topic Re: Do I have too many new accounts now? in Credit Cards

Do I have too many new accounts now?

grnz2glk40s — Wed, 15 Oct 2014 13:53:32 GMT

I currently have 2 revolving accounts that just aged to 6 months. I applied for 2 more new accounts this month and was approved.

I now have 4 new accounts under 1 year old. I intend to start applying for a mortgage in about 6 months. I am wondering if they will frown upon so many new accounts? I had a limited credit history before with NO revolving accounts, and only a utility bill reporting.

I was considering applying for 1 last account (Barclays) - but don't want to look needy for credit. Any opinions?

Re: Do I have too many new accounts now?

jamesdwi — Wed, 15 Oct 2014 13:58:25 GMT

depends on your file, AAoA, UTL, Score, oldest accounts. If you have a 760 with 20 years of credit history and AAoA of 10 years it won't be an issue. If all you have is 4 new cards and 6 months of credit history it can be a problem.

Re: Do I have too many new accounts now?

grnz2glk40s — Wed, 15 Oct 2014 14:17:14 GMT

Well, my oldest account is 3 years 7 months. 2 cards are 6 months, and then I have the 2 new ones.

Utilization is currently at 39%

I do have 3 collections, all 6 years old. I'm not sure if that's where my "History" starts.

Re: Do I have too many new accounts now?

ExplicitElicit — Wed, 15 Oct 2014 14:33:01 GMT

@grnz2glk40s wrote:
Well, my oldest account is 3 years 7 months. 2 cards are 6 months, and then I have the 2 new ones.

Utilization is currently at 39%

I do have 3 collections, all 6 years old. I'm not sure if that's where my "History" starts.

Have you pulled a recent credit report? If you're considering going for a mortgage in the next year I would highly reccomended overlooking them to make sure everything is correct. Also I highly suggest checking your fico scores.

Re: Do I have too many new accounts now?

Involver — Wed, 15 Oct 2014 14:34:36 GMT

Definitely get hard copies of your credit reports before you start seriously looking into mortgage apps.

If you have older collections, you're going to need to get those taken care of beforehand.

General rule is no new INQs within 6 months of a mortgage app.

I have 13 new accounts in the past 12 months if it makes you feel better.