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Established Contributor
snowkitty
Posts: 985
Registered: ‎09-10-2012
0

Please help...I'm alittle nervous

I went on a app spree in the past few weeks and have several inquiries throughtout my reports. I am just now getting letters in about my denials and also about cards I was approved for and didn't know it. 9 accounts have been opened in the past month and I have one more that may or may not approve me. I have stopped apping and want to garden. I was just reading about people getting accounts closed after the fact because of obtaining new credit. Am I at risk for that? Some of these cards mean everything to me and some do not. Should I close a couple? I thought I was denied bp so I applied for shell and got approved....now I have both. Bp is the only one not listed in my accounts below...its for 400.00 The only app left pending is reeds jewelers and I hope I don't get it because I'm worried about red flags. Please advise me....am I worrying for nothing? If I garden from here on out am I ok? Should I close a few?
TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
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Revelate
Posts: 8,871
Registered: ‎12-30-2011
0

Re: Please help...I'm alittle nervous

Kitty,

 

Actually you should just stick to the current plan: hold tight and don't apply for anything more.  

 

You don't have any control over what the lenders will do, and most of the ones on your list that you put in your signature line probably won't care at all.  If you close some of the accounts though, you're setting yourself up to have to answer some possibly ugly questions later on when it comes to underwriting; banks sort of all work together when it comes to consumers, and if you opened an account, then immediately closed it, every other lender is going to see (assuming $0 AF) that you caused the credit card issuer to lose money, and they get sort of particular about that point when they're considering whether to grant you a card or not.

 

Yeah you have a bunch of accounts, and there's plusses and minuses to that; however, try to keep the accounts open for at least six months.  At that point you'll get at least a little FICO boost (FICO likes having longer tradelines, it's not just about AAoA) and opening and immediately closing accounts isn't a sign of fiscal stability.  

 

End of the day, to make yourself look as good as possible, just hang out and look stable :smileyhappy:  That means not closing the accounts you've opened, and not opening any more for a while either.  If a lender takes some sort of action, it happens, but it's unlikely to be most of them.  In six months or a near a year you can decide if you're not going to use the cards anyway, whether it just makes sense to close them.  Till then, just relax and things'll be OK.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Contributor
Jlu
Posts: 569
Registered: ‎06-12-2012
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Re: Please help...I'm alittle nervous

You really had no idea that opening 9 new accounts in a month would affect an existing creditors previously favorable view of your ability to repay debts?
Wallet: JP Morgan Select Visa Signature $10k | Chase Sapphire Preferred $7k | Citi ThankYou Premier Visa Signature $5700 | AMEX Premier Rewards Gold Card | Barclaycard Visa $5k | Discover IT $10k | Chase Freedom Visa $3k | Capital One Quicksilver $3k | Bank of America Cash Rewards Visa Signature $8k | Walmart Store $5k | Amazon Store $10k | Chase Total Checking |
Established Contributor
calihlove75
Posts: 787
Registered: ‎05-16-2012
0

Re: Please help...I'm alittle nervous

Hopefully none get axed, but brace yourself for a likely big drop in score once they all report. That is what I would fear. My card from 9/15 resulted in about a 10 point drop in score. My utility is only 5%. Once you get past the 6 months you should be fine but 9 cards I would think will be a significant drop in score which may or may not alert creditors. Closing any will not help. The damage is already done.


100% Ficos: EX 762, TU 767, EQ 754 Inquiries last 1 year/6 months: EX-0/0, TU- 0/0, EQ-2/1~ last credit card app 6/24/13- New car loan 3/8/2014
Discover IT $8000~Kohls $1000~Amex BCE $2000~ Walmart Discover $7500~NFCU Signature CashRewards $14,000~ Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $2500~ Amazon Store $7000~ Fingerhut $1050
Established Contributor
snowkitty
Posts: 985
Registered: ‎09-10-2012
0

Re: Please help...I'm alittle nervous

Thanks revelate....that puts me alittle at ease. :smileyhappy:

 

I'm on my mobile and having problems editing my post. It's been 8 cards not 9. 

 

No, Jlu, I did not think about it when I was apping. I am new to this and have lived of my debit card and/or cash for the past 16 years. Unfortunately, I got alittle app happy and got carried away and now that Ive been spending more time reading and less time apping, I realize I made some mistakes in apping. Now I'm worried I have messed myself up before I'm good and started.

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
Established Contributor
snowkitty
Posts: 985
Registered: ‎09-10-2012
0

Re: Please help...I'm alittle nervous

@calihlove75

 

Right now 5 are already showing up and my score has not dropped that I can tell. My score went up a good bit when the accounts showed up on there. I dont know what will happen when the other 3 hit though.my utilization is very low....2 percent. Ive been using the cards and paying them off at the end of the week.

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
Established Contributor
calihlove75
Posts: 787
Registered: ‎05-16-2012
0

Re: Please help...I'm alittle nervous


snowkitty wrote:

@calihlove75

 

Right now 5 are already showing up and my score has not dropped that I can tell. My score went up a good bit when the accounts showed up on there. I dont know what will happen when the other 3 hit though.my utilization is very low....2 percent. Ive been using the cards and paying them off at the end of the week.



Just breathe and relax. I go through the same fears every time I add a card and lately it has been one every few months. I can imagine the  anxiety over 9 all at once. LOL, I am dreading my last two student loans on my degree hitting my reports. I have over $50,000 in student loans as it is already reporting!!

 

No more apps!!

 


100% Ficos: EX 762, TU 767, EQ 754 Inquiries last 1 year/6 months: EX-0/0, TU- 0/0, EQ-2/1~ last credit card app 6/24/13- New car loan 3/8/2014
Discover IT $8000~Kohls $1000~Amex BCE $2000~ Walmart Discover $7500~NFCU Signature CashRewards $14,000~ Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $2500~ Amazon Store $7000~ Fingerhut $1050
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: Please help...I'm alittle nervous


Jlu wrote:
You really had no idea that opening 9 new accounts in a month would affect an existing creditors previously favorable view of your ability to repay debts?

A bit harsh, don't you think,   Snowkitty has been with us for 2 weeks!

 

 

 

Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: Please help...I'm alittle nervous


snowkitty wrote:
I went on a app spree in the past few weeks and have several inquiries throughtout my reports. I am just now getting letters in about my denials and also about cards I was approved for and didn't know it. 9 accounts have been opened in the past month and I have one more that may or may not approve me. I have stopped apping and want to garden. I was just reading about people getting accounts closed after the fact because of obtaining new credit. Am I at risk for that? Some of these cards mean everything to me and some do not. Should I close a couple? I thought I was denied bp so I applied for shell and got approved....now I have both. Bp is the only one not listed in my accounts below...its for 400.00 The only app left pending is reeds jewelers and I hope I don't get it because I'm worried about red flags. Please advise me....am I worrying for nothing? If I garden from here on out am I ok? Should I close a few?

I don't think you have anything to worry about unless you run up the balances and not PIF.

 

Frequent Contributor
AZHeather
Posts: 304
Registered: ‎04-26-2012
0

Re: Please help...I'm alittle nervous

I apped for and was approved for a new car, Amazon, Walmart, Discover, Cap One, PayPal MC and Chase Freedom all in the same week.  I have had and have been using all of the cards for the past 3 months (almost 4 now) with no issue at all.  However, I put myself in the garden right after that and will remain there until June 2013 - despite the itch to app! :smileyvery-happy:


Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
Current Score: 698 EQ-FICO (11/26/12) 705 EX-(11/21/12) 698 TU-FICO (11/26/12)
Goal Score: 720 (for starters)


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