Too Many New Accounts?

[Anonymous]

What's the magic number and how many months before other credit card companies don't look negatively on them? 6 mnths? 1 year? I'm particularly curious about Discover and Chase Freedom. I've had 5 new accounts in the last 5 months. The result of 1 App spree. But I've been in the garden since November..only SP's for CLI's on existing accounts.

[Anonymous]

Chase and Amex sometimes hold it against you for having a new account opened within the past 3 months. Then again, it all depends on your AAoA, longest account length, scores and other factors. It's too hard to tell.

The lower your AAoA, the more it will be held to your disadvantage.

No one can really tell you accurately. 

For Chase, you want to be at your best shape when you apply. Chase rarely gives out any CLI, so you don't want to be getting a toy card with them that's good for pretty much nothing.

[bettercreditguy1]

When I last added cc's, I opened a Freedom Card, waited one year, then applied for a Chase Airlines Card. I recieved both, no wait, very nice credit limits. From what I have observed here, frequent appliers of credit seem to get lower initial cls and get denied more often.  I utilize a couple of my cards for work and the others for pleasure, never using all of my cards in a given month. In my wallet are Amex Gold, Capitol One, Chase (2 Cards) and Pen Fed. Each card has limits over $ 10k. including my Cap One. To me, less is better. YMMV with your portfolio,  good luck!.

[Anonymous]

No doubt this has been a question on my mind, too. 

As of February my credit reports (account wise) consisted of 2 closed credit card accounts from 2003/2004 (both reported as a positive).

I didn't know better, so in February I opened 3 new credit accounts.

The first week of March 2013, I opened (or rather was approved for) 8 new accounts.

So I have 11 new credit accounts...and many, many hard inquiries. 

Guess I'll see what happens.

[Note: My plan at the time was to just apply for whomever approved me, use those new accounts as my new credit base, and just use them responsibly and pay off the balances - which in several cases I've already done]

Like I said, had I known better, I wouldn't have gone for so many new accounts, but I'm stuck at this point so we'll just see what happens.,,[which is why I've been careful to use the credit and then turn right around and pay off the balances as soon as the account lets me make a payment]

[Open123]

A new account after 6 months is usually pretty safe, all things being equal.  A new one after 3 months is slightly riskier, but still pretty safe.  It's the within 30 days where you need to tread with a little more caution.

[scenery_guy]

I think this is the most YMMV category. I have 17 HP on EX, 11 on EQ and 3 on TU. Many of those are from the past 12 months (from auto loan shopping and many rewards cards). On EX 3 of them are from cards I received in January and February and I applied again just a few days ago for a couple of Citi cards - received one and I am working on reconsideration on the last. 

That can't be the norm, or is it for where I fall on various data points? My AAoA can't be good as the few very old cards I have are smothered by the 10 new ones in past 9 months. My scores float around 725's to 760's depending on real FICO or FAKO, I always keep UTL under 5%, I PIF and have an income around $90,000. I can only assume that if you demonstrate very good payments and have a healthy income they will overlook a lot of HP. 

I will keep applying for reward cards for the bonus points/miles every couple of months until I get an official time out (by lenders not working with me) then give it a year to age. I'll use those rewards to do some traveling during the time out!

So YMMV based on the strengths or weaknesses on your reports. 

[Open123]

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@scenery_guy wrote:

I think this is the most YMMV category. I have 17 HP on EX, 11 on EQ and 3 on TU. Many of those are from the past 12 months (from auto loan shopping and many rewards cards). On EX 3 of them are from cards I received in January and February and I applied again just a few days ago for a couple of Citi cards - received one and I am working on reconsideration on the last. 

That can't be the norm, or is it for where I fall on various data points? My AAoA can't be good as the few very old cards I have are smothered by the 10 new ones in past 9 months. My scores float around 725's to 760's depending on real FICO or FAKO, I always keep UTL under 5%, I PIF and have an income around $90,000. I can only assume that if you demonstrate very good payments and have a healthy income they will overlook a lot of HP. 

I will keep applying for reward cards for the bonus points/miles every couple of months until I get an official time out (by lenders not working with me) then give it a year to age. I'll use those rewards to do some traveling during the time out!

So YMMV based on the strengths or weaknesses on your reports. 

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Yeah, it is definitely on a case by case basis.  It goes something like this:

1.  Every app is instantly approved.

2.  Then, every app requires review, but will be improved.

3.  Every app now requires recon.

4.  Every app requires not only recon, but intensive questioning.

5.  Every app requires recon, interrogation, and a triple pull with lowering of credit lines from other cards with issuer.

6.  STOP!

That seems to be the natural progression.

[scenery_guy]

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@Open123 wrote:

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@scenery_guy wrote:

I think this is the most YMMV category. I have 17 HP on EX, 11 on EQ and 3 on TU. Many of those are from the past 12 months (from auto loan shopping and many rewards cards). On EX 3 of them are from cards I received in January and February and I applied again just a few days ago for a couple of Citi cards - received one and I am working on reconsideration on the last. 

That can't be the norm, or is it for where I fall on various data points? My AAoA can't be good as the few very old cards I have are smothered by the 10 new ones in past 9 months. My scores float around 725's to 760's depending on real FICO or FAKO, I always keep UTL under 5%, I PIF and have an income around $90,000. I can only assume that if you demonstrate very good payments and have a healthy income they will overlook a lot of HP. 

I will keep applying for reward cards for the bonus points/miles every couple of months until I get an official time out (by lenders not working with me) then give it a year to age. I'll use those rewards to do some traveling during the time out!

So YMMV based on the strengths or weaknesses on your reports. 

---

Yeah, it is definitely on a case by case basis.  It goes something like this:

1.  Every app is instantly approved.

2.  Then, every app requires review, but will be improved.

3.  Every app now requires recon.

4.  Every app requires not only recon, but intensive questioning.

5.  Every app requires recon, interrogation, and a triple pull with lowering of credit lines from other cards with issuer.

6.  STOP!

That seems to be the natural progression.

---

LOL. I'm somewhere around 1-3 on the OPEN 123 scale. 

[teddybearkelli1]

I have 14 new accounts since 10/1, and closed 7 sub-prime accounts in January. I opened 4 in Oct, 2 in Nov, 1 in Jan, 4 in Feb, and 2 in March. The last 2 I that I was approved for are Chase and Amex Delta Gold, so the inquiries really didn't matter evidently to them. I received a 9.9k on the Amex and a 6k on the Chase. Inquiries from the last year were 10 on Experian, 12 on TU, and 4 on EQ. I am now in the garden for minimally a year, but worked out very well for me. YMMV of course.

[tonikay68]

It amazes me to see consumers /customers/credit card holders with an overabundance of Credit Cards.  To have to submit a payment each month for each card, is overwhelming . These consumers or credit card holders must have good paying jobs, or they may be a doctor, lawyer invester, business owner. I have Two Cards One from Capital One and First Premier Bank.. I'm considering applying for one more.  But when i think those monthly payments are due. I have to think alittle harder about it..To tempting...