topic Re: Too many accounts recently opened in Credit Cards

Too many accounts recently opened

Anonymous — Mon, 07 Nov 2016 14:26:09 GMT

When you get this denial reason for credit cards how long should you wait before reapplying?

This is the only denial reason but previous denials from the same company listed charges offs and lates on previous denials.

Re: Too many accounts recently opened

Anonymous — Mon, 07 Nov 2016 15:03:33 GMT

I would personally say at least 6 months. I've opened quite a few in the last few months andplan to garden at least a year.

Re: Too many accounts recently opened

Anonymous — Mon, 07 Nov 2016 15:20:43 GMT

What company was it? How many new accounts did you open? Because if it's chase and you are over the 5/24 rule then it's two years assuming you don't add new credit to it. Then cap one now has a 1/6 month rule.

Re: Too many accounts recently opened

Anonymous — Mon, 07 Nov 2016 18:06:41 GMT

if that is the denial reason then give it a few months before applying for any card. How many new accounts do you have?

Re: Too many accounts recently opened

Anonymous — Mon, 07 Nov 2016 19:18:48 GMT

All the ones in my signature I got in Aug-Oct. 11 total

Re: Too many accounts recently opened

Anonymous — Mon, 07 Nov 2016 19:26:25 GMT

Was it chase who you had tried for?

Re: Too many accounts recently opened

Anonymous — Mon, 07 Nov 2016 19:32:41 GMT

Synchrony I tried to get sams and old navy.

Re: Too many accounts recently opened

Anonymous — Mon, 07 Nov 2016 19:39:06 GMT

At least 3-6 months. I think 1 year is better.

Re: Too many accounts recently opened

Anonymous — Mon, 07 Nov 2016 19:49:59 GMT

I'd wait a year. This is a lot of cards in a short time span. You mentioned in another thread that you were having trouble getting cards because you have a lot of small limits. You have plenty to work with in regards to building credit. I'd give it a year and see where you're at. Easier said than done though, I know. I've been waiting to app for the discover it miles card for a while. Trying to hold off til my 3 or currently 4 cards hit the one year mark. When I see people applying for so many cards at once like this, makes me think I should just apply, but still waiting. According to some recent threads you may want to be careful of apping too much with sync too.

Re: Too many accounts recently opened

Anonymous — Mon, 07 Nov 2016 19:56:07 GMT

I really do need to stop apping. I just wanted to get those two first. It's so addicting. I had a few collections drop off and went crazy. I haven't had a credit card since I was 17 and it is becoming a addiction to app. If I put a freeze on CR can it still be pulled for cli's?

Re: Too many accounts recently opened

Anonymous — Mon, 07 Nov 2016 20:05:32 GMT

I know how you feel. I hadn't added a new credit card I'm 8 years. Then I needed to finance an open med bill collection that was charging interest over several years. Score were low to mid 600s. Got the chase freedom at 0 for 15 mos and a CU card at 10.99 apr. THEN I thought, well what else. Got nfl extra from barclay, didn't like. Closed it recently. 4th card in two months was boa cash rewards. Then in may, received my freedom unlimited. I stopped there. I wouldn't even be wanting the discover miles if I wouldn't get so much cashback on my rent that way. My scores have def improved over the last year, upper 600s, but I do wonder if they would be over 700 if I had just added two instead of 4.

Sorry, I don't know much about freezing. Someone else will have to answer that. Not a bad idea tho. Have seen quite a few on here do that to make it more difficult to app.

Re: Too many accounts recently opened

garagebandking — Mon, 07 Nov 2016 20:11:31 GMT

There was a credit application addict thread on here some time ago...it is easy to get hooked with the positive reinforcement of "You're Approved"

I'd wait at least a year for all those accounts to age...and if you treat them well...you should be able to get some CLI here and there...even if you freeze your CRs.

Good Luck!

Re: Too many accounts recently opened

BronzeTrader — Tue, 08 Nov 2016 14:27:12 GMT

I've opened a total about 9 CCs over the past 6 months and all got approved. I just re-organized my CC portfolio and closed several cards too. The Sapphire Reserve is the latest. I was not very optimistic about it, but got a nice surprise.

One of the reasons that CC companies do't like many new applications because, some people are addicted to new CC signup bonus. And those people abuse this system. I know some people open and close so often. And CC companies lose $$ with those customers.

They would rather serve some customers with $200,000 yearly spending. Then all the perks they give to the customers are just a small part of the profits they earn

Re: Too many accounts recently opened

Anonymous — Tue, 08 Nov 2016 15:38:33 GMT

I would wait 1 year. you will only be half way to having the inquires removed but hopefully reality would have settled in and you won't be app happy. Within a year you'll know which cards you actually use and what to keep or lose and you can apply for just the card or cards you need. Alternatively you could garden altogether.

Re: Too many accounts recently opened

blondy250 — Tue, 08 Nov 2016 19:43:17 GMT

Inquiries stay on your report for 2 years, but for scoring purposes they count for a year. I would personally wait a year (use your credit responsibly), and then apply for a prime card, no more store cards

Re: Too many accounts recently opened

AverageJoesCredit — Tue, 08 Nov 2016 21:29:57 GMT

Roodog, im shocked! Literally shocked, I thought you were older than 8 years old ... Lol

OP, with Synchrony, be careful trying to open too many accounts close together. You can get sp cli with a frozen report though sometimes it easier when you can unlock before requesting so there is no problem for them checking your report. Ive hit luv button and gotten sp cli but on other occasions when calling CS i unlock my TU first just in case.

Re: Too many accounts recently opened

Anonymous — Wed, 09 Nov 2016 00:45:28 GMT

AJC,

Lol! Gotta love mobile. Even when I type the right things my phone will change it to something random.

Re: Too many accounts recently opened

AverageJoesCredit — Wed, 09 Nov 2016 01:11:40 GMT

Agreed Roo! I just wish i could graduate grammar school with how i type sometimes

Re: Too many accounts recently opened

Anonymous — Wed, 09 Nov 2016 02:49:30 GMT

Come and join us in the garden! While you garden create a plan and within your plan come up with a list of cards that fit your spend. Then research them to make sure they are right for you.

Re: Too many accounts recently opened

disney2 — Mon, 14 Nov 2016 15:59:07 GMT

I got the same message last week. I had gotten Old Navy, Belk, and American Eagle (for the discounts), but then decided I'd try for ToysRUs for the rewards and Christmas coming up. I got the dreaded letter yesterday that said "too many accounts recently opened". I called their CC CS number, 855-389-2365, today and they said they don't do recons. I suppose I may be calling the wrong number for that, but that's the only one I could find. I would love to get those points for the toys I'll be buying for Christmas though!