I have opened 4 new accounts in the last 3 months. 1. Cap 1 kmart $400 2. Target guest card $200 3. Kohls store card $500 4. BofA $6k Anyone care to guess how long this will hurt my score? Also how long should I wait to apply for something else? This is all the open credit I have, I have a few good trade lines and my reports are pretty clean. I'm trying to make the leap to prime and the BofA card was my first. I don't want to go overboard and apply to much. Suggestions please, Candi
There's a lot you left out... You seem to currently have a good mix (CC & retail). Have you had any car or R/E loans in the past. Are you carrying a balance on these cards? What's your UR? How many inquiries in addition to these 4? What were your scores prior to applying, and what are they now? Any negatives? How long have you had credit? My scores have actually gone way up in the last 6 months despite new credit. However, any points I might have lost for the "pursuit of new credit" were offset by paying off car & student loans, CCs and drastically reducing other debt.
okay I have a few other good trade lines, they are paid and closed. These 4 new accounts are the only open ones, the closed ones are between 2-5 yrs. old. My balances are around $15-30 per card. I have about 8 inq. on TU and 6 on Eq. Only 1 providian inq. on EX thanks to Doc. So should I wait to apply for anythingelse? Right now my scores are TU 715, EQ 664, EX 675
Unless you're applying for something you need (car/mortgage) I would say wait it out at least a few more months till you hit 700+ on EQ. That way even if you lose points for inquiries, you definitely won't drop below 680. I'm surprised you have such a good TU score with that many inquries. Does TU list "Too many accounts with balances" as a negative factor?
My reasons are: Factor 1. Length of time retail accounts have been established is to short. Factor 2. Length of time oldest bank revolving account has been established is to short. Factor 3. Too many inquiries Factor 4. Length of time since most recent bank inq. is to short. Most of my TU inq. are over 1 year old, only 3 are in the last few months. I think your right I'm going to wait a bit to apply for anything. Thanks for the advice
Factor #1 is probably because you closed your old tradelines. Any possibility you can reopen the oldest of them w/o incurring a hard INQ?
I wish I could. One is a car loan I paid off and one is a furniture account I paid off. These two show as closed in 1997. The other two are credit cards that I was joint on with my x-spouse. They are closed in 1998. Thats it except some bad stuff between 98-2001 but that has all been deleted. I'll just have to wait till my 4 new accounts get some age. Thanks
