Opening up multiple credit cards

[RedWolfFish77]

What damage to a credit score can someone expect if they were approved and opened up 4-7 new credit cards in a span of a month or two?

[simplynoir]

It isn't going to be pretty that's for sure

That's assuming the person gets to keep the cards in the first place

If the bank issuing the cards perform any type of review post-approvals they could be looking at some banks closing the card(s) since they will deem them a risk

That type of credit seeking behavior can be a huge red flag and may attempt to mitigate that as soon as they see what is going on

[Sub16610]

My dp's and experience, I sustained a 15 point drop.  Beginning March-August of this year I opened 6 cc and 1 charge card.  I have since regained all it back.  Of course YMMV.  

[RedWolfFish77]

Gotcha, has there been any banks known to this specifically?

[Taurus22]

Anything from Chase specifically.  Chase not only has the 5/24 rule, but they also double-back and SP your account to check you out.....best to leave them out of major sprees like that.

Other banks can often deny you for similar reasons. Citi, US Bank, and Barclays tend to be very sensitive to newly opened accounts. You definitely have to be strategic with apps, especially with which bureau they pull, and their overall sensitivity to new apps and lots of recent inquiries. There are data points in every thread on this forum you can research to help you plan your path.

Welcome to the forum, I see you're a new member. Not sure if you have silently lurked here for a while, but I would encourage you to search the forum for specific cards you have interest in and read how others applied for them and the DP's they offered. It will help you tremendously.

[CreditInspired]

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@simplynoir wrote:

It isn't going to be pretty that's for sure

That's assuming the person gets to keep the cards in the first place

If the bank issuing the cards perform any type of review post-approvals they could be looking at some banks closing the card(s) since they will deem them a risk

That type of credit seeking behavior can be a huge red flag and may attempt to mitigate that as soon as they see what is going on

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+1

It's going to negatively affect AAOA (Average age of accounts), number of inquiries, and number of new accounts. So, initially, a sizable drop in scores. However, if no AA occurs, your scores will start to bounce back in 3-4 months. 

[Trini88]

It's gonna hurt  I stopped looking at my credit scores. My last two haven't even reported yet and the damage will continue. Will start looking at my credit scores again next year  Was it worth it? Yes 

[RedWolfFish77]

One more dumb question, how did you add those cards below your profile?

[Taurus22]

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@RedWolfFish77 wrote:

One more dumb question, how did you add those cards below your profile?

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Here ya go.....

https://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/t...

[SUPERSQUID]

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@RedWolfFish77 wrote:

What damage to a credit score can someone expect if they were approved and opened up 4-7 new credit cards in a span of a month or two?

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I think it depends on where you are credit wise.

If you are starting out with a 4 or 500 score how much damage can you do?

When i started out in sept/oct 2020 it took a bunch of cards with the logic that the hp's would basically be a non factor in 12 months.

after about 8 months i started to get better cards like discover and i closed 3 sub primes that had yearly and monthly fees.

my scores after bk7 in 12/2019 were in the toilet but right now my ficos are in the 660-670+ range. by next month a bunch of hp's lose their significance but i opened some better cards with better limits, rewards, etc{ except cap 1} discover, mercury,,cap 1, legacy, first savings bank. i opened all those in may 2021 so those hp's should lose significance by june 2022.

i know what i'm doing is against the flow and kind of anti azeo but its working for me