started then go for a couple but don't go nuts. It may come back to bite you. Good Luck on your credit journey. Remember credit is a journey not a race. You remember that and you'll do great.
@coldnmn wrote:As stated it will bring down your average age of accounts. If you get to many toy limit cards it could make you look desperate for credit and CLI may become few and far between. Also it may hurt you for getting better cards in the future for the same reason. Remember always apply for cards you will use not just because you get approved. Credit card companies frown on people opening and closing cards in a short period of time. If it's the only way for you to get a couple trade lines started then go for a couple but don't go nuts. It may come back to bite you. Good Luck on your credit journey. Remember credit is a journey not a race. You remember that and you'll do great.
Good point about taking your time. Comenity may "love" you, but I just found Citibank frown on a CLI for an account I've had for 12+ years for "too many recently open accounts".
I called to try to recon it, and the folks I spoke to as Credit analyst and Retention said there was nothing they could do to overturn a computer-based decision. I have half-thought about calling Citi's EO to see if I can do anything, but may just leave it alone.
In my case I added:
Oct: Express, J.Crew,
Nov: Peebles
Dec: Toys R Us, Newegg/BillMeLater, MyPoints Visa, TD First Class
Jan: EBay MC, UPromise MC, CSP, and Amex Blue Sky (replaces or-iginal Optima from '99)
I did add a few new accounts; paying them all off, but Citi doesn't know that, so Citi turns down a CLI that might have been useful.
(so I am burning through the last of my Dividend Dollars I can earn for this year, than shoving their card in the drawer)