@Anonymous wrote:
Hey guys, So recently I reviewed my credit report, Score was 780, Since i had NEVER applied for Credit actively, just had one credit card and Verizon.
So I applied for some new cards and was approved.
Chase Slate,
Bank of America AmeriCard
American Express Everyday Clear
American Express Blue Cash
Capital One Spark Business
Capital One Quicksilver
Kohls Charge Card
Macys Charge Card
Nodstrom Credit
Barclay Apple Rewards
Naturally for so many applications, My credit took a huge hit, Was granted about 24,500$ in credit.
Score dropped from 780 to just a little over 650.
How long does it take to rebuild your score? I'm obviously not applying anymore. As I bought a car , and have about, 43 inquriies, from banks for my financing, However i thought those all counted against your score as one inquiry.
This is why I will only be going to one credit union to get an auto loan in the future. How much was the range of APR that these inquries were shopping? Between a 3% APR and a 2.5% APR? at 16 different banks? gads.
Congratulations on all the new credit, in two years time all those inquiries ( including by the auto dealers ) will have dropped off. Just don't miss any payments, don't be late, don't go over any limits, and your score should be back up near where it was.
There is a term here, Gardening. You are now in a place where you need to garden, do nothing new with your credit, for two years. You've got a nice list of cards, let them age.
Good luck!
