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Too many new cards

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Too many new cards

This summer I applied for 5 cards and 1 charge card and all of them got approved. My credit score at the time was 700 and now down to 655. I think a made a mistake... the reason I applied was to get a strong credit score. I thought...

Before applied, I had the below accounts:

Wife 2 cards on Amex for 18 years (I removed this due to high balances)
School loan $16,000
Capital one $1200

I haven’t put any debt on the cards and all of them are displaying at zero balance. When will my credit score jump back up to the 700 range again?

My Experian file is now displaying as

1. A short credit history
2. Heavy use of credit
3. Non mortgage installment is high
22 REPLIES 22
Frequent Contributor

Re: Too many new cards

following, same boat






Message 2 of 23
Established Contributor

Re: Too many new cards


@sbmedic wrote:
This summer I applied for 5 cards and 1 charge card and all of them got approved. My credit score at the time was 700 and now down to 655. I think a made a mistake... the reason I applied was to get a strong credit score. I thought...

Before applied, I had the below accounts:

Wife 2 cards on Amex for 18 years (I removed this due to high balances)
School loan $16,000
Capital one $1200

I haven’t put any debt on the cards and all of them are displaying at zero balance. When will my credit score jump back up to the 700 range again?

My Experian file is now displaying as

1. A short credit history
2. Heavy use of credit
3. Non mortgage installment is high

Looks like you tanked your average age of accounts and took on a few hard pulls. From my own experience, I'd say when your AAoA gets back to around 2 years and a few hp's fall off. What cards did you get?

Amex PRG (NPSL), Amex Blue Cash ($8K), Amex Simply Cash+ ($4K), Discover ($20.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase CSP Visa Sig($5K), FCB/Elan Rewards Visa Sig($10K), Buckle ($1.3K), BofA AAA Rewards ($65K), Paypal credit ($6.5K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($10K)
Message 3 of 23
Super Contributor

Re: Too many new cards

Well, you got rid of the AU card which deleted that history and age from your report. The points from your inquiries won't come back for a year and you won't see a significant boost from your new accounts until they age to 1 year. And your installment loans wont start having a positive effect until the balnce ia under 28.9%. Really, the only times you'll get a boost from new credit is

 

A) you don't have at least 3 revolving lines and 1 installment

B) your utilization is high and the new credit limits bring the ratio down

 








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Message 4 of 23
Contributor

Re: Too many new cards

As stated above, it's your removal of AU on a card that has been alive for 18 years, that's one of the reason since AAoA dropped compared to the new accounts.  IF you had not removed the 18 year account, that would have have saved your score. 

EX: 765
EQ: 760
TU: 758

Discover it 6/2014 -> $14900
Citi Costco 8/2014 -> $2100
AMEX EDP 2/2017 -> $2000
Chase CFU 6/2017 -> $5000
Chase IHG 7/2017 -> $2400
Chase SW Priority 9/2017-> $2000
Chase SW Premier 3/2018 -> $5000
AMEX Platinum 3/2018 -> NPSL
AMEX BBP 5/2018 -> $9000
Citi AA Biz 7/2018 -> $5000
Barclays AA Biz 7/2018 -> $2500
AMEX SPG Biz 9/2018 -> $10000
Citi Premier 10/2018 -> $5500


Avianca Vuela 11/2018 $5200
Chase Sapphire Preferred 01/2019 $6700
Message 5 of 23
Established Contributor

Re: Too many new cards


@kuso29 wrote:

As stated above, it's your removal of AU on a card that has been alive for 18 years, that's one of the reason since AAoA dropped compared to the new accounts.  IF you had not removed the 18 year account, that would have have saved your score. 


Keep in mind also the OP states that card is carrying a high balance. It may do more harm than good, especially if it's reporting >85% balance to CL.

Amex PRG (NPSL), Amex Blue Cash ($8K), Amex Simply Cash+ ($4K), Discover ($20.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase CSP Visa Sig($5K), FCB/Elan Rewards Visa Sig($10K), Buckle ($1.3K), BofA AAA Rewards ($65K), Paypal credit ($6.5K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($10K)
Message 6 of 23
Super Contributor

Re: Too many new cards


@ChargedUp wrote:

@kuso29 wrote:

As stated above, it's your removal of AU on a card that has been alive for 18 years, that's one of the reason since AAoA dropped compared to the new accounts.  IF you had not removed the 18 year account, that would have have saved your score. 


Keep in mind also the OP states that card is carrying a high balance. It may do more harm than good, especially if it's reporting >85% balance to CL.


While a high utilization may knock a score up to 70 points, you can't beat a 20 year age of credit. Utilization can be fixed in a month or two. It'll take him years to get that age again.








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Message 7 of 23
Established Contributor

Re: Too many new cards


@Brian_Earl_Spilner wrote:

@ChargedUp wrote:

@kuso29 wrote:

As stated above, it's your removal of AU on a card that has been alive for 18 years, that's one of the reason since AAoA dropped compared to the new accounts.  IF you had not removed the 18 year account, that would have have saved your score. 


Keep in mind also the OP states that card is carrying a high balance. It may do more harm than good, especially if it's reporting >85% balance to CL.


While a high utilization may knock a score up to 70 points, you can't beat a 20 year age of credit. Utilization can be fixed in a month or two. It'll take him years to get that age again.


Not necessarily. Once the wifes cards are paid down, I don't see why the OP couldn't be added back onto her cards. As utilization is weighed heavier than AAoA, I would definitely wait for the balances to be <30% of credit line before adding back to them.

 

Amex PRG (NPSL), Amex Blue Cash ($8K), Amex Simply Cash+ ($4K), Discover ($20.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase CSP Visa Sig($5K), FCB/Elan Rewards Visa Sig($10K), Buckle ($1.3K), BofA AAA Rewards ($65K), Paypal credit ($6.5K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($10K)
Message 8 of 23
Member

Re: Too many new cards

OP here.
If I re-add my wife Amex card again. Will that help?

I do have other accounts and installments paid in full.

I think I caused more harm now.
Message 9 of 23
Established Contributor

Re: Too many new cards

If all of your revolving balances are at 0 like you say, then you are taking a penalty.

 FICO 8
Message 10 of 23
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