How many new accounts is too many?

[Anonymous]

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@Gmood1 wrote:

I can name several where a current relationship does have some weight. Amex being one of them and Penfed being another. Nope it doesn't guarantee an approval. But it sure as heck makes things easier to get one than with no prior history with those two lenders at all. 

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How can you tell?  We see people all the time get Amex and Penfed cards, that they want. without any prior relationship or "foot in the door" cards.   And those that go for harder cards after getting an easier one: how can you distinguish relationship effects from just time working its magic and getting increasing scores?

[Anonymous]

A little off topic, the Bruins Discover card, I love it! I have discover IT can I get one as a replacement for my Discover IT chrome? Or do I have to open a new account? 

[Anonymous]

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@Anonymous wrote:
I spend many hours a day reading through the myFICO forums and recently finished an app spree. My question is at what point do lenders look at a CR and say this person is a risk because they have opened X amount of accounts recently. I have had the same two CC for almost 4 years and two installment loans without tapping for any CC. I made a list of CC I would like to own and grow a total of 8 that I would use.
My list:
CapOne
Amex
Chase
Discover
Citi
Penfed
BoA
Marvel Mastercard
I had CapOne covered and just added Amex,Discover,Chase,Citi, and Penfed to my wallet in the past three weeks. I dont need or want anymore cards after I fulfill these eight. My question is will the 5 recently added accounts throw up red flags between each other and and trigger an AA? I tried getting the BoA was denied for too many new accounts/inquires so I am gardening until the end of the year to try again as I have a bunch of Inq falling off from my installment loans. I figured the BoA denial even after recon was a good sign to wait for the last two. I usually carry a $0 balance on my CapOne cards and plan to PIF every month and and grow these cards.

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@Anonymous wrote:
I spend many hours a day reading through the myFICO forums and recently finished an app spree. My question is at what point do lenders look at a CR and say this person is a risk because they have opened X amount of accounts recently. I have had the same two CC for almost 4 years and two installment loans without tapping for any CC. I made a list of CC I would like to own and grow a total of 8 that I would use.
My list:
CapOne
Amex
Chase
Discover
Citi
Penfed
BoA
Marvel Mastercard
I had CapOne covered and just added Amex,Discover,Chase,Citi, and Penfed to my wallet in the past three weeks. I dont need or want anymore cards after I fulfill these eight. My question is will the 5 recently added accounts throw up red flags between each other and and trigger an AA? I tried getting the BoA was denied for too many new accounts/inquires so I am gardening until the end of the year to try again as I have a bunch of Inq falling off from my installment loans. I figured the BoA denial even after recon was a good sign to wait for the last two. I usually carry a $0 balance on my CapOne cards and plan to PIF every month and and grow these cards.

I would probably ease up for now. I don't think you need 8 to grow your file nicely. And yes, you could trigger an AA

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[Gmood1]

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@Anonymous wrote:

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@Gmood1 wrote:

I can name several where a current relationship does have some weight. Amex being one of them and Penfed being another. Nope it doesn't guarantee an approval. But it sure as heck makes things easier to get one than with no prior history with those two lenders at all. 

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How can you tell?  We see people all the time get Amex and Penfed cards, that they want. without any prior relationship or "foot in the door" cards.   And those that go for harder cards after getting an easier one: how can you distinguish relationship effects from just time working its magic and getting increasing scores?

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With Penfed it's obvious the relationship thing means something. My EQ score hasn't changed drastically over the last year or so. Once I hit the time frame they consider you a premium member or whatever they want to call it. The SP approvals started to roll in. You can join Penfed with 800 plus scores, the likely hood of seeing SP offers is slim to none from what has been posted on this site.

I've yet to see one member claim they acquired their first Amex with a SP. Yet, once you've been a customer for a while. Nearly every CC after that is a SP approval with Amex. The relationship does have a perk or two. How many people become an Amex customer and already have a SP approval for a personal loan? I'm still waiting for those folks to post in the forum. It might happen, though I haven't seen it yet.

