@Anonymous wrote:In October of 2020 Synchrony bank closed my 7 accounts for no reason that I can still understand. That brought me down to 48 open credit cards after the closure. Since then I am currently at 74 open cards with those 7 closed accounts showing on my credit reports as being closed by lender and it had no bearing on me being able to get new cards. So I was approved for 26 new cards in the last 11 months. I had 3 denials.
My FICO's are around the 780's so not the highest but far from the lowest and I have been good at managing credit for 4 decades and that will never change. I keep my utilization that reports somewhere at 3%. My total CL's now stand at $1,103,000. Do I think a 40 year old can do that, probably not but you never know.
I also only pay ONE annual fee, which is my Barclays Luxury Card. All my other cards do not have an annual fee. I have a total of 3 store cards which are included in that total.
I hope this helps
Thanks
Mark
@Anonymous
Actually, I know plenty of 40+ y/o's who have way excess of that and manage it well (no CLDs/AA, closures and whatnot) 
In fact, a few of them are in their 30's, IIRC (mostly entrepeneurs, VC's, etc.). So, you're right, you never know. Some of those are members on these forums.
@FinStar wrote:
@Anonymous wrote:In October of 2020 Synchrony bank closed my 7 accounts for no reason that I can still understand. That brought me down to 48 open credit cards after the closure. Since then I am currently at 74 open cards with those 7 closed accounts showing on my credit reports as being closed by lender and it had no bearing on me being able to get new cards. So I was approved for 26 new cards in the last 11 months. I had 3 denials.
My FICO's are around the 780's so not the highest but far from the lowest and I have been good at managing credit for 4 decades and that will never change. I keep my utilization that reports somewhere at 3%. My total CL's now stand at $1,103,000. Do I think a 40 year old can do that, probably not but you never know.
I also only pay ONE annual fee, which is my Barclays Luxury Card. All my other cards do not have an annual fee. I have a total of 3 store cards which are included in that total.
I hope this helps
Thanks
Mark
@Anonymous
Actually, I know plenty of 40+ y/o's who have way excess of that and manage it well (no CLDs/AA, closures and whatnot)
The odd thing is that my three store cards are all issued by Citi Bank, makes you wonder LOL
Office Depot, Home Depot etc, with CL's between $16,500 and $25,000 I guess if it comes in handy if I wanted to buy everything in the Office Depot store hahahaha
Thanks
Mark
@Anonymous wrote:... So I was approved for 26 new cards in the last 11 months. I had 3 denials ... FICO's are around the 780's so not the highest but far from the lowest and I have been good at managing credit for 4 decades ... I keep my utilization that reports somewhere at 3%. My total CL's now stand at $1,103,000 ... I have a total of 3 store cards which are included in that total.
Those are some interesting stats, @Anonymous, and congrats on your one-year success! Unfortunately, that's a streak (26 approvals) that I imagine only a few on My Fico could replicate successfully so there must be some differences in profile (beyond credit age) that would be a valuable contribution to the thread. IMO, not making that distinction may give other members false hopes about their ability to do the same. Kids, don't try this at home!! 
Ironically, it sounds that even you ran into denials at some point in the applications process. Could you give us a chronological detail of the 26 cards you added, the SLs, and where the denials occurred? Were all the denials towards the end of the spree? Which lenders denied your applications? Did you experience low limits with many of the cards? Did the denials mention factors related to recent inquiries, new accounts, or total credit?
I would imagine your reported income is very high and overall debts (credit and otherwise) are very low?
Were any of the cards with lenders where you have some substantial assets on account?
These data points would help others to frame some of those other factors that lenders might use in these decisions.
@Aim_High wrote:
@Anonymous wrote:... So I was approved for 26 new cards in the last 11 months. I had 3 denials ... FICO's are around the 780's so not the highest but far from the lowest and I have been good at managing credit for 4 decades ... I keep my utilization that reports somewhere at 3%. My total CL's now stand at $1,103,000 ... I have a total of 3 store cards which are included in that total.
