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Too many new cards

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Super Contributor

Re: Too many new cards

I don't necessarily think the OP did anything wrong here at all.  He only had 1 revolver of his own and scooped up 5 more.  If one wants to argue that 5 was a couple too many, that's fine... but most would probably rather have 6 than have 1 in terms of building a solid credit profile over time.  It is what it is, but I wouldn't use words like "damage is done" or "mistake" since what was done will actually be a positive thing in the mid-long term.  Today and the next few months is very insignificant on the long time line of credit.

 

Dropping the AU account was a great move.  OP states his AoOA is 14 years on his Capital One card.  Dropping a high utilization AU account that's 18 years old is a no-brainer if your personal utilization is low and it only means an AoOA reduction of 4 years.  I'd find it hard to argue that keeping it would have been a positive thing here.  Good move dropping that account. 

 

Your scores will be just fine.  You'll probably be creeping on up to 700 within about 6 months or so and no doubt when your youngest account hits 12 months you'll be comfortably above that.  Simply don't apply for any additional credit, make your payments on time every month and as suggested above allow a small balance to report on 1 of your major credit cards every month.

Message 21 of 23
Regular Contributor

Re: Too many new cards


@BrutalBodyShots wrote:

I don't necessarily think the OP did anything wrong here at all.  He only had 1 revolver of his own and scooped up 5 more.  If one wants to argue that 5 was a couple too many, that's fine... but most would probably rather have 6 than have 1 in terms of building a solid credit profile over time.  It is what it is, but I wouldn't use words like "damage is done" or "mistake" since what was done will actually be a positive thing in the mid-long term.  Today and the next few months is very insignificant on the long time line of credit.

 

Dropping the AU account was a great move.  OP states his AoOA is 14 years on his Capital One card.  Dropping a high utilization AU account that's 18 years old is a no-brainer if your personal utilization is low and it only means an AoOA reduction of 4 years.  I'd find it hard to argue that keeping it would have been a positive thing here.  Good move dropping that account. 

 

Your scores will be just fine.  You'll probably be creeping on up to 700 within about 6 months or so and no doubt when your youngest account hits 12 months you'll be comfortably above that.  Simply don't apply for any additional credit, make your payments on time every month and as suggested above allow a small balance to report on 1 of your major credit cards every month.


Legendary advice right here and throughout this thread! Thank you OP and everyone here for this wonderful advice! Don't you just love this community?

Current: Gardening...


FICO 8: EX:TU:EQ:

As of June 2019. Total CL: $24,900; Goal: $50,000
Message 22 of 23
Senior 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

I assume you won't  be needing any new loans in the foreseeable future. If true, good move.

A year from now you will realize the benefits

Fico 8: .......EQ 850 TU 850 EX 850
Fico 9: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
VS 3.0:...... EQ 835 TU 835 EX 835
Fico 8 BC:. EQ 892 TU 900 EX 900
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 23 of 23
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