Questions about my new file, opened 6 accounts in 6 months…

[FicoMike0]

The only penalty you have from six accounts is the hard inquiries. Those are off in 12 months. No penalty for opening multiple accounts. The penalty is for youngest account less than 12 months. You're penalized for the last one, not the 5 before it. You're also penalized for having fewer than 3 accounts, you blew past that! 

My opinion is, go ahead and make moves now, 12 months passed faster the sooner it starts. Try preapproval on discover and amex, you might be suprised.

I'm a big believer in the ssl trick, it got me 30 - 40 points. If you do it, the only downside is you get a new youngest account. If your youngest account now is 2 months, another newer account only stretches 10 months to 12.  If you wait the 10 months, then it's 22 months from now. 

[Thomas_Thumb]

Wait until 12 months to get additional cards. You will qualify for better quality cards with higher starting limits. Applying for more now may result in denials and/or cards with disappointing SLs.

No downside in actually showing you can manage credit responsibly before requesting more new credit. My understanding is your stated goal is an unsecured card with decent cash back bonus and perhaps no annual fees. You don't need a SSL to achieve that - 12 months payment history along with a clean file and modest income will suffice.

[SouthJamaica]

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@Apexcrest123 wrote:

Chime is considered a secured card, its not a loan in any way.  
also, do you have any idea how long it will take to see a credit score rise assuming i pay in full and report a small balance each month.  Im trying to wrap my head around if this is going to take a year, or if its going to take several.  Thankyou for your reply.

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Your scores will start rising gradually just about right away if you follow my advice and @Thomas_Thumb 's advice.

[SouthJamaica]

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@FicoMike0 wrote:

The only penalty you have from six accounts is the hard inquiries.

Not so. You also have the lowered average age of accounts, and the reset of age of youngest account.

Those are off in 12 months. No penalty for opening multiple accounts.

Not so. AAoA, AoYA, and the other major factor not counted in the scores: that many underwriting decisions are sensitive to lots of recent new accounts.

The penalty is for youngest account less than 12 months. You're penalized for the last one, not the 5 before it. You're also penalized for having fewer than 3 accounts, you blew past that! 

My opinion is, go ahead and make moves now, 12 months passed faster the sooner it starts. Try preapproval on discover and amex, you might be suprised.

I'm a big believer in the ssl trick, it got me 30 - 40 points. If you do it, the only downside is you get a new youngest account. If your youngest account now is 2 months, another newer account only stretches 10 months to 12.  If you wait the 10 months, then it's 22 months from now. 

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