cancel
Showing results for 
Search instead for 
Did you mean: 

Total number of new accounts question

tag
Anonymous
Not applicable

Total number of new accounts question

What's a safe number of new accounts to have over say a six month period? Back in January I apped and received 5 new cards in an effort to ditch some of my builder cards (first premier, credit one, all the terrible ones). Now I'm closing on my mortgage and would like to app for a business card and maybe one or two other personal cards. Which would put me at 7 new personal accounts and 1-2 new business accounts over a 6 month period. Is that safe or too much?

Data points- all my fico 8 scores are 760-780 no collections, late payments or other baddies. Have two cars and the new house no other loans. About 110k in open credit with 2% utilization currently. Usually pay in full on most accounts every month and leave a small balance on one card. Income is 240k annually.

Thanks for any advice!
6 REPLIES 6
Anonymous
Not applicable

Re: Total number of new accounts question

Don't apply for ANYTHING (not even a CLI!) without talking to your mortgage officer immediately.

Message 2 of 7
Anonymous
Not applicable

Re: Total number of new accounts question

Oh no not applying for anything until after the closing. Closing is Tuesday.
Message 3 of 7
happypill
Valued Contributor

Re: Total number of new accounts question

Definitely don't apply for anything until after you close on your mortgage.  After that, it shouldn't be a problem.  Just a note, business accounts generally do not appear on your personal credit reports (Capital One being a notable exception), however if you use your personal SS# the inquiry will appear on your report.

 

One other thing to note, there's no need to leave a balance on any of your cards.  Just let a balance report, then PIF and your utilization will reflect it.  Paying actual interest is just silly (not to mention it kills your grace period for the subsequent month as well).

Message 4 of 7
Anonymous
Not applicable

Re: Total number of new accounts question

You might run into some issues with some companies.  I was denied a CLI on one of my csrds for too many recent inquiries.  Back in Jan, I opened 4 new accounts.

Message 5 of 7
thummel
Established Contributor

Re: Total number of new accounts question

I don't think you will run into any issues with scores like that in my opinion.
Message 6 of 7
jamie123
Valued Contributor

Re: Total number of new accounts question

With your scores and income it really shouldn't be a problem applying for those new accounts. After you get these new accounts you will however want to slow down and try not to app for anything else for 1 year.


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.