3 ms·
Not really. Because of the rules to generate the score (see Credit Karma etc) the effects of a new card mostly balance each other out if you have an old enough
by ethbro 8y ago
Not really. Because of the rules to generate the score (see Credit Karma etc) the effects of a new card mostly balance each other out if you have an old enough average age of credit. On the order of -150 pts for a few months.
The only really valid question for point hacking is, "Are you planning to do anything with your credit score in the next 6 months?"
Decreases credit score: Decreases average age of credit
Increases credit score: Increases total number of credit accounts, decreases utilization rate vs total credit
The main barrier to doing this is single-card limits at certain banks (e.g. Chase's "No more than x new cards in y months").
- loeg 8y agoNot even close to -150 in my experience, hah. And Chase's 5/24 rule only includes personal cards; many people on HN may consult or otherwise have a business, and business cards don't count. Even sole proprietors (which is you, if you have a SSN) can get business cards.
- ethbro 8y agoI gave a ceiling number, as someone asking likely wouldn't have an optimized card portfolio for bonuses. Worst case, they're pulling their second card, where it could easily have a 150 pt impact. Last I heard, the Chase rule is a lot more nuanced than that with business cards. And if you're at 5/24, you'll be turned down for a new Chase business card as well.