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As a former 30+ card holder the only AA I have ever received was this year from synchrony , cap one and Comenity .
Their sole reason was lack of use . I am sure the pandemic played a part possibly, but in my experience using 30 cards for activity was a little too much for me to maintain and worry about .
So in my humble opinion is to use your cards.
All good
you asked the question and a solid list of regular contributors weighed in advising to adapt to the current climate. So I think this has been answered for you that slow and steady is the best course of action for most people right now
but certainly some people will do just fine doing their normal application practices without issue
@Remedios wrote:Did I just got called broke and card-less?
You cannot make this up 😂
Better give up the dreams of getting that river otter now 😂🦦
@Anonymous wrote:@Jnbmom Thank you for your thoughts. But I have around 30 cards and I did it in 7 years. I have never apped for less than three at one time. 5 is typical.I only hard pull once a year. I am interested in hearing now from people who are aggressive and with as many cards as I have.
At my peak early in 2019 I was at 55/24 for new accounts and I'll assume that you consider that sufficiently aggressive. The aggregate CL in my signature is accurate, and my credit history goes back a lot longer than 7 years.
6 new accounts in a very short timeframe is absolutely going to be seen as aggressive credit seeking behavior. Given current economic conditions where defaults have been skyrocketing there's a substantial risk that once all of these new accounts report and all issuers see your recent activity they'll intepret the activity as a sign that you're grabbing as much credit as you can as fast as you can because you either know or expect that there will soon be a significant worsening of your financial condition. The typical response right now is to start slashing limits or closing cards - and not just the new cards. The inquiries are relevant, but the new accounts will get everyone's attention.
The one thing I can't predict is whether you've already gone too far with 5 new accounts or you'll get away with 5 but a 6th would be a tipping point. You'll have to wait at least a month after these accounts all start reporting to give all of your issuers an opportunity to see them and respond as they see fit. FWIW I've pulled in my claws the last few months as indicated by my silver spade.
There is nothing preventing you from closing your Discover card well before having held it for a year, but a) issuers have long memories and b) doing so won't influence anyone else to issue you a higher SL than they would if you kept the Discover.
Please keep us posted - this is one time that I hope I'm wrong.
@Anonymous wrote:Thank you all for your thoughts. I assumed people with few cards would not have an aggressive approach.I would love to hear from more people with more than 30-40 cards and high income.
Hi. Don't do it.
@Anonymous wrote:I just apped for, and was approved, for 5 new personal cards (Apple,Navy,PenFed,BBt, and Discover). Is six new cards too many? I only do hard pulls once a year and was looking for my second EQ pull. Also, could I cancel one of my brand new cards (Discover has a low limit,5K) and go for another large limit before it reports as new? Thank you
1. Yes 6 is too many.
2. No it will report whether you cancel or not.
@K-in-Boston wrote:
@Anonymous wrote:Thank you all for your thoughts. I assumed people with few cards would not have an aggressive approach.I would love to hear from more people with more than 30-40 cards and high income.
Hi. Don't do it.
It's the signature, isnt it???
I sorely lack street cred
@Remedios wrote:
@K-in-Boston wrote:
@Anonymous wrote:Thank you all for your thoughts. I assumed people with few cards would not have an aggressive approach.I would love to hear from more people with more than 30-40 cards and high income.
Hi. Don't do it.
It's the signature, isnt it???
I sorely lack street cred
You need a flightless bird to rise up on these streets
What a bunch of amateurs taking 7 years to get 30+ cards. I've opened 22 in 2 years, not including 4 installments and 2 auto loans. And 8 of them were in the last 6 months, 3 of which in the last month. #GetOnMyLevel