topic Re: Getting two new cards within a week? in Credit Cards

Getting two new cards within a week?

Anonymous — Mon, 27 Jun 2011 00:04:55 GMT

I've always been the person to trash all my unopened credit card mail offers thinking it was pointless to have more than one. Last week I checked my credit score at creditkarma and saw I had 748, which surprised me. I'm a college student with a 4 year BofA checking and credit account, using the default Platinum Plus Visa they gave me.

Well this week I finally decided to open some of these CC mail offers and started doing some research. I just got accepted for a pre-approved AMEX Blue Cash Everyday and am now interested in opening a pre-approved Chase Sapphire card as well. The Sapphire is offering a 50k Bonus Points signup after I spend $500/3x month, even though this card is mainly geared for travelers I thought this was a steal for an easy $500 cash back!

I plan on making the AMEX and Chase my main after I empty the balance on my Plat+ and down the road I'll try to get a Discover More card. How badly will opening 2 new CCs within a week hurt my score?

Re: Getting two new cards within a week?

DI — Sun, 26 Jun 2011 23:59:45 GMT

@Anonymous wrote:
I've always been the person to trash all my unopened credit card mail offers thinking it was pointless to have more than one. Last week I checked my credit score at creditkarma and saw I had 748, which surprised me. I'm a college student with a 4 year BofA checking and credit account, using the default Platinum Plus Visa they gave me. Well this week I finally decided to open some of these CC mail offers and started doing some research. I just got accepted for a pre-approved AMEX Blue Cash Everyday and am now interested in opening a pre-approved Chase Sapphire card as well. The Sapphire is offering a 50k Bonus Points signup after I spend $500/3x month, even though this card is mainly geared for travelers I thought this was a steal for an easy $500 cash back! I plan on making the AMEX and Chase my main after I empty the balance on my Plat+ and down the road I'll try to get a Discover More card. How badly will opening 2 new CCs within a week hurt my score?

We need to know your average age of accounts before answering that question.

Re: Getting two new cards within a week?

Anonymous — Mon, 27 Jun 2011 00:07:42 GMT

creditkarma shows 4yrs 7months.

Re: Getting two new cards within a week?

DI — Mon, 27 Jun 2011 00:10:54 GMT

@Anonymous wrote:
creditkarma shows 4yrs 7months.

CreditKarma AAoAs figures are not totally accurate. But given that it shows 4ys and 7 months, your credit can handle getting approved for two cards at once. Good luck!

Re: Getting two new cards within a week?

MarineVietVet — Mon, 27 Jun 2011 00:11:50 GMT

@Anonymous wrote:
creditkarma shows 4yrs 7months.

Hello and welcome to the Forums.

Unfortunately the AAoA you get from CK only calculates open accounts whereas FICO looks at AAoA this way:

Your AAoA is the sum of the ages of every account (except CA collections and public records) on your report, whether open or closed, calculated in months, divided by the number of accounts and then divided by 12. I use the division by 12 to make it easier to convert into years. This is measured from the time each account was opened until present.

You’ll need to figure the age of each account, open or closed, on each report. If all three reports are identical (very unlikely), you're in luck; otherwise, you'll need to run this for each report.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

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

Re: Getting two new cards within a week?

Anonymous — Mon, 27 Jun 2011 00:22:38 GMT

Thanks DI, much obliged!

@MarineVietVet wrote:
@Anonymous wrote:
creditkarma shows 4yrs 7months.

Hello and welcome to the Forums.

Unfortunately the AAoA you get from CK only calculates open accounts whereas FICO looks at AAoA this way:

Your AAoA is the sum of the ages of every account (except CA collections and public records) on your report, whether open or closed, calculated in months, divided by the number of accounts and then divided by 12. I use the division by 12 to make it easier to convert into years. This is measured from the time each account was opened until present.

You’ll need to figure the age of each account, open or closed, on each report. If all three reports are identical (very unlikely), you're in luck; otherwise, you'll need to run this for each report.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

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

Does my BofA checking account factor in as well? Also remembered I signed up for a Banana Republic card years ago and only used it once.

Re: Getting two new cards within a week?

DI — Mon, 27 Jun 2011 00:28:36 GMT

Read the information from the link I posted below. It will help you learn more about what's factored in your credit score.

http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

Re: Getting two new cards within a week?

MarineVietVet — Mon, 27 Jun 2011 00:51:41 GMT

@Anonymous wrote:

Does my BofA checking account factor in as well? Also remembered I signed up for a Banana Republic card years ago and only used it once.

Checking accounts are not included. It doesn't matter when and if you used a card. Whatever is currently reporting is counted.