will amex shut me down for too many new accounts?

[smallfry]

7? You're soup I am afraid.

[smc733]

Often lenders will call this "pyramiding" credit.  When you substantially increase your credit in a short period of time, it looks as though you're suddenly in trouble and need credit to get by, which in turn makes it seem as if it is a risk for you not to pay it back.

This, may slip by, but don't be surprised if you end up with an FR.

[Anonymous]

I'm interested in knowing how 7 new account openings will change your credit score.

[score_building]

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@smc733 wrote:

Often lenders will call this "pyramiding" credit.  When you substantially increase your credit in a short period of time, it looks as though you're suddenly in trouble and need credit to get by, which in turn makes it seem as if it is a risk for you not to pay it back.

This, may slip by, but don't be surprised if you end up with an FR.

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+1  

[MarineVietVet]

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@Anonymous wrote:

I'm interested in knowing how 7 new account openings will change your credit score.

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7 new inquiries

7 new credit lines reporting

Lowering of AAoA

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[wollepopolle]

I wouldn't stress out too much. The most important thing to do right now: Keep your balances at where they are! That is small! Very small! You said you only had a total of $600 report last month? If so, that sounds good. Pay off most of your balances before the statements cut and let only report a small amount! Keep doing that for a couple of months and you should be fine.Let only a couple of cards report a balance withthe bureaus and let the others report 0$. Amex doesn't care about FICO scores. They have their own risk factors. However, having balances on ALL cards, even if they are really small (a couple of dollars) will drive you FICO down a bit.

You might get an Amex FR or AA or not. Who knows? You might just be doing fine if you show you're not going into debt. It's hard to say.I also wonder if any of the new creditors will do an AA when they see your new credit file.

But then, see it as an experiment. As long as you're not doing anything stupid debtwise, you'll be fine and your score will recover over time. All the new accounts reporting will drop your scores considerably for a little bit, though.

[Red1Blue]

How many is too many? It is a question. Couple of months ago, one night, I had little too much wine and added 12 new accounts. I know call me crazy. Amex did FR and I came out with flying colors. They did not close my accounts. Citi and Discover did not like and CLD'd my accounts. I was foolish and called UMB for CLI and they closed my account. It your call with Amex. It depends on your relationship with Amex and how long you have been a member. I have been a member with Amex since 1984. I guess that might mean some thing to Amex. Will they close your accounts in cold. Probably not. Perhaps FR.

[scottwagnon]

'Citi and Discover did not like and CLD'd my accounts' OUCH. i have a new citi and new discover. ok. i guess i could accept a CLD.

[Gh0st]

Sorry to hear . Could have been worse though. I actually applied to 3 new cards and got accepted so hopefully that doesn't stir any problems. Amex was one of the new cards too.

[haulingthescoreup]

Que sera, sera.

Keep all your new accounts reporting $0. (Pay them off before statements drop for this to happen.) Don't do anything startling with the AmEx. You might fly under the radar. (This does happen.)

And in the meantime, go dig out your 1040 from last year and get your last 2 - 4 paystubs or deposit records. If you get F/R'd, it's not the end of the world, unless you lied about your income. It's a huge PITA, though.

And don't take a prospective GF or new boss out to dinner and try to put it on the AmEx. Not for now, anyway.