topic Re: Too many, too soon...? in Credit Card Applications

Too many, too soon...?

Anonymous — Sun, 23 Jun 2019 14:39:43 GMT

I’ve recently applied, and approved for several credit cards. My credit utilization is very low, but mostly pay them in full monthly. My credit scores are in the 7’s, home owner, truck paid off. Over last six months have acquired: Chase sapphire preferred, Citi premier, Citi DC, AMEX Platinum, and AMEX bcp, bofa premium rewards, and bofa cash rewards, Capital one Quicksilver, Discover it, and lastly Wells Fargo Propel. I have older cards that I’ve had for 20 years, but these are in the l6 months. My question is this... With so many, so soon, am I running the risk of account closure, even though I mainly pay them off monthly? Am I making them nervous?

Re: Too many, too soon...?

simplynoir — Sun, 23 Jun 2019 14:52:34 GMT

Getting 10 cards in a six month period if you hadn't gotten any adverse action I would think you probably won't get any if you keep up PIF in a prompt manner. Having said that I would strongly advise on not getting any more cards for at least six months, much more preferably twelve months because any more may create a domino effect as a worst case scenario for closures.

Re: Too many, too soon...?

Anonymous — Sun, 23 Jun 2019 15:05:51 GMT

I got carried away lol. I certainly will not be applying for another for awhile. I just didn’t want them pulling the plug. I’ve never had baddies, just got caught up in the bonuses. Thanks for your reply.

Re: Too many, too soon...?

Remedios — Sun, 23 Jun 2019 15:07:36 GMT

@Anonymous wrote:
I’ve recently applied, and approved for several credit cards. My credit utilization is very low, but mostly pay them in full monthly. My credit scores are in the 7’s, home owner, truck paid off. Over last six months have acquired: Chase sapphire preferred, Citi premier, Citi DC, AMEX Platinum, and AMEX bcp, bofa premium rewards, and bofa cash rewards, Capital one Quicksilver, Discover it, and lastly Wells Fargo Propel. I have older cards that I’ve had for 20 years, but these are in the l6 months. My question is this... With so many, so soon, am I running the risk of account closure, even though I mainly pay them off monthly? Am I making them nervous?

@Anonymous Hi and welcome

I dont think anyone can tell you what will or wont happen.

Excessive credit seeking can lead to closure with some lenders, while others dont seem to care as much.

I would not worry about it too much because it's already done. You cant change it. Best you can do is stop applying for a new credit.

Let your accounts age and lay low. You should be fine.

Out of curiosity, did you manage to get all the SUBs?

Re: Too many, too soon...?

Anonymous — Sun, 23 Jun 2019 15:14:45 GMT

I actually did. Kinda silly though looking back. It certainly did increase monthly spending. I specifically wanted the AMEX Platinum for a big vacation. So that one wasn’t too hard to accomplish. It was a grind on the others lol.

Re: Too many, too soon...?

simplynoir — Sun, 23 Jun 2019 15:25:41 GMT

@Anonymous wrote:
I actually did. Kinda silly though looking back. It certainly did increase monthly spending. I specifically wanted the AMEX Platinum for a big vacation. So that one wasn’t too hard to accomplish. It was a grind on the others lol.

When making the spend on all these cards for the SUBs did you at least let a balance report to the bureaus to show use?

Re: Too many, too soon...?

M_Smart007 — Sun, 23 Jun 2019 15:27:05 GMT

" Am I making them nervous? "

I do not know, But you are making Me Nervous.

Post #2 in this thread, is what i'd go with!!!

Re: Too many, too soon...?

Anonymous — Sun, 23 Jun 2019 15:29:12 GMT

I do yes. I’m my original post, I added that I mostly pay them in full monthly. I let a small balance reflect monthly. Trying to get in the 800’s

Re: Too many, too soon...?

simplynoir — Sun, 23 Jun 2019 15:50:01 GMT

@Anonymous wrote:
I do yes. I’m my original post, I added that I mostly pay them in full monthly. I let a small balance reflect monthly. Trying to get in the 800’s

Sorry, I should have asked my question differently it's been a long morning for me. What I mean is let's say you had a $20k limit card and charged $5k of it in a month. Did you let the entire limit report a balance, a portion of it, or depending on the card with you praticing AZEO paid it in full before the statement generated?

