Opening too many accounts? Bad idea?

[NYCGIRL718]

Hi
This question may have been posed but it's so much info to search through on the site. I hope someone wouldn't mind providing some info on my concern.

My score has significantly improved. I originally only had a $300 cap one card . So after seeing my score increases I applied for a few cards within the last 30 days. In total I applied and was approved for 4 cards: Discover, Amex, Capone and just today a visa with my credit union. I should have done my research prior but in doing so today I came across some articles on the internet that too many new approvals is a flag. And that my credit scores will take a significant hit.

Has anyone else experienced this? How many points loss if so?

I'm wondering if I got the approvals because the other creditors didn't see the new creditors recent approvals. I'm sure they will show up by next month with my first payment. Wondering if once they hit will it be cause for creditors to renig their offers?

Sorry for the long question

Thanks for any info you can provide

[Anonymous]

If you only had one card and nothing else reporting, yes your scores will take a big hit. It's impossible to guess how many points it will be. No, the creditors won't renig.

[NYCGIRL718]

Oh wowsers. It's the only credit card I had. But have an auto loan with a few late payments and also student loans (no lates).
After some on time payments and aging on these new cards, I'm assuming I should recover the lost points?

Thanks

[JustinA]

I wouldn't sweat the possible hit on scores. You have a solid fresh lineup of cards for awhile. As long as you don't need credit for a little bit.

Congrats on approvals

[Grafton88]

It all depends on your own file.  How long you have had your other accounts depends on how many points could lose.

My own situation.  I had one CC for 8 months.  I had one installment load for 6 months.  I went on a mini app spree for three new cards.

My AAoA went down to two months.  I lost 20-25 points.  I recovered those points in about 3-4 months.

Now you have a good selection of cards.  It is time for you to go into the Garden and let your cards mature.  Use them wisely.

[dman23]

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@Anonymous wrote:

If you only had one card and nothing else reporting, yes your scores will take a big hit. It's impossible to guess how many points it will be. No, the creditors won't renig.

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I don't think her scores will take a big hit. 

 I started taking care of my credit in April of 2014. The only item I had reporting was a secured installment loan I obtained in August of 2013.

I applied and was approved for  3 credit cards in April of 2014.

I have an Excel file for my credit reports and scores and looking back my scores actually increased a bit the following month when these 3 cards were reported.

Nothing else changed (no baddies falling off, etc.) except the addition of the three new credit cards.

Average Age of Accounts was 7 Years (I had older, closed accounts).....That may have prevented a score drop?

[RonM21]

I agree with the others. I wouldn't worry too much. If you do lose points, more than likely, you'll gain them back fairly quickly.

[NYCGIRL718]

thanks everyone.  Much appreciated 

[driftless]

Yes, very nice lineup of cards that will serve you well for a long time.

[NYCGIRL718]

Just an update. One of the new cards has hit my credit file. No change with Experian but with Equifax I lost 79 points. Almost brought me to tears. Heck wondering if the others will have a hit that hard. I might be in the single digits if so 😩