Has a bank ever closed an account for too many inquries and opened accounts

[longtimelurker]

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@Anonymous wrote:

Yes, banks do sometimes close accounts or take other AAs such as CLDs when you open numerous new accounts or get too many inquiries. The chance of them taking action depends on the CC issuers tolerance and your overall credit profile. Some banks, like Barclays and CUs (some), might be more likely than others to take action. With that said, it is not very commonly done. No point worrying about it after applying as there is not much you can do now. 

Generally speaking, most banks won't take AA when you open 8 new accounts or rack up a bunch of inquiries. Since your overall credit profile is below average, you are more likely to be effected by AAs for excessive new accounts or inquiries. However, as far as I know, none of your current issuers are extremely sensitive to either new accounts or inquriries. You should probably take it slow for now though. Mass applications is fine when you have well established and positive credit history. When your credit profile is either not so established or has some derogs, you should usually take it slow as you are at higher risk for AA.

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Right.   In general banks don't take AA because of rules like: If X inqs in Y months....     They are interested in risk.   So they look at many factors to determine this, and "aggressive credit seeking" is one obvious flag, shown by inqs, new accounts.   They could potentially also look at CLIs but that is more work.     Increasing balances, or increasing number of cards with a balance etc will also imply risks, along with lates and similar baddies.

So absent other factors, new accounts and inqs can be OK.  With other factors, even a small number of new accounts could cause concern.

[Anonymous]

Ahhh the old 2 yr 5 new account Chase "rule" that people keep canonizing. Its always YMMV people, lets get real.

[CreditCuriosity]

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@Anonymous wrote:

Ahhh the old 2 yr 5 new account Chase "rule" that people keep canonizing. Its always YMMV people, lets get real.

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alot of evidence on this forum that supports it...  Granted this forum isnt the normal and have seen examples of it going either way...  Could be just an excuse or they could be starting to relax it as well, this is why the question is asked how recent it was.

[Anonymous]

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@CreditCuriousity wrote:

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@Anonymous wrote:

Ahhh the old 2 yr 5 new account Chase "rule" that people keep canonizing. Its always YMMV people, lets get real.

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alot of evidence on this forum that supports it...  Granted this forum isnt the normal and have seen examples of it going either way...  Could be just an excuse or they could be starting to relax it as well, this is why the question is asked how recent it was.

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It's not just this forum.  It's every credit forum/blog

[CreditCuriosity]

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@Anonymous wrote:

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@CreditCuriousity wrote:

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@Anonymous wrote:

Ahhh the old 2 yr 5 new account Chase "rule" that people keep canonizing. Its always YMMV people, lets get real.

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alot of evidence on this forum that supports it...  Granted this forum isnt the normal and have seen examples of it going either way...  Could be just an excuse or they could be starting to relax it as well, this is why the question is asked how recent it was.

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It's not just this forum.  It's every credit forum/blog

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I agree, but we aren't REAL lol.. I have both cards and can care less, other then trying to help out other people in not wasting inquiries on a possible guranteed failure.  Thus trying to figure out if policies are evolving, etc..  Kinda part of the point of this forum.

[GoldSorata]

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@CreditCuriousity wrote:

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@Bmac66 wrote:

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@Anonymous wrote:

Chase, Citi, Amex and Barclays are known to get nervous whenever they see a lot of inquiry activity on a CR.  You're also automatically ineligible for any Chase card (not co-branded) since they don't like folks who have 5 or more accounts over 2 years. 

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The last part about Chase is inaccurate information.  Last October I opened a USAA AmEx. In the last month I went on an app spree and opened USAA MasterCard, AmEx Every Day Card, Wells Fargo, Capital One and Lowe's, all of which are reporting. Just yesterday I was approved for the Chase Freedom card for $4500 no questions asked. 

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the reason you got that freedom is due to the other cc's not reflecting/reporting on your credit report yet though(yes the inquiries were on various CB's, but not that accounts).. or it would of been a denial..  That is why I said call right then before your other cards reported to see if it was verification ..  You got in right in time.

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I just got a Freedom with 7 accounts reporting, the oldest of them being ~12 months old. See my sig, the only thing that wasnt reporting was my QS

[CreditCuriosity]

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@GoldSorata wrote:

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@CreditCuriousity wrote:

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@Bmac66 wrote:

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@Anonymous wrote:

Chase, Citi, Amex and Barclays are known to get nervous whenever they see a lot of inquiry activity on a CR.  You're also automatically ineligible for any Chase card (not co-branded) since they don't like folks who have 5 or more accounts over 2 years. 

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The last part about Chase is inaccurate information.  Last October I opened a USAA AmEx. In the last month I went on an app spree and opened USAA MasterCard, AmEx Every Day Card, Wells Fargo, Capital One and Lowe's, all of which are reporting. Just yesterday I was approved for the Chase Freedom card for $4500 no questions asked. 

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the reason you got that freedom is due to the other cc's not reflecting/reporting on your credit report yet though(yes the inquiries were on various CB's, but not that accounts).. or it would of been a denial..  That is why I said call right then before your other cards reported to see if it was verification ..  You got in right in time.

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I just got a Freedom with 7 accounts reporting, the oldest of them being ~12 months old

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pollicy could be changing again or a YMMV, but for months that is what we saw here..  Thanks for the info, possibly changing their tune again?  

[GoldSorata]

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@CreditCuriousity wrote:

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@GoldSorata wrote:

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@CreditCuriousity wrote:

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@Bmac66 wrote:

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@Anonymous wrote:

Chase, Citi, Amex and Barclays are known to get nervous whenever they see a lot of inquiry activity on a CR.  You're also automatically ineligible for any Chase card (not co-branded) since they don't like folks who have 5 or more accounts over 2 years. 

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The last part about Chase is inaccurate information.  Last October I opened a USAA AmEx. In the last month I went on an app spree and opened USAA MasterCard, AmEx Every Day Card, Wells Fargo, Capital One and Lowe's, all of which are reporting. Just yesterday I was approved for the Chase Freedom card for $4500 no questions asked. 

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the reason you got that freedom is due to the other cc's not reflecting/reporting on your credit report yet though(yes the inquiries were on various CB's, but not that accounts).. or it would of been a denial..  That is why I said call right then before your other cards reported to see if it was verification ..  You got in right in time.

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I just got a Freedom with 7 accounts reporting, the oldest of them being ~12 months old

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pollicy could be changing again or a YMMV, but for months that is what we saw here..  Thanks for the info, possibly changing their tune again?  

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Yeah, I agree its been reported a lot. Maybe because I used a prequal from their website, idk.

Wasn't an instant decision either, I had to go through verification.

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Did-I-just-break-Chase-s-5-card-24-month-limit-rule/m-p/4179610

[morgacj2004]

The bottom line is that it is not how many Inq or Accts you have but what your UT is on those accts. The majority of CC collectors on this forum have zero bal on most of their CC.