Opening new accounts and how will they affect scoring?

[ngerasimatos]

I just opened 6 new CC accounts. Yes, I am obviously insane....

In any case, I wanted to get some specific CCs that had good rewards such a 0% APR for 12/18 months on select purchases, cash back rewards, gas rewards, etc. and before I knew it every single one I applied for was an approval.

So, I was wondering how much of a hit am I going to take. Will it be substantial? I am not planning on closing any of my old accounts as they are all 7+ years old and show longevity.

[Anonymous]

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@ngerasimatos wrote:

I just opened 6 new CC accounts. Yes, I am obviously insane....

In any case, I wanted to get some specific CCs that had good rewards such a 0% APR for 12/18 months on select purchases, cash back rewards, gas rewards, etc. and before I knew it every single one I applied for was an approval.

So, I was wondering how much of a hit am I going to take. Will it be substantial? I am not planning on closing any of my old accounts as they are all 7+ years old and show longevity.

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How did you do that?    Are those are all in same month?  same week?  

I have no idea ...  It's very interesting.   Let us know! 

[ngerasimatos]

Same week

[Anonymous]

It's hard to guess what your score impact will be.  It'll be a lot of fun if you post and let us know!!!

It'll probably depend on the type of accounts and the impact on your AAofA, among other things.  And, of course, nobody really knows when these types of changes will result in rebucketing.

What was your AAofA before the apps?  And after?

[ngerasimatos]

Oldest account was opened
9 Years, 9 Months ago

Average age of your accounts
4 years

[bobtail]

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.

I have learned really dumb move.  Five months later, my EQ 693,  TU 654, and EX (FICO) 711.  Never late, all report pay as agreed.  Utliz at 30%.  Hoping when I pay down to 9%, scores will rebound.

PS sister-in-law works for gas company, she pulls EX fico for me, and no dings for inq!!!

All three CB, report exactly same info!!  TU scored it the worse. 

Good Luck, all I can do now is pay down and let accounts age!

[ngerasimatos]

I think if your util was lower your scores would be much highers. 30% util on credit lines that large would scare most companies I would think....

30% of 800 = 300

30% of 25000 = 7500

[bobtail]

Hoping for 9% by June. Only three cards have balances,  $5900, combined revolving debt.  Also think the visa sapphire hurts, does not report 5000cl. I am assuming fico score that at 100%.  Currently bal. on sapphire is 2505,  highest bal was 3400.

Won't complain, my own fault.  Least, my fico fix is fairly easy, just pay down debt!!  I am sure score will rebound with low ulit.  I feel for so many of these postings, families trying so hard to repair credit.  

Live in northeast, 3700sq. ft house, uses propane.  1000 gal tank at  $3.33 pr. gal. Hard winter, tank filled three times. Last fill in March, so will last till fall . CC are 0% interest for 12 months.  Propane Co. offered 5% discount if paid in full within 5 days. Seemed like a good reason to charge.

Thanks for your input

[ngerasimatos]

Yeah, its a very easy fix. Just pay it down and your score will bounce back. I sometimes think that smaller credit lines should be weighted differently. I mean, a person with a 1k CC with 50% util should not weight the same as someone with a 10k card and the same util.

[Wolf3]

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@ngerasimatos wrote:

I just opened 6 new CC accounts. Yes, I am obviously insane....

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 If you know you are insane, you aren't insane.    Catch 22.