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will current lenders freak out if they see 5 new cards in less than 6 months?

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NRB525
Super Contributor

Re: will current lenders freak out if they see 5 new cards in less than 6 months?


@Anonymous wrote:

@NRB525 wrote:
Which cards do you have? Which cards do you really want for the long term? Does the AMEX Hilton fit a long term plan, or it's just a "do it for the rewards and because you can for backdating" decision? Do you care if Chase does AA on the personal card?

The Amex Hilton is exactly a "do it for the rewards and because you an for backdating" decision. 

 

But then again all my credit cards are acquired and used for rewards as the main reason. I have never carried a balance nor paid less than if full. I have no plans on getting a mortgage or a car loan in the next 4 years at least. 

 

For the long term, I want the US Bank Carlson which I planned to apply for 6 months after my last visible app (US Bank shouldn't be able to see the Hilton Amex inquiry or new account), in may 2015. I know that is a super hard to get card for someone with a short history. But it seems like a no brainer for traveling to Europe, the fact that it essentially has a negative annual fee and for the +1 night benefit. It also offers sufficient ongoing spend rewards that I would actually want to use it for daily non-category spend instead of my 2% card. Also probably a bunch more Chase cards (Southwest, CSP, Ritz, BA) mainly for the sign up bonus, which are unrivaled in my opinion. 

I would be concerned if Chase took adverse action from the point of view that if they take my UR points away it would lose ~ 1 month's pay in rewards equivalents, and it might affect me getting future accounts with them.

 

I did not run high spend on any new cards. Highest was my Chase Business which required 5k spend to get the sign up bonus. Max I ran was 2.5k per month, and I paid most of the balance before the statement date, thinking that maybe that will show Chase that I can afford it no problem (not so sure that was the best idea but whatevs). I do plan to put a 3-4k single purchase on my new Citi card. I hope it doesn't freak them out, since it is a legitimate purchase (diamond jewelry). 

 

So i guess now that you mention it, here is another question: would these future plans for getting other (better) accounts be helped or hurt by getting the AMEX? I should also note that I currently have ~110% of yearly income in available credit, although I don't think that matters. 

 

 


Why do you think US Bank (or others) won't be able to see the Hilton card once it reports?

Regarding adding that many Chase cards primarily for the rewards, each card you add raises the number of cards on your report. I don't have any specific knowledge of, but it seems likely that, Chase knows that the rewards are valuable, and they are an incentive to get folks to open the card account. And then close the account. They may or may not track that, it may or may not result in some sort of static from Chase later. As with anything, the more one piles on to the situation, the higher the likelihood of issues.

 

If you are already at 110% of CL vs Income, that may become an issue for some card issuers. Again, no set limits, it depends on the way the app is reviewed.

 

Regarding "pay before the statement date" that's a technique many on this forum use. I think it is hogwash myself. The CCC gives you a credit limit. They issue a statement. There is a due date. Pay by the due date. no worries. The balance does report on your CR, but even that impact is overrated, because in the long run your FICO is based on your payment patterns and only short term influenced by utilization metrics.

 

The Club Carlson card is interesting too. And the IHG, and the Hilton... Smiley Happy

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 21 of 27
chalupaman
Super Contributor

Re: will current lenders freak out if they see 5 new cards in less than 6 months?

I've had plenty myself and still no AA yet. Yet again, I always keep my utilization low, close accounts I don't need anymore, and don't ever just pay minimums on CCs. APRs have varied depending on the lender from my highest bank card one being with Barclays to my lowest with Amex, Chase and BoA right now and Discover in between.

Tradelines: Macy’s - $18k, Penfed Power Cash Rewards - $10k, Ethan Allen (TD Bank) - $5.7k, Kay Jewelers - $5.5k, Appliances Connection - $5.3k, Jared - $5.25k, Best Buy (Citi) - $5k, Dell Preferred Account - $3.5k, Samsung - $3.2k, Firestone CFNA - $3.2k, Capital One Platinum - $3k, Mercury MC - $2.25k, Williams Sonoma - $2.1k, Wayfair (Fortiva) - $2k, Amazon Store Card - $1.8k, Apple Card - $1.7k, NFCU cashRewards - $1.5k, CareCredit - $1.5k, B&H Photo - $1.5k, Adorama - $1.25k, Ebay MC - $1k, Sam’s Club MC - $1k, American Eagle - $1k, Ollo MC - $600, Mission Lane Visa - $500, NY & Company - $500, Walgreens - $500, Home Depot - $500, Target RED Card - $500, CapOne Secured MC 0 AF - $500, Penfed Overdraft LOC - $500

Current FICOS: Mid 640s-50s on all reports, Ch 7 BK D/C Aug 2019
Starting scores: EX - 534, EQ - 574, TU - 516 | Total TLs: $91k approx | Total Utilization: 17%, getting this back down
Message 22 of 27
mongstradamus
Super Contributor

Re: will current lenders freak out if they see 5 new cards in less than 6 months?

