topic Re: 3 credit card approvals, trouble after that?? in Credit Cards

3 credit card approvals, trouble after that??

Anonymous — Fri, 06 May 2016 19:55:56 GMT

Okay, I have done a dumb move applying for 3 cards at once and all of them were approved. ($1k each for Chase, $300 for Cap1)

Now I wonder what will happen with my score when the first statement is posted?

I currently have:

Discover (2/2015): $300 CL

BoA (5/2015): $500 CL.

Chase Freedom (25/4/2016): $1000 CL

Chase Freedom Unlimited(25/4/2016): $1000 CL

Cap1 (25/4/2016): $300CL.

Current Score: EQ: 646, TU: 657

Current Uilization: 50%, already paid off and waiting for the next report on next Monday. My score would be able to jump back to 690-700

No collection, great payment (never missed any); however, I have like 7 hard inquiries within 12 months.

As I plan to buy a car this or next month, should I go ahead and deal with the lenders within next week to avoid new accounts being reported and tank my score back to the 640 range?

Re: 3 credit card approvals, trouble after that??

Anonymous — Fri, 06 May 2016 20:02:55 GMT

I opened 3 new cards in one month and I would say that my score dropped by probably around 10-15 points... but my AAoA is heavily padded by 11 separate student loan "accounts" (each disbursement is it's own separate account) so the drop in age wasn't too bad...

seeing your limits and dates when the lines were opened, I would guess you have a little less padded history so I would think that you'd top my 15 point drop... how much higher than that? I'm not sure... but I don't think it'll be a 40-50 point drop that you are expecting... or at least I'm hoping not...

Re: 3 credit card approvals, trouble after that??

Anonymous — Fri, 06 May 2016 20:20:55 GMT

I have unusual experience, maybe, in that I have two new cars. One I got just as I was getting some new cards and the other a month later after those accounts were starting to show up on my reports. The first was easier to get. But that could be because the second was also a second auto finance.

Anyway, if I were in your position, I'd go get the car in the next few days if I was ready to do so.