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Established Member
angel22
Posts: 19
Registered: ‎01-22-2013
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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
thom02099
Posts: 1,324
Registered: ‎08-30-2011
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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 !

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 = 768 EQ = 828 TU = 834 - June/2014
Established Contributor
dodgeball
Posts: 761
Registered: ‎10-16-2007
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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. 

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Valued Contributor
thom02099
Posts: 1,324
Registered: ‎08-30-2011
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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 !

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 = 768 EQ = 828 TU = 834 - June/2014
Moderator
Revelate
Posts: 9,155
Registered: ‎12-30-2011
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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 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Member
angel22
Posts: 19
Registered: ‎01-22-2013
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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
SwiftTone
Posts: 1,026
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.

BCE: $0/$11,200, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$12,500, Citi Dividend: $0/$3500

EQ FICO - 728
TU FICO - 734
EX FICO(AMEX) - 712
Valued Contributor
bribro
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)

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