topic Re: Applying for new accounts can become so addicting..... in Credit Cards

Applying for new accounts can become so addicting.....

junior88 — Sat, 12 Apr 2014 20:40:11 GMT

Let's just say since the beginning of the year I have opened a lot of new accounts. I went about 3 years with no new accounts and they went crazy this year. Anyone else have that problem? Is this going to come back to haunt me??

Re: Applying for new accounts can become so addicting.....

myjourney — Sat, 12 Apr 2014 21:26:44 GMT

If you stop now you'll be fine

Re: Applying for new accounts can become so addicting.....

One7 — Sat, 12 Apr 2014 21:34:12 GMT

I have the same problem. Last February I had zero credit cards and now I have over 20! I'm gardening now because there's no more cards that I want (Except for an Amex charge card which it seems I'll never have). My scores have gone up like crazy but ymmv so if you don't need anymore I would stop while you are ahead and you will be fine.

Re: Applying for new accounts can become so addicting.....

junior88 — Sat, 12 Apr 2014 21:38:44 GMT

Ha! I didn't probably need any of these new ones I got. I counted either 11 or 12 new accounts since January of this year. If you take a look at my signature, would there be any that you guys would recommend that I get rid of? This is nuts! I have a pending app yet for the AmEx Everyday. I didn't apply the same day my Costco got approved and didn't realize you have to wait 5 days to apply for another so that will get processed on Monday and my 61 day CLI on the Delta card is tomorrow....if I will even get that now. My scores didn't even take a hit from the first round of new cards this year. They stayed about the same or went slightly higher. Now, this next round may kill me. Hoping no creditors will CLD me. I do not have any Barclay accounts.

Re: Applying for new accounts can become so addicting.....

TrulyyBlessed — Sat, 12 Apr 2014 21:55:42 GMT

@junior88 wrote:
Let's just say since the beginning of the year I have opened a lot of new accounts. I went about 3 years with no new accounts and they went crazy this year. Anyone else have that problem? Is this going to come back to haunt me??

I mentioned this in an earlier post as well. For me, I believe I was used to not having credit and when I got in a situation where I was capable of being approved for credit I somehow got addicted to applying and being approved for cards. Trust me you can have 10 cards and see an ad, forum post, or something that may make you believe you should apply for another one. This is definitely not healthy and may come back to bite an individual in his or her rear-end if not careful. If an individual has issues continuing to apply for cards than he/she may also be more vulnerable to make unnecessary charges. The same way he/she applied for a card that was not needed that individual may also make purchases that are truly not needed ( To obtain a spending minimum, points, cash back etc. ). It's also more difficult for some to manage a high number of credit accts. I have turned my attention away from applying for cards and focused moreso on letting the accts age and information regarding cli, apr reductions, and other changes that I can make concerning my credit that Do Not involve applying for new credit/hard pulls.

Re: Applying for new accounts can become so addicting.....

blondy250 — Sat, 12 Apr 2014 22:36:23 GMT

@junior88 wrote:
Let's just say since the beginning of the year I have opened a lot of new accounts. I went about 3 years with no new accounts and they went crazy this year. Anyone else have that problem? Is this going to come back to haunt me??

No I don't have this problem, and the second part maybe. A manual review of your credit showing a lot of low limit store cards isn't so good.

Re: Applying for new accounts can become so addicting.....

DrZoidberg — Sat, 12 Apr 2014 22:41:55 GMT

I can't say that I have had this problem. I may have a lot of accounts but it's only for cards i want/ need. It won't come back to haunt you if you treat them right and garden them well.

Re: Applying for new accounts can become so addicting.....

TiggerDat — Sat, 12 Apr 2014 22:50:52 GMT

I am trying to control my urge too! I am glad to have what I do but also don't need any more cards. There are in fact only 2 or 3 cards out there which would actually benefit me in regards to rewards so I take solace in that fact and fight the urge.

Re: Applying for new accounts can become so addicting.....

asulaw — Sat, 12 Apr 2014 22:55:57 GMT

If you let your credit control you, it consumes you. When it is consuming you, you've spent your utilization. In my opinion I only open cards that I really want, and will use. Annual fees will consume you too if they don't pay for themselves. I sometimes have a hard time justifying cards like the CSP just because it is another AF card that has similar benefits if you spend a lot.

Just be careful and make sure you keep on the good side of credit.

