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OCP05

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my credit score dropped 41 points after applying for 2 credit cards? is that possible?
i only have one card with balance lower than 30% and one car loan. my score was a couple of points shy of excellent and i find it hard to believe that it was because of the two cards i applied for that it would drop so much!

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you said you applied for them....if you got approved it would crush your age of accounts history which would explain the drop otherwise you should have only lost a few points assuming evverything else remained the same

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OCP05

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Yes I was approved for both cards (chase and amex)

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Anything is possible.  Look at it this way you have 1 credit card, took out a loan for a car and now applied for 2 cards like that?  You lowered your avg age of accounts, had 2 hard inquiries.  I wouldn't have gone 2 inquiries at a time. Only 1. And if u were declined, wait a while for the 2nd inquiry. 

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Age of Credit History

The length and depth of your credit history is a significant component of your credit score.  If you got both cards, your Age of Credit History would have taken a good hit, along with the two hard inquires. 

Getting two cards at once makes it appear that you are in financial trouble and are looking for a way out.  They would rather lend to someone who do not need the funds, even though they make the most profits from those that do.

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