APP Spree.. inq repoted..TL haven't...what to expect ?

[jaxstraw]

I recently went on an APP spree as known by some through past posts.

Results were pretty good w/ some signifigant CL's w/ different lenders.

My present UT is 2-3% at most and I have six cards reporting with an overall available credit balance of $28700. I have about $58 on those cards right now.

Since the inq's are instantly reported I'm assuming that I have taken my hits in scores already. Maybe I'm wrong and someone can correct me.

What I'm wondering is when the other 4 CC hit my report what kind of result will it have ? They are all big CL's. Much more than anything else I have. (They are PenFed ,USAA and NFCU ). The CL's are respectively 10000k,15000k,25000k,29500k.

Since my UT is already low it won't really go down lower. The average age of all my accounts is 1yr 8months due to all the new cards so that will change w/ 4 new TL'S.

Give me your thoughts if you please. BTW, that's the last app spree I'm ever on again. I went hog wild w/ my EQ score in the 700's for the first time and already have taken that hit. Ended up w/ great CC and TL but don't want to do it again.

It's more than enough credit to last me forever w/ periodic CLI'S W/ no more hard pulls.

Been to the NFCU site a few times looking at another card, restrain my self every time. I quit booze 8 yrs ago and have never looked back. Not app'ing for any new credit is easy compared to that once I make up my mind. I'll always be tempted but will just move on.

Jax

Message Edited by jaxstraw on 05-04-2008 05:01 AM

[Anonymous]

I don't know what kind of score drop or increase you can expect.  I just had a new line report and got a score 13 point increase then got a 4 point drop the next day.  My increase came from lowered utilization.  Not so sure about the drop.

I would assume that any drop in your scores would come from your average credit age being lowered by the new accounts and the inquiries.  I'm not an expert by any means so I don't really know just stating my thoughts based on things that have happened in my credit past and reading the stories of others.

Much congrats are in order for your new CL's! 

And even more congrats for conquering the booze.  I know from family and friends who have had dependency issues that quitting is not an easy road to tow, especially in the beginning.  I don't even know you and I'm proud of you!  I'm proud of anyone who can just throw it down.  When it comes to this credit game addiction that many of us suffer from, you've definitely got the advantage because if anyone can resolve to refrain, sounds like you would get the vote.

[jaxstraw]

Thanks for the kind words. I really appreciate it.

It's funny, I actually realized that it is , and was, addictive behavior app'ing the way I did. It's actually a good thing I have a knowledgeable base to understand where it was taking me. And I will deal w/ it accordingly.Getting the TL's and CL's also helped stop the risk taking. I have to be honest.

I just hate seeing my scores drop even if temporarily.

Thanks again

Jax

Message Edited by jaxstraw on 05-04-2008 06:21 AM

[Anonymous]

Please let us know what happens to your scores. Your average age will go down to 3 months. I imagine that's going to take a hit, but new credit is only 10% of your score. So I don't see it changing your score to much.

[Anonymous]

---

Moobs wrote:
Please let us know what happens to your scores. Your average age will go down to 3 months. I imagine that's going to take a hit, but new credit is only 10% of your score. So I don't see it changing your score to much.

---

How do you get 3 months?  I get 12 months.

Currently, 6 TLs with avg age of 20 months = 120 months total

Add 4 new TLS, so 120 months / 10 TLs = 12 months avg age

[haulingthescoreup]

---

@Anonymous wrote:
Please let us know what happens to your scores. Your average age will go down to 3 months. I imagine that's going to take a hit, but new credit is only 10% of your score. So I don't see it changing your score to much.

---

I agree with Moobs about the recovery beginning around the third month.

It's true that new credit is only 10% (although that it a potential 85 points, lol), but I also found that I was re-bucketed, as I can tell from the change in positive and negative messages. So I think my score recovery is going to be kinda start and stop.

Congrats and best wishes on your continuing recovery!

[haulingthescoreup]

---

@Anonymous wrote:

---

@Anonymous wrote:
Please let us know what happens to your scores. Your average age will go down to 3 months. I imagine that's going to take a hit, but new credit is only 10% of your score. So I don't see it changing your score to much.

---

How do you get 3 months? I get 12 months.

Currently, 6 TLs with avg age of 20 months = 120 months total

Add 4 new TLS, so 120 months / 10 TLs = 12 months avg age

---

It may not make sense mathematically, but I've seen this in posts over time. I think that there's something about the positive effect of new healthy credit limits that's countering the newness penalty. I know that my scores have already started recovering, although part of that is getting the BT util reduced.

On the other hand, major app sprees might well take longer! I guess I'll find out in the next little while.

[Anonymous]

---

@haulingthescoreup wrote:

---

cheddar wrote:

---

@Anonymous wrote:
Please let us know what happens to your scores. Your average age will go down to 3 months. I imagine that's going to take a hit, but new credit is only 10% of your score. So I don't see it changing your score to much.

---

How do you get 3 months? I get 12 months.

Currently, 6 TLs with avg age of 20 months = 120 months total

Add 4 new TLS, so 120 months / 10 TLs = 12 months avg age

---

It may not make sense mathematically, but I've seen this in posts over time. I think that there's something about the positive effect of new healthy credit limits that's countering the newness penalty. I know that my scores have already started recovering, although part of that is getting the BT util reduced.

On the other hand, major app sprees might well take longer! I guess I'll find out in the next little while.

---

Right, I agree with the concept of new TLs often having a greater positive effect than the negative effect of the decrease in average age, but that still doesn't change the way that average age is calculated!

I wasn't saying anything one way or the other about whether it would help or hurt the score.  I was just pointing out that I calculated a new average age of 12 months vs. the 3 months that Moobs had gotten.

[haulingthescoreup]

Well, there you go, you're reading more closely than I am! I missed that entirely and thought I was reading about a score turn-around at three months. I agree with your average age figure.

The large cat jumped up on my lap (and laptop) a few minutes ago, skidded over and knocked my coffee over, dipping her tail in it in the process, and took off. I'm still mopping coffee up from unexpected places! --and in the meantime, the coffee has been in her fur instead of in my bloodstream. Her tail is much more alert than I am.

* need more chemicals *