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Too Many New Accounts Good or Bad ?


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In the past couple of weeks I have went app crazy.

I applied for the ::Chasey:: Card, HSBC, CJ, and KAY. I was Approved for all of them with CL from $300 - $1650::travolta::

I was wondering if all of these freshly opened accounts will hurt my score once they post or will it ::BigGun:: shoot up like a Rocket ?

Only the CJ has posted to my CR but the rest of them is soon to come.

If it's going to help my score I think I might get a few more before they post.

If not I'm going to stop now.

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I'm really curious about this too. I have been app crazy myself, approved for 5 new accts in the last month. Only one has reported so far but when it did my score dropped like 30pts. I think that is what made me app crazy! I wanted to get a few more before my numbers dropped off even more. In all honesty I am afraid to see how big of a drop those 4 new accts are going to cost me. Well at least I won't have to worry about utilization anymore. I went from having $1200 in available credit to $10,000 in 3wks. No more apps for me! From what I have read in 6mos time will be sitting pretty again!:rolleyes:

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Adding lots of new accounts lowers the average age of your accounts which hurts the score initially. If you just started like me and had no accounts to begin with, then the score just goes up for at least the first 3 accounts (maybe more, but I can only vouch for 3).

Your score may go up if you had balances on your accounts and the added credit caused enough drop in utilization to offset the drop in average age. Utilization is 30% of score, new accounts are 10%, age of accounts are 15% of score.

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The inquiries will ding your scores initially, but the credit lines will be a huge boost in the months to come. Short term pain for the long term gain. Good to get all of your inquiries out of the way at once. Now they will become less important and your new tradelines will age. Both very positive.

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I kind of planned for the new card drop by not consolidating my student loans. When they hit, all 7 of them, I ended up with a 40 point boost and at least 8 years of age. By adding 4 new accounts that drop for me should be minimal since I have a total of 20 accounts with at least 8 years of age on each.

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I had this very same question. Since I was getting approved, I wanted to get the cards, then take the hit and wait until the scores go up. I know long term, the scores will actually go up, how long it will take not sure. There may be a ding in the beginning or even a drop off, but it will rebound. Good luck!!

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The inquiries will ding your scores initially, but the credit lines will be a huge boost in the months to come. Short term pain for the long term gain. Good to get all of your inquiries out of the way at once. Now they will become less important and your new tradelines will age. Both very positive.

Not really worried about the inquires cuz they pulled from TU and EQ and we all know thats nothing to worry bout :)+:)

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