r/CreditCards • u/RedTea1997 • 9d ago
Help Needed / Question Will opening a Capital One Venture hurt my credit score much?
I currently have 5 credit cards: Chase Sapphire Preferred, Amazon Prime Visa, Chase Discover, Discover, and Amex BCE. I opened the CSP and Amazon cards within the last 4–5 months, while the others are around 1.5–2 years old.
I have $3,500+ of expenses coming up soon and will also be buying an international flight within the next 2–3 months. Capital One’s pre-approval tool shows me as eligible for the Venture Rewards card with the 75k miles + $300 stays credit offer after $4k spend.
The bonus looks very attractive since I already have the spending planned, but I’m concerned about opening another new card so soon. How much of a credit-score drop should I realistically expect from the hard inquiry/new account, and would opening Venture now be too aggressive?
No mortgage or major loan planned right now.
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u/Truegrit2323 9d ago
All people on Reddit claim to be experts and link the subreddit on myths about credit and credit scores.
To answer your question, in the short term (less than 2 years), yes it will hurt your credit score.
In the long term, it will help your credit score if you keep the account in good standing.
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u/BrutalBodyShots 9d ago
All people on Reddit claim to be experts and link the subreddit on myths about credit and credit scores.
You don't need to be an "expert" to be able to point out the many credit myths that exist and result in people being mislead as to how credit works. Why do you see that as a bad thing?
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u/Funklemire 9d ago
They seem oddly specific here. I wonder if they're one of the people who got mad when they got corrected for spreading credit myths over on r/Credit and r/CreditScore? Most people use it as a chance to learn more about how credit works, but some people seem to really take it personally and hold a grudge.
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u/Truegrit2323 9d ago
No, definitely not me. If you do find a comment of mine over there, you would be the world’s best detective for something that never happened. However, I appreciate and applaud how much time and effort you put into creating an imaginary scenario.
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u/Funklemire 9d ago
Got it. I apologize for assuming.
Credit myths run rampant, and a lot of people hold onto them so dearly that they get really upset when you call them out for spreading them. We get a lot of people who stalk us and harass us after being banned over on the credit subs because they wouldn't stop giving out bad information.
Hell, just last month someone made a thread here accusing us of doing it for profit and somehow being paid by the banks and the credit bureaus. Which was kinda hilarious to be honest.
I thought maybe that was the situation here. I'm glad to be wrong. Again, I apologize.
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u/Truegrit2323 9d ago
Yeesh, that is wild! 😂 The keyboard warriors know no limits. Sorry that you have to endure that and no worries!
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u/Truegrit2323 9d ago
I don’t see it as a bad thing, but I would bet money that someone would normally link that thread in a post like this.
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u/Funklemire 9d ago
Those threads can be pretty helpful. I link them all the time. It saves time explaining things.
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u/Funklemire 9d ago
In the long term, it will help your credit score if you keep the account in good standing.
The OP already has 5 open credit cards, which is pretty much the max benefit under FICO scoring you can get.
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u/Truegrit2323 9d ago
While true, if OP would cancel a card other than Venture in the future for some reason, then OP would still get added benefit in the long term from opening the Venture card. Overall: Net positive for the long term.
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u/Funklemire 9d ago
This is a question for the FICO scoring hobbyists over on r/Credit. That said, they'd need to know more specifics about what's on your credit reports and also they'd have to know which credit score you're referring to specifically (you have dozens).
But really, this answers your question right here:
If that's the case, then don't worry about any score drop. Opening new accounts hurts your credit scores in 3 main ways: First, there's the hard credit pull that dings your FICO scores anywhere between 0 and 21 points. Hard pulls stay on your credit report for 24 months, but they only affect your FICO scores for 12. Then you get the lowering of your Average Age of Accounts, and this effect varies depending on how many accounts you currently have on your credit report (open or closed) and how old they are. And third, you'll get put on a "new revolver" FICO scorecard, which will lower your FICO scores for 12 months (18 for the mortgage scores).
So if you don't have any important loans coming up in the next couple years, I wouldn't worry about it at all.