So I just got my score up to an acceptable number to apply for better cards and have been approved for 4 new credit card accounts which should be hitting my report within the next few weeks. How much can I expect my score to drop per account being added? I understand this will have a direct affect on "age of accounts", I am just not sure just how bad the drop will be.
@learningcredit54 wrote:So I just got my score up to an acceptable number to apply for better cards and have been approved for 4 new credit card accounts which should be hitting my report within the next few weeks. How much can I expect my score to drop per account being added? I understand this will have a direct affect on "age of accounts", I am just not sure just how bad the drop will be.
That would be an impossible question to answer, even if we knew the details of your credit profile, which we don't.
Suffice it to say that it should be significant.
Why should it matter? Congrats on 4 approvals. Spread apps out next time. I lost 20+ points with 3 cards and a new crossover. Thats why I raised my scores to do so. Didnt care where they landed. Do know when I get into that sweet ride below. I worked for it and earned it. Scores are slowly rebounding now a year later.
@SouthJamaicayou're right - it would be hard without knowing the details of my credit profile. I guess I was wondering if there was a typical range in drop per new account (which i now know there isn't). Thanks for the reply
@FireMedic1thanks for the approval. I truly appreciate it. The only reason I am a bit worried is because I dont want the drop to be so bad that my new creditors reach out stating that because of my new score I no longer fit the criteria for their cards. Lets see what happens. Thanks for the feedback
Thats kinda rare unless you got a bunch of 20k+ cards and income is getting close. Even then. Doesnt come up often. More Sync closed all my accounts for no apparant reason threads than AA on new accounts. Enjoy the new
You haven't shared who the creditors are, but as firemedic points out it is possible for AA (Adverse Action). There have been stories on the forums about AA during a spree of new accounts, so it is possible to actually get an account closed or a CL lowered. Each situtaion is unique, so it may not be AA just for a score alone since most creditors do SPs to check up depending on what risks they are looking for.
Most of us breeze through and accept conditions when we get the rush from an approval. Lots of fine print we are accepting when we get a new account.
