Effect of Credit Cards on Credit Report

[PraiseCanada]

Hey,
Has anyone ever had bad experiences with their credit reports from signing up for too many credit cards?
Does it have any effect, negative or otherwise?

[AJK]

There will be a slight dip based on the hard inquiry/inquiries, but the score will more than rebound with reduced utilization, increased # of accounts, and eventually, older accounts.

[creditor]

There will be a slight dip based on the hard inquiry/inquiries, but the score will more than rebound with reduced utilization, increased # of accounts, and eventually, older accounts.

+1
also as soon as the cards/accounts start reporting there will be another dip as well. but only a slight one and for short term

[meshugener]

Just wondering: why does the freedom, UAMPE, Slate show up on the CR as 'credit card' type, and the Sapphire and the SP are categorized under 'flex spending'? What's that?

[AJK]

IIRC the latter are NPSL cards, and no limit is reported.

(Having said that, I thought Chase changed their reporting on that, but I guess not...)

[meshugener]

Not true, sir. It does have a spending limit + they report that limit, but still: type of loan = flex spending. Funny.

[123ablack]

There will be a slight dip based on the hard inquiry/inquiries, but the score will more than rebound with reduced utilization, increased # of accounts, and eventually, older accounts.

Maybe true in terms of utilization ratio but might hurt in terms of inquiries and "average account age" which gets reduced with each card added to your CR.

[oldguy]

Maybe true in terms of utilization ratio but might hurt in terms of inquiries and "average account age" which gets reduced with each card added to your CR.

That's what happened to my credit report and because of that i got A/A'd by chase.

[123ablack]

That's what happened to my credit report and because of that i got A/A'd by chase.

Was your case tied to average account age?

[oldguy]

Was your case tied to average account age?

They told me it's because of how many card's i opened in the past 12 months and that i didn't have so many in the last 7 years of my CR in other words average account age.

[AJK]

Maybe true in terms of utilization ratio but might hurt in terms of inquiries and "average account age" which gets reduced with each card added to your CR.

...which is why I said "eventually."

[txtmax4]

They told me it's because of how many card's i opened in the past 12 months and that i didn't have so many in the last 7 years of my CR in other words average account age.

IMO, that has nothing to do with average account age, it's just that they saw the drastic change of behavior and got scared that you are high risk.