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I just opened 4 new accounts this past month.... had one already reporting when i was approved for the 2 AMEX cards (not on same day but 5 days apart so 2 seperate HP's). Then i applied for Citi and was approved. Not sure if that could send a bad signal to AMEX. I really wanna apply for the Costco TE 5-6 months from now. I also have the dilema if my WF doesnt graduate this month, would hate to apply for an unsecured one and be hit with another new account. What to do?...
you can get WF to remove the inquiry. If Amex asks, just tell them you're in the process of having WF remove it. Technically, you're not lying, because you're indeed telling WF to remove it. Whether and when they remove it is another story. But in my experience Wells Fargo is easy to talk to and negotiate with.
How long is your AAoA? What matters a lot is your AAoA.
If your AAoA is still high or at least moderate after new accounts are added in, you're fine. But if your AAoA was 4years originally, and it drops to <1 year after adding in new accounts, there's most likely going to be a problem with at least 1 of the lenders.
well when the BoA account reported early march my AAOA diminished a couple of months on pretty much all 3 CR. AMEX cards will be backdated to 2011 so i dont think that will affect any if not nothing. I still have the Citi Card to report. My AAoA on EX is 4.0 years, EQ 3.7 yrs and TU 2.2 yrs. I really think my AMEX cards are going to help my TU AAoA.
@NJTurnpike wrote:How many years of tax returns did they ask for? Did they ask for anything else for their financial review?
If it was just a request for tax returns or pay stubs, it would not be a problem. It is that they request authorization to directly contact the IRS to get your records. WHY does a credit company have to involve the IRS? If they do not trust you enough to accept your returns and/or pay stubs, they should just close the accounts.
@indiolatino61 wrote:If it was just a request for tax returns or pay stubs, it would not be a problem. It is that they request authorization to directly contact the IRS to get your records. WHY does a credit company have to involve the IRS? If they do not trust you enough to accept your returns and/or pay stubs, they should just close the accounts.
This is because during the credit meltdown of 2008, there were tons of fake tax returns, W2s and bank statements created on photoshop used to secure loans. After this experience, some lenders are adopting to use 4056T, since coming directly from the IRS is the only way to be 100% certain of their authenticity.
Thanks for sharing your experience, LilNYC.
So we know 1 person who got an FR, and that was because she opened 4 accounts with Amex in 5 months with a 3x CLI in between.
0 case of too many accounts with other lenders.
@HiLine wrote:Thanks for sharing your experience, LilNYC.
So we know 1 person who got an FR, and that was because she opened 4 accounts with Amex in 5 months with a 3x CLI in between.
0 case of too many accounts with other lenders.
Or, replacing the red bit, "that happened shortly after".... as we don't know if that was the trigger!