Related Posts
Conversation Starter
More Posts
Bowl Leader
Conversation Starter
Additional Posts in Consulting
anyone here do UX Design or Customer Success?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Chief
6 is nothing. *insert “you gotta pump those numbers up” meme.
I’m at about 12 open, and my spouse has at least 8. She moved back under 5/24, so....she will have another soon. Waiting another month or so when she’ll become eligible for a Chase Sapphire.
Pro
Short-term: hard queries and a lower average credit age may reduce your score
Long-term: will only benefit your score. Just make sure they don't automatically close due to inactivity
Never if you pay them in full always. In the short term, it’ll bring down your score but in the long term it’s more good than bad.
To be clear I never carry a balance unless it’s 0 APR. Currently 27 with 750 credit
Actually a good thing if you pay them in full on time
Went on a credit card bonus spree for a year and opened up like 5 cards in a year in addition to refinancing mortgage and student loans. Never carried a balance, paid for a vacation with points, and got like 700 bucks in cash signing bonuses...but my credit score dropped about 50-60 points below my 800+ score. Waiting out the clock until the 2 yr threshold passes up for all those hard inquiries. Was it worth it? Shoot, I don’t know. Probably not though.
Chief
Did it cost you anything tho? Sounds like all major purchases were behind you at that point. Also not sure how big of an impact on your interest rates that would make, assuming you stayed above 750.
Rising Star
Opening a card only hurts your score short term for two reasons. 1) hard inquiry and 2) it reduces your average length of credit history. Not a huge deal if you open a card or two. If you open ten new cards and you have a long credit history and excellent credit it might do more damage. In general though, having bigger credit limit in revolving credit is a good thing as utilization is another factor in your score - the lower the better, so having a bigger denominator helps but you don’t need to open a new line of credit to increase your denominator, you can just periodically ask for a bigger limit with your current accounts...