My summer app spree! How many new accounts is too many?

[Anonymous]

I picked up all of the following this summer.

Wells Fargo 7k 

Care credit 15k

Barclays 12k

Navy 18k

I started 2017 with nothing but 3 secured cards for $300 a piece and ficos in the low 600s. Now I am closing in on the 800 club. My AAA is down to only 10 mo after the new accounts.

I would like to add 2 or 3 new accounts however I've heard once you get in the range of approximately 7 new accounts within a few months often times your current creditors or new ones will take aggressive action against you demanding proof of income or slashing limits. 

I would like to hear from others who have added 7 or more new accounts at once along with some data points.

I welcome all stories from people who did and did not receive any type of discipline after being branded a pharoah.

[Anonymous]

Yes, You're right! Too many new accounts never looks good.
You could go for chase card but around march or so. Because you're still within 5/24 rule.
But I'll wait and chase do it at the branch like ask them if there is any Pre-Approve option.
Btw how did you qualify for NAVY if you can share plz
Thanks
And congrats on all he new approvals.

[Scupra]

Let me play the other side and ask what the reasoning behind adding 2-3 more new TL's is?

[happypill]

i can confirm that you can add 20 new accounts in a year and not suffer any slashed limits or demands for proof of income.  Each person's experience will vary of course.

The only real impact I see from a lot of new accounts and recent inquiies are that certain lenders put a lot of weight on new accounts and inquiries within the past 6 months - for example FNBO, Barclay's, US Bank, and others.  A rep at FNBO specifically told me that 6 months was a significant point when they review accounts (trust what a CSR says at your own peril I guess).

You'd be at much higher risk of AA if your utilization goes up.  I added 30 accounts and $300k in limits over 18 months (including with some of the main AA culprits like Comenity, Synchrony & Barclay's) and never had an issue - I believe the reason is because my util never went above 1%.

[Anonymous]

I just started a consulting business and I plan on making some real estate investments. I want as many tools available as possible at my disposal for different business and investment purposes.

I only have 60k in total available credit now. I would like to double that by the end of the year and have about 250k each in personal and business credit within 2 years

[Anonymous]

If that's the case I would look into business cards. Or you risk current creditors taking aggressive action. Lots if stories of others having personal accts closed due to non personal spending.

[MrDisco99]

I've got 11 new cards in the last 4 months.  No problems so far apart from 2 denials (BoA stayed, Chase overturned on recon).  I plan to get at least a couple more before the year is over.  Some issuers (Chase, Citi) are more sensitive to new accounts and inquiries than others (AmEx).

[HeavenOhio]

I'd be more concerned about denials at this point than adverse action on current accounts. I like the business card suggestion. Some of your current lenders might be able to help you out.

[Anonymous]

Having said that the beginning of THIS year, less 8 billing cycles ago consisted of a total if 3 secured $300 CL cards to now 4 very nice CLs ALL being very, very young = thin overall history, that WILL be an issue at some point...and as mentioned by @HeavenOhio DENIALS and wasted HPs will start to happen

It looks like the OP is heading into the business world, which is where IMO you want to build, make sure to protect your personal scores so that building and entering the business side is easier

And on the business side you don't have to worry so much monthly about utilization rates killing your score preventing you from making moves, that are/may be necessary business wise... Personal credit scoring really is a downer for entrepreneurs needing to make ebb n flow moves....
Lastly, business lines give BIG lines so one hopefully doesn't have to scrimp n pinch a bunch of small TLs to actually DO anything...

Best of luck...get some business credit going

[Anonymous]

I qualified for both PenFed and navy because my father was in the Air Force. You could probably tell them the same thing because neither one didn't even bother to check