Help me !!!!!Credit Score Dropping because of new cc need advise

[Anonymous]

Hello Fico Family,

Over the last month, I applied for and received 4 new cc. This has caused my credit score to drop and I am applying for a mortgage in about 3 months.  How long will it take to pull them up if I keep the utlization low and pay ontime.  I thought that applying for the cards would help my score which over time I believe they will but what about right now.  I need to be over 640 and I am 658 Transunion and 638 Eq I was 668 with experian but I am not sure after today.  ALL OF THE CREDIT CARDS HAVE NOT EVEN BEEN REPORTED TO ALL THE AGENCIES AS OF YET.  My house is going up for sale and i dont want to have to sell it because then my score will plunge again any advise

[Ron1]

You weren't supposed to apply for any cc. six months before applying for mortgages.  You need to wait another 6 months for the scores coming back up.

Ron.

[Anonymous]

Ok, If you had "0" cards before this your score could actually go up; but if these are additonal cards you will actually just see a drop due to INQ. If your able to wait 7 months (additonal month for it to fully drop off and you to start app'ing for loan) that would be the best thing to do.  Just in the future if you are looking to do a major purchase, do not app for anything; time will actually make your score go up!

[Anonymous]

Probably wont see more drop in score from new accounts aside from AAoA hit as you have already taken new account hit.  Do an AAoA calculation with all the new cards and see how much your AAoA drops.  You will recover a few points every month from reduction in ding from inquiries and new account.  BTW +1 on Ron1 comments.  Dumb to app for stuff before mortgage.

[Anonymous]

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@Ron1 wrote:

You weren't supposed to apply for any cc. six months before applying for mortgages.  You need to wait another 6 months for the scores coming back up.

Ron.

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Agreed!