Too many applications affects Credit Score!

[dirah]

The "mevinim" have always been saying that opening many credit cards does not affect your credit score. On that advice I have been churning, churning, churning - I would say about 20 cards a year.
Well, I just got the following decline from AMEX:

*****
Dear XXX,
We have received your application for the XXX Credit Card from American Express.   We have reviewed it, but unfortunately we will not be able to approve your request at this time.  Here are the specific reasons for our decision:
Your American Express Cardmember risk score is too high  (See below)
Your application was processed using our American Express Cardmember Risk Score which evaluates existing cardmembers.  The reasons you did not score well were:
The number of creditors who have reviewed your credit report. 

*****
I omitted the rest of the letter, which is just "blah blah blah" about my "consumer rights".

What do you say?

[txtmax4]

Actually opening a card does not affect your score.
What the "mevinim" were saying was to counteract the general belief that having (owning), too many CC's is bad for your credit.
But of course, every time you APPLY, your score gets lowered by a few points due to the credit inquiry. Those points should technically get recovered once you're up and running for a bit, but obviously you were never up and running since it was non-stop inquiries...

[Dan]

Actually opening a card does not affect your score.
What the "mevinim" were saying was to counteract the general belief that having (owning), too many CC's is bad for your credit.
But of course, every time you APPLY, your score gets lowered by a few points due to the credit inquiry. Those points should technically get recovered once you're up and running for a bit, but obviously you were never up and running since it was non-stop inquiries...

+1
You have to take it easy.
No big deal though, they'll fall off your record soon enough...

[dirah]

Those points should technically get recovered once you're up and running for a bit, but obviously you were never up and running since it was non-stop inquiries...

What do you mean by "up and running" - Nearly all my previous applics were successful, got the card, and spent etc B4 closing!

You have to take it easy.

R u telling me that I haven't been taking it easy according to your standards? Wow, what a compliment! I figured that if I do 20 a year,  you prob do 100 a year!

[txtmax4]

To be up and running means to have some quiet time.
Put the application to sleep, get on spend-pay mode for awhile.
Then after 2-3 months you go for more.

I would venture to say that having 3 inquiries (each month) two months in a row and then having quiet time is safer than having 1 inquiry per month for 6 months in a row.

[yare]

and regardless, if you're applying for 20 cards a year just based on the information that you're getting over here, it's your own stupidity if it affects you negatively. you have a computer, do some research. take some responsibility.       

[dirah]

it's your own stupidity if it affects you negatively. you have a computer, do some research. take some responsibility.       

LOL ... 800K+ between me and my spouse over the past two-three years ... wouldn't quite say that I was affected negatively ... Thanks Dan, you've been an inspiration, and continue to be.

[MisterHock]

+1
You have to take it easy.
No big deal though, they'll fall off your record soon enough...

how soon do they fall off?

[Monsey]

how soon do they fall off?

they automatically fall off after i think 2 years

[YOSEF]

they automatically fall off after i think 2 years

+1

[dirah]

All's well that ends well ... I applied again in late September, because I coudn't resist the 25K offer, and I just got the card from AMEX.