Affect on credit score from a spree?

[MT936]

Hello everyone I have a quick question . I just applied for and got approved for the nfcu visa sig and I am familiar with the idea of sprees so i went ahead and used the opportunity from the nfcu hp to request cli increases on 3 other cards and they were all approved. Now i know that all of these resulted in 4 new hps but i was wondering what the effect from this spree would have on my credit score? Im at a 751 fico right now and was wondering how low it could drop from these 4 new hp and more importantly how long will it take to recover from these new hps? isn't there a limit to how low your score can drop from multiple hard pulls which is why sprees are utilized? I plan on gardening indefintiely

[chwebb1]

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@MT936 wrote:

Hello everyone I have a quick question . I just applied for and got approved for the nfcu visa sig and I am familiar with the idea of sprees so i went ahead and used the opportunity from the nfcu hp to request cli increases on 3 other cards and they were all approved. Now i know that all of these resulted in 4 new hps but i was wondering what the effect from this spree would have on my credit score? Im at a 751 fico right now and was wondering how low it could drop from these 4 new hp and more importantly how long will it take to recover from these new hps? isn't there a limit to how low your score can drop from multiple hard pulls which is why sprees are utilized? I plan on gardening indefintiely

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HPs really don't affect your score that much, and they count even less after 6 months and a year. I wouldn't worry about it.

[MT936]

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@chwebb1 wrote:

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@MT936 wrote:

Hello everyone I have a quick question . I just applied for and got approved for the nfcu visa sig and I am familiar with the idea of sprees so i went ahead and used the opportunity from the nfcu hp to request cli increases on 3 other cards and they were all approved. Now i know that all of these resulted in 4 new hps but i was wondering what the effect from this spree would have on my credit score? Im at a 751 fico right now and was wondering how low it could drop from these 4 new hp and more importantly how long will it take to recover from these new hps? isn't there a limit to how low your score can drop from multiple hard pulls which is why sprees are utilized? I plan on gardening indefintiely

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HPs really don't affect your score that much, and they count even less after 6 months and a year. I wouldn't worry about it.

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Thank you i have heard that depending on the credit agency hard pulls stop negatively affecting you anywhere from 30 days to 90 days  to 1 year so Im trying not to worry too much 

[Anonymous]

Lol.  I read your title and thought I'd share my story even though it's somewhat irrelevant to your situation.

HP's don't really hurt your score much.

NEW Accounts DO!!

After a 25-30 card spree, my score dropped 90 points due to too many new accounts and AAoA drop.  100% payment history but all those new accounts gave my score an epic thrashing.

But it is temporary effect, after 6 months the score is back stronger and I never have to worry about AAoA again.

[Anonymous]

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@Anonymous wrote:

Lol.  I read your title and thought I'd share my story even though it's somewhat irrelevant to your situation.

HP's don't really hurt your score much.

NEW Accounts DO!!

After a 25-30 card spree, my score dropped 90 points due to too many new accounts and AAoA drop.  100% payment history but all those new accounts gave my score an epic thrashing.

But it is temporary effect, after 6 months the score is back stronger and I never have to worry about AAoA again.

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+1  Mine has nosedived after 4 new cards in this last month.  It's the AAoA and New Accounts.  

But, I look at it this way.  I'm planning for the long haul and in 5 years all these cards will be 2014 cards and 5 years old.  I figure better start them sooner rather than later.

Edit*  On my next to last pull, which was a declined cli from Amex, I had a Experian of 717 or so.  I really don't think I was ever over 730-740.  Once my new util kicks in it's going back up.  Maybe "nosedived" was hyperbole.

[FinStar]

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@Anonymous wrote:

Lol.  I read your title and thought I'd share my story even though it's somewhat irrelevant to your situation.

HP's don't really hurt your score much.

NEW Accounts DO!!

After a 25-30 card spree, my score dropped 90 points due to too many new accounts and AAoA drop.  100% payment history but all those new accounts gave my score an epic thrashing.

But it is temporary effect, after 6 months the score is back stronger and I never have to worry about AAoA again.

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Holy Wowsers!  Surprised some of your creditors did not take any AA on your existing accounts...was your mega spree during a 12 month period?

[MT936]

Wow 25-30 card spree omg

[lg8302ch]

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@FinStar wrote:

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@Anonymous wrote:

Lol.  I read your title and thought I'd share my story even though it's somewhat irrelevant to your situation.

HP's don't really hurt your score much.

NEW Accounts DO!!

After a 25-30 card spree, my score dropped 90 points due to too many new accounts and AAoA drop.  100% payment history but all those new accounts gave my score an epic thrashing.

But it is temporary effect, after 6 months the score is back stronger and I never have to worry about AAoA again.

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Holy Wowsers!  Surprised some of your creditors did not take any AA on your existing accounts...was your mega spree during a 12 month period?

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+1   ..not really to recommend such big sprees but I can confirm the major damage for me was the cut of the AAoA but of course that all depends on how thin the file is when you start the spree...........I cut my AAoA from 18yrs to 3 yrs (2 cards to 5 cards) in about 4 months and the score did a dive for only 3-4 months.  Your HPs for the CLI probably will not effect you much after 3-6 months...so do not worry about the HPs and it is fun when then dropp off your report in 2 years and you can add some new ones again......lost a few and will add a few soon ....lol

[FinStar]

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@lg8302ch wrote:

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@FinStar wrote:

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@Anonymous wrote:

Lol.  I read your title and thought I'd share my story even though it's somewhat irrelevant to your situation.

HP's don't really hurt your score much.

NEW Accounts DO!!

After a 25-30 card spree, my score dropped 90 points due to too many new accounts and AAoA drop.  100% payment history but all those new accounts gave my score an epic thrashing.

But it is temporary effect, after 6 months the score is back stronger and I never have to worry about AAoA again.

---

Holy Wowsers!  Surprised some of your creditors did not take any AA on your existing accounts...was your mega spree during a 12 month period?

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+1   ..not really to recommend such big sprees but I can confirm the major damage for me was the cut of the AAoA but of course that all depends on how thin the file is when you start the spree...........I cut my AAoA from 18yrs to 3 yrs (2 cards to 5 cards) in about 4 months and the score did a dive for only 3-4 months.  Your HPs for the CLI probably will not effect you much after 3-6 months...so do not worry about the HPs and it is fun when then dropp off your report in 2 years and you can add some new ones again......lost a few and will add a few soon ....lol

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And so a new credit cycle is born!  What is on your credit horizon for 2015 lg8302ch?