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Member
thelopez8
Posts: 6
Registered: ‎12-28-2008
0

Take a guess: score impact of 6 inquiry credit spree?

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.

Regular Contributor
hemi961
Posts: 239
Registered: ‎11-05-2008
0

Re: Take a guess: score impact of 6 inquiry credit spree?

My scores ranged from 803 to 806 and between the inquries and new accounts they dropped to 770-774.  Still waiting to see what happens when the last new account hits. I was hoping it would before today so that I could get a last look at my ex score, but that didn't happen.  I never knew what my scores were until a couple of months ago when I found this site, so I'm not too worried about it.  I'll pay my bills like I've always done and it will all work out in the end.  
Established Member
thelopez08
Posts: 11
Registered: ‎01-17-2008
0

Re: Take a guess: score impact of 6 inquiry credit spree?

how many inqs/new accounts for the 30 point drop you experienced?
Regular Contributor
hemi961
Posts: 239
Registered: ‎11-05-2008
0

Re: Take a guess: score impact of 6 inquiry credit spree?

I had 5 inquiries and 5 new accounts.  However, I didn't keep track of scores each time but it seems that I took a bigger hit on the first couple of inquiries and new accounts than I did on some of the later ones.  As I stated earlier, I have lost all the points for the inquiries and all that remains is to see what happens when the 5th account reports.
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Take a guess: score impact of 6 inquiry credit spree?

OP, I say 55-65 point hit.
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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: Take a guess: score impact of 6 inquiry credit spree?

I lost between 60 and 75 points for 5 on one day. 730's-750's before, high 600's after. I'd like to think that I'd be back where I started this month (one year old accounts), and I am with TU. Having to wait another week to pull EQ. Guess I'll never know with EX, huh. :smileysad:

I would say don't do this, especially with scores as high as yours are (were), but too late. Please let us know how it works out. Your scores will come back, but it can be a pretty painful wait, that's for sure.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Contributor
TheTaxMan
Posts: 85
Registered: ‎10-28-2008
0

The real problem will be

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  

Use your credit wisely during these rough economic times!!!
Established Contributor
Ulan
Posts: 790
Registered: ‎09-09-2008
0

Re: The real problem will be

I also guess it won't be pretty. My sole difference between my EX and EQ reports are the inquiries. EQ has one inquiry 8/08 (checking account), EX has three inquiries, two in 9/08, one in 12/08. The difference is 21 points.
Established Member
thelopez08
Posts: 11
Registered: ‎01-17-2008
0

Re: The real problem will be

thanks for all the responses, i will update once the #'s drop. :smileyhappy:

 

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? 

Established Contributor
Ulan
Posts: 790
Registered: ‎09-09-2008
0

Re: The real problem will be


thelopez08 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.


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