Applied 8 Credit Cards/accounts at same time

[Creditaddict]

Oh simmer.
8 is not that big of a deal.
Every credit profile will be affected differently... some profiles scores could actually go up not down from opening 8 new accounts.
A blanket scare statement isn't the right answer.

[Anonymous]

Congrats!  BonTon recently put Crok Pots on sale for $10 with free shipping.  I bought 7 of them.  Don't know why I bought $60 worth of Crok Pots I didn't need.

[Anonymous]

Comenity that issues these cards CAN and regularly DOES close ALL NEW ACCOUNTS when someone opens 2-3 store cards in a month. OP opened 8 new accounts the same day. That’s just begging Comenity and Synchrony Bank, who are both well-known to shut down ‘high seekers of credit,’ to shut all their new store cards down. Happens all the time to people, especially those who open more than 3 Comenity Bank cards in less than 6 months. Just ask the Comenity underwriters and you’ll see what a huge risk OP has at having Comenity close ALL their new accounts without notice. Synchrony Bank is well-known for shutting down multiple new accounts at once too if they’ve been opened too fast.

OP needs to garden and not apply to even one more thing for at least a year, if not longer, and keep store card balances low.

We’re not talking someone with good credit opening 1 Discover, 1 Amex, 1 Citi, etc. from different banks. We’re talking a rebuilder opening 8 cards the same day. That makes banks shake in fear that someone with a rebuilding credit profile like OP is quickly seeking new credit so fast and is on the brink of financial ruin. And, on top of a new rebuilding credit profile, OP got many cards with the same bank ,one who is known to close even 800 credit score borrowers who open more than a few accounts a year.

[Anonymous]

OP, congrats on the approvals. That is exciting. But, seriously, take the previous poster’s advice and do not apply to even one more card for 1-2 years. You are at serious risk of Comenity and Syncrhony Bank shutting down all your new accounts, in fear because you’re opening new accounts so fast. That signals high risk behavior and financial distress to lenders. Stop applying to cards for 1-2 years. No more. Be careful with the cards you have and keep balances low for the year. Don’t apply to any other cards or open any new accounts for at least a year; you’re in the ‘high risk zone’ for Comenity and Synchrony Bank. 

[Anonymous]

Congrats on your new cards.. However, I agree with everyone else.. Lots of work you have got to do..  Good Luck and don't give up. 

[Anonymous]

Now as far as Opening new accounts with Comenity or Synch bank.  I've never had an issue with opening as many cards as they had to offer.  Not once have they touched mine. Of course, once I got revolving lines established I closed 99% of them myself.    If your score is there, it's there.    Synch favors TU and they do watch it closely.  Comenity, I've seen them pull from each of the 3 bureaus.    

[SunriseEarth]

Congrats on a largely successful spree.   I definitely recommend moving into the Garden after this, and treat your cards well.

As for the earlier comment on not "needing" Target because you have Walmart, I'd have to disagree.   I outgrew my Walmart card once I got my Discover, but my Target card is still in my wallet and has grown nicely.   As you use your cards, you'll be able to determine what best meets your needs.  Credit profiles are unique to everyone, so it's important to evaluate what works best for your own situation.  

[Anonymous]

I am literally cringing at this whole thing. You could very easily lose most of those accounts once everything hits your report.

Therefore, taking all kinds of inquiries and having nothing to show for it.

Also, it seems you have information on only 1 of your credit bureaus. However, some of those cards like Capital One pull from more than 1 bureau. If I got apporved for something like $300 that alone would be a red flag to me. $300 is nothing.

Now you have to manage all these accounts in great detail. If you show any more risk it is going to tighten down your creditworthiness for years.

Also, your score only dropped a little because that was just inquiries on your report. However you have not seen the true damage coming when all those new accounts actually hit your credit report. Your AAoA is going to be pretty much zero and you are going to send red flares from a ferrous wheel that youre in dire need of credit. Which is the reason why you do not apply for 8 accounts in a 24 hour period. You now seem completely irresponsible and risky and your score will reflect that..  I am sure that is not your intention but that is now the boat you sit in.

This site is incredibly useful and resourceful. Next time you want to make drastic changes to your credit, post a thread here and wait 24 hours and see what helpful feedback comes your way.

I seriously hope everything works out for you. Good luck pal.

[Anonymous]

---

wrote:

I am literally cringing at this whole thing. You could very easily lose most of those accounts once everything hits your report.

Therefore, taking all kinds of inquiries and having nothing to show for it.

Also, it seems you have information on only 1 of your credit bureaus. However, some of those cards like Capital One pull from more than 1 bureau. If I got apporved for something like $300 that alone would be a red flag to me. $300 is nothing.

Now you have to manage all these accounts in great detail. If you show any more risk it is going to tighten down your creditworthiness for years.

Also, your score only dropped a little because that was just inquiries on your report. However you have not seen the true damage coming when all those new accounts actually hit your credit report. Your AAoA is going to be pretty much zero and you are going to send red flares from a ferrous wheel that youre in dire need of credit. Which is the reason why you do not apply for 8 accounts in a 24 hour period. You now seem completely irresponsible and risky and your score will reflect that..  I am sure that is not your intention but that is now the boat you sit in.

This site is incredibly useful and resourceful. Next time you want to make drastic changes to your credit, post a thread here and wait 24 hours and see what helpful feedback comes your way.

I seriously hope everything works out for you. Good luck pal.

---

You should read that thread titled 'App Spree 2.0.'

[Anonymous]

Yesssss!!! You should read that thread titled "App Spree 2.0." Very recommended!