Applied for 4 AMEX cards within a week

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BYTech
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Applied for 4 AMEX cards within a week

Postby BYTech » Thu Apr 14, 2016 12:26 pm

Hi all,

I am new to the forum so this my first post. Before this past week my only card was the Bank of America Travel rewards card which I opened in 2007. I recently applied for Gold , Everyday and Mercedes Benz cards all on the same day. I was instantly approved for Gold and EveryDay. However, the Mercedes card was put in progress(but I super excited to have my first Amex).

So I called AMEX to follow up and they said they needed to verify my identify to call back in 5 days. While waiting I was having regrets that I should have applied for PRG instead of the Gold. So I sporadically applied for the PRG and received the same in progress message. I called in today to check on the MB card status and the rep asked me a few security questions and my card was approved! It was a relief to get the approval but another surprise was they also approved my PRG As well (I thought I need to wait an additional 5 days for this application).

So I have two questions:
1) I want to close my gold account but not sure when I right time to do this so my credit score isn't hit too hard. Will it look bad if I cancel now? Or should I wait a year before the annual fee is due?

2) I'm interested in the Amazon Chase Visa and was wondering when it would be best to apply for another credit card since I just applied for 4 cards.

Thank you for your thoughts in advance.

(P.S. How do I edit my signature, I don't see it under UCP - sorry for the Noob question)


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Re: Applied for 4 AMEX cards within a week

Postby CreditCardGuru » Thu Apr 14, 2016 5:11 pm

I'll tackle the question about your signature (welcome to the forums, by the way!)

As a new poster, you need to have three posts approved by a moderator before you can get full posting privileges (which include customizing your signature).

I'm sure our forum members will tackle the rest of your questions.
CreditCardForum moderator and admin

BYTech
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Re: Applied for 4 AMEX cards within a week

Postby BYTech » Thu Apr 14, 2016 6:14 pm

CreditCardGuru wrote:I'll tackle the question about your signature (welcome to the forums, by the way!)

As a new poster, you need to have three posts approved by a moderator before you can get full posting privileges (which include customizing your signature).

I'm sure our forum members will tackle the rest of your questions.


Great thanks for the update! I look forward to contributing to community where I can.

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Vattené
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Re: Applied for 4 AMEX cards within a week

Postby Vattené » Tue Apr 19, 2016 8:14 pm

I have been catching up on posts at my own pace and I saw your Mercedes thread first. However....

1) You already opened both accounts, so the damage is done. You might as well get the MR bonus on the account at the very least, but if I were you I wouldn't be in any hurry to close it before the AF comes due.

2) 4 new credit card accounts in a week is a lot. When they are all with one lender, that lender is probably more likely to think there is fraudulent activity, but I would still be worried about spooking Chase. If you are still convinced an Amazon card is well suited to you, you can always apply later. My ED currently has an offer for 2X MR at Amazon; check and see if you have one too (if you spend enough at Amazon to warrant the card it may not make up for it, but it's still better than 1X).

Enjoy the new cards!
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)

BYTech
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Re: Applied for 4 AMEX cards within a week

Postby BYTech » Tue Apr 19, 2016 10:31 pm

Vattené wrote:I have been catching up on posts at my own pace and I saw your Mercedes thread first. However....

1) You already opened both accounts, so the damage is done. You might as well get the MR bonus on the account at the very least, but if I were you I wouldn't be in any hurry to close it before the AF comes due.

2) 4 new credit card accounts in a week is a lot. When they are all with one lender, that lender is probably more likely to think there is fraudulent activity, but I would still be worried about spooking Chase. If you are still convinced an Amazon card is well suited to you, you can always apply later. My ED currently has an offer for 2X MR at Amazon; check and see if you have one too (if you spend enough at Amazon to warrant the card it may not make up for it, but it's still better than 1X).

Enjoy the new cards!


Thanks yea I appreciate responding in the my other post. Okay thanks I'll hold off on closing to the Gold until the AF comes due.

Thanks for the tip on the Amazon 2x points that is better than 1x for sure. I will hold off on the Amazon card since I already have the Amazon bonus on Amex (I actually prefer using my Amex because I buy a lot of electronics and having all the purchase protection benefits is one of the reason I applied for Amex). Looks like the deal expires sometime in July, do you know if they have the Amazon deal every year? I also noticed

Per my other post If I did decide to apply for the MB Platinum when would be a good time to apply. I was thinking once I met all my MR bonus offers for my other cards. And should I close the Gold card first before applying?

