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?

  • snooggums@lemmy.worldEnglish
    91·
    6 days ago

    They dont want to loan you money if you are desperate for money, so they hit your score if you ask for too much too fast.

    Credit score is ‘who can we fleece for the most money’ so that checks out.

    • mosiacmango@lemm.ee
      7·
      6 days ago

      100%. It’s a coordinated judgement about who they can get to reliably make them a profit. “Pays the bills on time” is the biggest factor in your credit score.

      If you look at each of them (payment history, how much credit is open and not used, how long has the credit been open, how often have they asked for more credit recently, how many types of credit do they have i.e house/car/cc) they all have to do with figuring out if you will pay them.

      If the answer is yes, they will give you a giant whirlpool to spend. Once you have it you will likely make them a profit, because almost everyone does. Credit scores are just a way to tell if it’s worth hooking you on “easy” money.