Originally Posted by awake_at_midnight
New accounts and inquiries are only 10% of your fico score. It can drop you at most 80 points or so. However, if you have short credit history or other blemishes on your credit such as high-credit card balances or late payments, this could make things worse. I have opened and closed several accounts lately. My score stays around 770 to 790. I do not have any credit blemishes and have reported credit card balances of less than 10% of my reported credit (on every card).
That is what I thought, but:
Originally Posted by drbond
If you are young or have any negatives or are relatively limited or have a score under 780 then you will be headed downhill fast. It may even result in horrible credit in the near future and no ability to buy anything significant for many years of no applications.
Note that she/he states
or and not
and. That post worries me a bit becuase I fit into the young category and my score is only in the very low 700s/690ish, but I have never had any credit issues and I have no debt.