topic Re: Question? in Credit Cards

Question?

sandman2435 — Sun, 23 Jun 2013 02:56:00 GMT

Why does banks want to see how you Handle new accounts even though you've had credit for over 20 years,before they will issue u a new card.reason I'm asking is:I applied for a chase Marriott rewards card now mind you I've had a ink bold for almost 2 years . A CSP for a year and a freedom for 2 months, checking savings, but I have opened up about 5 new accounts in the past 6 months and closed out almost all GE accounts , I've reduced almost 75K in available credit, I pay in full and have mid 700's scores with all 3 credit reports

Re: Question?

indiolatino61 — Sun, 23 Jun 2013 03:57:12 GMT

@sandman2435 wrote:
Why does banks want to see how you Handle new accounts even though you've had credit for over 20 years,before they will issue u a new card.reason I'm asking is:I applied for a chase Marriott rewards card now mind you I've had a ink bold for almost 2 years . A CSP for a year and a freedom for 2 months, checking savings, but I have opened up about 5 new accounts in the past 6 months and closed out almost all GE accounts , I've reduced almost 75K in available credit, I pay in full and have mid 700's scores with all 3 credit reports

Look at it as credit being a large glass. Every time you add a new account, the glass fills up according to your new credit limit. Even if you have been fine handling the glass 3/4 full for many years, each new account MAY bring you to the point of overflow. So each lender wants to wait and see if you are indeed "overflowing" before they choose to add even more "water" to your glass.

Re: Question?

Revelate — Sun, 23 Jun 2013 03:57:06 GMT

New applications could be fraudulent on a number of levels, or may be a sign of instability in the consumer as technically seeking any new credit in their eyes isn't the happy, stable, fiscally conservative action... FICO inquiry damage almost makes that explicitly accurate.