6 ms·
Doesn't opening that many accounts every year hurt your credit score?
by neonhomer 7y ago
Doesn't opening that many accounts every year hurt your credit score?
- tempsy 7y agoA little bit but not substantially (I have a 760+ score as of today). The effect goes away after a few months. Plus I pay them off immediately.
- bitxbitxbitcoin 7y agoOnly to a certain extent. It's largely outweighed by the amount of benefit your credit score is receiving by eventually having multiple aged accounts. What the OP is describing is essentially a way for people to trade points from their credit score (provided people are at a level of disposable income to start playing this game) for straight up cash or loyalty points.
- chronic84920 7y ago> Doesn't opening that many accounts every year hurt your credit score? Yes. However, you'll still be in the 80th+ percentile of credit scores. Additionally, the number of applications you've made contribute only around 10% to your credit score.