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danielodonoll
Posts: 401
Registered: ‎03-16-2013
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Re: Do new reporting accounts have negative effect on new approvals?

Navigate i had the same issue with them 2 lenders but hey its their money and is our request,dont have to be granted right?:smileyvery-happy:

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MountainHiker
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Registered: ‎08-07-2012
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Re: Do new reporting accounts have negative effect on new approvals?


navigatethis12 wrote:

Some lenders don't like to see a lot of new accounts and some don't care. New accounts may hinder instant approvals, but you may be able to get a human to approve it. Having a higher limit may even hurt you. If you have 3 1000 limit cards and a new account shows at 15000, the new lender may want to see some history with the larger limit since you haven't handled one with that kind of limit before.

 

General Electric, FIA, and First National Bank of Omaha had no problem giving me highish limits, but Chase and Barclays won't break 4000 on the personal cards I have with them. So the first three don't care about me having 16 new accounts in one year, while the last two do.


First bank of Omaha sent me a pre-approval for their American Express card.How do you like their card services?

I certainly want to app for additional cards, but only about 2 or 3 cards total. I rather have about 5 cards with sizable limits and allow them to grow over time. I think it wise to have cards with more than one company.Which is why I would like to get a CitiBank Thank You card, and a Discover card.Bringing on two different companies I believe would be a wise move. I also would like to get a Mastercard Platinum card with Navy Federal.This time around concerning credit, I want to keep things simple and easy to manage this time.

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navigatethis12
Posts: 1,941
Registered: ‎01-24-2012
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Re: Do new reporting accounts have negative effect on new approvals?


danielodonoll wrote:

Navigate i had the same issue with them 2 lenders but hey its their money and is our request,dont have to be granted right?:smileyvery-happy:


True. I just find it somewhat funny that it differs so much between lenders.

 


MountainHiker wrote:

navigatethis12 wrote:

Some lenders don't like to see a lot of new accounts and some don't care. New accounts may hinder instant approvals, but you may be able to get a human to approve it. Having a higher limit may even hurt you. If you have 3 1000 limit cards and a new account shows at 15000, the new lender may want to see some history with the larger limit since you haven't handled one with that kind of limit before.

 

General Electric, FIA, and First National Bank of Omaha had no problem giving me highish limits, but Chase and Barclays won't break 4000 on the personal cards I have with them. So the first three don't care about me having 16 new accounts in one year, while the last two do.


First bank of Omaha sent me a pre-approval for their American Express card.How do you like their card services?

I certainly want to app for additional cards, but only about 2 or 3 cards total. I rather have about 5 cards with sizable limits and allow them to grow over time. I think it wise to have cards with more than one company.Which is why I would like to get a CitiBank Thank You card, and a Discover card.Bringing on two different companies I believe would be a wise move. I also would like to get a Mastercard Platinum card with Navy Federal.This time around concerning credit, I want to keep things simple and easy to manage this time.


They sent me a pre approval too. I hadn't even heard of them when I got it but the 0% interest for one year and one month was alright so I applied. I have only had it since December so can't say much but it's been alright. Their website is easy to use and looks decent enough. You have to have $25 before you can redeem rewards. You can make payments up to 5pm and they post the same day. I have only spoken to them once when they blocked the card to verify charges. The highest limit showing was 7500 I think when I applied and they gave me 10000 after reviewing it for one day. So I guess they don't go off of other limits. To me the Citi ThankYou cards are useless except for promotions. There was one recently that gave $150 ad 5% on gasoline, drugstores, and groceries/0% interest for 12 months.


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