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I posted another question about costco AMEX, but this question is different. Rather than hijacking my own post, I figured I would post a different question. Sorry if I am spamming the boards.
Wife & I opened a costco Amex this weekend, and a department store card. The amex was for cash back, and the perks of being a costco member (cash back on purchases there, only credit card they take, etc). The department store gave her 20% off of her purchase.
She has mid 700s scores, and very low util. (plus a car & student loan - no mort). What will this do to her scores?
Hi, I'm pretty sure the impact will be losing the AAoA....since she already has low utilization,when the new card reports it won't help her utilization, because it is already low....That is another bucket theory discussion.. Unless you are planning on buying a house or a car soon, I would not worry about the new credit ding.
She might have lost a couple of points for the two new accounts - not significant.
I'm no expert however.
Thanks.
@jrdenver wrote:I posted another question about costco AMEX, but this question is different. Rather than hijacking my own post, I figured I would post a different question. Sorry if I am spamming the boards.
Wife & I opened a costco Amex this weekend, and a department store card. The amex was for cash back, and the perks of being a costco member (cash back on purchases there, only credit card they take, etc). The department store gave her 20% off of her purchase.
She has mid 700s scores, and very low util. (plus a car & student loan - no mort). What will this do to her scores?
I have recently added 4 new accounts (school loans, cc, etc.) and have seen very little movement down because of it...only 6 points. You will usually lose a bit per new account, at least until they turn 6 mo and then 1 yr old. As the previous poster said, this will bring down her average age of accounts some. Without knowing what that is now, it's hard to tell what that impact may be. Also, there may be a bit of a loss due to the inquiries.
Things vary, however. I have an old, quite lengthy credit file. I also have a mortgage (on an investment property). Who knows...it may take more to move mine. There are so many moving parts to a FICO score that it is difficult to predict.