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new trade line

Contributor

new trade line

I have applied for several new cards this weekend and some were approved and some were declined. What is the give and take with your credit score having multiple new inquiries but in the same breath getting several new trade lines.
MYFICO SCORES: 06/2013 = 697 (TU) - 06/2013 = 685 (EQ) - 06/2013 = 666 (EX)

Capital One Quicksilver $2500 (07/2013) Walmart Credit Card $550 (06/2013) Barclaycard Rewards $1300 (06/2013) Chase Freedom $1500 (06/3013) Chase Amazon $500 (7/2013) TTCU $2500 (7/2013)
Jcrew $650 (06/2013) Express $500 (06/2013) Victoria Secret $350 (06/2013) Macys $300 (08/2013) Phillips 66 CU $6000 (08/2013) Capital One Venture $5000 (10/2013) Discover IT $1000 (10/2013) Chase Disney $1500 (10/2013)

DENIED: BOFA Unsecured (06/2013, EX)

Take the myFICO Fitness Challenge
Message 1 of 7
6 REPLIES
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Frequent Contributor

Re: new trade line

It's going to drop.
Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Message 2 of 7
Super Contributor

Re: new trade line

Your scores are going to take some serious hits for awhile. The new TLs if you have a thin file will bring down your AAoA significantly, which will impact your credit score. In the longrun as the new TLs age and the Inqs weaken your score will begin to recover, assuming you manage the cards properly. Down the line your score will probably increase, but it will take several months to a year to fully recover.

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 826 4/16/17, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 3 of 7
Contributor

Re: new trade line

My AAoA is around 9yrs but this is my first time going on an app spree. I just purchased a new home last week so with the new TLs I plan on gardening for a while.
MYFICO SCORES: 06/2013 = 697 (TU) - 06/2013 = 685 (EQ) - 06/2013 = 666 (EX)

Capital One Quicksilver $2500 (07/2013) Walmart Credit Card $550 (06/2013) Barclaycard Rewards $1300 (06/2013) Chase Freedom $1500 (06/3013) Chase Amazon $500 (7/2013) TTCU $2500 (7/2013)
Jcrew $650 (06/2013) Express $500 (06/2013) Victoria Secret $350 (06/2013) Macys $300 (08/2013) Phillips 66 CU $6000 (08/2013) Capital One Venture $5000 (10/2013) Discover IT $1000 (10/2013) Chase Disney $1500 (10/2013)

DENIED: BOFA Unsecured (06/2013, EX)

Take the myFICO Fitness Challenge
Message 4 of 7
Super Contributor

Re: new trade line


gettingthere2013 wrote:
My AAoA is around 9yrs but this is my first time going on an app spree. I just purchased a new home last week so with the new TLs I plan on gardening for a while.

Of topic but did you recon Discover?

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 5 of 7
Contributor

Re: new trade line

I did multiple times and shot down every time, may try once more once I receive my letter.
MYFICO SCORES: 06/2013 = 697 (TU) - 06/2013 = 685 (EQ) - 06/2013 = 666 (EX)

Capital One Quicksilver $2500 (07/2013) Walmart Credit Card $550 (06/2013) Barclaycard Rewards $1300 (06/2013) Chase Freedom $1500 (06/3013) Chase Amazon $500 (7/2013) TTCU $2500 (7/2013)
Jcrew $650 (06/2013) Express $500 (06/2013) Victoria Secret $350 (06/2013) Macys $300 (08/2013) Phillips 66 CU $6000 (08/2013) Capital One Venture $5000 (10/2013) Discover IT $1000 (10/2013) Chase Disney $1500 (10/2013)

DENIED: BOFA Unsecured (06/2013, EX)

Take the myFICO Fitness Challenge
Message 6 of 7
Super Contributor

Re: new trade line


gettingthere2013 wrote:
I did multiple times and shot down every time, may try once more once I receive my letter.

Smiley Wink

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 7