Those are some interesting stats, @Anonymous, and congrats on your one-year success! Unfortunately, that's a streak (26 approvals) that I imagine only a few on My Fico could replicate successfully so there must be some differences in profile (beyond credit age) that would be a valuable contribution to the thread. IMO, not making that distinction may give other members false hopes about their ability to do the same. Kids, don't try this at home!!
Ironically, it sounds that even you ran into denials at some point in the applications process. Could you give us a chronological detail of the 26 cards you added, the SLs, and where the denials occurred? Were all the denials towards the end of the spree? Which lenders denied your applications? Did you experience low limits with many of the cards? Did the denials mention factors related to recent inquiries, new accounts, or total credit?
I would imagine your reported income is very high and overall debts (credit and otherwise) are very low?
Were any of the cards with lenders where you have some substantial assets on account?
These data points would help others to frame some of those other factors that lenders might use in these decisions.
@Aim_High wrote:
@Anonymous wrote:... So I was approved for 26 new cards in the last 11 months. I had 3 denials ... FICO's are around the 780's so not the highest but far from the lowest and I have been good at managing credit for 4 decades ... I keep my utilization that reports somewhere at 3%. My total CL's now stand at $1,103,000 ... I have a total of 3 store cards which are included in that total.
Those are some interesting stats, @Anonymous, and congrats on your one-year success! Unfortunately, that's a streak (26 approvals) that I imagine only a few on My Fico could replicate successfully so there must be some differences in profile (beyond credit age) that would be a valuable contribution to the thread. IMO, not making that distinction may give other members false hopes about their ability to do the same. Kids, don't try this at home!!
Ironically, it sounds that even you ran into denials at some point in the applications process. Could you give us a chronological detail of the 26 cards you added, the SLs, and where the denials occurred? Were all the denials towards the end of the spree? Which lenders denied your applications? Did you experience low limits with many of the cards? Did the denials mention factors related to recent inquiries, new accounts, or total credit?
I would imagine your reported income is very high and overall debts (credit and otherwise) are very low?
Were any of the cards with lenders where you have some substantial assets on account?
These data points would help others to frame some of those other factors that lenders might use in these decisions.
Well off the top of my head LOL, I applied for cards after reading posts on here. I learned a lot. What to try and what to avoid like the Chase 5/24 rule so I stayed clear of Chase etc., I have Chase cards but they are decades old.
Again, off the top of my head, approvals;
All with SL's of 10K or more;
Citi Office Depot, Citi Macy's AX, Apple Goldman Sachs, TD Double Cash Visa, Wells Fargo, Sun Trust World MC, 5/3 Truly Simple MC, BB&T Bright, BBVA Rewards Visa, Pen Fed Platinum Rewards Visa, Pen Fed Gold, Capital One Visa. Many started at from $15K to $25K. I rather not get into specifics.
Approvals of 5K or more, nothing under 5K;
Petal 2 Visa, Best Buy Visa
The three denials , well its hard to forget , all where for the same reason, too many inquiries and or too many new accouts opened recently.
Denials;
BofA Visa, FNBO Evergreen (applied after pre approval said I was approved for $15K only to be denied afterwards), Regions.
Actually denials started once I was approved for the first 10, The final one was around card 20. When I saw how many inquiries I had I knew it was time to stop. I may start again in two years but for now I am done. I will ask for CLI's though. Only Discover asked for a 4506 back in February which I complied with. I hear it may be the new normal but I dont mind at all since all of the cards have no security behind them other then my FICO score.
FICO's all around 780's, Income just a drop over 1M, utilization at 2% to 3%, I do that on purpose or a big drop in scores if I go lower. 38 years on the job and not planning on stopping any time soon.
Banking relationships with most of the banks that issued me cards as I have 27 debit cards at last count.
Not to go off subject too much but LOL
Why do some banks insist on putting MD on my cards after my name? I don't like that but some insist that it must be done due to it being on my credit report. I had a big fight with BBVA over this, yet it remains. My only option is to close a card which I am not willing to do. I was just curious as it is not part of my name and I did not request it.
