How does a new store card effect a credit score?

missindependent · ‎04-03-2015

Greetings! I was recently approved at Macy's ($600) and Bloomingdale's ($1000). I took a 6 point hit on my score. Will my score continue to go down or up? I also have limited credit history, one paid charge off, and two credit cards with low utilization/on time payments (combined credit line of $700).

AMEX PRG (NPSL), Citi Double Cash ($1200), BECU ($1000), Barney's ($1000), Bloomingdales Store Card ($1000), Neiman Marcus ($700), Macy's Store Card ($600), Amazon Rewards Visa Card, ($500), Capital One Platinum ($500), Capital One QuicksilverOne ($500)

Starting Score: 543
Current Score: EX:649 EQ: 657 TU:661
Goal Score: 750

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Anonymous · ‎04-03-2015

@missindependent wrote:
Greetings! I was recently approved at Macy's ($600) and Bloomingdale's ($1000). I took a 6 point hit on my score. Will my score continue to go down or up? I also have limited credit history, one paid charge off, and two credit cards with low utilization/on time payments (combined credit line of $700).

Thats not unusual for adding a 3rd and 4th account. You get the most FICO juice from the first two. Rest assured you are doing it right, and your scores will recover, just keep UTI% in the good range and make those payments. If you have at least 6 months of payment history on your current accounts, I would suggest apping with cap one (get two accounts) so you can be in good position to close out those two starter accounts.

missindependent · ‎04-03-2015

NormanFH you are amazing! You always give me the answers I need As much as I hate Crap1, I'll apply in 6 months.

AMEX PRG (NPSL), Citi Double Cash ($1200), BECU ($1000), Barney's ($1000), Bloomingdales Store Card ($1000), Neiman Marcus ($700), Macy's Store Card ($600), Amazon Rewards Visa Card, ($500), Capital One Platinum ($500), Capital One QuicksilverOne ($500)

Starting Score: 543
Current Score: EX:649 EQ: 657 TU:661
Goal Score: 750

Take the myFICO Fitness Challenge
Good luck to all of our myFICO Fitness Challengers!

Anonymous · ‎04-03-2015

@missindependent wrote:
NormanFH you are amazing! You always give me the answers I need As much as I hate Crap1, I'll apply in 6 months.

I can't complain too much about Cap One, they've been pretty good to me so far. I much prefer them to Vulture One and First Predator....LOL

tiger_uppercut · ‎04-03-2015

@Anonymous wrote:
@missindependent wrote:
NormanFH you are amazing! You always give me the answers I need As much as I hate Crap1, I'll apply in 6 months.
I can't complain too much about Cap One, they've been pretty good to me so far. I much prefer them to Vulture One and First Predator....LOL

Lol. Brilliant.