No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Of course, it will depend upon how the bureau hits are distributed. Let's say worst case, 4-6 on any of the following scores:
TU:793
EQ:776
EX:759
so far, amex blue, discover more, citi, and chase are approved; waiting on processing for local bank and credit union.
the average age of your accounts is going to be destroyed by all the new accounts. My guess would be 60 to 80 points...Also, many of your creditors could be scared within a couple of months when the see all the new accounts opened at once. If you run up one card you may see a serious decline in your available credit with other cards because the new tendencies could trigger an alert monitoring software. That would also hurt your credit score because without high limits on the other cards your utilization could shoot through the roof.
TheTaxMan
thanks for all the responses, i will update once the #'s drop.
i quickly calculated the impact on account age. Account age wasn't that long to begin with at ~5.5 years on average. looks like if i activate 5 accounts, that will drop the average to ~4 years. the oldest account will still be over 24 years, i think that will help.
as far as would i recommend this to anyone else, i too would say no. but our situation is different. we have our mortgage in good shape, we will not be buying a car anytime soon, and we recently completed a credit repair process that lasted nearly 3 years. these scores have increased about 100 points in the past several months. we had never been in a position to get the premium cards. we have them now and will be taking care of them, building up the cli's over the long-haul. i'm ok with seeing them drop to low 700's for the next year or so, especially in return for the 20k+ we now have in available credit.
btw, if we choose to not activate a particular card, that account will vever be reported to the cra's, correct?
@Anonymous wrote:btw, if we choose to not activate a particular card, that account will vever be reported to the cra's, correct?
Well, you already get the hit for the inquiry, and if all that's missing is the activation, I would also expect it to report. It depends a bit on the issuer. I heard that some cards come pre-activated, anyway, regardless what they tell you.