Originally Posted by
Cana2013
If you always pay on time, your score will go back to the original level in just 3 months.
If you want to get close to 800 credit score, you have to have more than 3 credit cards.
I really hope that this information is posted here in good faith, but it is grossly wrong.
Applying for another credit card affects your credit history and scoring in multiple ways, and will affect EQ and TU differently as their algorithms differ and nobody knows precisely what they are.
I can however state for a fact that the number of credit lines you have available, your ratio of used debt, the number of credit lines of less than two years and average age of accounts are all factors which will be shifted by a new application in addition to the score hit for a hard inquiry.
I play the games, enjoy it and encourage others, my EQ score is now rated as good and has fallen significantly despite lifetime perfect payments, TU still rates Excellent and has barely moved. There are lots of benefits from churning cards, and with a very good profession and income I am happy to do so and have informed others of the benefits, but it is completely wrong to simplify the process to a -3 points recovered in x months formula.