Re: Applying for new accounts can become so addicting.....

junior88 — Sat, 12 Apr 2014 23:03:58 GMT

Thankfully I only have 1 account with an annual fee at this point and that is the Delta card. As for utilization, I'm at 2%. I'm not being that crazy and spending more than I normally would. My Discover card is probably get the most use right now, the Freedom is getting a decent amount also. I was thinking of closing some of the smaller cards, not sure if I should or not? I'm done applying now. I've got more than enough for a couple people. I'll let that AmEx Everyday app finish out processing and then I'm done, for at least a year. There's nothing else I need to be honest. Hopefully the other lenders will not do anything based on all this new credit. As I said, I pay everything down or off before it cuts anyway except that one account that I let report.

Re: Applying for new accounts can become so addicting.....

bada_bing — Sat, 12 Apr 2014 23:06:35 GMT

I froze my credit reports last week, that is something to consider doing

if you have self control issues. It won't stop anyone, but it will slow them

down.

I picked up three new cards in the last 6 months, which for me is epic.

I needed a business card, so the Ink cash is totally justified. I benefit

from the Sallie Mae gas and Amazon categories, so that one is justified

too. My spend on the Sallie Mae makes the Freedom more or less

redundant. I justify the Freedom by considering it a backup

to Sallie Mae in case it gets nerfed, lol.

Anyway, I'm done for at least a year or two. That's my story and I'm sticking

to it.

Re: Applying for new accounts can become so addicting.....

Jasir — Sat, 12 Apr 2014 23:47:58 GMT

I suggest anyone who is unable to control their apping to avoid these forums for months. Find another way to entertain your mind so that credit issues fall to the background. Only focus on building your history by responsibly using and paying your existing accounts. If you find your utilization is high then cut back on spending. Or split the cost between credit card and debit/check payment (esp if you usually PIF or push several payments through a month).

Resolve to only seek additional credit (new app or CLI) no more than every 6 months. Most of these should be CLI requests on exisiting cards -- not new apps that damage your AAOA.

These forums are full of misguided encouargement to app app app! App sprees, car trick approvals, CLI just to buffer poor fiscal managament, emails and calls to EO to circumvent underwriters who have denied with good cause (rather than encouragement to work on the existing issues & admonishment for unecessary apping).

Truth is people who open tradeline after tradeline for the heck of it are exibiting poor fiscal management. It doesn't matter if your income 6 or 10 figures or well below: poor fiscal management is still a cause for concern to underwriters and constant apping indicates poor fiscal management.

Pick a maximum number of cards you want. Ideally no more than what you can carry in your wallet at one time. Then decide which rewards, fee structure and other benefits you want to have between cards. Then carefully explore the cards offered, weigh the pros and cons and app for those cards. If you are denied do not app for a different card. Fix the issues of why you were denied and try again with that lender 3 to 6 months later. Once you have all your ideal cards just sit back and let them grow.

Good luck everyone!

Re: Applying for new accounts can become so addicting.....

Themanwhocan — Sun, 13 Apr 2014 00:21:27 GMT

Spend more time looking for the quality cards, and making a good plan to acquire them when your FICO's are optimal, and less time applying for cards.

You have to limit the field somehow. I suggest focusing only on 5% cash back cards, or maybe just Blue cards...

Re: Applying for new accounts can become so addicting.....

ceemee2203 — Sun, 13 Apr 2014 00:37:10 GMT

I think you get over it. I was that way a couple years ago because 4 years ago I was denied everything so when I started getting approved, I was thrilled.

This year, I've opened 3 new accounts for a total of 6 and it seems too much for me. I'm considering closing one. I had planned on stopping at 2 until I realized that my Starwoods points would expire at the end of this month. I decided to open 1 more account, my SPG because it will 1) backdate to 2008 and thus help my AAOA, 2) (hopefully) provide me with 1 more bonus before AMEX puts the kibosh on bonuses for existing accounts starting May 1st, 3) help me keep my Starwood account active so I don't lose my points, 4) save me money so I don't have to pay for points or spend what I don't need right now to keep my account active.

It's my last new card, at least for a year, now though. I don't want anything else. Further, I don't do any manufactured spending or anything like that. I use my cards like a debit card. I buy only what I know I can and would pay for with my debit card and pay in full every month.

I have to agree with Jasir though. If you feel compelled to apply, you should probably stay away from the forums. You don't have to stay away from all personal finance things though. There are other aspects of personal finance that you can explore, which will help you in the long term.

