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Frequent Contributor
Posts: 455
Registered: ‎04-26-2012
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How will "new credit" affect future applications?

It has now been 6 months since I got my first American Express BCP CLI. But I am thinking about how all this "new credit" would affect my chances for applying for a new card or perhaps an auto loan.


I had only a Capital One last April 2012, with a total CL of $300. In May, I got BCP ($2000), Green (NPSL), and Discover ($10,000). In July 2012, the BCP went to $6000. My AAAoA has *decreased* significantly, not just because of the new accounts, but because my old 15 year old accounts keep dropping off my CL (and AMEX won't backdate my two cards and because I don't remember my old number and it's "too old" for it to be on their system - but that's a diffrerent gripe/story). I still have one old acount on Experian, which will drop off in March, or whenever they get to it :-) Then my AAAoA will be down to 1.5 years down fro 15 last year (it's already happened on EQ and TU). My TU FICO is 765 and EQ FICO is 758. They would go a bit up when I clean up balances to under 9%, etc.


So, effectively, most of the credit is "new." I do not have a Visa/Mastercard of some sort and every now and then someone doesn't accept any of my Amex/Discover cards, so I did want to get something from another network. I would want something with a higher limit and perhaps cashback since I am not sure the travel rewards is going to work out for me (and I try to use my Green for that, to be able to transfer it to miles, when needed). I was thinking a "nice" card though I don't want to pay an annual fee considering I already have 2 of those from Amex. My question is: does having tens of thousands of dollars in new credit being available reduce my chances, or do that significantly, for getting a new card (or even an auto loan)? I know I have read previously that Chase has said to people that they want to see people have more experience with higher limits before giving them a CSP (which, I might not want because of the AF).


I don't really need $18k on my BCP but would prefer to have it $10k+ so that both my cards are at similar levels (btw, I dropped Capital One a couple of months ago). But I also want to think about how that affects other things in 2013. Right now, my accounts are not at zero, so I would wait for my next closing date before applying for a CLI, if I did. Btw, I don't carry any long term balance.


Any thoughts or experience?




PenFed Platinum Cash Rewards (19.5k), American Express Blue Cash Preferred (18k), Chase Sapphire Preferred (14k), Discover More (10k)
Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
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Re: How will "new credit" affect future applications?

Auto loans are pretty much secured loans so as long as you pay your cards on time and do not have huge util I think you will be just fine

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: How will "new credit" affect future applications?

With a mortgage, they like to see new accounts age for 120 days. If they are less than 120 days old, you get to write a letter of explanation.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014

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