Applied 8 Credit Cards/accounts at same time

[Anonymous]

Hi Folks, Its my first post here.

Credit History:

Applied for 1st credit card (CreditOne - $300) (AUTHORIZED USER) in June 2017. Then received pre-approved offer $300 from CAP ONE in October 2017, applied & got the card (Limit: $300).

Nov 2017: CreditOne CLI $300 -> $450

Dec 02 2017: Applied for the following:

WALMART Store Card (APPROVED: $300)

Amazon Store Card (APPROVED: $1800!! - Was so excited, but still asked the representative over phone: HOW MUCH DID YOU SAY? lol)

PNC Core Visa Credit Card (APPROVED: $1000 - Have a checking PNC account and usually deposit $1200 - $1500 cash everymonth, but the average monthly balance is $200 on it. Deposited $3000+ in November and then deposited $800 on the day I applied for PNC credit card)

KOHL's Store Card (DENIED!)

CapitalOne QuickSilverOnee (APPROVED: $300)

FingerHut Credit (PENDING, Didn't call them yet to complete the application over phone)

TJMAX Credit Card (PENDING, Just called to complete the application over phone after applying online and the representative said I will recieve a decision tonight)

Target Redcard (Decision pending)

I don't know if it was smart choice to apply for 7 credit cards/accounts in 1 day. I have 11 inquries on my report right now (TU Score: 648, Total Credit Line: $750 as of today as I didn't receive/activate any of them new cards yet). I am not planning to apply for new cards for atleast a year now ofcourse.

[Anonymous]

Welcome to MyFico!!

Congrats on the new accounts. Use them well and theyll grow (especially Synchrony).

Fingers crossed for your pending apps  

[Anonymous]

It was not a smart move. Now go in the garden and let all those brand new toy limits grow and age. So when you come out of the garden you can get much better cards.

Seems like many of them could be declined.

Your 648 score is going to take a nice hit with 11 inquiries and new accounts that will report. Could bring it down significantly.

Congrats!

[Anonymous]

Congratulations on the few approvals you did receive.
I am also a PNC bank member. But I don't have their card.
One thing with you that I'd start off doing, is this:

Limit the non-MC/Visa apps. And work with the CreditOne/Walmart/Amazon/PNC/CapOne cards that you have. Build thru these cards. Do not add more to your arsenal, because if you're not disciplined, they will get out of control and you'll lose focus on your objectives.

**IMMEDIATELY place a freeze on all 3 of your credit reports by visiting the respective CRA's freeze center sites. This actions is to curb your urge to app freely.

You'll get where you need to be with that you have in your collection.
You do NOT need Fingerhut, Target or Kohls. You've got Walmart. Walmart trounces all 3 of these easily. Plus you can use your Walmart card @ SamsClub!

In one year, once your credit score and income improve, aim higher for an AMEX and Discover.. Maybe even a CitiBank card.

Keep your total utilization for all of the cards you have now, under 15%.

You've got work to do!

[BronzeTrader]

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@Anonymous wrote:

Hi Folks, Its my first post here.

Credit History:

Applied for 1st credit card (CreditOne - $300) (AUTHORIZED USER) in June 2017. Then received pre-approved offer $300 from CAP ONE in October 2017, applied & got the card (Limit: $300).

Nov 2017: CreditOne CLI $300 -> $450

Dec 02 2017: Applied for the following:

WALMART Store Card (APPROVED: $300)

Amazon Store Card (APPROVED: $1800!! - Was so excited, but still asked the representative over phone: HOW MUCH DID YOU SAY? lol)

PNC Core Visa Credit Card (APPROVED: $1000 - Have a checking PNC account and usually deposit $1200 - $1500 cash everymonth, but the average monthly balance is $200 on it. Deposited $3000+ in November and then deposited $800 on the day I applied for PNC credit card)

KOHL's Store Card (DENIED!)

CapitalOne QuickSilverOnee (APPROVED: $300)

FingerHut Credit (PENDING, Didn't call them yet to complete the application over phone)

TJMAX Credit Card (PENDING, Just called to complete the application over phone after applying online and the representative said I will recieve a decision tonight)

Target Redcard (Decision pending)

I don't know if it was smart choice to apply for 7 credit cards/accounts in 1 day. I have 11 inquries on my report right now (TU Score: 648, Total Credit Line: $750 as of today as I didn't receive/activate any of them new cards yet). I am not planning to apply for new cards for atleast a year now ofcourse.

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I see a lot weed cards.  Better to keep one or two good cards and grow from them.....

[Anonymous]

Thanks for the advise

TU score was 669, which dropped to 648 after all the inquries.

[Creditaddict]

1. Close Credit One.

Your cap1 and PNC override the need for that card.

2. Call credit solutions for the 2 Sync cards and ask for $5k and maybe you get up a little... sometimes you need to go 1 statement and payment before they give more than initial approval but it's always a sp and you can ask monthly if not daily!

3. start asking for cli with cap1 after 3 statements and keep asking each statement if they say no at 3 because they will give an increase before month 6 when credit steps will also give you a cli.

4. give it a few months and then start using the pre-qual links and check for citi, discover, a better cap1 card, chase for pre-approvals for you but hold off for a couple months of applying for other things unless you receive pre-approvals!

[Anonymous]

Congrats op! That's quite the spree! Let them age now

[Anonymous]

Lots of good advice here, take heed for great success. Congratulations!

[Anonymous]

8 new accounts is WAY, WAY, WAYYYYYY too many. Seriously, 8 new accounts in a year is considered huge by FICO... let alone 8 in one day.

I understand you’re excited to be able to get approved, and anxious to rebuild your credit. But stop applying to cards. You’ll trash your credit in another way.

These approvals can easily get cancelled and your new cards closed with so many new accounts. That many new accounts sets of huge red flags and warning signs of financial doom/risk for the lender. Comenity especially is known to close accounts when customers either open too many store cards with them, or have too many other new credit accounts/applications at once. It scares lenders to see someone apply for a lot of credit at once, since that is often because the person is in financial doom and is seeking new credit QUICK just to pay bills. Other lenders will deny you for a year or more because of all the inquiries and all the new accounts, it looks too risky to them.

8 new accounts/applications will LOWER your score for 1+ years (or longer) by:

- inquiries

- seeking new credit, and fast — HUGE red flag to lenders, HUGE.

- small limits can mean you easily have high utilization

- average age of credit history gets WAY too low

Keep your utilization low, especially the next few months. You don’t want to set off any more warning signs to lenders.

Don’t apply for anything else and don’t open any new accounts. NONE. NO MORE INQUIRIES and NO MORE ACCOUNTS at alll—- For AT LEAST A YEAR. You could easily get every new card you just got shut down by lender if you apply to anything else. Huge red flag.

You’re credit will take time to repair to lose all those inquiries and to rebuild your average age of account.