How common is this for new accounts? I know many go on app sprees but then I also read about AA so I'm trying to figure out how I determine what is too much. I've had a flurry of activity lately lol
Aug - Barclay Apple
Nov - NFCU
Dec - Amex Green, Amex Delta
Jan - Chase, Barclay Sallie Mae
Feb - New Car Loan, HFCU Platinum, Venture
Is that a lot?
@Anonymous wrote:
AA = Adverse Action
I believe it includes actions like closing accounts and credit line decreases. There might be more to itIf so someone will be along shortly to elaborate or correct me
Closing accounts: Check - 4 accounts I think
Credit Line Decreases: Check - All but Capital One (and AMEX and USBank since I had no cards open earlier with them)
Penalty Interest Rates: Check - Citi through AT&T Universal, Chase.
Financial Review: Not me
All those, except FR, I have gone through on several accounts after my balances were very high in the Credit Bubble. As the balances came down, most lenders ran CLD behind the declining balances to ensure I didn't charge more up. Citi outright closed an account that was (is still) on a 1.99% permanent APR. Another account, they proposed raising the 7.99% APR to 29.99%, so I said, no, I don't agree, closed it, and kept the 7.99% rate terms on that balance, also still paying off.
Fast forward to this week:
I got a CLI from BofA on an account they balance chased me to $12,700. A $3k CLI yesterday to $15,700. Made my day, no doubt.
I am considering requesting Citi open the account that had the 1.99% rate. They declined a CLI (don't ask me why Citi has a "Request a CLI" button on these two closed accounts, but they do) and in the denial letter said they could not give a CLI because the account was closed, but to call them if I wanted the card opened again. Like I said, yesterday was a good day.
I am also considering opening the AT&T Universal card, which is closed and still displays a $21k CL, and only a $2k balance remaining to pay.
So, while AA does occur, it is NOT the end of the world. You just keep paying on the card, make the CCC feel more comfortable about your ability to pay, and then rebuild that relationship the best you can.
@Anonymous wrote:I think I can top it. Pretty bad, I know. BMW lease, new tour rocket for hubby, BOA CL increase, Cap One increase times 2, AMEX, Citi, Chase, Saks, SamsClub MC, (cancelled SamsClub card for it) Discover it, First National Bank AMEX, Williams Sonoma Barclays, Restoration Hardware & Amazon! I still have those crappy start up cards. Everytime I go to cancel, they talk me into keeping them. I have 4. Should I cancel them? Some are 3 yrs old. Will they affect my utilization? Total of CL on al 4 is 4300.00.
This is NOT AA 