Aftermath of cc application spree

[Anonymous]

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TheNewWorldMan wrote:
New revolving accounts, especially multiple accounts, will often cause a FICO score to stumble a little. The reason is that multiple new accounts can look like a "credit grab" done by someone who is desperate for new credit, and of course the inquiries racked up to obtain the new accounts also come into play.

Fortunately, the "half-life" of these negatives is short. After about six months of good management, you'll begin to reap the FICO gains of paying those extra bills on time each month. In the long run, you'll be better off with the accounts than without them.

One motto FICO rebuilders should take to heart is to never let a short-term ding (or the fear thereof) shy you away from taking a step that will help build your credit in the long run.

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Like that last line.....nicely put TNWM!

[ccaddict]

Thanks for the replies.

Just had one more question.. would there be some number of cards beyond which it would be inadvisable to apply in a 3 or 6 month period?

[Anonymous]

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@ccaddict wrote:
Thanks for the replies.

Just had one more question.. would there be some number of cards beyond which it would be inadvisable to apply in a 3 or 6 month period?

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They advised me not to get anymore cards since I already have 6 and they're all $1k limit to $7.5k! So yeah... I'm ready to start building my credit back up. They also said to cancel one or two of them in the next 6-12 months if I want.

[ccaddict]

Alright I'm going to control the urge and will apply for another only after a couple of months... I think lol

[Anonymous]

BK-7 Dec-2005 my approvals so far (this was done within a one month time frame 6-15-07 thru 7-20-05)

 Bankrupt friendly cards                              Initial credit limit

http://www.capitalone.com/                          750 and  $10,000 auto loan (11-06)

https://www.circuitcity.com                        1500  

http://www.dell.com/                                   1500

http://www.dillards.com                                200

https://www.firstequitycard.com                 1000

http://www.hooterscard.com                      1100

http://www.kay.com                                    2000 

http://www.oldnavy.com                               450

http://www.orchardbank.com                       750 now 950 (9-06)

http://www.target.com                                  200

http://www.walmart.com                              500

http://washingtonmutual.com                     2000

http://www.mycccu.com                            2000 

http://gmflexcard.com                                  500 

[Lucky7z]

   I had a little spree

hooters 500

boa student card 500