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Is six new cards too many?

Jnbmom
Community Leader
Senior Contributor

Re: Is six new cards too many?

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.

EXP 758 TU 783 EQ 729
Message 21 of 43
RSX
Established Contributor

Re: Is six new cards too many?

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

 

 

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Apr 12/2021 EX. 747 EQ. 738 TU 759
Inq. EX 4 EQ 2 TU 5 - - CC 5x24, 3x12
Amex BCP $25k - Apple GS $17k - BMW/Elan $5k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $23k - HSBC Gold - $10.5k - Penfed Gold - $12.5k - USBank Cash+ -$20k
Message 22 of 43
simplynoir
Community Leader
Super Contributor

Re: Is six new cards too many?


@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 😂🦦

Message 23 of 43
coldfusion
Community Leader
Super Contributor

Re: Is six new cards too many?


@cmro81 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.

 

 

 

 

 

 

 

 

 



(4/2021)
FICO 8 (EX) 815 (TU) 822 (EQ) 808
FICO 9 (EX) 827 (TU) 826 (EQ) 832

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 24 of 43
cmro81
Member

Re: Is six new cards too many?

@coldfusionThank you!

Message 25 of 43
K-in-Boston
Moderator

Re: Is six new cards too many?


@cmro81 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.

Message 26 of 43
SouthJamaica
Super Contributor

Re: Is six new cards too many?


@cmro81 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.


Total revolving limits 663000 (585000 reporting) FICO 8: EQ 716 TU 742 EX 713

Message 27 of 43
Remedios
Moderator

Re: Is six new cards too many?


@K-in-Boston wrote:

@cmro81 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 

Message 28 of 43
simplynoir
Community Leader
Super Contributor

Re: Is six new cards too many?


@Remedios wrote:

@K-in-Boston wrote:

@cmro81 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

Message 29 of 43
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Is six new cards too many?

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




Message 30 of 43
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