Re: Help! Mini Spree - Should I NOT Get a 3rd Card... - myFICO® Forums

Jazee · ‎11-23-2024

Just got approved for a new US Bank and BofA card. Other cards I have are NFCU Platinum and flagship, Amazon store card, USAA. Score is 782 EX (after 2 new inquiries last week now 2/12) Not sure on FICO on TU/EQ ( report looks same as EX) but have 0/24 inquiries on both. AAoA was a couple months shy of 5 years before the 2 new cards.

Thinking of applying for NFCU Amex rewards. Will result in just one inquiry to TU. Wouldn't need any new cards for at least 3 years after. But will probably take my AAoA to about 2.5-2.9 years (also have a 4 yo auto loan) Staying with 2 AAoA will be 3.X years.

Concerned about potential AA of going from 4 to 7 cards instead of 4 to 6 cards. With 3 new cards in 30 days. But would like to start aging the three remaining cards I want sooner than later.

I did have high UTI for a couple years 70% with all cards reporting a balance and Synch didn't close my Amazon Store card. Obviously the 3rd card will lower UTI and will be reporting balances on 3 of 7 (<50%) instead of 3 of 6.

Trying to guesstimate the relative additional risk of AA of adding 3rd card. Need to decide quick before the 2 new accounts report. Any big difference in risk if I wait 2-3 couple months to apply after new accounts are reporting. Seems like lower chance of approval then.

I'm not well versed in app spree risks so no clue how big a red flag 3 vs 2 new cards in 30 is.

JoeRockhead · ‎11-23-2024

The additional risk would be dependant on what the rest of your file, income, etc... looks like. 3 in thirty days is excessive, more so on a younger file.

How upset would you be if one (or more) of your cards gets shut down?

Why are you in such a hurry to add another account?

FicoMike0 · ‎11-23-2024

What is your utilization? I don't see three new cards as an aa risk, but you might be turned down for the third card. Then again, synch is famous for aa.

Jazee · ‎11-23-2024

@FicoMike0 wrote:
What is your utilization? I don't see three new cards as an aa risk, but you might be turned down for the third card. Then again, synch is famous for aa.

34% UTI. Will be under 30 in another month but I'll have less chance of approval I think due to two new accounts. That's why I'm thinking of applying for 3rd card before new accounts report.

$114k income with DTI only 12%. Considering I went two years at much higher UTI with higher percentage of cards reporting balances, with Synchrony not closing my 10k Amazon card or reducing my limit I think the risk is minimal as they would probably be most likely of AA. The seem to frequently (every 6-12 months ask me to update my income so they are obviously factoring that into their account reviews. They do SPs the most frequent if any bank!)

The reward structure of the NFCU Amex would fill a little hole so I'm optimized for all soending categories and could utilize the 12-month 1.9% intro APR with no balance fee to help me pay down cards a little faster.

If I don't apply now I'd wait a year until I had 1 year age on the two new accounts. Inquiries are inconsequential since I'm 0/24 with TU right now. Amazon Synch Card I could live without worse case. USAA and NFCU I have long relations with so AA from them is very minimal chance. I doubt US Bank or BofA would AA soon after approval.

I'm on the fence (hence this thread.) I think income, DTI and UTI are probably biggest factors moreso than number of new accounts when talking < 4 new accounts. But that's a guess.

Seems to me a lot of people go in app sprees for more than 2 cards all the time.

Jazee · ‎11-23-2024

I've been searching for as many AA reports post pandemic and very little compared to Synchrony. The pattern with Synchrony appears to be most common when people have multiple cards with them. It appears it was easy to go hog wild with them getting multiple cards and a lot of people did that for whatever reason. It makes sense that they are primarily concerned with THEIR risk exposure. Higher total limits with them the higher the risk. I only have one card with them, no derogs, and low DTI. So it boils down to how sensitive are these banks to UTI around 29-35% and 3 new accounts in a short period. A lot of the AA stories people admitted to getting 5+ new cards within a month.

I don't want to be naive though.

Im-back · ‎11-23-2024

@Jazee wrote:
Just got approved for a new US Bank and BofA card. Other cards I have are NFCU Platinum and flagship, Amazon store card, USAA. Score is 782 EX (after 2 new inquiries last week now 2/12) Not sure on FICO on TU/EQ ( report looks same as EX) but have 0/24 inquiries on both. AAoA was a couple months shy of 5 years before the 2 new cards.

Thinking of applying for NFCU Amex rewards. Will result in just one inquiry to TU. Wouldn't need any new cards for at least 3 years after. But will probably take my AAoA to about 2.5-2.9 years (also have a 4 yo auto loan) Staying with 2 AAoA will be 3.X years.

Concerned about potential AA of going from 4 to 7 cards instead of 4 to 6 cards. With 3 new cards in 30 days. But would like to start aging the three remaining cards I want sooner than later.

I did have high UTI for a couple years 70% with all cards reporting a balance and Synch didn't close my Amazon Store card. Obviously the 3rd card will lower UTI and will be reporting balances on 3 of 7 (<50%) instead of 3 of 6.

Trying to guesstimate the relative additional risk of AA of adding 3rd card. Need to decide quick before the 2 new accounts report. Any big difference in risk if I wait 2-3 couple months to apply after new accounts are reporting. Seems like lower chance of approval then.

I'm not well versed in app spree risks so no clue how big a red flag 3 vs 2 new cards in 30 is.

Dude, you are all over the board. In another recent post you're talking about canceling your NFCU card. I suggest you breathe and relax for a while.

SouthJamaica · ‎11-24-2024

@Jazee wrote:
Just got approved for a new US Bank and BofA card. Other cards I have are NFCU Platinum and flagship, Amazon store card, USAA. Score is 782 EX (after 2 new inquiries last week now 2/12) Not sure on FICO on TU/EQ ( report looks same as EX) but have 0/24 inquiries on both. AAoA was a couple months shy of 5 years before the 2 new cards.

Thinking of applying for NFCU Amex rewards. Will result in just one inquiry to TU. Wouldn't need any new cards for at least 3 years after. But will probably take my AAoA to about 2.5-2.9 years (also have a 4 yo auto loan) Staying with 2 AAoA will be 3.X years.

Concerned about potential AA of going from 4 to 7 cards instead of 4 to 6 cards. With 3 new cards in 30 days. But would like to start aging the three remaining cards I want sooner than later.

I did have high UTI for a couple years 70% with all cards reporting a balance and Synch didn't close my Amazon Store card. Obviously the 3rd card will lower UTI and will be reporting balances on 3 of 7 (<50%) instead of 3 of 6.

Trying to guesstimate the relative additional risk of AA of adding 3rd card. Need to decide quick before the 2 new accounts report. Any big difference in risk if I wait 2-3 couple months to apply after new accounts are reporting. Seems like lower chance of approval then.

I'm not well versed in app spree risks so no clue how big a red flag 3 vs 2 new cards in 30 is.

I don't think there's any point in getting a 7th card at this juncture.