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?