How many new accounts is too many?

[Gmood1]

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@wasCB14 wrote:

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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.

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wasCB14 you are an exception to the rule. They probably know how hard it is to please you. 😂

If you look at the new Amex CC approvals as a whole for pre-existing customers. A large majority of them here were obtained on SPs.  My point was they obtained them on a SP.

Unlike certain lenders that will HP you if it rains outside.

Phantom's addiction paid off. 😉

[Anonymous]

@wasCB14 Hard to say - through those app sprees, I was denied for 3 cards in total (also there's an extra inquiry cuz I opened a Chase ink card but the business card doesn't show on a personal report). My denials were the NRA gas card, Chase Amazon Prime Visa, and BoA Spirit Air card. All 3 were basically denied for too much account seeking behavior: too many recent inquiries/new accounts etc...and honestly all 3 didn't seem like very elite cards at all. In fact I apped for the CSP and Amazon card on the same day with the same hard pull, got the CSP but denied the Amazon card. So based on my *personal* experience, maybe most cards just aren't hard to get, but the most likely limiter is an institution that is inquiry or new account sensitive...of course as long as your profile is decent. But that 60 day late didn't seem to really impact me much if at all.

[wasCB14]

@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.

 wrote:
wasCB14 you are an exception to the rule. They probably know how hard it is to please you. 😂

If you look at the new Amex CC approvals as a whole for pre-existing customers. A large majority of them here were obtained on SPs.  My point was they obtained them on a SP.

Unlike certain lenders that will HP you if it rains outside.

Phantom's addiction paid off. 😉

@Gmood1

I'm unclear on your argument. It sounds like you first say being an existing customer increases the probability of an approval. But now you seem to be focused on hard vs. soft pulls and don't directly address approval odds.

Should you care to conduct a little study, the pattern you should see (in applications, not approvals) if a relationship matters would be:

1. A new potential customer gets rejected with bad/mediocre credit.

2. He or she then gets approved with better credit.

3. His or her general credit suffers badly while keeping an account in good standing.

4. He or she, despite the decline, can still obtain more credit from Amex.

The pattern to suggest a relationship doesn't matter would be:

1. A new potential customer gets rejected with bad/mediocre credit.

2. He or she then gets approved with better credit.

3. His or her general credit suffers badly while keeping an account in good standing.

4. He or she, given the decline, cannot obtain more credit from Amex.

[wasCB14]

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@Anonymous wrote:
@wasCB14 Hard to say - through those app sprees, I was denied for 3 cards in total (also there's an extra inquiry cuz I opened a Chase ink card but the business card doesn't show on a personal report). My denials were the NRA gas card, Chase Amazon Prime Visa, and BoA Spirit Air card. All 3 were basically denied for too much account seeking behavior: too many recent inquiries/new accounts etc...and honestly all 3 didn't seem like very elite cards at all. In fact I apped for the CSP and Amazon card on the same day with the same hard pull, got the CSP but denied the Amazon card. So based on my *personal* experience, maybe most cards just aren't hard to get, but the most likely limiter is an institution that is inquiry or new account sensitive...of course as long as your profile is decent. But that 60 day late didn't seem to really impact me much if at all.

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What was your credit like when you got your Blue Cash?

[Anonymous]

Don't remember exactly, I'd have to look it up. Probably better than when I just apped for those 3 cards though - I had no baddies and had maybe applied for 2 other cards recently so much fewer inquiries and new accounts, and my AAoA was likely a bit longer.