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Done applying for credit... What will happen to my score?

Established Contributor

Done applying for credit... What will happen to my score?

OK, I've just had a bunch of banks run a credit check on me while searching for an auto loan, but while I was at it I decided to apply for a couple of credit cards.

 

USAA approved me for an auto, so I decided to apply for their Mastercard. This was one of my goal cards, I had been declined for it twice before, reconed it once and they said no. Smiley Sad After the auto approval I applied for the MC and was approved for 10,000 at 7%. =D

 

I now have my two goal cards that I've been working toward since last year(Discover and USAA) so I really don't need or desire any more CCs. But while messing around on the NFCU website I thought Well, I'll get one more with them since I've heard such good things.

 

I applied for their new CashRewards card and was approved for 20,000 @ 9% Smiley Surprised

 

So now what can I expect from all this credit pulling? I've opened up $30,000 in tradelines within 2 days, but I've also had a lot of pulls and new accounts. I'm so close to 700 I can see it over the horizon, I just don't want this to knock me way down. 

Message 1 of 5
4 REPLIES
Established Contributor

Re: Done applying for credit... What will happen to my score?

You are definitely going to lose points but you will gain them back once your new accounts and inquiries age. Those are very generous limits and will look great on your report. Congrats!
Message 2 of 5
Contributor

Re: Done applying for credit... What will happen to my score?

as a follow-up to this (hope the OP doesn't mind)...

 

  • the inquiries and new trade lines will lower his score   

            but  

  • the lower utilization - let's assume the OP PIFs these new cards - will enhance his score, right?

So, will it come out as a wash?  I never quite understood about that.

 

 

Message 3 of 5
Frequent Contributor

Re: Done applying for credit... What will happen to my score?

If his util was 0% already, then the new cards will not help his utilization.  His AAoA will take a hit, but if this is his only installment loan on his CR, that will help his mix of credit.

 

Unless you're planning on apping for something else in the next 6-12 months, you should be very pleased.

Your score should fully rebound by the one year mark, and you now have relationships building with very reputable institutions.

Message Edited by PayingTheBills on 04-10-2009 03:30 PM

Starting Score: 540 EQ 517 TU on 11/17/08
Current Score: 668 EQ 726 TU
Goal Score: 760 EQ 760 TU


My Credit Repair Journal
Message 4 of 5
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Senior Contributor

Re: Done applying for credit... What will happen to my score?

Were you all ready a member of NFCU?  I had looked at it prior to joining PenFed, but it appeared the qualifications were limited.

 

I am a veteran, have family in the active duty, grandparents who retired Navy, but it seemed that you or a direct relative had to be active/contractor or retired with some type of annuity or pension in order to qualify.

 

My cousin is active Navy.  My father-in-law is active reserves and warrant officer.  Grandfather retired from Navy.  I was active army, but now veteran.  None of these seemed to fit any of the qualifications since none of them could sponsor me.

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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