New Accounts/Inquiries/Score Changes

[Anonymous]

I have been tracking my scores since the new credit lines are hitting the bureaus. I apped for nine new cards. Six are now showing on Equifax and Experian. Four on TransUnion. I thought some members might be interested in the changes. My scores reached an all time high a few weeks ago and then the cards started to hit. I think it's interesting that the only cb with a baddie (one 30 day late two years ago showing on Equifax) is taking the hits the hardest. Not sure what that means, but I am sure there is expertise in the community about that.

Anyway, to add to the databank some of the members are keeping.

Scores 7/12: EQ: 789 TU: 781: EX: 779

Scores 7/14: EQ: 773 (-15) with six new accounts reporting; TU: 780 (-1) with four new accounts reporting; EX: 772 (-7) with six new accounts reporting; UTL: 14%

I hope this adds to the database of information. I will post again as the other accounts hit and later when (hopefully) scores rise again.

I am grateful to all of the great members of this community. You played such a huge part in my high scores as I worked to get negatives removed from my reports. Your knowledge and encouragement made it happen! Thank you!!!

[Anonymous]

Thanks for sharing the info. 

 I was just asking about hit's and this helps.

My scores are not as high as yours, so my guess is I'll take a bigger hit as the new accounts hit the CRA's.

[Anonymous]

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@Anonymous wrote:

Thanks for sharing the info. 

 I was just asking about hit's and this helps.

My scores are not as high as yours, so my guess is I'll take a bigger hit as the new accounts hit the CRA's.

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Others have shared and it helped me so much I wanted to do the same...and you're welcome!

[Anonymous]

Did you app for the nine new cards within the same day, same week?? Just wondering since you got 6 approvals. I've never app'd for that many at once. The most was 4 in one day.

[Anonymous]

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@Anonymous wrote:

Did you app for the nine new cards within the same day, same week?? Just wondering since you got 6 approvals. I've never app'd for that many at once. The most was 4 in one day.

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Within six weeks. I had never done that before joining the forum. lol My scores were high and I pounced on them before the new accounts hit. Capital one was two cards one after the other. The same with PenFed and BofA. These cards complete my portfolio. Before doing this I only had four cards, one being a secured one. The Chapter 13 fell off my bureau reports so I though I would go for it and take the hits. I actually was approved for all nine cards. 

[Anonymous]

Hi,  what is the purpose of applying for that many cards at one time? Is this somehow supposed to help your scores? 9 hits in one day?

[Anonymous]

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@Anonymous_0723 wrote:

Hi,  what is the purpose of applying for that many cards at one time? Is this somehow supposed to help your scores? 9 hits in one day?

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My card portfolio was sadly lacking. I was building it to what I wanted and hoped to have. I am done now. Since my scores were high, I thought (after reading the boards) that I might as well do it all at once and take the hits, while keeping utilization low. All the apps were not in one day, but over a period of weeks. Many are just hitting the credit bureaus at one time.

[Anonymous]

Thank you for your response.  I was hoping maybe you got a break on the amount of inquiries for doing it that way.  I have never really used credit cards but got two recently, I guess I'm confused why everyone wants so many cards.  Does this somehow help build scores faster?

[Thomas_Thumb]

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@Anonymous_0723 wrote:

Thank you for your response.  I was hoping maybe you got a break on the amount of inquiries for doing it that way.  I have never really used credit cards but got two recently, I guess I'm confused why everyone wants so many cards.  Does this somehow help build scores faster?

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Hello Christine:

Having a few credit cards gives you a higher aggregate (combined) credit line. A primary factor in credit score models is % of credit utilized (balance/combined credit line). Lowering utilization % has a positive impact on score. Aggregate utilization under 10% is best for scoring.

It is not necessary to have an abundance of credit cards to achieve high credit scores. Five cards is enough to reach a Fico 8, 850 score - so no need to acquire ten or fifteen cards. However, it is best to have at least three cards and rotate use among them. The added tradelines (if used periodically) help build credit history and that can translate to higher scores in a shorter period of time. Pay balances in full (PIF) each month for best results.

[Anonymous]

Thank you for your information.