Re: Too many, too soon...?

Anonymous — Sun, 23 Jun 2019 16:06:29 GMT

I would let a portion show depending on the card, and never really let utilization show very high. Cards that I have like chase, and Citi didn’t have an introductory 0% APR, so I always paid them before it posted. Not sure if I’m doing this correctly or not. Didn’t want interest eating the perks of the bonuses

Re: Too many, too soon...?

simplynoir — Sun, 23 Jun 2019 16:19:24 GMT

@Anonymous wrote:
I would let a portion show depending on the card, and never really let utilization show very high. Cards that I have like chase, and Citi didn’t have an introductory 0% APR, so I always paid them before it posted. Not sure if I’m doing this correctly or not. Didn’t want interest eating the perks of the bonuses

You're doing nothing wrong. In my experience and some others as well I think it helps to report at least a significant balance once that is paid off after that way it shows other banks/creditors you can handle a good debt size in relatively short order. Again, not necessary or needed but one I let for any new cards I have report at least once if you're practicing AZEO though I let cards report balances regardless now. Your situation may not allow that until perhaps your cards age more.

Re: Too many, too soon...?

Anonymous — Sun, 23 Jun 2019 16:22:36 GMT

Well, now that you have the SUB met and collected it's time to shift gears a bit.

Let things happen organically now and just use them like a "normal" consumer woudl. Charge, report, auto pay.

Since you're 6 months into a 10 card pileup it's safe to say you're doing it right if they haven't done anything yet they probably won't. Now, if you let them sit dormant for awhile it might trigger a reveiw but, as long as there's some use they should all be fine.

Re: Too many, too soon...?

Anonymous — Sun, 23 Jun 2019 16:30:13 GMT

I was actually nervous to show a big balance this early in the relationship. Afraid they would think I was being wreck less, and threw a red flag. Thank you for the advice. This is a tremendous resource. I’ve recently gotten into the rewards thing, and it’s really addictive lol.

Re: Too many, too soon...?

simplynoir — Sun, 23 Jun 2019 16:41:42 GMT

@Anonymous wrote:
I was actually nervous to show a big balance this early in the relationship. Afraid they would think I was being wreck less, and threw a red flag. Thank you for the advice. This is a tremendous resource. I’ve recently gotten into the rewards thing, and it’s really addictive lol.

Being serious for a moment here if the temptation is there to apply for more credit consider locking your reports because it can be addicting

Re: Too many, too soon...?

Anonymous — Sun, 23 Jun 2019 16:48:20 GMT

Roger that lol. I’m on lockdown for at least a year. Gonna sit back, and watch them grow.

Re: Too many, too soon...?

Anonymous — Sun, 23 Jun 2019 16:49:54 GMT

@Anonymous wrote:
I was actually nervous to show a big balance this early in the relationship. Afraid they would think I was being wreck less, and threw a red flag. Thank you for the advice. This is a tremendous resource. I’ve recently gotten into the rewards thing, and it’s really addictive lol.

They know what you're doing when they SP AR your reports to update your balances each month anyway. Nothing is really hidden but, it's less apparent for scoring purposes. I do a slew of bonuses at this point waiting for timers to reset on the bigger lenders and the new cards don't really expect to see it PIF before the statment cuts anyway. Some make it difficult to pay before a statement cuts unless you have a deposit account w/ them already like WF.

Take it in stride and at a minimum give things 6 months from the last approval to cool down and let the dust settle. The 6 months isn't really to avoid issues but to clean the clock for the too many inquiries denials that come w/ such activity. (credit seeking)

Re: Too many, too soon...?

