Thanks for the advice! I did take that into consideration. I looked at it as a small step back to go a long ways forward. I am about building strategic mutual beneficial relationships with the major credit card companies. I picked the exact cards after extensive research that fit my lifestyle. Their closer look later will be exactly what they saw when they approved me
erfect credit, low utilization and payment history that shows restraint and dependability. So I am sure they will look but with nothing but pristine credit I would imagine and hope I am the exact kind of consumer they are looking for. I can honestly say if any of them were to leave me or not appreciate my business it would be their loss not mines. GOD bless!
@AverageJoesCredit wrote:
Hi Pipeguy
I know ive read many of OP's approvals, but maybe OP has been gardening for awhile and his/her profile supports such a spree. Any reason beside the many apps together this can end badly. Just curious as this may help others reading here. I dont know enough about OP's profile to make any educated thoughts at the moment. I know ive read on here Chase can sp right after approving an account so maybe that can lead to AA. Not sure but interested to hear your thoughts if you dont mind sharing
Note MODS - if this is inappropriate or should be in another thread - please move or delete.
We should probably start a different thread on his, but perhaps it'll help the OP if she ever reads any of these comments. OP stated in her signature her goal of hitting an 850 score, other than the ego thing of posting an 850, 760-780 is the same as far as lenders, but she's doing everything in her power to drop her score if in fact this is a serious series of posts. In addition she has said that she has not 1 but 2 current "Credit One" accounts which shows "diplomatically" a lack of higher grade cards/accounts and a degree of sophistication in understanding scoring and revolving credit. I’m not making a judgement, but considering OP says she’s pushing these approvals through manual reviews, the analyst is looking at two Credit One sub-prime accounts as part of her current history.
Now, specifically: A lender wants you to use their card for interest income and swipe fees, they want you to use their card as much as possible, but they are also aware of ID theft, cards being run up and then abandoned and other types of fraud. Saying the major (!) app spree happens, a lender will know that first you are NOT going to favor their card over others because you’ve got lots of cards and you’ve increased your total exposure to all of a sudden go holiday shopping on $100,000 without being able to pay “their account”. This is assuming there is no fraud involved.
Think about it this way, let’s say you make $250k a year, but have always paid cash and have no credit history, you can obviously afford to pay back credit card purchases , but with a Fico score of 000 do you think 8-10 banks would instantly open 10-12-18 accounts with high credit limits because you asked? Basically little risk, but it’s not going to happen.
Op is hitting new apps and CLI’s all within a few hours of each other – red flag – this shows lenders (and their computers track this stuff along with CRA’s reports and feedback) that op was ”hiding activity” doing it quickly before other accounts could analyze an up to date credit report.
10-12-15 new hard inquiries are going to drop OP’s score 25-50 points. 8 10 new accounts will drop AAoA and score 25-50+ points and ding her for “new accounts” another 20+ points. My guess is that OP will lose 75 to 100 points and maybe earn 15-20 points for lower utility. Given Op’s scores are listed as mid-700’s after this run they’ll be mid to high 600’s and her new high limit accounts are going to say , do we really want to risk this much on someone who’s score are 660 and just dropped 75 points.
Bottom line, if YOU were a “credit analyst” being pushed to do a manual review for an “unknown” application (meaning not a current customer) and you saw this total picture, even before the FICO/CRA feedback, how would you react?
I’m not making any judgement toward the OP, just the reported actions – this is exactly how NOT to build a healthy fico score or profile. 2-3-4 cards and a couple of CRI’s maybe at one time, but even then a thick file and history would be desired to stay clear of overt attention and possible AA’s.
Edit/Add: Lenders watch each other, well at least their computers do, and if 2 or 3 of these new accounts get AA'd or closed that'll end up on a list to all of her lenders that get these reports - red flag - domino effect. It would also be interesting and helpful to know if there were additional accounts/CLI's requests that were declined.