Also will I receive a hard pull for each Amex card? I've read that if you apply on the same day it will only count as one. So I applied to 2 cards on the same day, another the next day and the last approx. 4-5 days.
Cards:
Amex: Platinum Mercedes (5/16), PRG (4/16), Gold (4/16, will close), Mercedes Revolver (4/16), ED (4/16), SPG (5/16), Business Gold (5/16), Business Green (6/16), Business Platinum Delta (6/16), Corporate Green (6/16)
BofA: Cash Rewards (6/07)
Citi: Prestige (5/16), TY Premier (5/16)

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Vattené
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Re: Applied for 4 AMEX cards within a week

Postby Vattené » Wed Apr 20, 2016 7:18 am

This is the first I have ever noticed an Amazon offer.

Definitely wait until you've received all of your introductory bonuses, or all of the bonuses you will receive (that it a lot of spending to meet, so I wouldn't want to encourage you to overspend just to meet some bonuses). After that it's trickier since you have to work out the whole certificate thing. If you can wait to lease you can wait a little longer before applying, but you want to be able to earn both certificates and be able to use them at the same time.

I don't think you should need to close the Gold before applying. In theory I don't think it would hurt anyway, maybe someone else could be more helpful here?

I believe you only get the HP perk if you get declined on an application. Expect a HP for any approval of a new account.
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)

BYTech
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Re: Applied for 4 AMEX cards within a week

Postby BYTech » Wed Apr 20, 2016 8:15 am

Yeah I did not want to force myself to spend $3,000 to get the 50,000!points from the Platinum. I read somewhere else if you don't get approved it will only count as a soft pull. But would I get declined for having too many accounts Amex?
Cards:
Amex: Platinum Mercedes (5/16), PRG (4/16), Gold (4/16, will close), Mercedes Revolver (4/16), ED (4/16), SPG (5/16), Business Gold (5/16), Business Green (6/16), Business Platinum Delta (6/16), Corporate Green (6/16)
BofA: Cash Rewards (6/07)
Citi: Prestige (5/16), TY Premier (5/16)

BYTech
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Re: Applied for 4 AMEX cards within a week

Postby BYTech » Sun May 08, 2016 1:10 am

So within a month I opened 5 Amex accounts and I checked my Experian score, it drop to 694 from 710 (scores are from Amex's FICO tool). I really need find my gardening tools and I hope I can get my score back up.
Cards:
Amex: Platinum Mercedes (5/16), PRG (4/16), Gold (4/16, will close), Mercedes Revolver (4/16), ED (4/16), SPG (5/16), Business Gold (5/16), Business Green (6/16), Business Platinum Delta (6/16), Corporate Green (6/16)
BofA: Cash Rewards (6/07)
Citi: Prestige (5/16), TY Premier (5/16)

Tubpbs
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Re: Applied for 4 AMEX cards within a week

Postby Tubpbs » Sun May 08, 2016 9:05 am

BYTech wrote:So within a month I opened 5 Amex accounts and I checked my Experian score, it drop to 694 from 710 (scores are from Amex's FICO tool). I really need find my gardening tools and I hope I can get my score back up.


That is probably only the drop from the inquiries. I would guess you experience more dropping when all the new accounts report, but I could be wrong. Opening that many new accounts in that short of a period of time (ignoring the fact that it was all with one creditor - which is extremely unusual) is generally going to be viewed as extremely risky behavior. Long run, you will be absolutely fine, but in the short run, I'd expect my scores to take a bigger dip than that.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

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CarefulBuilder14
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Re: Applied for 4 AMEX cards within a week

Postby CarefulBuilder14 » Sun May 08, 2016 11:07 am

Tubpbs wrote:
BYTech wrote:So within a month I opened 5 Amex accounts and I checked my Experian score, it drop to 694 from 710 (scores are from Amex's FICO tool). I really need find my gardening tools and I hope I can get my score back up.


That is probably only the drop from the inquiries. I would guess you experience more dropping when all the new accounts report, but I could be wrong. Opening that many new accounts in that short of a period of time (ignoring the fact that it was all with one creditor - which is extremely unusual) is generally going to be viewed as extremely risky behavior. Long run, you will be absolutely fine, but in the short run, I'd expect my scores to take a bigger dip than that.

Amex generally takes at least a month to report new accounts, and sometimes longer if the customer is new.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card



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