20 cards in 9 months.... What I learned....

[BronzeTrader]

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@Larsim wrote:

Let me also add a list of issuers that declined either me of my wife:

- PNC 

- BOA

- HSBC

- Suntrust

And that's about it if I recall correctly. Once again getting the information from this forum and stratregizing properly no doubt kept the declinations to a minimum.

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The question we should all ask is that,

What purpose of applying those many CCs within a short time period?  You churning and aim for sign up bonus?  Some of those cards do not even have good bonus.  I do not see you need that much credit.

More CCs would certainly hurt your credit.  You never know when your financial situation changes or even some good CCs come up such as Chase CSR 100,000 bonus.  It would be out of reach to many people.

[Anonymous]

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@Anonymous wrote:

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It will stay on the report for 10 years. By the time its removed, he may have another card with a 10 year history that's still active.

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With 20 cards, all of them would be 10 years in age a decade from now.  But, that's not the point.  Looking at AoOA, maximum scoring potential is achieved somewhere around 17 years.  The question is whether or not the OP would like to increase the chances of his AoOA being ~19-20 years old a decade from now.  He's got an old Discover card, but you can't put all of your eggs in one basket and if they were to pull the plug on his account (for whatever reason) sometime in the next couple of years the card in question above would become his AoOA at some point.

[Anonymous]

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@BronzeTrader wrote:

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What purpose of applying those many CCs within a short time period? 

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I can't speak for the OP regarding the purpose, but one long term benefit would be that a decade from now the OP will have a pretty bulletproof AAoA with that many 10 year old accounts factored in. 

[Larsim]

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@BronzeTrader wrote:

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@Larsim wrote:

Let me also add a list of issuers that declined either me of my wife:

- PNC 

- BOA

- HSBC

- Suntrust

And that's about it if I recall correctly. Once again getting the information from this forum and stratregizing properly no doubt kept the declinations to a minimum.

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The question we should all ask is that,

What purpose of applying those many CCs within a short time period?  You churning and aim for sign up bonus?  Some of those cards do not even have good bonus.  I do not see you need that much credit.

More CCs would certainly hurt your credit.  You never know when your financial situation changes or even some good CCs come up such as Chase CSR 100,000 bonus.  It would be out of reach to many people.

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Very good question. Most cards I applied for was to maximize cash back on normal daily expenses. And I don't mind sharing my trusted Excel spreadsheet which is netting me between the personal and business cards around $350 per month on cash back. Safe to say that I am right now a "liabilty" to these card companies as instead of me paying them interest, they are paying me "interest" to carry their cards 

[Larsim]

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@Anonymous wrote:

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At some point,  I'd get rid of some of those cards, now that you have some better cards on there. For instance,  Merrick bank. Its like having a DUI on your resume lol.

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I thought about axing Merrick but they do give out monthly FICO TU scores which I like, plus there is no AF so I will keep it for now.

[ChessChik47]

OP,  do you mind sharing the starting limits you received on the cards?  A range is fine, if you don't want to be specific on each of them.

Thanks!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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It will stay on the report for 10 years. By the time its removed, he may have another card with a 10 year history that's still active.

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With 20 cards, all of them would be 10 years in age a decade from now.  But, that's not the point.  Looking at AoOA, maximum scoring potential is achieved somewhere around 17 years.  The question is whether or not the OP would like to increase the chances of his AoOA being ~19-20 years old a decade from now.  He's got an old Discover card, but you can't put all of your eggs in one basket and if they were to pull the plug on his account (for whatever reason) sometime in the next couple of years the card in question above would become his AoOA at some point.

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Yeah, that's why I said at some point, get rid of the card. Not right away.

[Anonymous]

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@Larsim wrote:

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@Anonymous wrote:

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At some point,  I'd get rid of some of those cards, now that you have some better cards on there. For instance,  Merrick bank. Its like having a DUI on your resume lol.

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I thought about axing Merrick but they do give out monthly FICO TU scores which I like, plus there is no AF so I will keep it for now.

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Yes, you have to make sure your AAoA is in decent shape before you get rid of cards. But in the long term, having that card on your credit report when accessed by a creditor will reveal you were/are a subprime borrower. That shows up 10 years after you close the account.

[Anonymous]

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@Anonymous wrote:

. But in the long term, having that card on your credit report when accessed by a creditor will reveal you were/are a subprime borrower. That shows up 10 years after you close the account.

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But..... what impact do you think that will have?   An issuer looking some years from now, they MIGHT notice it (a less than stellar card, but far from the worst)  but they would also see lots of higher quality cards, (hopefully) no lates etc.    Do you really think it will have any negative effect?  

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

. But in the long term, having that card on your credit report when accessed by a creditor will reveal you were/are a subprime borrower. That shows up 10 years after you close the account.

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But..... what impact do you think that will have?   An issuer looking some years from now, they MIGHT notice it (a less than stellar card, but far from the worst)  but they would also see lots of higher quality cards, (hopefully) no lates etc.    Do you really think it will have any negative effect?  

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It could in a tighter credit market. Not really when the credit market is wide open.