topic Re: 74 point increase by Ex in 5 weeks? in Credit Cards

74 point increase by Ex in 5 weeks?

obageegee — Mon, 08 Oct 2012 00:37:44 GMT

I signed up for Experian's credit monitoring (whatever they call it this week) system about 18 months ago. I was cruising along with 4 cards and no real change to my CR. I recently opened 4 new accounts, Walmart, Amazon, Cabelas and Macy's. Within the past 5 weeks my score has gone up 74 points on Ex. Is that normal? I intend to garden for a while since this is probably going to screw up my AAoA but i'm getting closer to my low 700's goal.

Re: 74 point increase by Ex in 5 weeks?

Shogun — Mon, 08 Oct 2012 00:39:05 GMT

It's a FAKO, but still that's a heck of an increase. Was this your first revolving accounts? Anyway, wow! Congrats!

Re: 74 point increase by Ex in 5 weeks?

jsucool76 — Mon, 08 Oct 2012 00:40:21 GMT

That score isnt a FICO since EX blocked consumer access to their scores, your score may have increased some, but I wouldn't depend on that score solely.

Re: 74 point increase by Ex in 5 weeks?

SwampSystems — Mon, 08 Oct 2012 00:41:09 GMT

30 percent of your credit score is determined by revolving utilization. Having 4 new cards may have dropped your utilization significantly, giving you the boost.

Re: 74 point increase by Ex in 5 weeks?

obageegee — Mon, 08 Oct 2012 01:25:04 GMT

I would have to say that's it, utilization. Going to have to resist the urge to go on an app spree and stay in the garden for a while :-)

Re: 74 point increase by Ex in 5 weeks?

Tran92 — Mon, 08 Oct 2012 10:09:09 GMT

Don't get too happy since it's a FAKO score, but expect some increase.

Re: 74 point increase by Ex in 5 weeks?

thom02099 — Mon, 08 Oct 2012 11:50:35 GMT

Even though it is an EX FAKO score, it does indicate TRENDS, as most scoring does, whether real or fake. You're trending upward, and that's a good thing. Have you checked your scores here, the TU and EQ scores as well, to see if there is a corresponding increase with those scores? Even though we usually take a minor ding for new accounts (usually 5 pt ding per account), like others have said, the utilization is very important. Depending on your CL on the cards, that could be significant.

Re: 74 point increase by Ex in 5 weeks?

obageegee — Mon, 08 Oct 2012 12:43:42 GMT

Walmart-$1000, Amazon-$1500, Cabelas-$1500 and Macy's-$300. Only touched the Amazon and the Cabelas for minimal amounts since I got them. Yes my utilization went way down.

Re: 74 point increase by Ex in 5 weeks?

CS800 — Mon, 08 Oct 2012 13:50:21 GMT

Nice increase but as others have said it's a FAKO. My EX FAKO is 87 points higher than my FICO