Thanks
Mark
@Anonymous wrote:
@Aim_High wrote:
@Anonymous wrote:... So I was approved for 26 new cards in the last 11 months. I had 3 denials ... FICO's are around the 780's so not the highest but far from the lowest and I have been good at managing credit for 4 decades ... I keep my utilization that reports somewhere at 3%. My total CL's now stand at $1,103,000 ... I have a total of 3 store cards which are included in that total.
Those are some interesting stats, @Anonymous, and congrats on your one-year success! Unfortunately, that's a streak (26 approvals) that I imagine only a few on My Fico could replicate successfully so there must be some differences in profile (beyond credit age) that would be a valuable contribution to the thread. IMO, not making that distinction may give other members false hopes about their ability to do the same ... These data points would help others to frame some of those other factors that lenders might use in these decisions.
Well off the top of my head LOL, I applied for cards after reading posts on here. I learned a lot. What to try and what to avoid like the Chase 5/24 rule so I stayed clear of Chase etc., I have Chase cards but they are decades old.
Again, off the top of my head, approvals;
All with SL's of 10K or more;
Citi Office Depot, Citi Macy's AX, Apple Goldman Sachs, TD Double Cash Visa, Wells Fargo, Sun Trust World MC, 5/3 Truly Simple MC, BB&T Bright, BBVA Rewards Visa, Pen Fed Platinum Rewards Visa, Pen Fed Gold, Capital One Visa. Many started at from $15K to $25K. I rather not get into specifics.
Approvals of 5K or more, nothing under 5K;
Petal 2 Visa, Best Buy Visa
The three denials , well its hard to forget , all where for the same reason, too many inquiries and or too many new accouts opened recently.
Denials;
BofA Visa, FNBO Evergreen (applied after pre approval said I was approved for $15K only to be denied afterwards), Regions.
Actually denials started once I was approved for the first 10, The final one was around card 20. When I saw how many inquiries I had I knew it was time to stop. I may start again in two years but for now I am done. I will ask for CLI's though. Only Discover asked for a 4506 back in February which I complied with. I hear it may be the new normal but I dont mind at all since all of the cards have no security behind them other then my FICO score.
FICO's all around 780's, Income just a drop over 1M, utilization at 2% to 3%, I do that on purpose or a big drop in scores if I go lower. 38 years on the job and not planning on stopping any time soon.
Banking relationships with most of the banks that issued me cards as I have 27 debit cards at last count.
Not to go off subject too much but LOL
Why do some banks insist on putting MD on my cards after my name? I don't like that but some insist that it must be done due to it being on my credit report. I had a big fight with BBVA over this, yet it remains. My only option is to close a card which I am not willing to do. I was just curious as it is not part of my name and I did not request it.
Thanks
Mark
Thanks for those additional data points, @Anonymous. There are a few things I'd like to highlight for those interested in high credit lines. They seem to confirm some things I posted in message 4 in this thread and in other postings about credit limits on My Fico.
What to try and what to avoid like the Chase 5/24 rule so I stayed clear of Chase etc ...
- Mark knew which lenders would yield more success with observation and research.
... approvals ... All with SL's of 10K or more ... Many started at from $15K to $25K ... Approvals of 5K or more, nothing under 5K
- Decent but not mind-blowing approvals, given FICO, income, and TCLs. I do wonder if the credit seeking was starting to inhibit Starting Limits before (and after) the first denial? Did the limits trend downward over time? Was $5K your lowest?
The three denials ... all where for the same reason, too many inquiries and or too many new accouts opened recently ... Actually denials started once I was approved for the first 10, The final one was around card 20.
- Important point here is that in Mark's case, the first ten went by okay but regardless of overall strong profile and income, there was still a "downhill period" as @Anonymous inquired about. So yes, where it occurs is relative to profile and lender but this is a good example of how most any profile will run out of steam given enough credit-seeking behavior. Denials, lowered starting limits, and excessive inquiry/new account remarks are all red flags.
