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I've Opened too many credit cards recently, but I don't have any balances on them, what do do.

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cjpar007
New Member

I've Opened too many credit cards recently, but I don't have any balances on them, what do do.

Hey everyone, So I am relatively new to credit, and things started off on a great foot. My scores on Equifax TransU, and Experian were all over 755. However around that time, I went on a credit card frenzy, and opened 5 accounts within 2 (1/2) months. As a result, despite me not carrying balances, or being deliquent. My credit suffered severely. Looking back, the one time sign up perks may not have been worth it. My question is what should I do going forward. Do I close the recently opened ones (roughly a year old now) or do I just deal with it now, and never apply for a credit card in the future. Like I said, I have no balances just figuring out how to go forward. Any advice will be appreciative.

Message 1 of 11
10 REPLIES 10
09Lexie
Moderator Emerita

Re: I've Opened too many credit cards recently, but I don't have any balances on them, what do do.

Welcome to the forum. Your AAOA has already taken a hit. It wil take time but your scores will recover. Though a yr is a bit long. Are you letting one card report a balance?
Message 2 of 11
myjourney
Super Contributor

Re: I've Opened too many credit cards recently, but I don't have any balances on them, what do do.

Welcome to the forum 

don't close any cards proceed to the garden and meet new friends who will help you get on the right track:smileywink

Tell them your story and see how fast they respondSmiley Wink

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 3 of 11
cjpar007
New Member

Re: I've Opened too many credit cards recently, but I don't have any balances on them, what do do.

Yes I am at the moment.

Message 4 of 11
djc1puno
Valued Contributor

Re: I've Opened too many credit cards recently, but I don't have any balances on them, what do do.

Welcome here Smiley Wink great folks here for support so just head to the garden thread Smiley Happy


GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
---=[NORTHBOUND]=---
Message 5 of 11
FocusedAndDetermined
Senior Contributor

Re: I've Opened too many credit cards recently, but I don't have any balances on them, what do do.

Score drop won't last forever.  Keep your new accounts, let one report a small balance. You should start to see some recovery in a few months.  Be patient your scores will return to high numbers. 

Message 6 of 11
azguy13
Senior Contributor

Re: I've Opened too many credit cards recently, but I don't have any balances on them, what do do.

We shall see you in the garden my friend

Message 7 of 11
SnackTrader
Valued Contributor

Re: I've Opened too many credit cards recently, but I don't have any balances on them, what do do.

Getting a lot of cards in a short period of time is a really common practice around here called an App Spree. When you apply for a new credit card, your score gets dinged twice: once for the inquiry and once for the new account. So when you do a large spree, all these little dings can add up to a big score drop. But not to worry, it is very temporary!

Inquiries only affect your score for one year, and drop off your reports completely after 2. New accounts can take a while to heal, but depending on how thick your file is (how many tradelines are reporting), the impact of the new accounts may go away very soon.

The benefits of a Spree include that all the inquiries age together, and that you can apply for cards without the lenders seeing the new account set up from the card you applied for right before it (there is a lag in reporting new tradelines). Anyway, I think you are doing a great job with your credit if your score is over 750 and you were approved for 5 cards. Your score will be back to that point in no time if you continue to pay on time, keep your utilization down, and sit on your hands for a few months.

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 8 of 11
jenn_bar
Frequent Contributor

Re: I've Opened too many credit cards recently, but I don't have any balances on them, what do do.

Do you mind sharing what cards? That way we will know if there are AF's involved, etc.

 

If there is no issue with you paying the AF's for all five cards (if necessary), I would keep them all as well to not hurt yourself any further! All should go up from here! Smiley Happy

Message 9 of 11
cjpar007
New Member

Re: I've Opened too many credit cards recently, but I don't have any balances on them, what do do.

Yes, none of my cards have an Annual Fee. That is one of my methods of applying that I look for the best rewards without an Annual Fee.

 

 

 

 


 

Bank of Am Better Balance Rewards (10K) 03/2010

Capital One Best Buy (4,2K) 06/2011

Citi Forward (5K) 06/2011

Discover (2,5K) 11/2011

Chase Freedom (5,5K) 02/2012

Citi ThankYou Visa Sig (6,5K) 03/2012

Citi ThankYou Preferred MC (8K) 03/2012

Capital One No Hassle Rewards (2K) 04/2012

Citi Dividend (3K) 05/2012

Chase Amazon (3K) 06/2012

 

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