Credit Spree Damage Report

[CreditJunkie]

If someone is curious about the impact this will have on my credit score I thought It would be fun to share this.

Scores on the day of applying (TU 699, EQ 750, EX 734). This was all done in one day.

Auto Loan 19000

Auto Lease $370 24/m

Instant Approval American Express card (don't know credit limit yet)

Instant Approval Discover More card (don't know credit limit yet)

Instant approval Newegg Preffered card (2000)

Declined for local Credit Union card because of short work history and excessive use of revolving credit. Talk about stingy!

The reason for this is my credit file is kind of thin I plan to build it up this year, especially my auto credit.

Stay tune for the impact this will have on my credit.

[haulingthescoreup]

I'm on the edge of my seat! ...nice spree!

[Red1Blue]

Wow. Getting Discover More card is hard. Congrats.... My be I'll get it in the next year or two.

[Anonymous]

keep us updated please

[Anonymous]

I'll also be interested in seeing your results.

If you don't mind, though, could you post a general summary of what your report looks like now so we have a baseline once your score changes come in?  Just basic stuff like how many existing CCs, any baddies, etc.  Going on an app spree can have different effects on different reports depending on what the report looked like beforehand.

For example, when I added my first two revolving TLs I got a HUGE jump, but after that each new one dinged me a little.

Message Edited by cheddar on 02-09-2008 04:37 PM

[CreditJunkie]

Sure Cheddar here are some more details.

This is what I have so far

BOA Platinum Visa 2000/10500

Macy's Visa 0/2500 (got a credit line increase from 1500 yesterday)

Capital One No Hassle rewards 0/300

Student Loan deferred till 2011 at 2500

No late payments or negatives in 5 years of my credit history.

I charged about another 8000 on the visa card this same day to finance some of those purchases (2 cars, new computer). I plan to BT some of that to the Amex and Discover cards and PIF before next year.

[Anonymous]

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CreditJunkie wrote:

Sure Cheddar here are some more details.

This is what I have so far

BOA Platinum Visa 2000/10500

Macy's Visa 0/2500 (got a credit line increase from 1500 yesterday)

Capital One No Hassle rewards 0/300

Student Loan deferred till 2011 at 2500

No late payments or negatives in 5 years of my credit history.

I charged about another 8000 on the visa card this same day to finance some of those purchases (2 cars, new computer). I plan to BT some of that to the Amex and Discover cards and PIF before next year.

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Cool.  Thanks for sharing that.  Now we'll have a complete before-and-after snapshot once your new CCs start reporting.

On a note that is completely unrelated to your original post:  Please forgive me if you already know this, but please be careful with that new Amex!  I saw your plan to BT to a brand new Amex card and pay it off by next year, and it made my heart jump into my throat a little.

You know how they are, I'm sure.  They're not as patient as everyone else when it comes to paying down balances.

Message Edited by cheddar on 02-09-2008 04:52 PM

[CreditJunkie]

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On a note that is completely unrelated to your original post:  Please forgive me if you already know this, but please be careful with that new Amex!  I saw your plan to BT to a brand new Amex card and pay it off by next year, and it made my heart jump into my throat a little.

You know how they are, I'm sure.  They're not as patient as everyone else when it comes to paying down balances.

Message Edited by cheddar on 02-09-2008 04:52 PM

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Yea I have been lurking around these forums for a while. I will probably not BT anything to the amex and just use it for small purchases at first.

[CreditJunkie]

Here is an update of what my credit file looks like now, I will wait a month or two before pulling scores.

Credit Cards

BOA Platinum Visa 10000/10500

Discover 2000/4000

Amex 1000/4400

Newegg Prefered Card 1900/2000

Macy's 1100/2500

Capital One 0/300

Student Loan 3500

Car Loan 19000

Car Lease 370/m

I know the high UTL, credit inquaries, and lower average account age will drop my scores substantially. But I'm all set as far as new credit goes for at least a year.

[MidnightVoice]

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cheddar wrote:

please be careful with that new Amex!  I saw your plan to BT to a brand new Amex card and pay it off by next year, and it made my heart jump into my throat a little.

I have a 0% APR on purchases for a year on my new AMEX and I will be PIFfing every month.  I got the card to establish a long relationship with them for future travel esp, not to take advantage of the new card offers.

I am thinking very long term here!!!