When I saw how many inquiries I had I knew it was time to stop. I may start again in two years but for now I am done.
- Mark knew when to stop and knows that after such a huge spree, that a solid 24 months in the garden is appropriate. After that time, he may be in a good position to add new cards if he wants.
FICO's all around 780's
- With FICOs in the mid-700's or higher, it's easier to get away with pushing new accounts and inquiries if other credit factors are in good shape.
Income just a drop over 1M
- This is a HUGE point. Lenders want to know you can repay. With reported income, Mark is still only at about a 1:1 ration of income to limits. So while $1.1M in credit limits sounds enticing, reaching those heights may be unrealistic, unnecessary, if not downright dangerous for the wrong profile. Limits are most often related to money: money you earn, money you have invested, or money you spend-and-pay (to include reimbursed business expenses or self-employment expenses.) For most of us, the more that your current limits already exceed 1x annual income; 2x annual income; 3x annual income etc, the more likely that a lender will question whether 'enough is enough.'
utilization at 2% to 3%
- Keeping utilization low (but above zero) is a great place to be if you're looking to add credit limits. Lenders want to see that you're using the credit you've already got in a very responsible manner.
Banking relationships with most of the banks that issued me cards ... as I have 27 debit cards at last count.
- This is also a huge factor, IMO. Again, money you have invested (or deposited) can sway a lender. And I've observed with several of our big players on My Fico that deposit accounts opened with significant deposits (not token deposits) may help to grease the skids to a preapproval.
Not to go off subject too much but LOL. Why do some banks insist on putting MD on my cards after my name? I don't like that but some insist that it must be done due to it being on my credit report.
- As for that bothersome M.D. designation, your name on your credit file can be edited by contacting each of the credit reporting bureaus. Or I guess you could just contact the medical board and resign your license. The CRB might be a smarter way to go.
@Aim_High wrote:Not to go off subject too much but LOL. Why do some banks insist on putting MD on my cards after my name? I don't like that but some insist that it must be done due to it being on my credit report.
- As for that bothersome M.D. designation, your name on your credit file can be edited by contacting each of the credit reporting bureaus. Or I guess you could just contact the medical board and resign your license.
I would like to answer to all of the above, it may help others who are not sure what to do. However, it may appear that this thread is being hi jacked. If you want to start a new topic under personal finance I will be glad to respond.
Thanks
Mark
@Aim_High wrote:
@Anonymous wrote:... So I was approved for 26 new cards in the last 11 months. I had 3 denials ... FICO's are around the 780's so not the highest but far from the lowest and I have been good at managing credit for 4 decades ... I keep my utilization that reports somewhere at 3%. My total CL's now stand at $1,103,000 ... I have a total of 3 store cards which are included in that total.
Those are some interesting stats, @Anonymous, and congrats on your one-year success! Unfortunately, that's a streak (26 approvals) that I imagine only a few on My Fico could replicate successfully so there must be some differences in profile (beyond credit age) that would be a valuable contribution to the thread. IMO, not making that distinction may give other members false hopes about their ability to do the same. Kids, don't try this at home!!
Ironically, it sounds that even you ran into denials at some point in the applications process. Could you give us a chronological detail of the 26 cards you added, the SLs, and where the denials occurred? Were all the denials towards the end of the spree? Which lenders denied your applications? Did you experience low limits with many of the cards? Did the denials mention factors related to recent inquiries, new accounts, or total credit?
I would imagine your reported income is very high and overall debts (credit and otherwise) are very low?
Were any of the cards with lenders where you have some substantial assets on account?
These data points would help others to frame some of those other factors that lenders might use in these decisions.
Since this thread was moved. If you are still interested let me know and I will continue to answer your questions
Thanks
Mark
Yes, feel free to continue with any other details, @Anonymous.
Apologies again, @FinStar, for the off-topic/thread hijack.
Thanks for splitting it off so that the conversation could be preserved and continued.
@Anonymous wrote:Since this thread was moved. If you are still interested let me know and I will continue to answer your questions
Thanks
Mark