@Anonymous wrote:Since February of this year, I've opened a bunch of accounts. This includes in no particular order: American Express Gold (not yet listed on my report), NFCU Cash Rewards (not yet listed on my report), Ollo (listed), Discover (listed), and Wells Fargo VISA Signature (not yet listed on my report). I already had open 6 cards, most of which I'm going to start closing (Cap 1 x 2, First Premiere x 2, Fortiva (closed it yesterday) and Fingerhut). I also applied for and was denied for Marvel (I just like the movies!), Citi Double Cash, and Bank of America. Way too many inquiries. I have some baddies I'm still working on.
Most significant of those are lates on Capital One from as recently as mid 2018.
I have four paid off charge offs that are all 3 1/2 years or older.
Here's my question: do all the recent inquiries cause the prequalification engines to shut me out?
Although, could it be somehow?
So, is it that my scores aren't good enough in almost every instance (except Amex and Discover), too many inquiries, or something else? I'd appreciate any insight anyone might have.
Hi @Anonymous , I'd like to introduce you to @Anonymous . I think he answered your questions in Red Bold highlight.
On a serious note, as Jnbmom mentioned. Time to garden.
You're experiencing denials. The AA Adverse Action denial letters you get in the mail will point out the reasons. I'm guessing it may be: too many new accounts, too many inquiries. Aggressive credit seeking behavior.
@Anonymous wrote:Thank you all for the reality check. Let me ask you this if you don't mind: I absolutely want to rid myself of the first premiere cards and the Fingerhut account. They're all at zero balance. They're all somewhat new (say between 6 months and a year and a half). All have perfect payment histories. Is it okay if I just tear the bandaid off and get rid of them or will that harm my credit in some way?
You've obtained some major lender accounts.
I would recommend closing cards from sub prime lenders that charge monthly, annual fees. If they are charging an annual fee and if you all ready paid the fee, consider keeping the account open until the next fee is almost due. Then close away.
If you can still maintain a low aggregate utilization ratio, there is no harm in closing those said accounts.
@Anonymous wrote:Thank you all for the reality check. Let me ask you this if you don't mind: I absolutely want to rid myself of the first premiere cards and the Fingerhut account. They're all at zero balance. They're all somewhat new (say between 6 months and a year and a half). All have perfect payment histories. Is it okay if I just tear the bandaid off and get rid of them or will that harm my credit in some way?
There should be no harm in closing those accounts if they're all in good standing. They will stay on your reports for up to 10 years. At the very least, close the ones with fees. I will also reiterate that you should slow your roll and STOP applying lol. The biggest things you can do for your scores are take care of baddies, use your cards responsibly, sign up for autopay so that you don't accidentally miss any payments, and GARDEN. The biggest thing on your side is time. Nothing can replace that. I would even hold off on that 2nd Navy card until at least 6 months from now, and then don't apply for anything more for the next 2 years.
I'll echo what everyone else has said, stop apping and let everything age a bit --1 year minimum-- before even thinking about apping for another card, loan....whatever.
ok, next.... what ever point drop you may or may not get from closing those card will be made up for in a few months as everything else ages but think of the money that will remain in your pocket.. so close away friend!
