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Multiple Card Approvals

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Valued Contributor

Re: Multiple Card Approvals

Congratulations! That's a great lineup!!

(I think rashaad meant the impact of new accounts, not inquiries. But you will rebound for sure!)
11/2017: EX 704 | TU 720 | EQ 672 -- Starting (2/2016): 630 | 620 | 580 -- INQs: 17 | 26 | 28 (last 6 months: 5 | 2 | 6)
AMEX Delta: $10k, Marvel: $8k, Discover IT: $7.2k, AMEX BCE: $6k, Target MC: $5k, PayPal 2%: $8k, CO QS: $2.6k, Merrick: $1.6k, Barclay's NFL Rewards: $1k, CO BuyPower: $500. And a mix of well-loved store cards.
Message 11 of 29
Established Member

Re: Multiple Card Approvals


@doinit1 wrote:

Wow you did pretty well for yourself. Congrats on your approvals!!


Thanks so much!


Message 12 of 29
Established Member

Re: Multiple Card Approvals


@MrsCHX wrote:
Congratulations! That's a great lineup!!

(I think rashaad meant the impact of new accounts, not inquiries. But you will rebound for sure!)

Thanks so much! I appreciate the feedback. Got it!


Message 13 of 29
Established Member

Re: Multiple Card Approvals


@rashaad wrote:

@cswatson wrote:

@rashaad wrote:
Congrats on all the approvals!!

I did a similar app spree over the past three weeks or so and I applied to a few of the cards that you have listed above. They were all approved!

Are you worried at all about when all the accounts post to your credit and how that might affect your score?

I was able to get approved for a few cards primarily because the new accounts haven't posted yet. But I'm a little nervous about the effect on my scores once these new accounts show. What are your thoughts?


Congrats to you as well on your approvals and Thank You!

 

Not too concerned about the score drop. I've been really trying to study up on the impact of multiple inq's and so far the concensus has been that the increase in available credit will wash out the impact of the inquiry. All of my new cards have posted on EQX and TU (based on Credit Karma) and the impact was not too bad. So far a 12 pt dip thanks to all approvals. I'm pretty sure it could have been worse. I'll take -12 for the benfits and approvals received.   

 

UPDATE: with the exception of Amex Gold Business which was the most recent approval


Thanks for this data point update. I guess Ive been a little too worried about the score drop. My cards are just now coming in the mail but still no updates but Ill report back here my findings. Cheers! 

 


So here's an update on my thoughts after some clarification 😊.

I guess you can say I am concerned that all the new accounts will impact the age of credit history. That's why I'm going in the garden to allow history to be established with my new cards. I have a total of 10 new accounts (includes a recent refi) so my age of credit has drastically decreased. Still no huge impact on score thus far. I believe with continued proper utilization of my cards the number of accounts will benefit beyond the age hit. Hope this helps! May not be accurate as I'm still learning, but so far it's how it's working for me. Again, I appreciate the feedback! 


Message 14 of 29
Valued Member

Re: Multiple Card Approvals


@cswatson wrote:

@rashaad wrote:

@cswatson wrote:

@rashaad wrote:
Congrats on all the approvals!!

I did a similar app spree over the past three weeks or so and I applied to a few of the cards that you have listed above. They were all approved!

Are you worried at all about when all the accounts post to your credit and how that might affect your score?

I was able to get approved for a few cards primarily because the new accounts haven't posted yet. But I'm a little nervous about the effect on my scores once these new accounts show. What are your thoughts?


Congrats to you as well on your approvals and Thank You!

 

Not too concerned about the score drop. I've been really trying to study up on the impact of multiple inq's and so far the concensus has been that the increase in available credit will wash out the impact of the inquiry. All of my new cards have posted on EQX and TU (based on Credit Karma) and the impact was not too bad. So far a 12 pt dip thanks to all approvals. I'm pretty sure it could have been worse. I'll take -12 for the benfits and approvals received.   

 

UPDATE: with the exception of Amex Gold Business which was the most recent approval


Thanks for this data point update. I guess Ive been a little too worried about the score drop. My cards are just now coming in the mail but still no updates but Ill report back here my findings. Cheers! 

 


So here's an update on my thoughts after some clarification 😊.

I guess you can say I am concerned that all the new accounts will impact the age of credit history. That's why I'm going in the garden to allow history to be established with my new cards. I have a total of 10 new accounts (includes a recent refi) so my age of credit has drastically decreased. Still no huge impact on score thus far. I believe with continued proper utilization of my cards the number of accounts will benefit beyond the age hit. Hope this helps! May not be accurate as I'm still learning, but so far it's how it's working for me. Again, I appreciate the feedback! 


Thanks for that update! Thats what I meant initually about the age of accounts. But I argee we will be fine as long as utilization stays low and we continue to manage what we have. I think the garden is the next stop for both of us. Thanks again for the update!

TU 714 | EX 705 | EQ 720
Message 15 of 29
Valued Contributor

Re: Multiple Card Approvals

Wow! I love your card lineup! Congrats to you on building such an awesome portfolio, and doing so with a C7 still showing on your reports! Scores are really nice, and available credit is at a perfect spot! Enjoy all of your successes! Very happy for you today! Smiley Happy

Message 16 of 29
Regular Contributor

Re: Multiple Card Approvals

Congrats on your new cards!


Starting Scores: EQ 598, EX 566, TU 550, 3/31/13 ....... Goal Score: 830
Current Scores: EQ 838, EX 823, TU 826 ..................... Inq: EQ: 0, EX: 3, TU: 0

Message 17 of 29
Established Member

Re: Multiple Card Approvals


@Aduke1122 wrote:
Yes No BT fee is awesome and also no fee for cash advances if yOu ever need one as long as you move the cash into your Usaa checking acct

Thanks for sharing. Good to know!


Message 18 of 29
Established Member

Re: Multiple Card Approvals


@doinit1 wrote:

Wow you did pretty well for yourself. Congrats on your approvals!!


Thanks so much! I'm super pleased with my line up. This forum has been so encouraging and insightful. I would've never taken the plunge without it.


Message 19 of 29
Established Member

Re: Multiple Card Approvals


@weedeb wrote:

Wow! I love your card lineup! Congrats to you on building such an awesome portfolio, and doing so with a C7 still showing on your reports! Scores are really nice, and available credit is at a perfect spot! Enjoy all of your successes! Very happy for you today! Smiley Happy


Thank you! I'm so thankful I've been successful at getting approvals. Last year I applied for Amex and was denied solely due to the CH7. After reading countless accounts on how AMEX will not approve anyone as long as the bankruptcy is listed I gave up hope. Well those darn pre-qualify options are a plus! Gave it a shot and I had two card offers available. Discovering the recon lines has also been awesome. In all of my years I wasn't aware of this option. Sorry for ranting on, but I'm super excited and appreciate your feedback.    


Message 20 of 29
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