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Eric, Financial Manager
Category: Finance
Satisfied Customers: 559
Experience:  Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.
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My credit score is 690. In December it was 663. I applied for

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My credit score is 690. In December it was 663. I applied for 10 credit cards and got accepted on about 7 of them. I was approved for about 4K in credit between stores like Macys, Best Buy electronics, Costco, of this moment I have TWELVE hard inquiries...

Because my credit went up, this is so exciting to me because well....its almost to 700 and thats a good sign that im in the right direction.

My questions are:
1. If any of these stores raise my credit, will the store go up?
(Ive spent hundreds on each of them, and then paid them all off as of this moment)

2. When is the soonest I should re-apply to new companies? I'd like to boost my score even more...however...with all of my hard inquiries...even though my credit has boosted quite a bit and isnt a completely bad score at all...would I be denied by new companies or would new companies be glad to take me on? Even for a hundred or two, etc....?

Currently my highest amount of credit is $600...
Im excited to boost my credit but I dont want to jump ahead of myself...however Im very compulsive and dont know if I should try a few places....and if two places reject me, quit at that? All advice is greatly appreciated. Thanks! ~Sandra

Eric :

I appreciate the opportunity to help!

Eric :

Hello Sandra...while you have the right idea about building new credit history, there is sucha thing as too much too soon...Yo need to slow down at this point as addingmore different credit lines is going to be veiwed as bad. You have too many already and that be a negative. The more open credit you have like this, it appears you may be out of control and it really doesn't matter what your score is. Hard inquiries will also affect your score and the amount of open credit lines.

Eric :

There are five categories that go into your credit score:

  • Payment History – 35%

  • Total Amounts Owed – 30%

  • Length of Credit History – 15%

  • New Credit – 10%

  • Type of Credit in Use – 10%

As you can see, the bulk of your credit score comes from your payment history and the total amounts that you owe. This means late payments and high balances have the greatest impact on your overall score. But too much new credit and type of credit (revolving/credit card) will affect it too...

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