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What are your scores and utilization at? Any big balances etc for DP's for this forum as MANY of us have more than 5 recent account openings with no adverse action, not saying it cant or wont happen, but would of been seen alot more if it was only 5 accounts, etc.
Sorry this happened to you. Was that the reason given on the phone new cards?
Thanks for the caution! My condolences for your $200 SUB loss.
It has surprised me on this forum how many members are out for the short-term gain (always pursuing the latest 'deal' and SUB) instead of factoring in a good long-term credit strategy while ALSO taking advantage of SUBs and special offers. Yes, you can do both! I think the lesson here is pacing yourself, not applying for too much too quickly, and not getting too greedy with too many different offers. App Sprees are definitely risky.
I avoid signing up for any cards simply for the sign-up bonus. I always look for other reasons to select any offers, and usually plan to add the card to my wallet for the long-term. After a few decades as a cardholder, I know that today's 'hot card' will probably not be the 'hot card' of tomorrow, so I'm not always chasing the latest-greatest deal.
Honestly, I can't blame the banks when they get alarmed. They don't know what someone is planning to do with all that new credit, but they also are putting out these offers to try to build loyal long-term customers. They get annoyed with people rapidly churning offers at half a dozen different banks.
Your AA experience is a good reminder that being selective and methodical about apps is a wise course of action.
@Aim_High wrote:Thanks for the caution! My condolences for your $200 SUB loss.
It has surprised me on this forum how many members are out for the short-term gain (always pursuing the latest 'deal' and SUB) instead of factoring in a good long-term credit strategy while ALSO taking advantage of SUBs and special offers. Yes, you can do both! I think the lesson here is pacing yourself, not applying for too much too quickly, and not getting too greedy with too many different offers. App Sprees are definitley risky.
I avoid signing up for any cards simply for the sign-up bonus. I always look for other reasons to select any offers, and usually plan to add the card to my wallet for the long-term. After a few decades as a cardholder, I know that today's 'hot card' will probably not be the 'hot card' of tomorrow, so I'm not always chasing the latest-greatest deal.
Just different goals I guess! I am not a believer in "keeper" cards, as to paraphrase you, today's "keeper card" will not be the" keeper card" of tomorrow. Cards get nerfed, goals change, and better things come along.
Plus, for some, the benefits of having a set of good cards isn't outweighed by having a good string of SUBs on throwaway cards. Generally SUBS will more than make up any benefits on spend.
But, as OP's post reminds us, have to compromise!
OP, I hate seeing this happen to you, but you were kinda warned in multiple threads that this was a very likely scenario if you continued applying and/or listening to people with much more older profiles than you.
I do appreciate you sharing your story because not a day goes by without multiple "In which order should I apply for these 15 cards" threads. Without people like you, we'd only hear about success stories and continue with misguided belief that app spree is still a good idea, well liked by creditors.
Hopefully, someone may read this and understand app sprees are a thing of a past, and no one is immune to AA.
I hope you forgive me for linking to one of your previous threads, but my hope is that at least one person will stop and think before applying.
Again, I am really sorry but on a positive side, after you garden for a year or longer, you'll be able to continue with your credit journey, only at a slower pace this time around.
Most lenders are just not willing to deal with this any longer. App spree is a practice that needs to die, a quick painful death would be preferable.
BOA isn't usually a prime suspect for AA on new accounts unless maybe it was also a new account in that same time frame. Your stats are ideal for being a customer and certainly being able to grow that CL significantly.
More details to paint a picture would really help in building a warning sketch of BOA dressed as a reaper that can posted on the walls around here.
Sorry to hear OP, but serves as a good reminder to anyone regardless of profile to keep new account openings to a minimum. While I agree that searching for "long term" cards can be somewhat of an ongoing thing because needs change, rewards change, lifestyles change, etc, but it's important to space out applications. When you decide on a strategy for rewards you can't implement it overnight. It's a slow and steady process. When banks see someone obtain a lot of credit in a short period they wonder why you are so hungry for credit.
But oh well, all you can do is learn and move on. Just credit cards at the end of the day and life goes on.