Re: Applying for new accounts can become so addicting.....

adavis425 — Sun, 13 Apr 2014 00:24:46 GMT

@Jasir wrote:
I suggest anyone who is unable to control their apping to avoid these forums for months. Find another way to entertain your mind so that credit issues fall to the background. Only focus on building your history by responsibly using and paying your existing accounts. If you find your utilization is high then cut back on spending. Or split the cost between credit card and debit/check payment (esp if you usually PIF or push several payments through a month).

Resolve to only seek additional credit (new app or CLI) no more than every 6 months. Most of these should be CLI requests on exisiting cards -- not new apps that damage your AAOA.

These forums are full of misguided encouargement to app app app! App sprees, car trick approvals, CLI just to buffer poor fiscal managament, emails and calls to EO to circumvent underwriters who have denied with good cause (rather than encouragement to work on the existing issues & admonishment for unecessary apping).

Truth is people who open tradeline after tradeline for the heck of it are exibiting poor fiscal management. It doesn't matter if your income 6 or 10 figures or well below: poor fiscal management is still a cause for concern to underwriters and constant apping indicates poor fiscal management.

Pick a maximum number of cards you want. Ideally no more than what you can carry in your wallet at one time. Then decide which rewards, fee structure and other benefits you want to have between cards. Then carefully explore the cards offered, weigh the pros and cons and app for those cards. If you are denied do not app for a different card. Fix the issues of why you were denied and try again with that lender 3 to 6 months later. Once you have all your ideal cards just sit back and let them grow.

Good luck everyone!

Wow! VERY well said!

I come here to read the posts, but I have no interest in apping for anything. Once I finished my list of cards I was done, that's it, no more. Now I'm just letting them age (really considering scrapping the JCP). The only cli I get are auto increases and they've been pretty regular with one card or another.

Re: Applying for new accounts can become so addicting.....

eagle2013 — Sun, 13 Apr 2014 01:37:26 GMT

I can relate OP. My score has now recovered to the point where I can be instantly approved for prime cards. Even shocking ones (Sallie Mae) with a boatload of inqs and a new account repoting.

When I defaulted on my first and only credit card in 2009, I wasn't aware of this website and didn't do a typical rebuilding path. No shopping cart trick, subprime cards, etc. It was only in the last two years when I really started to get a hold of my credit and become responsible. I took the secured card route and added an Old Navy card to start. 6 months later I applied for Nordstrom and Macy's. 4 months after that I tried for CSP, BofA - was able to get both on recon. 4 months after that I settled my CO. Very shortly after that the instant approvals started to roll in for the rest of my cards in the siggy.

It was better for me to go on a major spree for the cards I wanted, use and will keep, rather than to spread them out. I think once you have your core cards, your AAoA will be stronger and you'll be less inclined to app in future years. An additional motive is that I am graduating soon and will likely take some time off before working, so I didn't want income to be a factor in not getting the cards I wanted.

Re: Applying for new accounts can become so addicting.....

Jasir — Sun, 13 Apr 2014 01:48:32 GMT

@Themanwhocan wrote:

You have to limit the field somehow. I suggest focusing only on 5% cash back cards, or maybe just Blue cards...

Lol. I suppose your favorite color is blue. Did you purposely only app for all that blue, or did it just work out that way based on rewards goals?

Re: Applying for new accounts can become so addicting.....

Themanwhocan — Sun, 13 Apr 2014 02:44:25 GMT

@Jasir wrote:
@Themanwhocan wrote:

You have to limit the field somehow. I suggest focusing only on 5% cash back cards, or maybe just Blue cards...
Lol. I suppose your favorite color is blue. Did you purposely only app for all that blue, or did it just work out that way based on rewards goals?

Based on rewards. I did have a gray card once (Elan, 1.25% cash back). Everyone makes a mistake or three... And I will be getting a Bank of America card soon. So there goes the color scheme.

My favorite color is Forest Green. Though I also like Maroon.

Re: Applying for new accounts can become so addicting.....

bada_bing — Sun, 13 Apr 2014 02:49:59 GMT

Too bad there aren't more cards with Shatner on them.

That priceline card cracks me up every time I see it.

Re: Applying for new accounts can become so addicting.....

One7 — Sun, 13 Apr 2014 04:03:30 GMT

@bada_bing wrote:
Too bad there aren't more cards with Shatner on them.
That priceline card cracks me up every time I see it.