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I did a app spree last week and was approved for the following:
American TV store card =$2k limit WFNNB
Macy's store card=$100 limit
GEMB/Walmart store card=$700 limit
already have:
Mortgage =$220k 2 yrs
Auto Loan=$18k 3 yrs
BBRZ=$420 5 yrs
HSBC MC =$320 8 yrs
Wondering if anyone has a idea of the hit I will take?. GEMB/walmart posted and dropped my score by 2 points.
Hi Avionics,
It'll vary depending on a few things.
First of all, your hit for new inquiries has probably already occurred. Because they tend to get dings in groups (i.e. 2-4 inquiries, 3-5 inquiries or some such) rather than individual inquiries, it's hard to predict. It might also vary depending on your bucket - that is, what other info is on your report.
It'll also vary depending on the impact on your AAofA, how many accounts you already have, and your oldest open account age.
Given the season, remember to watch your reported balances on those accounts. You will get dinged for utilization and also for number of accounts reporting a balance - that type of FICO damage can be even more significant than opening new accounts.
Can you tell us more about your credit file? With the cards that you already have, are these the credit limits or the current balances. If these are the limits, why are they so low after so many years? Also, the new accounts will have a (temporary) disproportionately high impact as your limits are very small and as this won't add much to your overall utilization (except the card for $2k perhaps).
Also, do you have any lates or delinquencies on your report? Your score is very low despite having a substantial mortgage and a car loan on there. Generally, the more stable your credit report is, the more quickly will it recover from the impact of new accounts. I saw my score go down by as much as 30 points for adding a new account. This is temporary, though, and I am recovering slowly already after 3 months with the new accounts. I think after one year you get all your previous points back if you treat the new and the old accounts responsibly.
I did an app spree last month and only faced a 3 point hit.
Side note, I am also an avionics engineer. lol
i think all the scenarios people here use is just assumptions. this credit
thing is just a game,and the bottom line is if you play it well you win! no one
here i've learned can predict what will happen with scores etc. for example
apped 7 times in the last week,and they all but one have hit my cr and my
score actually went up even with me with me getting ding for the inqs.
i went from a 412 fico score 5 months ago to(TU)671 (EQ) 647 and thats with a bk that was filed in 2006
so again no one knows its all speculation, every situation is different.
I have just started(last 6-8 months) paying close attention to my credit file. I have gotten a few collections removed and keeping my balances low, I have always kept a high balance in relation to CL on the small CC until recently. I have 2 collections (paid, doesn't effect score but it is a moral victory), a old auto account with late payments of 30, 60, & 90 days (closed & paid). The scores have risen quickly lately.
Got a 10 point bump up from TU vantage score when the American TV account started reporting via zendough.com daily pull.
@Anonymous wrote:Got a 10 point bump up from TU vantage score when the American TV account started reporting via zendough.com daily pull.
You do realize that your VantageScore has an entirely different scoring range than FICO scores? Is the score in your FICO Challenge signature a VS or FICO?
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
yes, I am well aware of the difference between the two. I was just using known info as a gauge as to the effect and direction of the score change. Eq. FICO did not change with addition of account.
@Anonymous wrote:yes, I am well aware of the difference between the two. I was just using known info as a gauge as to the effect and direction of the score change. Eq. FICO did not change with addition of account.
That once again shows how useless FAKO scores are. You cannot compare FAKO and FICO scores in any shape, form, or fashion. It's an act of futility.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".