topic Re: How bad will it hurt me to open 3 accounts at once? in Understanding FICO® Scoring

How bad will it hurt me to open 3 accounts at once?

Bees18 — Tue, 13 Jun 2023 02:44:53 GMT

So I am recently out of the garden for 2 years.

After recently opening up a SSL loan with navy and paying it down to 8.9% (will report need of month), how bad would it hurt me opening 2 cards this month on top of that? Then going back to the garden for awhile.

I have a clean profile and my scores are in the 760 range. Average age of accounts I think is 4 1/2 years. I know doing this would wipe out any gain from the bump I'll get with the SSL for now. But how bad would it hurt my scores?

I spend so much through PayPal I'm tempted to also open up their card for the 3% back. I do have the BofA card with 3% on Internet spend...but I max it out after 2 months and it's capped per quarter.

Also if I do this, would I want to apply before any new accounts show up at the end of the month, or wait till after the loan reports for a thicker profile and maybe better limit (not sure that matters with that card as I hear they are low SL.) or just wait 6-12 months and try then to lessen the impact on my score.

Re: How bad will it hurt me to open 3 accounts at once?

GZG — Tue, 13 Jun 2023 02:56:49 GMT

@Bees18 wrote:
So I am recently out of the garden for 2 years.

After recently opening up a SSL loan with navy and paying it down to 8.9% (will report need of month), how bad would it hurt me opening 2 cards this month on top of that? Then going back to the garden for awhile.

I have a clean profile and my scores are in the 760 range. Average age of accounts I think is 4 1/2 years. I know doing this would wipe out any gain from the bump I'll get with the SSL for now. But how bad would it hurt my scores?

I spend so much through PayPal I'm tempted to also open up their card for the 3% back. I do have the BofA card with 3% on Internet spend...but I max it out after 2 months and it's capped per quarter.

Also if I do this, would I want to apply before any new accounts show up at the end of the month, or wait till after the loan reports for a thicker profile and maybe better limit (not sure that matters with that card as I hear they are low SL.) or just wait 6-12 months and try then to lessen the impact on my score.

it hurts your credit to open accounts, but don't take that as a reason not to open accounts you plan to utilize and use responsibly.

I imagine you'll be better off applying for the PPMC before the loan reports, but I don't personally think it would make much difference

what's the other card you want to open? You might want to prioritize applying for that card first over the PPMC

it is more responsible to wait, but it extends the time you're in the 'new revolver' jail, I wouldn't worry too much about applying for two cards you want and will use effectively w/your profile

Re: How bad will it hurt me to open 3 accounts at once?

FireMedic1 — Tue, 13 Jun 2023 12:48:38 GMT

Nice little haul. You'll be fine. Garden for a while and let the new account hits settle. Yes the SSL will help since its on the loan side of your credit mix. Like any new accounts. It will rebound in time. Part of growing your profile.

Re: How bad will it hurt me to open 3 accounts at once?

SouthJamaica — Tue, 13 Jun 2023 14:33:42 GMT

@Bees18 wrote:
So I am recently out of the garden for 2 years.

After recently opening up a SSL loan with navy and paying it down to 8.9% (will report need of month), how bad would it hurt me opening 2 cards this month on top of that? Then going back to the garden for awhile.

I have a clean profile and my scores are in the 760 range. Average age of accounts I think is 4 1/2 years. I know doing this would wipe out any gain from the bump I'll get with the SSL for now. But how bad would it hurt my scores?

I spend so much through PayPal I'm tempted to also open up their card for the 3% back. I do have the BofA card with 3% on Internet spend...but I max it out after 2 months and it's capped per quarter.

Also if I do this, would I want to apply before any new accounts show up at the end of the month, or wait till after the loan reports for a thicker profile and maybe better limit (not sure that matters with that card as I hear they are low SL.) or just wait 6-12 months and try then to lessen the impact on my score.

The way I look at it, one has to determine whether one is in a "building" phase, or a "score improvement" phase.

Since there's some building you want to do, now seems like as good a time as any to take the hit on the new accounts, since (a) your scores are excellent, and (b) the point loss will be cushioned by adding the SSL to a no-installment-loan profile.

I'm guessing the net loss will be under 15 points when the dust settles.

Re: How bad will it hurt me to open 3 accounts at once?

Bees18 — Tue, 13 Jun 2023 23:52:50 GMT

@SouthJamaica

@FireMedic1

@GZG

Thank you guys, gonna go for it