Reply #57: If you've only started doing this, that's why it's 825

[LynneSin]

However, it's a long term thing. Things that loan officers will look for on loans is how many credit cards you have had and how many times you've applied for any sort of credit. The fact that you aren't a perfect 850 means there is something affecting your score. When I went for a pre-mortgage approval the first thing my loan officer asked was why about the dings on credit checks (They came from one of those online loan approvers and I had considered switching car insurance). She said I was fine for a loan, but recommended not opening up any new lines of credit or have any unnecessary credit checks until after I bought the house (Which I've put off for about 6 months now).

Everything that folks have said is true about opening up too many lines of credit but it may never affect you in the long run if you aren't looking to purchase a home in the next couple of years. You won't dip to 400 overnight, but you may notice a slight decrease in that score if you continue doing it.

On the brighter side, when credit card companies start noticing how you are quickly opening & closing accounts, they'll probably drop you off of their mailing lists. Believe it or not, they catch those things too!

And one final note - you've mentioned you're a retired person so enjoy yourself. This is just not something I would recommend to others especially those who are starting to build credit and may be looking into buying a home!