NEw tradelines about to wreck my score?

[durango13]

I will soon feel the wrath of my app spree.  6 Hardpull apps and 6 new tradelines to hit my credit report.  Before app spree i was 710,708, and 696.  My average age was thin to begin with. So i am not too concerned about that.  lets see what happens in the next month or so. I hope the increase from 22KCL to overall 62K CL will help lessen the hit on my scores.

[MarineVietVet]

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@durango13 wrote:

I will soon feel the wrath of my app spree.  6 Hardpull apps and 6 new tradelines to hit my credit report.  Before app spree i was 710,708, and 696.  My average age was thin to begin with. So i am not too concerned about that.  lets see what happens in the next month or so. I hope the increase from 22KCL to overall 62K CL will help lessen the hit on my scores.

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How much will your utilization drop with the new CL?

[durango13]

My usage will drop from 22% to 8%

[MarineVietVet]

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@durango13 wrote:

My usage will drop from 22% to 8%

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I don't think anyone can accurately predict just what will happen to your scores with the lower utilization but it should help.

22% isn't a terrible utilization rate at all but 8% looks better to the scoring gods.

Let us know how this works out for you.

[lord_kinbote]

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@durango13 wrote:

I will soon feel the wrath of my app spree.  6 Hardpull apps and 6 new tradelines to hit my credit report.  Before app spree i was 710,708, and 696.  My average age was thin to begin with. So i am not too concerned about that.  lets see what happens in the next month or so. I hope the increase from 22KCL to overall 62K CL will help lessen the hit on my scores.

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How were the HP's split up?  2 on each or did one have more than another.  I recently went on a app spree in the first week of September, so I can speak from my experience, but in the end YMMV - 10 new credit cards and 1 installment.  My scores were 760ish across all three CRAs.  My TU has jumped to 780, but EQ/EX have dropped to 710.  I have had 7 TL's report and 3 revolvers have yet to report (amex/chase csp/nasafcu) and 1 new installment (share secured loan) has yet to report, so my scores will drop even more.  I am not worried about TU since I have a lot of padding there, but I am cringing at the thought of dropping below 700 on EX/EQ.

I had a very thin file due to years of non-use, so I had to fix the situation before it became a huge probem.  My AAoA was 8.x years and now it is 3.3 years! I have all the cards I want now, so for me it's just about gardening until my scores return to the pre-app state.  I added 80+k in new credit, so for you I expect atleast a 50 point drop.  But I am sure it will return in a year or so - after a dreadful visit to the evil garden!

[taxi818]

No way do you lose that much. I think I got 15 cards in a year. And I lost maybe 20 points. And now it's going back up fast. 

[lord_kinbote]

10 new accounts and only 20 point loss? I find that hard to believe. Inquiries would be at least 20 not to mention impact on AAoA.

[taxi818]

Well factual whether you believe or not. Not all cards from same bureau. Some from each one. Cap one only card to do triple pull. Example. Tu. Out of cards. Barclays. Walmart  and pay pal  pulled. So 3 hits. 

Amex. Experian. 2 pulls. And td bank experian. In fact. 4 hard pulls from td alone. 

5 cards there. 

Discover eq

bet buy eq 

7 cards. 3 shopping cart. 

Jcrew kingsize. And overstock. So no one has to make things up friend. Fact. 20 point lost across all bureaus. Thank you very much. 

[lord_kinbote]

Lots of variables at play, but I think most will agree those results are atypical. 15 new accounts and only 20 points loss is not a reasonable expectation.

[AzaleaB]

15 accounts with 20 point loss is believable. The outcome depends on one's profile, AAoA boundaries, CU, INQs aging, etc. I opened 6 new accounts in 6 months and score impact was minimal only because of other positive changes. "Typical" results implies all other things are equal but there is seldom enough information to make valid comparisons.