Applying for new accounts can become so addicting.....

[junior88]

Let's just say since the beginning of the year I have opened a lot of new accounts. I went about 3 years with no new accounts and they went crazy this year. Anyone else have that problem?  Is this going to come back to haunt me??

[myjourney]

If you stop now you'll be fine 

[One7]

I have the same problem.  Last February I had zero credit cards and now I have over 20! I'm gardening now because there's no more cards that I want (Except for an Amex charge card which it seems I'll never have). My scores have gone up like crazy but ymmv so if you don't need anymore I would stop while you are ahead and you will be fine.

[junior88]

Ha! I didn't probably need any of these new ones I got. I counted either 11 or 12 new accounts since January of this year. If you take a look at my signature, would there be any that you guys would recommend that I get rid of?  This is nuts! I have a pending app yet for the AmEx Everyday. I didn't apply the same day my Costco got approved and didn't realize you have to wait 5 days to apply for another so that will get processed on Monday and my 61 day CLI on the Delta card is tomorrow....if I will even get that now.  My scores didn't even take a hit from the first round of new cards this year. They stayed about the same or went slightly higher. Now, this next round may kill me. Hoping no creditors will CLD me. I do not have any Barclay accounts.

[TrulyyBlessed]

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@junior88 wrote:

Let's just say since the beginning of the year I have opened a lot of new accounts. I went about 3 years with no new accounts and they went crazy this year. Anyone else have that problem?  Is this going to come back to haunt me??

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I mentioned this in an earlier post as well. For me, I believe I was used to not having credit and when I got in a situation where I was capable of being approved for credit I somehow got addicted to applying and being approved for cards. Trust me you can have 10 cards and see an ad, forum post, or something that may make you believe you should apply for another one. This is definitely not healthy and may come back to bite an individual in his or her rear-end if not careful.  If an individual has issues continuing to apply for cards than he/she may also be more vulnerable to make unnecessary charges. The same way he/she applied for a card that was not needed that individual may also make purchases that are truly not needed ( To obtain a spending minimum, points, cash back etc. ).  It's also more difficult for some to manage a high number of credit accts. I have turned my attention away from applying for cards and focused moreso on letting the accts age and information regarding cli, apr reductions, and other changes that I can make concerning my credit that Do Not involve applying for new credit/hard pulls.

[blondy250]

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@junior88 wrote:

Let's just say since the beginning of the year I have opened a lot of new accounts. I went about 3 years with no new accounts and they went crazy this year. Anyone else have that problem?  Is this going to come back to haunt me??

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No I don't have this problem, and the second part maybe. A manual review of your credit showing a lot of low limit store cards isn't so good.

[DrZoidberg]

I can't say that I have had this problem. I may have a lot of accounts but it's only for cards i want/ need. It won't come back to haunt you if you treat them right and garden them well. 

[TiggerDat]

I am trying to control my urge too!  I am glad to have what I do but also don't need any more cards.  There are in fact only 2 or 3 cards out there which would actually benefit me in regards to rewards so I take solace in that fact and fight the urge.

[asulaw]

If you let your credit control you, it consumes you. When it is consuming you, you've spent your utilization. In my opinion I only open cards that I really want, and will use. Annual fees will consume you too if they don't pay for themselves. I sometimes have a hard time justifying cards like the CSP just because it is another AF card that has similar benefits if you spend a lot.

Just be careful and make sure you keep on the good side of credit.

[junior88]

Thankfully I only have 1 account with an annual fee at this point and that is the Delta card.  As for utilization, I'm at 2%. I'm not being that crazy and spending more than I normally would. My Discover card is probably get the most use right now, the Freedom is getting a decent amount also. I was thinking of closing some of the smaller cards, not sure if I should or not?  I'm done applying now. I've got more than enough for a couple people. I'll let that AmEx Everyday app finish out processing and then I'm done, for at least a year. There's nothing else I need to be honest. Hopefully the other lenders will not do anything based on all this new credit. As I said, I pay everything down or off before it cuts anyway except that one account that I let report.