Question: How many cc are too much to lower my score? AT&T Platinum.... 6500 AMEX Blue........... 2000 Discover Classic... 1500 Target................ 1000 CapitalOne......... 300 (closed same month) Are those too may ...I did applied for all of them last month...Did I mess up? Please advise...
That many in 1 month will hurt your score. It will bias the average age of accounts. I did a binge in 10/99 and am still paying the price. It's not a BIG price ... but you likely won't get to join the 800 club (unless your ratios are something close to 0). Best - mj
I learned from this board it takes 6 months or at least one year of on time payments with a new account before you experience any increase from FICO. Which is true? 6 months or 12?
I think it takes 6 months for the inquiry to have less of a negative impact on your score and it takes one year to start getting FICO points and raising your score. You should get the maximum points once the account hits the 3 year mark.
If I was going to open new accounts, I would try to get them all at once. That way, even though the hit would be a little bigger, I would only take the hit once. When the accounts are a little older, the entire hit will go away at one time.
mj, Multiple inquiries reduce your score for a 1 year period on EQ & a 2-year period on EX and TU. Experian seems to wait till the month after the 2nd anniversary to remove inquiries. If you had inquiries in 10/99 they shouldn' t be on your report any longer, much less hurt your score.
Even if the inquiries are still there, having a lot of newer accounts drags your score down. One of my Experian downers is that my average age of accounts is less than 5 years.
