@stonedog23 wrote:
Good Lawd, no matter the economic climate, applying for 15-20 cards at one time is poor strategy, a bit irresponsible, and an awful way to show this passion you have for high credit limits. I would love to have high limits one day, but I realize I must cultivate what I have. Apply for 2, one being that NFCU, since it's the one that is really tickling your fancy.
Not to disrespect yours or anyone else's opinions, but I think the way you are entitled to your opinions, so does I am entitled to mine. And we don't have to agree on everything. Being that said, I do not agree at all when people say -(1) oh god...15-20 cards in such a short period of time is bad/irresponsible (2) it will shut down accounts in the future; (3) things have changed now.....(4) we are in the midst of pandemic....(5) economic crisis...(6) this and that...Expressing your opinions is one thing, but that doesn't mean its right/correct.... besides backing up with facts is another thing. Actually there is not even one case reported, not on this forum and not on any other similar forums out there, wherein someone, who was ever on a credit spree, was to be shut down any of his/her credit cards unless I have missed out on something. Please do point that out to me if there is any datapoint to support these theories or to justify that those shutting down were related to a credit spree..I would love to see those factual datapoints. As a matter of fact, there are plenty of members on this very site...active ones as a matter of fact....who went on a credit spree not too long ago...and some are still on it...who were able to get so many credit accounts in a very short period of time...and got bigger credit line...and they are still going strong...Please don't take my words, rather go on record to check this out by your own.
Many people think that this is not the right time to seek credit since we are still in the midst of pandemic and that banks have tighten up their underwritting criteria and their lending rules....and economic situation is not that great at this time...banks do not want to risk losing their money...etc..etc..etc...I want to say that although I do 100% agree with all these statements, but at the same time I can not ignore nor deny the fact that despite of all these, still 97% of lenders have not changed anything and they are still operating the way they used to prior to pandemic...and people are still getting credit...a lot of credit..perhaps more credit than prior to the pandemic...and still growing strong credit-wise...Yes, there are a few cases here and there which perhaps seemed to be impacted by pandemic, but those are in minority (maybe 1% or 2%), otherwise vast majority of people (maybe more than 98%) do get approved...I mean an approval still in pandemic and in economic crisis..and with a big line of credit....And yes there are some banks which have changed a bit of their lending practice after the pandemic, but those are not big of the changes...See, Discover now honors request for CLI only after a year of opening a new account unlike in the past when people can request at anytime for CLI...and they are now denying most requests for CLI for whole bunch of different reasons unlike in the past when they were more lenient to approving such requests...However, they are still giving away good line of SL to people despite of pandemic and economic crisis...They haven't changed on it post pandemic.
Same goes to NFCU, they are still giving away big SL. The only change they have made is giving out only $4K on CLI at a time, but they are not denying it nor they have slashed out big SL....Same goes to almost all banks...I have not seen a big and drastic change to justify pandemic effect...If someone checks other sites then you will find how many people are getting approval with good line of credit...left and right...even though their profiles don't support those approval...and all this is happening while we are still in the midst of pandemic and in economic crisis. That being said, I respectfully reject the notion that this pandemic has slowed down things and that its not a right time to seek credit.
Evidences/footprints are everywhere to support my position on how easily people are being approved and be able to get credit during pandemic. Yes, lenders want to minimize their risk, but they always weigh their risk anyway.. even without the pandemic. Besides, they need to survive too, and without lending out money, they can't survive. To be honest, Chase, Amex and Bank of America have been lending 39% more after the pandemic as per the report by Wall Street Journal. And whenever I go to other sites similar to this, there would be at least 20-30 posts everyday about approval of Amex and chase cards...So, I reject this scary notion of negatively pandemic effect on credit seeking action. People used to get rejections as well as approvals before the pandemic and they are getting rejections and approvals after the pandemic...Nothing big change occurred in between except approval are more now than how it was before.
Speaking of being irresponsible when it comes to 15-20 cards, then I should remind you that I already have 47+ accounts...they are not recent ones...ok...except one which is now over 6 months...I have been responsibly taking care all of them just fine for the last 15 yrs..And I believe I can responsibly take care 4x of this many accounts very easily like almost everyone is doing it who has this many accounts....When it comes to be responsibile then I did take care of my morgage and auto loan many years ago...and owe nothing to anyone...totally zero debt...have credit score over 816-841 across all CB...And I have been managing my business just fine for the last few years with high income...Are all these not counted for being responsible?? When people have a thick profile and enough creditworthiness then anything abnormal doesn't matter...their score won't change much...nor there would be any negative implications...Lenders don't just close down accounts for being on credit-spree alone...They will take the whole picture in its totality in consideration when it involves someone with a thick profile and enough creditworthiness to evaluate risk to them before closing down any account.
It is not that I do not want to hear out your or anyone else opinions nor I'm disrespecting any opinion. I am the one who posted this thread to hear you guys out. Of course, I would eventually decide what I should be doing, but I will see and evaluate whole facts/data-points before I make up my final decision.
Speaking of applying/acquiring 15-20 credit cards at the same time then I know so well that this many accounts always raise eye-brow with most people...no matter what...whether we are in the midst of pandemic or not...Anything unusual and out of norm is usually hard for people to understand and digest, but when someone set and done then there is nothing people say except congratulation...I might be a newbie on this site, but not when it comes to the game of credit cards. I did not acquire 47+ credit cards and total available line of credit over $650k being a newbie. Nevertheless, I do welcome opinions from everyone and learn from them. Now I think I do have a change of heart again ...After reading all these postings it makes me more now into accepting the challenge...Besides, what I've got to lose...If they would decide to close down any of my accounts then so be it...I will re-apply with them again after a year or so...Its not like they will ban me for life for a credit-spree...And I know that lenders always review accounts...some lenders do it all the times...like each month or many times a month while others don't do it that often...perhaps once a year or in two years...Again, I am into this credit game for too long to know at least this fact....
Thank you everyone for your kind input...I really appreciate it even though I might not agree with all the opinions...Cheers...
NFCU GoRewards Sig ($40,000), NFCU Cash Rewards ($33,000), PenFed Power Cash ($25,000), FNBO Evergreen Visa ($20,000), Bread Financial Rewards Amex ($19,150), PNC Cash Rewards ($18,400), PNC Cashbuilder ($18,700) , Citi Double Cash ($9600), Discover It Cash ($9000), Walmart MC ($8000), Bank of America Unlimited Cash Rewards ($7500), Fifth Third Unlimited Cash Back Mastercard ($7500), Wells Fargo Active Cash Sig($7000), Apple Card ($6000), Amex BCE($6000), Amex ED($6600), X1 Card ($5000), PNC Points ($8000), Amex Cash Magnet($2000), Fifth Third Truly Simple ($4000), Truist Spectrum Cash Rewards($4500), Truist Bright Card($4500), CapOne Quicksilver(Bucketed @$1500), US Bank Cash+ ($5,000), US Bank Cash+ ($1,000), WF mortgage 195K Fico 8: EQ 766, TU 763, EX 753, FICO 9:EQ 829, TU 812, EX 791, AAoA-97 months, AoOA-28 years