I signed up for an American Express preferred Blue card and got approved for a limit of $25,000. I have a 830 credit score. I realized that the places I shop don’t accept that card and you have to pay for it yearly so I canceled it.

Then I decided I was going to get a Costco Visa. Once I signed up the credit limit was only $5,000. So I canceled that one. So I stupidly signed up for a Wells Fargo Visa and that was $4,000.

Don’t leave yet and please don’t make fun of me but I’m not done being stupid. I decided I wanted a different American Express card and when I signed up for it the credit limit was $2,000 so I canceled that one.

Again I know I’m fucking stupid but how bad did I just fuck up my credit?

  • NigahigaYT@lemmy.worldEnglish
    35·
    7 days ago

    Yeah 4 credit cards in any short amount of time is going to send off the bureaus. To OP, what’s wrong with “only” $5,000 in credit? You know they’ll boost it after just a few months of timely payments, right?

    • partial_accumen@lemmy.world
      3·
      7 days ago

      You know they’ll boost it after just a few months of timely payments, right?

      Just to dismiss this myth. How many times you put charges on a credit card or how many payments you make has ZERO bearing on your credit score. The only thing you have to do is, when you have charges, pay on time. There isn’t even a measure for “you paid on time” there are negative measures of “you didn’t pay on time” though.

      FICO score is only 5 things and they aren’t a secret. Its published right on their website for all to see.

      source

    • dingus@lemmy.worldEnglish
      2·
      7 days ago

      Some card companies don’t boost it automatically. I had the same credit card for like 8 years. Always paid it off in full each month and used the card very often as it is my primary card. I had an incredibly low credit limit of like $1k and was hoping when in the world they would ever increase it since it had been literal years and years of frequent usage and on time payments.

      Yeah turns out I just had to ask and they increased it. Then only a few months later I asked for another increase and they increased it again to a much better number. So I mean it’s not automatic at all companies, but they seem pretty open to raising it if you pay on time like you said.