No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I have 5 new accounts reporting (opened between Oct 2009 and Feb 2010) and my scores took about a 30-40 point hit initially. They are rebounding back now but I keep my utilization pretty low (less than 5%). Scores were in the 780-790 range before spree and 750-760 ranger right after. I'm almost back to 780. I think the secret is to keep your util low AND of course letting them age a bit helps a lot too. It is kind of interesting to see how your scores adjust as your usage of credit changes. The important thing to remember is that a FICO score is a mechanism to use for making financial decisions. It shouldn't be obsessed over to any great degree as it will truly drive you crazy. If your score isn't going to work for what you need it for then you have to devote some time into improving it.
I wouldn't fret over the new accounts. Enjoy them for what they bring to your life and make them work for you. Thats the real reason we use them. Plus, I love all the discounts and free $$ some of these cards give you. Makes those shopping excursions a little less painful
@jefftca925 wrote:I have 5 new accounts reporting (opened between Oct 2009 and Feb 2010) and my scores took about a 30-40 point hit initially. They are rebounding back now but I keep my utilization pretty low (less than 5%). Scores were in the 780-790 range before spree and 750-760 ranger right after. I'm almost back to 780. I think the secret is to keep your util low AND of course letting them age a bit helps a lot too. It is kind of interesting to see how your scores adjust as your usage of credit changes. The important thing to remember is that a FICO score is a mechanism to use for making financial decisions. It shouldn't be obsessed over to any great degree as it will truly drive you crazy. If your score isn't going to work for what you need it for then you have to devote some time into improving it.
I wouldn't fret over the new accounts. Enjoy them for what they bring to your life and make them work for you. Thats the real reason we use them. Plus, I love all the discounts and free $$ some of these cards give you. Makes those shopping excursions a little less painful
All valid points, and I agree 100% that obsessing over a FICO score is pointless as its will vary and change over the years as people lives change.
"I just opened 6 new CC accounts. Yes, I am obviously insane...."
To Funny.
@ngerasimatos wrote:I just opened 6 new CC accounts. Yes, I am obviously insane....
Bad news for me... I think that means I'm double-insane this month.
"Hello,
I had one cc, an orchard mc with a 320cl for 9 months.PIF every month. EQ 710 TU 717 EX (FICO) 744. In November was denied for chase disney visa and sears. Stupidly got mad, went on app spree. Got approved for 9 new accounts, including chase sapphire 5000cl, HSBC plat. 6500cl, cabelas 1500cl and macys, kohls, target, walmart, jc penny, best buy mc."
3 HSBC cards in one year? I didn't think that was possible.
@ngerasimatos wrote:Oldest account was opened
9 Years, 9 Months ago
Average age of your accounts
4 years
Super - was that 4 years AAofA before or after the apping? If it was before, what is it after?
Hey - and congrats on your 700 scores - very nice!
@piecesofme wrote:"Hello,
I had one cc, an orchard mc with a 320cl for 9 months.PIF every month. EQ 710 TU 717 EX (FICO) 744. In November was denied for chase disney visa and sears. Stupidly got mad, went on app spree. Got approved for 9 new accounts, including chase sapphire 5000cl, HSBC plat. 6500cl, cabelas 1500cl and macys, kohls, target, walmart, jc penny, best buy mc."
3 HSBC cards in one year? I didn't think that was possible.
Yep. My fiancee' got an:
-Orchard HSBC (300 CL) in November 2009
-David's Bridal (1500 CL) in December 2009
-Best Buy MC (500 CL, no AF) in March 2010
Her most derogatory item recently came off (C/O) when the company could not prove the DOFD date we challenged, because they (Mervyn's/GEMB) couldn't prove the date they were reporting (which by our account was two years earlier than they were reporting). So when that came off, the previous Orchard denial was approved. Then others came in. I have active C/O's (2) on my report and was denied outright by Orchard for an unsecured. So I piggybacked off my fiancess and made it a joint (she doesn't want the card anyway...so basically it's mine with both of our names on the account and reporting history), and an AU on the Best Buy (saw it report to Experian today on my CR as an AU, hers as an individual acct). So there are ways to get around these denials.
She has 3 HSBC products in less than 4 full months.
Yes,
Orchard Bank 2/10
HSBC Plat MC 11/10
Best Buy 11/10
Interesting. I just recently received a Best Buy MC and had not applied for an HSBC because everyone says you have to wait 18 months to get another one. So, after reading the last few posts, I tried. I got the preaproval for the Platinum Visa and pulled the trigger. Reason for denial was that I had recently been approved for another account with them.
Go figure. Wasted a hard pull.