Originally Posted by
thehawk75
Interesting, I never tried. Maybe I'll give this one a shot now.
Now funny thing is, since I've started churning (past 14 months) my credit score has definitely gone down by 50-60 points (depending on who's credit monitoring service I take the free 30 day trial on just so I can see my report).
I always thought that new accounts only mattered for like 10% of your score. All else being equal, I'm surprised that it would have that much of an effect considering I have large unused and old credit lines, with naturally a history of on time payment, and never a day late.
There are no set-formulas. However, it seems the fico is very dependent to how "deep" is your credit history. If you have had a very long credit history, even if you dont have the old accounts any more, as long as your payment history and utilization ratio are sterling, rapid turning of cards or having cc being the only type of credit granted, does not seem to affect your fico much. However, if your credit history is less than a decade old, it seems the fico is much easier affected by rapid turnover. This is just based on observations from self and friends situation.