OK I guess I have kind of a newbee question. I would like to apply for 3 or 4 new CCâ??s. How is this going to affect my credit report? I was planning to apply to all of them the same day in order to take the entire credit hit at once. Will this work like I am planning and my credit will be fully recovered after 60 days or so. I was planning to just apply for them all at once rather than one every couple months. Basically for no other reason than limiting the time my credit is hit. Currently I only have 2 cards and never carry a balance. My mortgage officer told me I need another line of credit or 2. I have a mid FICA of 769 and plan to buy a house in the next year. Which is why I want to make sure this isnâ??t going to screw up my credit. Would like to get an AE, Discover, no foreign transaction fee visa, and a rewards visa. What are your thoughts on this?
Don't apply for them all at the same time. Your FICO (not FICA) scores will take a hit every time a hard inquiry is recorded for a new credit card, and applying for too much credit all at once is never a good idea. If you "really" do need another card or two, spread the applications out over the next few months and your score should recover quickly from the hard inquiries.
