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Question By
quetpye21

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How bad will 9 inquiries be within a two month period?
I recently have improved my score tremendously and decided to apply for some CC since I did not have any. Well, I ended up doing about 8-10 CC inquiries, and got approved for them all but how bad will my score be? I have been following here and myfico profile and thus far, only down 4 points as some were with the same company.

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Good question.  I am going through the same scenario.  My score shot up after a lawsuit win against a company that violated the FCRA; resulted in cleanup by sued company.  FICO score is at 755.  I opened 5 new cards in the last two days - but it came to a total of about a CL of 30K for the 5 cards.  I know this is going to probably have a big impact on my score, but your news is reassuring.

I opened the new cards because all agengies were screaming that I needed more revolving accounts.  I might have overshot with 5. Quesitons;

- What did you do to "dramatically" increase your credit score?

- How much available credit did you add?  

- Over what time period did you add 8-10 cards?

- What duration has transpired since you opened the accounts and your current drop of 2 pts?

I am guessing the biggest concern will be the average age of accounts being drastically impacted by the new additions. 

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Impact

BTW,

I subscribe to myfico.com monthly service and I *just* received alerts that my score has changed.  I logged into the site and I took a hit from Equifax.  I was at 766 and now I am at 759.  I see the following pulls;

Chase | Discover Bank | Citibank  - Two of my cards were Chase, so I am not sure if I am going to get hit again since I did 1 chase on the 9th and one today - Hopefully I will just get dinged for 1.  Anyway, that accounts for 3 of the 5 pulls I had.  I can live with a 7 or even 10+ point decrease.  I am more worried about how the overall picture is going to change when the new accounts are added and it impacts the average age of accounts.

I believe you stated you were following with creditkarma.com.  I am not sure for how long, but I think myfico.com is going to be more accurate, especially since they are sending me alerts as a paying member - and it looks like those alerts come in 1 day behind my activity.

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