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So I went on a two week application spree. I have opened the following accounts:
BOA Cash Rewards $1000
AMEX BCE $2000
Citi Diamond Preferred $1000
USAA World MasterCard $10,000
Lowes Storecard $800
Walmart Storecard $1000
Should I be worried when all these report that it will cause any of these cards to be closed or a FR from Amex?
No.
@FinallyBetterCredit wrote:So I went on a two week application spree. I have opened the following accounts:
BOA Cash Rewards $1000
AMEX BCE $2000
Citi Diamond Preferred $1000
USAA World MasterCard $10,000
Lowes Storecard $800
Walmart Storecard $1000
Should I be worried when all these report that it will cause any of these cards to be closed or a FR from Amex?
I wouldn't worry about it, FR"s aren't as common as people think, this definately shouldn't because I got
Amex BCP
Citi Forward
Walmart
Chase Sapphire
Chase Freedom
Navy Federal Platinum
I jumped from $3,900 to 55k in personal credit limits within a month and nothing it's about 3 months since. although I do pay on time with multiple payments each month to keep my balances down. If you want to stay under the radar for sure just enroll in automatic payments Amex seems to like that a lot.
@ FR
Well six open accounts within a two week span I would be weary, I opened 2 accounts within a month and I am worried about any repurcussions, to the op I would not open any new accounts for some time let these accounts age and do not keep a high balance at all, keep a low profile, also congrats you have some nice accounts opened.
I'd be worried! Actually, I am worried. I opened up 4 accounts about two weeks ago! I also opened up 4 accounts about 6 months ago too. I wasn't so worried then! I didn't go out and charge a lot or do anything silly then, so I hope if any get worried now, they take into account that I haven't done anything stupid or foolish. In fact my current util is about 6%. It is only even that high because I loaned a credit card to my sister who went wild with the thing. (I am sorry, why did she need to eat at Red Lobster when she just got a new card and that was the reason behind her borrowing my card? And Wendy's, and .... you get the picture.)
If they get worried, point out that your util is low, if it is! I did that when I reconned for the Discover and Chase cards. I simply said; I doubt many people came out of Christmas with as little debt as I did. The lady at Discover chuckled at this in such a way that I knew it wasn't her that fared as well as I did in this. The lady at Chase was rather pleasant about it too! (She completely avoided the question about the limit and told me that was determined by the verification department, I knew what this meant! It meant I was getting a low limit and she didn't want to talk to me about it and that verification couldn't change it! I didn't care that it was low, but was hoping for twice what it was!)
If any of them are sensitive to new accounts it could be an issue, six accounts is a lot. I am mostly worried about Barclays in my list and Merrick! (If Merrick gets annoyed by this I will simply say, did you notice that I paid off my account in full today? Now, do you think I care?) I think one of the biggest worries would have been what order you did that in! (I look at that USAA card and I am thinking really? My score is higher, maybe I should try for one of them! The biggest I have is that crazy one from Compass, I still don't understand that!)
@jsickz32 wrote:
As long as you keep your utl low < 5 you should be fine. I opened a total of 17 new accounts in 6 months and nothing happened. My utl never went higher than 3%.
+1 - as long as you maintain low util, you should be fine. But, should a lender take AA against you, you can always argure your point such as "getting the best rewards based on my spending habits". They really cannot argue with smart spending.
@FinallyBetterCredit wrote:So I went on a two week application spree. I have opened the following accounts:
BOA Cash Rewards $1000
AMEX BCE $2000
Citi Diamond Preferred $1000
USAA World MasterCard $10,000
Lowes Storecard $800
Walmart Storecard $1000
Should I be worried when all these report that it will cause any of these cards to be closed or a FR from Amex?
Worried? Don't be worried, the "damage" has already been done and you can't reverse it. Look forward to what you have and if something adverse happens, take it as a lesson learned. No use worrying over something that's out of your control. Nice haul on that spree though!