Will new credit cards lower my credit score?
Guest: creditbuilder
Post subject: Will new credit cards lower my credit score?
Posted: Sun Apr 09, 2006 5:34 pm
You're not going to get a card without a credit check unless it's secured. Your score didn't drop 20 points because of the inquiry, it was because of the new card. It lowers your average age of accounts. I think there is also a penalty for having a new account in the last 6 months.
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Guest: gomirage
Posted: Sun Apr 09, 2006 7:46 pm
well, here's what happened. Below my two scores between 2/20/06 and 4/10.
Between the reports I reponded to an offer from CITI, got dividend plat $2900. They called me and asked me if I want professional. I said sure !!! Got another card 4,000 CL with no additional inquiry. Then I realized I need more and called them back. They pulled equifax and told me to ask again in six month. I then responed last week to an offer from BOA. Was approved online for 7300. I havent received the card yet but they pulled Transunion.
Now here are my score between 2/20 and 3/10. Actually TU drop by 29 and Eq 19. Stange
TU Ex Eq
724 684 678
695 678 659
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Guest: Kajjers
Posted: Sun Apr 09, 2006 10:31 pm
If I'm reading this correctly you've acquired $14,200 in new credit lines in the past few months, but your objective is to increase your score. I'm not really sure that getting new secured credit cards is going to help your case much. I'd lay off a bit, and maybe count on credit line increases down the line.
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Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Apr 10, 2006 12:09 am
I lose -7 (EQ)
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Guest: davej
Posted: Mon Apr 10, 2006 3:43 am
Looks like the bottom line is that you won't get hard inquiries, but your new secured accounts will shorten the average length of credit history and dent your score anyway (for a while at least)..., like what happened when you lost 20 pts as creditbuilder pointed out..
I agree with Kajjers here - on time payments will take you over 700 down the road, and going secured doesn't feel like the right strategy here...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: bullwinkle29
Posted: Mon Apr 10, 2006 9:01 am
dont worry about your score. in about 6 months w/on time payments, your score will rise. so dont worry about it. are you buying a house in the next month? no, then dont worry about it. just b/c your score went down a little, doesn't mean you have bad credit.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: gomirage
Posted: Mon Apr 10, 2006 4:28 pm
I am planning on taking out a home equity loan and I was worried about getting a good interest rate. but thank y all for your suggestions.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: creditmeiser46
Posted: Tue Apr 11, 2006 5:09 am
How soon do you need the home equity loan? If I were you, I'd use one of those free credit analyzers to predict your score around the time you want to get the E.L.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Will new credit cards lower my credit score?
Posted: Sun Apr 09, 2006 5:34 pm
You're not going to get a card without a credit check unless it's secured. Your score didn't drop 20 points because of the inquiry, it was because of the new card. It lowers your average age of accounts. I think there is also a penalty for having a new account in the last 6 months.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: gomirage
Posted: Sun Apr 09, 2006 7:46 pm
well, here's what happened. Below my two scores between 2/20/06 and 4/10.
Between the reports I reponded to an offer from CITI, got dividend plat $2900. They called me and asked me if I want professional. I said sure !!! Got another card 4,000 CL with no additional inquiry. Then I realized I need more and called them back. They pulled equifax and told me to ask again in six month. I then responed last week to an offer from BOA. Was approved online for 7300. I havent received the card yet but they pulled Transunion.
Now here are my score between 2/20 and 3/10. Actually TU drop by 29 and Eq 19. Stange
TU Ex Eq
724 684 678
695 678 659
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Kajjers
Posted: Sun Apr 09, 2006 10:31 pm
If I'm reading this correctly you've acquired $14,200 in new credit lines in the past few months, but your objective is to increase your score. I'm not really sure that getting new secured credit cards is going to help your case much. I'd lay off a bit, and maybe count on credit line increases down the line.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Apr 10, 2006 12:09 am
I lose -7 (EQ)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: davej
Posted: Mon Apr 10, 2006 3:43 am
Looks like the bottom line is that you won't get hard inquiries, but your new secured accounts will shorten the average length of credit history and dent your score anyway (for a while at least)..., like what happened when you lost 20 pts as creditbuilder pointed out..
I agree with Kajjers here - on time payments will take you over 700 down the road, and going secured doesn't feel like the right strategy here...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: bullwinkle29
Posted: Mon Apr 10, 2006 9:01 am
dont worry about your score. in about 6 months w/on time payments, your score will rise. so dont worry about it. are you buying a house in the next month? no, then dont worry about it. just b/c your score went down a little, doesn't mean you have bad credit.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: gomirage
Posted: Mon Apr 10, 2006 4:28 pm
I am planning on taking out a home equity loan and I was worried about getting a good interest rate. but thank y all for your suggestions.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: creditmeiser46
Posted: Tue Apr 11, 2006 5:09 am
How soon do you need the home equity loan? If I were you, I'd use one of those free credit analyzers to predict your score around the time you want to get the E.L.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 2:06 PM
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