Lots of apps now worried about AA

[Anonymous]

You will be fine... Now chain yourself to the garden..

[OroroMunroe]

Will do! Now I have to avoid the Approvals thread

[onstar]

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@OroroMunroe wrote:

Will do! Now I have to avoid the Approvals thread

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And the Applications Forum.

And maybe this forum (Credit Cards Forum) too.

I was gardening, but about once a week, I'd stop out because I found something irresistible. Like today with the Amazon Prime Store Card. #FAIL #HELP

[NRB525]

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@OroroMunroe wrote:

Will do! Now I have to avoid the Approvals thread

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Which cards do you have? Different CCC have different approaches to AA.

It is also a good idea to list your cards in your siggy, you can get more relevant advice.

[taxi818]

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@Anonymous wrote:

I think I'd be more worried if I did 11 accounts over 2 days instead of years.  However I think that'd be a good place to stop and just let those age.  

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+1. Two years. No sweat. 

[lg8302ch]

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@OroroMunroe wrote:

Thank you for the replies! Over the past two years or so, I have opened 11 accounts. I have between 13-19 inquiries. I'm hopefully not inviting AA, but after reading about it here on the forum, I was starting to worry. Thank you for the information! I feel better prepared. 

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That is exactly what I did. But realized that it was a bit too fast with the credit extention ...from 8,5K to 150K+ = more than double my annual income in less than 2 years. Once my accounts hit the 2 year mark I will feel better 😉 and will add not more than 1 account every 6 months. So far I was lucky and had no AA taken and hope it will stay that way.

[CreditCuriosity]

Ya that amount in that time frame  isn't going to get you AA'ed unless as stated other factors come up like spike in Utilization etc... People are known to do 10 here in a day or two, that is what raises flags.  I must say to myself work and no forums, but so hard!

[takeshi74]

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@OroroMunroe wrote:

Thank you for the replies! Over the past two years or so, I have opened 11 accounts. I have between 13-19 inquiries. I'm hopefully not inviting AA, but after reading about it here on the forum, I was starting to worry. Thank you for the information! I feel better prepared. 

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Be careful relying on trends based on posts on any discussion forum.  You can do so but you always need to consider your sources and any discussion forum presents skewed data.  myFICO has a lot of rebuilders and rebuilders.  It doesn't take much for people with thin and poor credit profiles to be seen as risky by creditors whereas those with more established profiles in good standing can better handle such changes.

Additionally, what invokes AA varies from creditor to creditor.  As stated above, there are a lot of variables at play and you can't just assume that a lot of posts about AA means that you're at risk.  You need to get a better understanding of the shape your credit is in and what is seen as risky specifically for your profile.  Granted, that's tricky to do.

It's really too late to worry over AA from new accounts at this point.  You really need to worry before apping.  There's no sense in worrying over AA until it happens though you certainly want to consider the risk of AA when making decisions.  If it does happen then like any other problem solving you need to determine the specific cause and address it versus relying on a fixed list of solutions or randomly applyng solutions to the problem.  If AA is from new accounts there isn't anything you can do aside from letting the new accounts age.  You can try to keep other risk factors minimized but the creditor's primary concern is generally what really matters.

[OroroMunroe]

Thank you for your informative, sobering response. Hindsight, hindsight, hindsight! 

[Anonymous]

Get some Wellies & go stand in some mud for awhile.  That will keep you in the garden!   Con join us...........