The problem is that you don't really know at what point lenders don't like your available credit . For me i can't really help that they want to give me 5 digit CL. I app for cards and they give me huge initial CL relative to my income. I am at around 1.5x my income in CL. We shall see what happens from here. 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 23 of 27
longtimelurker
Epic Contributor

Re: will current lenders freak out if they see 5 new cards in less than 6 months?


@mongstradamus wrote:

The problem is that you don't really know at what point lenders don't like your available credit . For me i can't really help that they want to give me 5 digit CL. I app for cards and they give me huge initial CL relative to my income. I am at around 1.5x my income in CL. We shall see what happens from here. 


+1

 

So from time to time we see "X closed all my cards" and while several on the forum say "We aren't getting the full story" in at least some cases the poster has tripped some thresholds that they had no idea about.

 

But, experience suggests that 5 new cards should be fine, if nothing else is wrong.

Message 24 of 27
Chaselover
Frequent Contributor

Re: will current lenders freak out if they see 5 new cards in less than 6 months?


@Anonymous wrote:

Just curious how the community feels about this

 

I got a PenFed card about 6 months ago. 

Then a Chase Business card in october 

Then a personal Chase card and a Citi card in early december. 

 

I was thinking of apping for the no AF Amex Hilton mainly for the 50k sign up bonus and the AAoA boost (have been with Amex a year). But was wondering if Chase will freak out seeing so many new accounts and consider AA. I know it would be safer to just wait, but of course Amex backdating will be most valuable if I do it in January. 

 

It is probably relevant to mention that my overall history is 2.5 years and AAOA is 1 year 1 month. AAoA will get even shorter when the Chase personal reports, which for some reason it hasn't yet. 

 

 


Hi, just checking isnt it 40k signup? or have they changed to 50k>?


In a committed relationship with Chase from 12/2012.
Age: 26, Income: $59,240/-, Current score: TU from CK: 750/A (12/24/14), TU Vantage score from CK: 775/C (12/24/14), Experian from Creditsesame: 717, Equifax from myfico: 724, Overall Util: 1% (12/24/14), Total credit limits: $62,150, In the garden from 12/19/2014, AAoA : 7 months, Oldest account: 8 months, Newest account: 1 week, HP: 18.
Message 25 of 27
Anonymous
Not applicable

Re: will current lenders freak out if they see 5 new cards in less than 6 months?


@Chaselover wrote:

@Anonymous wrote:

Just curious how the community feels about this

 

I got a PenFed card about 6 months ago. 

Then a Chase Business card in october 

Then a personal Chase card and a Citi card in early december. 

 

I was thinking of apping for the no AF Amex Hilton mainly for the 50k sign up bonus and the AAoA boost (have been with Amex a year). But was wondering if Chase will freak out seeing so many new accounts and consider AA. I know it would be safer to just wait, but of course Amex backdating will be most valuable if I do it in January. 

 

It is probably relevant to mention that my overall history is 2.5 years and AAOA is 1 year 1 month. AAoA will get even shorter when the Chase personal reports, which for some reason it hasn't yet. 

 

 


Hi, just checking isnt it 40k signup? or have they changed to 50k>?


I'm guessing he found a 50k offer linked to from somewhere. The Amex site has been showing the 40k bonus for the no AF version for a while, but there are other offers out there. I actually found one for 60k that expired on Dec. 31st that I couldn't resist. I needed the AAoA boost too.

 

You can usually find some of these better offers not listed on the CCC's site with some clever searching on Google and a fair amount of digging.

Message 26 of 27
takeshi74
Senior Contributor

Re: will current lenders freak out if they see 5 new cards in less than 6 months?


@Anonymous wrote:

will current lenders freak out if they see 5 new cards in less than 6 months? 


Depends on the creditor and one's credit.  Neither are the same across the board.  On the creditor side, for example, PenFed seems to be quick to cite "pyamiding".

 


@Anonymous wrote:

It is probably relevant to mention that my overall history is 2.5 years and AAOA is 1 year 1 month. AAoA will get even shorter when the Chase personal reports, which for some reason it hasn't yet.  


I don't think AA would be likely though you do have a low AAoA.  It's tricky to say and opinions are sometimes worth what you pay for them.

 


@Anonymous wrote:
With opening so many new accounts have you guys received any CLD's or are the CL's they're giving you super low??

Again, depends on one's credit and the creditors in question.  I added 10 accounts in 2013.  Lowest limit granted was $5K, no CLD's or other AA.  Another person with a lesser credit profile could open far fewer accounts and see lower limits and possibly AA.  Another person with a much stronger credit  profile could do better.  It's not simply a matter of X cards in Y timeframe.

Message 27 of 27
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