Author Topic: Credit Score Hit  (Read 3172 times)

Offline john

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Sep 2011
  • Posts: 274
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Programs: United 1K
Credit Score Hit
« on: September 01, 2011, 01:19:59 PM »
I am sorry, if I am repeting this issue again. however after searching through, didnt get exact answer, that I am looking for, hence posting this issue.

I just started with applying for reward credit card. never did it before. Applied for BA - Chase. got instant approval - 20K limit. did required spent.  got 100K miles. Called them and canceled after got miles in account. didnt get $95 back, as I called after 62 days, little over 60. they didnt prorate fees as well. Applied for Chase preferred. didnt get instant approval like Chase BA just on second card in few months from Chase. they left me a voicemail. I called them back. after few questions for verification. approved it with 5K limit. right now going thru to get required spend. requested them SVG code for 50+50 match with SM as well as phone. they didnt do it. Canceled 3 old time regular cards to free credit limit. applied for Citi Personal VISA. Insttant approval - 20K limit. card has not arrived yet. will verify that it has 75K miles for spend of $1500 within 6 months, as application didnt mention it.

Now my question is this. I had credit score of 750-760 before I started all this.
1. How much this 3 application and 4 cancellation (1 BA, which was applied few months back and 3 old cards) would have affected my score.?
2. Can I continue this activity or should take a pause for now?
3. if suggestion is to take a pause, for how long?
4. I am not in market for mortgage or car loan right now.

Offline Side incomer

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2011
  • Posts: 3507
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: Credit Score Hit
« Reply #1 on: September 01, 2011, 02:13:58 PM »
I
1. How much this 3 application and 4 cancellation (1 BA, which was applied few months back and 3 old cards) would have affected my score.?
2. Can I continue this activity or should take a pause for now?
3. if suggestion is to take a pause, for how long?
4. I am not in market for mortgage or car loan right now.
1. check out your credit score at one of the free places.
2. next time do some smarter steps. like doing 3 browser methods, or moving the line of credit by chase from one account to another and cancel like this.
3. no reason to pause, unless you keep on going the wrong track.
Side income is the most solid income... בדוק ומנוסה

Offline john

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Sep 2011
  • Posts: 274
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Programs: United 1K
Re: Credit Score Hit
« Reply #2 on: September 01, 2011, 03:17:24 PM »
So transferring credit and not actually cancelling a credit card is as good as cancelling? it will not hit credit report for cancelling?

Offline TC610

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Mar 2010
  • Posts: 757
  • Total likes: 2
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Credit Score Hit
« Reply #3 on: September 01, 2011, 03:51:23 PM »
1. check out your credit score at one of the free places.

Typically the score you get from the "free places" is not your true FICO score and is based on a different scale altogether.  Those sites use their own proprietary scoring models based upon information in your credit report.  Be sure that you are getting the real FICO score and not some self-branded product (i.e. VantageScore or something like that).

Edit: Removed some redundancy from my redundant statement.

Offline TC610

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Mar 2010
  • Posts: 757
  • Total likes: 2
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Credit Score Hit
« Reply #4 on: September 01, 2011, 03:51:51 PM »
So transferring credit and not actually cancelling a credit card is as good as cancelling? it will not hit credit report for cancelling?

There's a pretty good article here which should answer most of your questions:
http://www.dansdeals.com/archives/15735