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Is six new cards too many?

Brian_Earl_Spilner
Community Leader
Mega 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 


More like transparency. If I knew you were a pauper, I would have stopped hanging out with you a long time ago.




Message 31 of 43
Birdman7
Super Contributor

Re: Is six new cards too many?


@Brian_Earl_Spilner wrote:

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


😂😂😂😂

-Scoring wisdom: Credit Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
Anonymous’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 32 of 43
Birdman7
Super Contributor

Re: Is six new cards too many?

Well I’ve only had 22, but I got 6 in my last spree last year followed by 1 a couple months later, (a preapproval I could not resist for a goal card.)

I don’t suggest this type of aggressive behavior for young or thin files. I don’t even necessarily advocate it for most profiles. But some can support it. However this current economic climate has reshaped everything and all bets are off.

What we could get away with previously we can’t necessarily now. We are in a much more precarious climate now and I would hesitate to take the same actions today.... Now once this is over, if things return to normal, we’ll see.
-Scoring wisdom: Credit Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
Anonymous’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 33 of 43
CreditCrusader
Established Contributor

Re: Is six new cards too many?


@Brian_Earl_Spilner wrote:

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


26 years, 7 cards total.

 

My game sucks compared to many here.

 

But in my defense, I don't really care. Simplicity is the hallmark of my credit life...and it works for me Smiley Wink

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 747 , EX FICO 760, TU 758 FICO scores>
Goal Score: ?
Take the FICO Fitness Challenge
Message 34 of 43
MudkipsRKooL
Regular Contributor

Re: Is six new cards too many?

Don't care what people say but there's people on here with LOL/24 status. Such as this guy. https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Sony-Visa-Signature-Approved-quot-26000-quot-...

 

84/24! that's amazing! Get as much cards as possible fast, then let them age, lol.

Current score: 771ex | 769tu | 772eq
INQ status: 4/24, 0/12

Currrent Cards:


Future:
Message 35 of 43
Dogbert
Valued Contributor

Re: Is six new cards too many?


@MudkipsRKooL wrote:

Don't care what people say but there's people on here with LOL/24 status. Such as this guy. https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Sony-Visa-Signature-Approved-quot-26000-quot-...

 

84/24! that's amazing! Get as much cards as possible fast, then let them age, lol.


@MudkipsRKooL Mahraja is a far cry exception to the rule.  Yes, he's 85/24.  He also has a total TL profile of 1.5M and obviously enough income and assets to support it.  He is an edge case.  VERY FEW of us are Mahraja.  He is a legend, but his profile *SUPPORTS* legendary status.   

 

  
  
---- NAILED IT!

Message 36 of 43
Wavester64
Valued Contributor

Re: Is six new cards too many?


@Saeren wrote:

6 at once is a lot but fortunately the lenders you chose aren't generally overly sensitive to opening too many accounts. You should be fine as long as you don't add more. 


@cmro81 +1 ^^ This Smiley Happy







Potential Future Cards
Message 37 of 43
Wavester64
Valued Contributor

Re: Is six new cards too many?


@MudkipsRKooL wrote:

Don't care what people say but there's people on here with LOL/24 status. Such as this guy. https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Sony-Visa-Signature-Approved-quot-26000-quot-...

 

84/24! that's amazing! Get as much cards as possible fast, then let them age, lol.


Actually 89/24, but that's @Mahraja , the guy is a legend with this stuff - his victories are not the norm Smiley Happy







Potential Future Cards
Message 38 of 43
randomguy1
Valued Contributor

Re: Is six new cards too many?

5 is a healthy amount. 6 might be pushing it depending on your profile. Need more details. Congrats on your 6 though! 

Message 39 of 43
Remedios
Moderator

Re: Is six new cards too many?


@Wavester64 wrote:

@Saeren wrote:

6 at once is a lot but fortunately the lenders you chose aren't generally overly sensitive to opening too many accounts. You should be fine as long as you don't add more. 


@cmro81 +1 ^^ This Smiley Happy


 

Right, but what about existing lenders? 

 

Message 40 of 43
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