In the long run, does it matter if you open a bunch of account at once?

[yoreljm]

My Equifax score is currently 637. I have a charge off that has been screwing me over for year. Within the last 30 days I've done the following:

*Paid my charge off

Applied and got a credit card from my Credit Union

*Applied and got a card from CapitalOne

*Applied and got a card from Orchard

*Opened a secure loan account

*Removed my self as an autorized user for a Chase card

*Removed my self as an autorized user for Sears

Made at least 12 inquiries (which seem  to have been distributed accross the bureaus)

* these changes have not been shown on my credit history yet.

I know I'm going to be totally screwed over for making so many changes at once, but really needed the credit.

In 6 months, 1 year,  2 years, will it have mattered that I made all these changes at once instead of spacing them out?

[Anonymous]

While there may be some fallout because of the amount of transactions, I don't think it will be as bad in reference to the 12 inquiries.  From what I understand that if you do a bunch within a specific time period it may actually be better than over a period of time.  Your score might go down, but if you make no other inquiries over the next several months or so, I think it will inch back up.

[yoreljm]

Now I'm getting declined credit because I have too many inquiries. HAHA. I guess I'll just wait a year or two till things improve. At least I'm not being denied because of my chargeoff.

[Anonymous]

In the long run, opening three accounts at once is better than opening one, then another six months later, and another six months after that.

It doesn't make a HUGE amount of difference, but it does make a bit.

[yoreljm]

Thanks for the advice. BTW, two of my new credit cards have annual fees. Has anyone been able to get their CC to stop charging that fee?

[Anonymous]

"Thanks for the advice. BTW, two of my new credit cards have annual fees. Has anyone been able to get their CC to stop charging that fee?"

Greatly depends on the issuer and the fee amount.

[yoreljm]

CapitalOne is charging $39, and Orchard is charging $48 ($4/month). But I really do not intend on paying annual fees for more than one year! Will these issuers be willing to drop the fee?