Anonymous — Sun, 23 Jun 2019 17:11:38 GMT

@Anonymous wrote:
I’ve recently applied, and approved for several credit cards. My credit utilization is very low, but mostly pay them in full monthly. My credit scores are in the 7’s, home owner, truck paid off. Over last six months have acquired: Chase sapphire preferred, Citi premier, Citi DC, AMEX Platinum, and AMEX bcp, bofa premium rewards, and bofa cash rewards, Capital one Quicksilver, Discover it, and lastly Wells Fargo Propel. I have older cards that I’ve had for 20 years, but these are in the l6 months. My question is this... With so many, so soon, am I running the risk of account closure, even though I mainly pay them off monthly? Am I making them nervous?

If you haven't yet encountered any problems with lenders I dont forsee any occuring but I'd strongly advise to garden for a while. The initial SUB chasing is fine I suppose; but my concern would be that you're participating in several rewards programs - cashback, BofA points, Citi Thank You points, Chase Ultimate Rewards, Wells Fargo points, and Amex Membership Rewards - that are totally different and may not optimize your spending.

Re: Too many, too soon...?

simplynoir — Sun, 23 Jun 2019 17:10:04 GMT

@Anonymous wrote:
@Anonymous wrote:
I’ve recently applied, and approved for several credit cards. My credit utilization is very low, but mostly pay them in full monthly. My credit scores are in the 7’s, home owner, truck paid off. Over last six months have acquired: Chase sapphire preferred, Citi premier, Citi DC, AMEX Platinum, and AMEX bcp, bofa premium rewards, and bofa cash rewards, Capital one Quicksilver, Discover it, and lastly Wells Fargo Propel. I have older cards that I’ve had for 20 years, but these are in the l6 months. My question is this... With so many, so soon, am I running the risk of account closure, even though I mainly pay them off monthly? Am I making them nervous?
If you haven't yet encountered any problems with lenders I dont forsee any occuring but I'd strongly advise to garden for a while. The initial SUB chasing is fine I suppose but my concern would be that you're participating in several rewards programs - cashback, BofA points, Citi Thank You points, Chase Ultimate Rewards, Wells Fargo points, and Amex Membership Rewards - that are totally different and may not optimize your spending.

This is a valid point but I think in the case of SUB chasing it's fine initially to get a nice chunk of points for spend you already had and see how you're going to use them. From there a person can evaulate what options there are with how they spend it and adjust accordingly whether that means possible product changes or even closing of accounts to thin the herd out and keep the rewards programs you want.

Re: Too many, too soon...?

Anonymous — Sun, 23 Jun 2019 17:15:47 GMT

I not sure what I was thinking.... Someone should have tackled me. My mortgage and investments are through bofa and ML. I get so much more out of using those cards with their preferred rewards program.

Re: Too many, too soon...?

kdm31091 — Sun, 23 Jun 2019 17:56:17 GMT

@Anonymous wrote:
@Anonymous wrote:
I’ve recently applied, and approved for several credit cards. My credit utilization is very low, but mostly pay them in full monthly. My credit scores are in the 7’s, home owner, truck paid off. Over last six months have acquired: Chase sapphire preferred, Citi premier, Citi DC, AMEX Platinum, and AMEX bcp, bofa premium rewards, and bofa cash rewards, Capital one Quicksilver, Discover it, and lastly Wells Fargo Propel. I have older cards that I’ve had for 20 years, but these are in the l6 months. My question is this... With so many, so soon, am I running the risk of account closure, even though I mainly pay them off monthly? Am I making them nervous?
If you haven't yet encountered any problems with lenders I dont forsee any occuring but I'd strongly advise to garden for a while. The initial SUB chasing is fine I suppose; but my concern would be that you're participating in several rewards programs - cashback, BofA points, Citi Thank You points, Chase Ultimate Rewards, Wells Fargo points, and Amex Membership Rewards - that are totally different and may not optimize your spending.

I think this is a valid point that doesn't get mentioned often enough. People end up in a dozen reward programs, at which point you aren't maximzing anything and you're just diluting your benefit. SUB aside, I think it's hard if not impossible to justify so many programs.