Reply
Established Member
Posts: 19
Registered: ‎01-22-2013
0

How bad have I damaged my credit by applying for 6 credit/store cards in a month?

I was approved for every card except one and I'm Not going to apply for anything else for a year. How soon do I get my lost points back? Thanks!
Capital One: $4500, Chase Slate: $1500, Barclaycard $1300, Bank of America: $600, VicSecret:$750, Walmart Discover:$2000, JCP:$1000, Amazon:$1900, and a few more store cards. As of 2/4/14 my FICO is 645. My Goal FICO:700
Valued Contributor
Posts: 1,460
Registered: ‎08-30-2011
0

Re: How bad have I damaged my credit by applying for 6 credit/store cards in a month?


angel22 wrote:
I was approved for every card except one and I'm Not going to apply for anything else for a year. How soon do I get my lost points back? Thanks!

Depends.  We need a bit of info from you. 

What's your credit situation?  What's your score(s)?  What's your utilization? Any baddies on your reports?  Which cards did you apply for and what are the limits?

 

Can't speak for others, but in my own situation the GENERAL rule of thumb has been, lose about 10 points for each new inquiry, but gain 15 points back in a few months with a new trade line reporting.  Again, it really depends on what your starting point is.  I just picked up 2 new trade lines, but it barely affected my scores -- dropped only 5 points for the inquiry (total of 10 down).  Once $18K in additional credit report, my utilization will drop, and my score will increase.  The same thing COULD happen to you as well.  Just depends on what your starting point is !

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 818 EQ = 822 TU = 830 - 01/2015
Established Contributor
Posts: 761
Registered: ‎10-16-2007
0

Re: How bad have I damaged my credit by applying for 6 credit/store cards in a month?

The good thing about new accounts and inquirys is that they loose there sting relativley fast compared to other dings in the credit game. 

NFCU Cash Rewards Siggy $22k, NFCU Flagship Rewards Siggy $22K, NFCU Platinum MC $20K, USAA Amex Rewards $6k, USAA World Mastercard Rewards $6k, NFCU Navcheck $15k

Other Cards - Citibank AAdvantage, Chase Slate, Barclays Rewards,


IN THE GARDEN UNTIL APRIL 2014

NFCU FAN CLUB MEMBER #1









Chase Star Card
NFCU FAN CLUB FAN#1
Valued Contributor
Posts: 1,460
Registered: ‎08-30-2011
0

Re: How bad have I damaged my credit by applying for 6 credit/store cards in a month?


dodgeball wrote:

The good thing about new accounts and inquirys is that they loose there sting relativley fast compared to other dings in the credit game. 


+1 - definitely !

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 818 EQ = 822 TU = 830 - 01/2015
Moderator Emeritus
Posts: 10,932
Registered: ‎12-30-2011
0

Re: How bad have I damaged my credit by applying for 6 credit/store cards in a month?

6-12 months typically but it does depend on the rest of your file.

Won't matter long term and if you have a use for the cards it can be beneficial. I am opening 5 cards this month, am not overly worried about it as I'm sitting on my hands for at least a year at this point.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge
Established Member
Posts: 19
Registered: ‎01-22-2013
0

Re: How bad have I damaged my credit by applying for 6 credit/store cards in a month?

[ Edited ]

I'm rebuilding my credit. I have 1 collection from 5 years ago that popped up recently on my report and 2 student loans in good standing. I haven't had any other revolving credit. The cards are: Capital One MasterCard Cl:$500, Walmart Cl:$250,Victoria Secret Cl:$350, Kohl's Cl:$400, and JCPenny Cl:$200. The card I was declined for was Wells Fargo Visa Rewards card. They gave me a pre approval for their college card but I'm not in college anymore,so I applied (stupid me) for the rewards card and they offered me their secured card. They gave me a TU score of 624. That's all I know right now. Thank you! Sorry about errors, I'm on my phone. I also just checked my FICO score and it says 654. I have no idea what my score was before all the apps.

Capital One: $4500, Chase Slate: $1500, Barclaycard $1300, Bank of America: $600, VicSecret:$750, Walmart Discover:$2000, JCP:$1000, Amazon:$1900, and a few more store cards. As of 2/4/14 my FICO is 645. My Goal FICO:700
Established Contributor
Posts: 1,039
Registered: ‎02-27-2012
0

Re: How bad have I damaged my credit by applying for 6 credit/store cards in a month?

When I opened 2 account back in October my FICO score actually increased a month later.

 

So each credit profile is unique in it's own situation.

AMEX: $0/$25,000, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$14,000, Citi Dividend: $0/$3500

EQ FICO - 728
TU FICO - 743
EX FICO(AMEX) - 712
Valued Contributor
Posts: 1,367
Registered: ‎04-20-2012
0

Re: How bad have I damaged my credit by applying for 6 credit/store cards in a month?

As others have said, it depends on your credit profile. If your utilization was high prior to getting these new cards, the exanded credit will likely help your score. If you have a small number of cards, the new cards will likely help your score as well. At the same time, you will get dinged with the hard inquiries and lower AAoA.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.