topic Re: New accounts opened in Credit Cards

New accounts opened

Anonymous — Thu, 09 Jun 2016 20:11:42 GMT

So, over the last month I was a little app happy, and went on quite the spree. I had zero credit cards reporting and my fico's were in the low 500's. Now its in the mid 600's. I so far have aquired

Chase Slate -2500

CO Quicksilver MC -500

Barclay cash forward MC -1300

Barclay Apple Rewards -2000

USAA Signature VISA -7000

USAA AMEX -7000

PENFED signature VISA -21000

Im an AU on a Discover IT -20000

AMEX BCFE-20000

I also have a new installment loan reporting for a 10k loan.

Make multiple payments and always pay in full. I do have some baddies that I'm working on getting removed, 2..which will leave a judgement. I plan to ket these cards mature over the next year, and not take any HP CLI . Now, my question is, If i let these grow, and my profile doesn't get worse, are creditors known to pull back limits? If they think there is risk? All these cards were gotten in a very short time, and some not showing on the report yet other than the HP. Will they do a SP and be like, **bleep**?! I have 16 inq on my EQ, 11 EX, and 11 TU

I don't plan on carrying a balance on any them, except the apple barclays. I purchased a mac and took advantage of the 0% for 18 months. Make lots of payments throughout this month, and every month in the future.

Re: New accounts opened

kdm31091 — Thu, 09 Jun 2016 20:17:02 GMT

Surprised to see two Barclay cards as they are often reluctant to hand out two accounts in quick succession.

Just keep your utilization low and make your payments every month on time. Not much else you can do -- the damage is done, and if anything's going to happen, it will happen. We can't tell you whether it will or will not. You'll just have to deal with it as it comes. That is certainly quite a few new accounts though, so I'd be mindful and not add anything else. Keep a low profile for awhile.

Re: New accounts opened

Anonymous — Thu, 09 Jun 2016 20:23:34 GMT

I am definitely done with new accounts till I apply for my mortgage. I just wanted to establish a good variety of cards. I have no problem not carrying a balance, and my UTI will be kept extremely low. Just wanted to show responisble use with all of them. No negatives will be added, I just wanted to improve my overall scores.

Re: New accounts opened

Anonymous — Thu, 09 Jun 2016 20:28:20 GMT

@kdm31091 wrote:
Surprised to see two Barclay cards as they are often reluctant to hand out two accounts in quick succession.

Just keep your utilization low and make your payments every month on time. Not much else you can do -- the damage is done, and if anything's going to happen, it will happen. We can't tell you whether it will or will not. You'll just have to deal with it as it comes. That is certainly quite a few new accounts though, so I'd be mindful and not add anything else. Keep a low profile for awhile.

As KDM says, we don't know if there is much risk, but I would add to his list:

1) Don't contact the issuers unless absolutely necessary!

This means no calls about CLIs, APR reductions, CL moving etc. Keep their eyes off your account. Of course, if there is a serious billing issue, you will need to call.

Re: New accounts opened

Anonymous — Thu, 09 Jun 2016 20:37:19 GMT

So no LUV button even? I did plan to take advantage of the 90 day window for penfed. Is there a lenth of time you think I should stay away? I see people go on app sprees and apply for lots of cards(and get them) all at once.

Re: New accounts opened

Anonymous — Thu, 09 Jun 2016 20:57:43 GMT

@Anonymous wrote:
So no LUV button even? I did plan to take advantage of the 90 day window for penfed. Is there a lenth of time you think I should stay away? I see people go on app sprees and apply for lots of cards(and get them) all at once.

It's entirely up to you! Just that every interaction gives someone a chance to view your CR and decide that they don't like it. But if you feel you need your $21K Penfed line increased then go for it.

Yes, app sprees work for some, but you may have also noticed the recent spate of "X closed my cards [for no reason]" once the issuers see how many other cards you have got recently.

As I said, we don't know if there is any risk. But you probably really don't need CLIs now either.....

Re: New accounts opened

Anonymous — Thu, 09 Jun 2016 21:17:46 GMT

I feel like such a dummy...I don't need any CLI's..and won't for the foreseeable future. If one is an auto generated one, I will surely take it. CO is now my lowest card, and I hear they are very stingy anyways. My report will be clean as a whistle in a few months. So i'm just hoping these cards do me well. If one of them closes...then it closes. Hopefully the **bleep**ty CO. I plan on taking care of all of them though.

