App Spree - Too Many Now Worried?

[Anonymous]

So, after having built my credit up for over a year, I had planned on going on an application spree to get some of the cards that I have had my eye on for awhile. On top of getting some of these cards for their rewards, I also wanted to start building a history with some of these companies and to begin thickening my portfolio. I am currently a college student with almost no monthly expenses and a decent job, so I thought I would try and get some of these credit cards. With being a college student, I thought after having read here that applying for all these cards at once would help me in the long run since the HIs would all fall off together and all the cards would age together (and the fact that I won't be going for any sort of loan within the next 3+ years).

With that being said, I applied for a lot of cards and now I'm a bit worried that I may have applied for too many. I'm not worried about my spending habits (I only buy what I NEED with my credit cards and pay off the full balance right away), but could any of these card companies cancel my accounts seeing that I got approved for a bunch of other ones? My previous credit history shows no missed payments and no other "bad" marks against me on top of never going over 10% utilization for any month, but I'm still a bit worried.

This is what my spree looked like:

Chase Freedom: Approved

Chase Slate: Under Review

Capital One Platinum: Approved

2 Cards from BofA: Both Approved

Discover It: Approved

American Express Everyday: Denied

JCP Store Card: Approved

Old Navy Store Card: Approved

Kohls Store Card: Approved

Walmart Store Card: Approved

Sears Store Card: Approved

Target Store Card: Approved

The store cards might be a little too much, but I purchase something from all these stores at least once a month, so I thought it would help thicken my portfolio while getting some benefits from them.

[Anonymous]

Wow, yes that is a big app spree, not the biggest I've seen but still pretty big. The question of should you be worried, honestly, not one really knows. While none of the approvals saw the other new accounts that you have been approved for, did you really need all of the new cards. Each creditor has the right to cancel a card at any time, with or without notice. I don't beleive there will be any recourse taken at this time, but this is also my opinion based on what I have seen from others. As long as you do not start racking up the balances on the cards, I think you will be fine.

[jeffm4688]

I think you'll be fine. Just don't go crazy and let high balances report.

[Anonymous]

A company closing your account comes down to a variety of factors.  What I'd do if I were in your shoes is not to apply for any more cards and let these new accounts age a bit.  As long as you don't miss payments or do anything out of the norm, you should be fine.

Welcome to the board by the way...

[Anonymous]

That looks like a strong spree to me because it is one from every different bank. Now, after a review, they will see all the new accounts regardless but it doesn't show a lot of bias at one. Barclays would hate you that's for sure

[Anonymous]

I am having this same feeling! I applied for 5 new cards this week (2 last Saturday, 2 Sunday, 1 Friday). My plan is not to apply for anymore for a very long time but I'm still going to be anxious until around the 6 month mark. Congrats on your approvals though!

[elim]

apper's remorse

very common when you go a bit overboard.  it affects some so much, they start closing cards willy nilly before they even arrive.

just keep your head down and establish a good rotation that is not causing any over-spend and not leaving any cards out in the cold.    in a year you can make any decisions on closing any when you see what is working or not.

gl    :]     enjoy the new cards.

[Anonymous]

Thanks for the replies, everyone!

I already have a rotation schedule down for all the credit cards (not including the store cards).

As for the store cards, I already go into these stores at least once a month anyway and spend at least $5 (an example would be going to Target or Walmart to pickup a gallon of milk), so instead of paying cash, I'll just use their credit card and pay it off as soon as possible.

I pretty much pay off all my credit cards as soon as I can, but I keep a balance on 1 card (always between 1-9% utilization) for the sake of having them report it and for it to appear on my statement, then I pay it off once I get my statement in. I never carry a balance over to the following month.

The purpose of this app spree was to thicken my portfolio and let it grow and age while I'm still in school, while also beginning to build a history with many of these companies. Seeing as I'm still 3-years away from graduating and 5+ years away from going for a mortgage, I feel like I'd be in a prime situation come then once all these new accounts have grown and aged together.

[Anonymous]

i think the target card was a little pointless due to you being able to hook up your debit card to their red card and getting 5% off and the slate is just a BT card so idk why you got that. and the platinum is a card that you have clearly outgrown before getting it. congrats on all your cards but honestly it seems you got too excited with approvals vs getting what you entirely need or will use

as for being worried.. i think you're fine. you seem to have a thin file so you apped very aggressively for that but i still don't see much reason to worry.

i am curious to see your closing list in 6-12 months lol

[elim]

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@Anonymous wrote:

Thanks for the replies, everyone!

I already have a rotation schedule down for all the credit cards (not including the store cards).

As for the store cards, I already go into these stores at least once a month anyway and spend at least $5 (an example would be going to Target or Walmart to pickup a gallon of milk), so instead of paying cash, I'll just use their credit card and pay it off as soon as possible.

I pretty much pay off all my credit cards as soon as I can, but I keep a balance on 1 card (always between 1-9% utilization) for the sake of having them report it and for it to appear on my statement, then I pay it off once I get my statement in. I never carry a balance over to the following month.

The purpose of this app spree was to thicken my portfolio and let it grow and age while I'm still in school, while also beginning to build a history with many of these companies. Seeing as I'm still 3-years away from graduating and 5+ years away from going for a mortgage, I feel like I'd be in a prime situation come then once all these new accounts have grown and aged together.

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   If I could do it over, I would get 1 travel card every 3 months...   only