OK, this is the deal:
I opened an account with Penfed this week and applied for an auto loan. My score w/ EQ when they opened the account was 745. They said no. The reasons I got were, too many new accounts and income.
Since October of '03, i've opened these accounts:
HH Gold MC: 2000.00
Best Buy: 2200.00
Dell (only shows on EX): 1500.00
Blue Cash: 2000.00
B of A: 3000.00
US Bank Worldperks Signature: 8000.00 (opened January '04, but not showing on reports yet)
I also have a Providian Paypal card opened in March of '03 with a 1000.00 cl, and a Capital One card opened like 3 years ago with a cl of 1100.00.
(Disclaimer: All of these cards have 0.00 balances on them, and the only one I use is my B of A card, these were primarily opened for mix and utilization purposes). (And also I wanted to try out my new scores, I know, dumb ).
So my question is, in retrospect as well, what kind of hit would I take on my scores? They are still relatively new, and I know that it is going to reduce my available credit, but that's ok. The average time shouldn't be that affected, I would think?
I don't have any intentions of EVER using most of these cards. Due to the fact that they are as new as they are, would it be extremely unwise to close these out? The reason I am concerned is because I am also looking at possibly getting a mortgage in the next 6 months to a year. I also don't carry balances either.