I think im at a point where adding new tradelines are having an adverse effect

[mfinsmi1]

I assumed adding new positive good SL credit lines would boost my score - but right now i think i went overboard with the new cards becasue each new account is dropping my score 1-2 points. I guess its time to sit down for 6-12 months and just continue to make on time in full payments and hopefully my scores will start growing again. 

Any advice from anyone who expierenced getting to many new cards at once during the rebuilding phase let me know what you did. 

Thank you

[SouthJamaica]

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@mfinsmi1 wrote:

I assumed adding new positive good SL credit lines would boost my score - but right now i think i went overboard with the new cards becasue each new account is dropping my score 1-2 points. I guess its time to sit down for 6-12 months and just continue to make on time in full payments and hopefully my scores will start growing again. 

Any advice from anyone who expierenced getting to many new cards at once during the rebuilding phase let me know what you did. 

Thank you

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Adding new accounts costs you points.

Passage of time + no new inquiries or new accounts = score gain

[FireMedic1]

How many were approved in what time frame? Rebuilders go slow and dont rush it. Give it time to rebound from your spree. You kinda answered your own question actually. Congrats on your approvals.

[mfinsmi1]

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@FireMedic1 wrote:

How many were approved in what time frame? Rebuilders go slow and dont rush it. Give it time to rebound from your spree. You kinda answered your own question actually. Congrats on your approvals.

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i opened 6 since 5/20/22 lol (the ones in my sig) , got a little card happy since i was getting legit approvals finally

[disdreamin]

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@mfinsmi1 wrote:

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@FireMedic1 wrote:

How many were approved in what time frame? Rebuilders go slow and dont rush it. Give it time to rebound from your spree. You kinda answered your own question actually. Congrats on your approvals.

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i opened 6 since 5/20/22 lol (the ones in my sig) , got a little card happy since i was getting legit approvals finally

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Yep, that's a lot of new accounts really quickly. When I am opening new credit card accounts, I try to spread them out as much as possible to minimize impact - my goal is one or two every six months, at most. A lot of new tradelines lowers your average age of accounts a LOT unless you have a very thick, well-aged file. Years from now all those new lines will help, once they've had chance to age, but not so much in the short-term.

[FireMedic1]

Yeah had a feeling. Time to garden till next year. Little too much too soon. Take your time. Took 6 yrs to get to 10 after 2 were closed after yr 2. Let them age. Then you'll move onto bigger and better things once your out of the newb rebuilder phase.

[mfinsmi1]

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@FireMedic1 wrote:

Yeah had a feeling. Time to garden till next year. Little too much too soon. Take your time. Took 6 yrs to get to 10 after 2 were closed after yr 2. Let them age. Then you'll move onto bigger and better things once your out of the newb rebuilder phase.

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Yeah totally knew i shot myself in the foot here , but yes in a year hopefully my scores will soar 🚀 . after a few years with bad credit getting all these approvals i got a little addicted to applying , but im gonna listen to your advice and just let my cards grow for the next 12 months - thatll help me with my 5/24 for the chase cards i want as well 

[mfinsmi1]

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@FireMedic1 wrote:

Yeah had a feeling. Time to garden till next year. Little too much too soon. Take your time. Took 6 yrs to get to 10 after 2 were closed after yr 2. Let them age. Then you'll move onto bigger and better things once your out of the newb rebuilder phase.

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yes i eagerly am trying to get out of the "newb" phase haha , but im gonna hold off for a while . thanks for the input  

[righthererightnow]

advice: garden : ) Also happy NEW cards!!

I got 3 cards in the last two months. Don't regret it as the age / INQs were going to ding me anyway. Have noticed scores are already starting to creep back up. Happy about the cards, and plan to keep them for a long time. I am gardening too. No shame in this.

[Ilinferno]

Good news is it's temporary. You'll have the points back in 3 to 6 months and maybe more as a result of the positive trade lines. Agreed on chilling for the next 6-12 months. You have a solid foundation to let grow.