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Does anyone know how getting many cards at once can change your score?
I am assuming that multiple at once will make it drop quite a bit..?
I am coming up on my first full year (november/december) of having any credit at all and I would rather get multiple cards all at once and then let them "age" (grow the length of credit) all together. (after my mom just got a new card[s] it dropped her 10+ years of credit etc. to only like 4 years...)
Any knowledge or advice?!
Some issuers want you to have a full year, so be sure wait until at least that long.
Your AAoA is already small so I wouldn't worry to much about the hit there. Of course you'll get a separate inquiry for each one, but inquiries don't count for much.
I think your idea is fine. Do you have an open loan currently? If not, you might want to implement the Share Secure Loan Technique (and make sure you have received the full 30 point boost) before applying for a bunch of cards. You'll be less likely to be rejected for any of them if your score is higher.
+1 above, wait for the year and get that loan. Only get cards you will actuall use/need. I would stay away from the SCT spree.
Looking good AND yes, Citi does not like new recent/too many accounts. Let them age.
@Anonymous wrote:Does anyone know how getting many cards at once can change your score?
I am assuming that multiple at once will make it drop quite a bit..?
I am coming up on my first full year (november/december) of having any credit at all and I would rather get multiple cards all at once and then let them "age" (grow the length of credit) all together. (after my mom just got a new card[s] it dropped her 10+ years of credit etc. to only like 4 years...)
Any knowledge or advice?!
Personally I don't think it's a great idea.
Yes it will drop your scores.
Some lenders, after approving you, might even close your card if they see a sudden flurry of other new accounts.
@SouthJamaica wrote:
@Anonymous wrote:Does anyone know how getting many cards at once can change your score?
I am assuming that multiple at once will make it drop quite a bit..?
I am coming up on my first full year (november/december) of having any credit at all and I would rather get multiple cards all at once and then let them "age" (grow the length of credit) all together. (after my mom just got a new card[s] it dropped her 10+ years of credit etc. to only like 4 years...)
Any knowledge or advice?!
Personally I don't think it's a great idea.
Yes it will drop your scores.
Some lenders, after approving you, might even close your card if they see a sudden flurry of other new accounts.
Getting 20 new accounts wouldn't be a good idea, but a few should be fine. I'm still new to this whole thing, but I plan on getting a lot (a lot is a relative term, to me a lot of credit cards is around 8-10) of cards within the next year. I only had one card for my first 3 years of credit history and wish I would've gotten more earlier. No need to go overboard, but I wish I would've gotten around 5 cards or so within my first year or two of having credit. Recently with my limited number of accounts my AAoA tanked everytime I opened a new one. I think I would be in a much better place if Ihad opened the cards I opened this year, a few years ago.
To wrap up, don't go and apply for 10-15 cards right now. Pick the 4 or 5 that you'll use a lot and apply for those now.
I apped for 5 cards after closing on my house in October and got all 5. I lost 13 points each on my eq and ex and 1 point on my tu. I should say that previous to closing on our house, I didn't app for over 2 years previously.
@Anonymous wrote:I apped for 5 cards after closing on my house in October and got all 5. I lost 13 points each on my eq and ex and 1 point on my tu. I should say that previous to closing on our house, I didn't app for over 2 years previously.
When you say you lost 13 points, was that from the inquiries (right after apping) or are you talking say 2 months later after all the 5 accounts had landed on your reports?
You can estimate/gauge your credit score drop by taking into account the following:
On totally clean profiles, your ding should likely only be for 6 months, and it should be pretty minimal, unless you have a really high AAoA and only 2-3 accounts reporting total. I've been writing a web calculator to estimate what a new account will ding me and so far it isn't totally accurate but it has been pretty close. I used the 3 calculations above to make an estimate and forecast.