No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
In the past week, I added 6 new accts(1 is still pending) totaling about $31K in credit. This will greatly reduce my overall utilization to about 9%. But in the process I added 7 inquiries on EQ and 2 on EX. I know my AAoA will take a huge hit, but with the increase of lines of credit, will that outweigh the inquiries?
Did you already receive the points for the TLs reporting?
Inquiries generally don't have a huge impact unless your scores are high. 1 or 2 points per inquiry, I have seen one inquiry impact a higher score for much more.
no, the TL haven't starting reporting as they were all opened in the past week. I did receive a score boost because of two INQ on EQ. It was an 11pt jump.
Score boost because of Inq? Am I missing something?
@CreditJunkie917 wrote:no, the TL haven't starting reporting as they were all opened in the past week. I did receive a score boost because of two INQ on EQ. It was an 11pt jump.
That is odd. You don't get increases due to an inquiry. Are you sure nothing else happened? An account aged, AAoA got older, something that would add points.
It's possible. When I got the SW from EQ, it noted my INQ's. My secure cap1 account turns 4 next month. other cap1 turned 15mo this month. everything else is less than 8months old.
Guess I DO learn something new every day
Wow! Nice bunch of cards! The score drops will come back.
I have no doubt about it. And thanks!!
@CreditJunkie917 wrote:In the past week, I added 6 new accts(1 is still pending) totaling about $31K in credit. This will greatly reduce my overall utilization to about 9%. But in the process I added 7 inquiries on EQ and 2 on EX. I know my AAoA will take a huge hit, but with the increase of lines of credit, will that outweigh the inquiries?
It's hard to say what the net effect will be.
Utilization is a really big deal, but you don't say what the old utilization % was.
If you can add $31K in CLs via a series of applications, and started with relatively high utilization, then it's probably a net win.
The reason this strategy fails for many people is that they get small CLs like $500, and thus a bunch of new TLs does more harm than good.