Will getting 4 store credit cards on the same day lower my score by much?

[MrStrode]

I have a long history with only one credit card. (25 years). So I applied for and got 4 department store cards on the same day, to help my score out. I know the hard hits from doing this will bring my score down a bit but will it go down for other reasons, and in time (say 1 year) will these cards actually bring my score up?

[MarineVietVet]

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@MrStrode wrote:

I have a long history with only one credit card. (25 years). So I applied for and got 4 department store cards on the same day, to help my score out. I know the hard hits from doing this will bring my score down a bit but will it go down for other reasons, and in time (say 1 year) will these cards actually bring my score up?

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Welcome to myFICO.

Beside the new inquiries your score will be affected by the new credit accounts showing up on your reports plus it will likely lower you AAoA (Average Age of Accounts) and credit length history but all that is part of applying for new accounts. It can't be avoided.

In 6-12 months you'll begin to recover and those 4 accounts will start to help you as long as you always pay on time and keep your utilization low (<9%).

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[RobertEG]

One card with a 25-year history gives an AAoA of 25 years.

Five cards, with four having an age of zero, reduces your AAoA to 5 years. Plus four new inquiries that will impact for a year.

But with only one active CC, you were probably being scored in a "lean credit file" bucket, and the addtition of new cards may move you into a better future scoring bucket.

I estimate a score hit now of at least 20 pts.

[llecs]

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@RobertEG wrote:

One card with a 25-year history gives an AAoA of 25 years.

Five cards, with four having an age of zero, reduces your AAoA to 5 years. Plus four new inquiries that will impact for a year.

But with only one active CC, you were probably being scored in a "lean credit file" bucket, and the addtition of new cards may move you into a better future scoring bucket.

I estimate a score hit now of at least 20 pts.

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...and that's assuming that OP has no other opened or closed OC accounts.

[marty56]

Not to judge but opening 4 credit card accounts on the same day is not a good stratedgy to improve one's credit score.  Depending on who you have your older CC account with, they may decide to lower or even close your card as a result of the 4 new accounts showing up on your CR.  The better way improve your credit score is to work on the things you can control first.  Util is an important factor in your score and should be the first point of attack, even if you can't reduce it right away.  Next you should look at any derog (late,payments. CO's, collections) and attack them.

There are people here who can help in dealing with derog information and if you don;t revolve balances on your CR, you can reduce the reported balance by knowing when your CC generates a statement and paying down the balance prior to that.

[Anonymous]

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@MrStrode wrote:

I have a long history with only one credit card. (25 years). So I applied for and got 4 department store cards on the same day, to help my score out. I know the hard hits from doing this will bring my score down a bit but will it go down for other reasons, and in time (say 1 year) will these cards actually bring my score up?

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Hi MrStrode,

Welcome to the forums!

What other accounts are showing on your credit report, besides the 25 year cc?

[vanillabean]

I'll readily admit that when skimming OP's post yesterday I quickly moved on being a bank credit card kind of guy, not that there's anything wrong with store cards.

But then it occured to me that while I didn't get 4 cards in one day after 25 years of 1 card, I did get 3 cards, 2 AUs and 2 refinances in one year after 14 years of 1 card.

Now that the year is over, I'm done applying and can look forward to comfortable FICO scores in another year by doing little more than nothing. It's a return to the simple life.

5 years form a good AAoA. In a year, it'll be 6 already!

[MrStrode]

All I had before was child support and that one CC. By the way,  all the hard hits came in 2 days ago, and my score went down 15 points. Then today one of my new accounts showed a small balance and my score shot up 30 points. So far this looks like a good idea for my situation. Thanks to all for the input and info.

[Anonymous]

app-O-rama!