Congrats on the new cards.
Assuming these cards are for stores you will actually use, then the cards will pay off in the long run as you will have a higher total line of credit (which helps with utilization), and you have the opportunity to set up a good payment history.
Time to garden! The AAoA is very low, so that has a lot to do with the drop. Just use the cards judiciously, let them report no high than 10% util (it may take you a few months to see when the statements are cut) and never, ever, miss a payment.
Enjoy the credit journey, you'll get back into the 600s soon enough, and it's only upwards from there.
Starting Score: TU 584 EQ 560 EX 686
@MarineVietVet wrote:
@Anonymous wrote:
Shopping cart trick is stores like victoria secret, express, brylane home there is like 50 stores from comenity bank. You go on one of the stores Web sites put something in shopping cart go to check out and a thing pops up on screen and say pre approved for credit. Only last 4 ssn. Soft pull.Thanks for the explanation. Like I said I'd never heard of such a thing.
Even if they are soft pulls you have five new accounts and each one will impact your scores because of new credit reporting and the lowering of your credit length history and AAoA.
I assume, but have no way to be sure, that this is the cause of your score reduction.
Exactly. it does not create hard pull. but it does affect AA of A. and now with 5 accounts you just lowered it a lot. but it is just a temporary drop. as you use those cards and pay on them. your score will go even higher. but the problem is they are all store cards. unless you buy things from ugg ugg. woman within. or Vicky secrets. it was a waste of time.
just because you can get something does not mean you should. lesson learned i hope.
Good luck op. 