I have a few questions about the length of time to recover scores and settle my credit down after I recently went on a credit card application and new account binge. Previously my average credit history was about 42 months. Decent but not high credit limits for a total of 45k (75k if you include AU accounts)
1. Will 6 months be enough time to recover my scores? I have only had 3 of the 11 new accounts show up so the scores will drop further I know due to me being a risk (I plan to use a couple of the new lines of credit heavily to the tune of about 50k but pay them off completely within the next 6 months)
2. Would my scores benefit highly if I could add myself to a couple more of my parents’ old, high limit cards? I’m already on 2 AU accounts with them.
3. How long should I wait before letting anything other than soft inquiries back onto my credit at this point?
I want to buy a 2nd, 3rd, and 4th home over next 2 years and have the means to do it from my income and will have the appropriate down payments etc but wondering how long it’ll take me to get all 3 scores over 800…
The summary for recent inquiries that I got are as follows:
Equifax Inquiries – 6 inquiries resulting in 3 instant approvals 1 denial, and 2 not sure.
Went from 757 down to 737.
Transunion inquiries – 12 inquiries resulting in 5 instant approvals (4 new accounts plus CLI… BIG increases from bank of America from 3700 & 5100 limits to 7k and 15k limits)
Went from 816 to 791
Experian inquiries – 8 inquiries resulting 1 instant approval, a couple manual underwriter approvals and a couple accounts that are likely to be approved.
Went from 753 to 738
In all I’ve added following approved and more possibly to come…
10k Barclay’s credit card
20k Compass Bank personal credit card
35k Compass Bank business/personal LOC
21k lending club installment loan
20k Alliant credit union credit card
15k Fort Worth community credit union credit card
9k CLI from bank of America
3k CLI from bank of America
7.5k Penfed credit card
5k Penfed credit card
1k Amex plenti credit card
4.5k Walmart synchrony bank
3k Sam’s club synchrony bank
Any thoughts would be appreciated… I’m frankly new to this… I do need the credit over next 6 months for a project that I know I’ll be able to pay back over 6-8 months max… But I know I probably shouldn’t have done what I did!! I got about 150k in new credit lines when I just needed 50k.