Timing between new accounts?

[Anonymous]

I have opened 5 accounts in the last year and a half almost and had a fair amount of success increasing the limits on those accounts. If I opened two, maybe three more accounts since I don't have american express accounts. What would be my expected results with credit limit increases on my 5 previous accounts? Would I need to wait for the two-three new accounts to age? Or am I better off just not getting new accounts till i get the limits i want from these accounts in due time? FICO Scores 780+ AAoA 1 year and a half utilization <1% 

[Anonymous]

Just from my experience so far, I wouldn't open anymore accounts. Garden your credit limits first.

[Anonymous]

I opened 7 credit cards between November 2016 and July 2017, but have slowed down significantly since then; I only opened five between July 2017 - July 2018 (and closed or combined two), and am aiming to run out the remainder of this calendar year before applying for any more cards.

[Anonymous]

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@Anonymous

 wrote:
Just from my experience so far, I wouldn't open anymore accounts. Garden your credit limits first.

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What has been your particular experience so far that informs your opinion? Please share.

[Anonymous]

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@Anonymous wrote:

I have opened 5 accounts in the last year and a half almost and had a fair amount of success increasing the limits on those accounts. If I opened two, maybe three more accounts since I don't have american express accounts. What would be my expected results with credit limit increases on my 5 previous accounts? Would I need to wait for the two-three new accounts to age? Or am I better off just not getting new accounts till i get the limits i want from these accounts in due time? FICO Scores 780+ AAoA 1 year and a half utilization <1% 

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Excellent questions you ask, sir, and one I have a personal interest in. Hopefully we'll get some thoughtful replies.

[FinStar]

OP, you briefly mention the newly opened accounts, but make no mention surrounding the CLs or products that you currently have.

Are you currently exceeding those limits? Are you a high income earner? What's the reasoning behind getting the additional CCs?

[xaximus]

Do you need the Amex accounts? If you do, then I would give it some time since your AAoA is a bit low. Also, you don't want to get AA or credit seeking behavior. As mentioned before, do you have any particular reason why you need more? Travel benefits? Cash back? Business?

[Anonymous]

Honestly, I think it really depends on the lender and your scores. Some lenders are just more sensitive to new accounts than others. Also 5 new accounts in a year and half isn’t that much imo. I’ve opened 10 new accounts this year alone and were only denied for Barclay (Uber) and Wells Fargo (propel) for too many new accounts. I will say that I will be gardening for a while as I now have all the cards that I wanted.

I say if you profile supports it and you have actual use for the credit then go for it. Just keep in mind that your score will drop from the inquiry hit and AAOA hit if you overdue it.

Good luck with whatever you decide to do.

[Anonymous]

That opening a mass amount of accounts at one given time can get you denied for looking desperate for credit.

[Gmood1]

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@Anonymous wrote:
That opening a mass amount of accounts at one given time can get you denied for looking desperate for credit.

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This is true, but it also depends on your credit profile.

I've opened 16 new accounts (13 reportable) in the last 12 months. 7 last month alone.

I haven't been denied as yet. That being said, it does depend on the lenders as well.

Early in my rebuild I was denied for too many new accounts. 

OP I'd give it at least 90 days from your last new account reporting and then grab your Amex CCs. Amex doesn't seem as adverse to new credit as some lenders are IME. As long as your utilization is in check, you'll be fine.