Hi, I am just curious about about this.

[DotaK]

Hi, I am just curious about about this. If you had a total credit limit of 110k, and if you use 31k among all cards. What would your score liike? Will you still allow to apply for new credit cards? Why people are talking about HP a lot here? Won't HPs just go away after two years? Or less impact to your credit score or you still can apply for credit cards even you have 10 HPs after 3 months? Or am I mistaken? Please tell me! Thanks!

[coldfusion]

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@DotaK wrote:

Hi, I am just curious about about this. If you had a total credit limit of 110k, and if you use 31k among all cards. What would your score liike? Will you still allow to apply for new credit cards? Why people are talking about HP a lot here? Won't HPs just go away after two years? Or less impact to your credit score or you still can apply for credit cards even you have 10 HPs after 3 months? Or am I mistaken? Please tell me! Thanks!

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It's impossible to say exactly what your score would be like because it's based upon one's individual profile in its entirety, however with $31K of unsecured debt vs $110K in limits your score would definitely be negatively impacted.

Hard pulls are an indicator that you are seeking credit, 10 hard pulls in 3 months (if we aren't talking about auto loans or mortgages) is considered an indicator of aggressive credit-seeking which is often seen as a leading indicator of upcoming financial stress.  You can certainly apply with 10 HPs racked up over a 3 month period but for most people odds of success would be low due to potential risk, unless one had a very strong credit profile.

Auto loans and mortgages are viewed somewhat differently, and FICO scoring reflects this, because it isn't unreasonable to apply for an auto loan or mortgage with multiple lenders looking to get the best rate.  However even in this case 10 hard pulls would invite extra scrutiny.

[Ficoproblems247]

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@DotaK wrote:

Hi, I am just curious about about this. If you had a total credit limit of 110k, and if you use 31k among all cards. What would your score liike? Will you still allow to apply for new credit cards? Why people are talking about HP a lot here? Won't HPs just go away after two years? Or less impact to your credit score or you still can apply for credit cards even you have 10 HPs after 3 months? Or am I mistaken? Please tell me! Thanks!

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Curious, as on 2/16 you stated you paid off everything to 1% util and saw a massive score increase (+113 pts.) You also stated that BOA just closed a card due to excessive carried util. Have you run up 31k in a couple weeks again since that previous post? I am confused on the timeline. You should know what your score looked like because you stated in another post in that same thread that at 31% util that it was a 670. I would stop applying for credit until your long term util is in check. Any lender that sees you rack up 31k in a couple of weeks is going to be spooked. 

[DotaK]

My story was the place I work was closed down during the pandamic. I have been used credit cards a lot and my savings was not too much. I used the amount of my credit up to 42k out of 58k among all my credit cards, and I paid off all my credit cards a few months after I got back to work. Right now, I am thinking to apply for more credit cards and trying to bring the total credit up to more than 100k. The reason I am asking this question is once I have brought the credit up to 100k or more. I might use 31k to 33k if this virus thing happens once again in the future. I am just preparing for the future. I am not trying to max out my credit or burn them up. I have been trying to apply for many cards recently. It might sound stupid to you guys who have good credit. If you guys have more expenience of this. Please share it with me. Thanks!

[DotaK]

I am just trying to get some ideas about this. Because the pandamic really hurts me a lot and I cant work for alomst 1 years since it happened. Just so sad.

[DotaK]

I did not pay off all my credit balances at once, I have been paid them off over months, so I remember what scores were at each utilization. I am just preparing for the future if this vuris thing happens once again. My ut is still at 1% now. but I got more than 10 hps within a month. my score is down around 12 points.

[Slabenstein]

33k/58k util would obviously have a greater negative scoring impact than 33k/100k, but, given your recent aggressive credit seeking, your best path towards building that padding would be to garden for now.  As others have advised, you will probably want to let things cool off for a year or so before making another round of cc apps.  In the meantime, you can look into which of your cards have SP CLIs so you're still growing your TCL some while gardening.

[mich800]

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@DotaK wrote:

My story was the place I work was closed down during the pandamic. I have been used credit cards a lot and my savings was not too much. I used the amount of my credit up to 42k out of 58k among all my credit cards, and I paid off all my credit cards a few months after I got back to work. Right now, I am thinking to apply for more credit cards and trying to bring the total credit up to more than 100k. The reason I am asking this question is once I have brought the credit up to 100k or more. I might use 31k to 33k if this virus thing happens once again in the future. I am just preparing for the future. I am not trying to max out my credit or burn them up. I have been trying to apply for many cards recently. It might sound stupid to you guys who have good credit. If you guys have more expenience of this. Please share it with me. Thanks!

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My advice if you actually paid down the cards that quickly would be to start an emergency savings rather seek new credit.  That is a huge swing that doesn't seem to reconcile.  Don't take this advice as a negative, as I have lived through job loss and hardships and preparing for the next one is with cash reserves.

[DotaK]

Not really, I had savings but not much, if I still could't get back to work I would just use my savings to pay the min payment of cards to keep me alive for much longer period of time. I decided to use all my savings to pay them off a few months after I got back to work. Just prepaing for future if the place I work shut down again, then I kind of have to live off of my credit cards. That's my plan.

[DotaK]

You forgot this pandemic is not something that I can control. Even you have savings you still would be worried about the future. What if this virus lasts for 5 years or longer? How much savings do you need? Maybe 10 years savings?