Does it happen with all lenders? Nope, some of them could care less. lol

[Anonymous]

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@Anonymous

How can you tell?  We see people all the time get Amex and Penfed cards, that they want. without any prior relationship or "foot in the door" cards.   And those that go for harder cards after getting an easier one: how can you distinguish relationship effects from just time working its magic and getting increasing scores?

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You can tell by reading many sets of data points on this forum that echo previous data points.  While any given profile can only test 1 thing at any given time, if you're going off of dozens of previous data points on a similar profile you can make some solid assumptions based on the data at hand.

For example, 50 people on this forum post that they were approved for their first Citi card and received X limit.  50 other people on this forum post that they were approved for the second Citi card and received Y limit.  9 times out of 10, Y > X.  To me, that's more than enough data to suggest that some sort of prior Citi relationship can favorably impact the SL on a second Citi product.

Is this the case with all lenders?  Probably not.  Is it the case with some lenders?  Absolutely, based on nothing more than what I've learned reading on this forum.

[HeavenOhio]

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@Anonymous wrote:
…surprised Savor wasn't a choice for your Platinum when you upgraded. Product Change is strictly internal and has no bearing on your credit profile, no need to rebound as you put it, as long as the PC option is available to you.

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Savor offers haven't been provided via the link that's posted here on the forum. However, they're being handed out like candy if people call in or chat. It may be that the OP upgraded via the link.

I believe I've read here (but can't confirm) that Capital One requires that customers wait six months between PCs.

[wasCB14]

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@Gmood1 wrote:
I've yet to see one member claim they acquired their first Amex with a SP. Yet, once you've been a customer for a while. Nearly every CC after that is a SP approval with Amex. The relationship does have a perk or two. How many people become an Amex customer and already have a SP approval for a personal loan? I'm still waiting for those folks to post in the forum. It might happen, though I haven't seen it yet.

Does it happen with all lenders? Nope, some of them could care less. lol

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I've applied for and received 6 Amex cards (2014, 2014, 2015, 2016, 2017, 2018). HPs every time.

And the fact that some people get approved via SP doesn't mean they would have rejected the app if the person hadn't been an existing customer.

One time, being an existing customer did help to get an approval (in some sense). I was mid-travel, had some large transactions to make, and saw the 35k/$5k SPG promo. They sent the card to an unfamiliar address because I was an existing customer calling from a trusted phone number.

Of course, they probably would have approved me as a new customer if I used and requested shipping to the address on my credit report.

[Anonymous]

@longtimelurker

I opened the amex Ameriprise Platinum, Ameriprise Gold, and Delta gold all on the same day. They were my 9th-11th new personal cards in the last 10 months. Credit score around 700 with a 60 day late in late 2016.

Incidentally, I've had an Amex blue Cash in perfect standing since 2014.

[Anonymous]

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@HeavenOhio wrote:

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@Anonymous wrote:
…surprised Savor wasn't a choice for your Platinum when you upgraded. Product Change is strictly internal and has no bearing on your credit profile, no need to rebound as you put it, as long as the PC option is available to you.

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Savor offers haven't been provided via the link that's posted here on the forum. However, they're being handed out like candy if people call in or chat. It may be that the OP upgraded via the link.

I believe I've read here (but can't confirm) that Capital One requires that customers wait six months between PCs.

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I got some of that candy getting my QS out of SD few months ago, of course the Savor is going right back into SD next quarter with Discover's 5% Restaurants.

[wasCB14]

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@Anonymous wrote:
@Anonymous

I opened the amex Ameriprise Platinum, Ameriprise Gold, and Delta gold all on the same day. They were my 9th-11th new personal cards in the last 10 months. Credit score around 700 with a 60 day late in late 2016.

Incidentally, I've had an Amex blue Cash in perfect standing since 2014.

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Some will see this as an indication of the value of a relationship.

I see it as an indication that Amex cards just aren't that hard to get in the first place.