Oh gosh. I apped and got three new cards. It just hit me that I am going to take a big hit to my scores for this.
How big will the hit likely be?
At what point is AAoA "old enough" that it doesn't matter if you drop some?
What kind of ding is there for new credit? how long does it take to go away?
I needed the 0% BT's, so I had to take the hit, but now I am starting to panic that the hit will be humongous... 
Anyone with establised credit and too high util ever get 3 new cards at once? How bad was the hit? How long before the hit starts to go away? The new available credit will have helped my util% some, but those new cards hitting will be bad won't they?.
@Booner72 wrote:Why did you get three new cards? What are they?
I know I've lowered the crap out of my AAoA w/ new accounts, and I know that it has hurt. My TU score last summer was 653 and I'm still sitting at 650 - My TU score is now clean of collections and a bunch of age now since then. I'm just riding along bc my AAoA died.
I am agressively paying off our humongous CC debt. I wanted to reduce the interest hit we were taking each month (was $1100 when I started ). I took out three card trying to get as much 0% as they would let me. The cards were Discover More ($6500 CL), First National Bank Omaha ($6500 CL), and then Citi Diamond Preferred ($3000 CL). I screwed up big time in not rechecking my EX report before apping and there were still $30K of DH's debt that I had removed myself off of (was AU). I did not get good terms or big CL from Citi because of it. As long as I get the debt down and make sure Citi is at $0 before the promo period ends I will be OK.
Even though I added all this available credit, the util% will still be on the high side for a while yet. It takes a while to pay all that off. My AAoA will still be alright I think because I have alot of old closed accounts that have not fallen off yet, and my two Amex cards are from 1999. My damage will be from 3 new accounts I think. I will need them to age. I hope the damage lessens with 3 mos, 6 mos, etc.
Anybody have experience with this?
I had no CCs and I apped for 4 earlier in Jan-Feb. Score was 660, now it's 636 after some of the balances posted.
It kept going down by 5-7 every time a balance was posted or when the CC reported.
I'm not alarmed though, it's more of a "strategic hit" to let my AAoA develop over time. I'm in no hurry for credit and I have prime cards 
OK, I paid for an updated TU report so it could be my "before" value. I was removed as an AU from $30K worth of debt, bringing my TU FICO up from 693 to 708. I am going to enjoy this 708 while it lasts 
. I got 5 points added to my simuator highest result. I think it was from the AAoA going from 8 to 9 years. I will lose that too when the 3 new accts post 
.
Interesting to note:
The first simulator maxed me out at 813, when the student loans were not reporting correctly (this was a transitional fluke from US Dept of ED)
Then the simularor maxed me at 793 with the SL's reporting
Now the simulator maxed me at 798
The student loan balance is a 20 pt hit to my max. Good to know, but kind of bittersweet. It will be years before it is gone.
I say look at the big picture.
You used your good credit scores to do what they're supposed to do--get you favorable credit terms that will save you money!
If your credit is well-established (meaning you have a high AAoA) then most of the drop in score will probably be just from adding new accounts. Once they age, you'll be fine. I'm no expert, but I believe most of the "pain" will dissipate after 6 months, and just about fully at the year mark--not so bad, really, for getting so much 0% APR.
So, in summary, congratulations!
@crunching_numbers wrote:Oh gosh. I apped and got three new cards. It just hit me that I am going to take a big hit to my scores for this.
How big will the hit likely be?
At what point is AAoA "old enough" that it doesn't matter if you drop some?
What kind of ding is there for new credit? how long does it take to go away?
I needed the 0% BT's, so I had to take the hit, but now I am starting to panic that the hit will be humongous...
Anyone with establised credit and too high util ever get 3 new cards at once? How bad was the hit? How long before the hit starts to go away? The new available credit will have helped my util% some, but those new cards hitting will be bad won't they?.
@Congrats on the new cards! I too am hunting for a CC and about to apply. I'm just waiting on this one dang card to still report to slow @#! EQ and then I'll be going to the bank!
My scores are similiar to yours, so I'm curious as to what limit I might qualify for. I may have to apply for more than 1 to get the amount I'm needing so kinda curious what will happen to my credit too (should I get approved for one even lol).