Applying for 2 lines of credit on the same day?

[natasjlp]

I wanted to apply for a line of credit at Citizens (EQ) then apply the same day at Sovereign (EX) before my report shows I opened a new line of credit which would most likely show a drop in my score. Then what the heck maybe even go to some other place that uses TU?

I need a few more lines of credit and need deeper CL's for my long term score to grow and if I hope to ever hit the 800 club.

want to do this asap as my scores are pretty good right now EQ: 748 TU: 740 EX: 714 (FAKO) - - - > comments, thoughts, concerns etc...?

[Anonymous]

Hi nata,

Just keep a handle on your AAofA before each app.   You may want to stretch your apps out, or you may be fine doing them in bunches.  For example, if the first card brings your AAofA down a year, you may want to wait until your AAofA recuperates before apping for a second card.  I had to wait six months after my last app before my AAofA was back up.  (And remember AAofA is rounded down)

Opening several accounts quickly can demolish AAofA and take several years to repair.  Also, remember you don't need a ton of credit lines for a high score.  Age is a big factor.  How many accounts do you currently have open?  And how many total accounts?  What's your current AAofA?  And what will it be after your first new account hits?

Congrats, too, on your excellent scores!

[natasjlp]

thanks for the quick response. I currently have 1 Barclays CC $3500 CL - then only have 1 TJMAX and 1 Belden Jewelers. the reason I wanted to open 2 on the same day is I didn't want my AAoA to affect my score before I applied for my 2nd CC. I realize it will negatively affect my score when it is finally posts to the CRAs.

my whole issue was BOFA (have had so many issues with - arrgg... don't want to get into it) closed 2 of my CC's and won't reopen them even though my FICO's are pretty darn good. not even sure why they closed them. they literally said they couldn't say, as in didn't know - some sort of formula I am sure... even though no missed or late payments for 5 years!! (ok I am getting into it - ha!)

either way my AAoA is pretty good - I think it is 7 years. that includes a few (ahem) accounts that are now closed. I need deeper CL's both for my score and to actually use!!