Re: New accounts opened

Anonymous — Fri, 10 Jun 2016 06:06:54 GMT

@Anonymous wrote:
So, over the last month I was a little app happy, and went on quite the spree. I had zero credit cards reporting and my fico's were in the low 500's. Now its in the mid 600's. I so far have aquired

Chase Slate -2500
CO Quicksilver MC -500
Barclay cash forward MC -1300
Barclay Apple Rewards -2000
USAA Signature VISA -7000
USAA AMEX -7000
PENFED signature VISA -21000

Im an AU on a Discover IT -20000
AMEX BCFE-20000

I also have a new installment loan reporting for a 10k loan.

Make multiple payments and always pay in full. I do have some baddies that I'm working on getting removed, 2..which will leave a judgement. I plan to ket these cards mature over the next year, and not take any HP CLI . Now, my question is, If i let these grow, and my profile doesn't get worse, are creditors known to pull back limits? If they think there is risk? All these cards were gotten in a very short time, and some not showing on the report yet other than the HP. Will they do a SP and be like, **bleep**?! I have 16 inq on my EQ, 11 EX, and 11 TU

I don't plan on carrying a balance on any them, except the apple barclays. I purchased a mac and took advantage of the 0% for 18 months. Make lots of payments throughout this month, and every month in the future.

When u said mid 600. What mid 600? 650 below or above. Pretty crazy if below and get a 21k limit with penfed and able to get chase slate

Re: New accounts opened

Loquat — Fri, 10 Jun 2016 11:03:58 GMT

Like LTL has mentioned, don't go poking these lenders with unecessary questions or request for CLI's or APR reductions. While a lot of them will do SP increases, if for some reason said request goes pending and will need to be reviewed by a loan officer or analyst then you could be inviting attention you don't really want or need. I know a lot of folks here have been mentioning PenFed and the 90 day pull...don't be fooled into thinking that just because they have that policy that they won't SP you if you make a request. Also, there has been times (from personal experience with PenFedP) that if you click for a CLI sometimes it will go pending with a loan officer for a manual review. My point is, like LTL mentioned, tread lightly for a while and you should be fine.

Re: New accounts opened

Anonymous — Fri, 10 Jun 2016 12:10:22 GMT

@Anonymous wrote:
@kdm31091 wrote:
Surprised to see two Barclay cards as they are often reluctant to hand out two accounts in quick succession.

Just keep your utilization low and make your payments every month on time. Not much else you can do -- the damage is done, and if anything's going to happen, it will happen. We can't tell you whether it will or will not. You'll just have to deal with it as it comes. That is certainly quite a few new accounts though, so I'd be mindful and not add anything else. Keep a low profile for awhile.
As KDM says, we don't know if there is much risk, but I would add to his list:

1) Don't contact the issuers unless absolutely necessary!

This means no calls about CLIs, APR reductions, CL moving etc. Keep their eyes off your account. Of course, if there is a serious billing issue, you will need to call.

I agree. Time to lay low and use your cards wisely.

Re: New accounts opened

surferchris — Fri, 10 Jun 2016 23:04:37 GMT

Congrats

Re: New accounts opened

Anonymous — Sat, 11 Jun 2016 02:42:13 GMT

My NG score with penfed was 648. So I guess thats crazy? lol.... Thanks for all the great advice guys. I will definitely be laying low and using the cards wisely for a while. No CLI request on my part for at least a year. I will even pay off the barclay apple rewards early. Just wanted to get an imac for the kids...and myself...who am I kidding. In the garden for one year!

Re: New accounts opened

RonM21 — Sat, 11 Jun 2016 15:54:08 GMT

As long as you garden for a while, I would think eventually your scores will rise even more, assuming these new accounts are handled correctly.

Re: New accounts opened

Anonymous — Sun, 10 Jul 2016 05:25:42 GMT

@Anonymous wrote:
My NG score with penfed was 648. So I guess thats crazy? lol.... Thanks for all the great advice guys. I will definitely be laying low and using the cards wisely for a while. No CLI request on my part for at least a year. I will even pay off the barclay apple rewards early. Just wanted to get an imac for the kids...and myself...who am I kidding. In the garden for one year!

Wow that's super nice, so you only have 2 baddies in your report ? was it a collection? judgement? I got my denial and I was 649 I couldn't even get them to budge for smallest CL at all. Congrats to you!

Re: New accounts opened

Dahlia77 — Mon, 11 Jul 2016 11:18:29 GMT

I see you have a seedling and have started gardening. If you keep yourself under the radar so to speak and let them age with perfect payment I don't think you'll have to worry about anyone yanking a card from you or any AA. You accrued fast but now that they're in your possession I think patience will be the key. Just hold onto that seedling and let it grow into a nice strong tree!!!!

Re: New accounts opened

Anonymous — Mon, 11 Jul 2016 12:24:08 GMT

Congratulations on your spree. I like you got a penfed and instantly called for a CLI. Before this thread I had been thinking about doing a CLI request within the 90 days but I think now I will just hold on tight.

again congrats!