10-07-2012 05:37 PM
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.
10-07-2012 05:39 PM
It's a FAKO, but still that's a heck of an increase. Was this your first revolving accounts? Anyway, wow! Congrats!
10-07-2012 05:40 PM
10-07-2012 05:41 PM
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.
10-07-2012 06:24 PM - edited 10-07-2012 06:25 PM
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 :-)
10-08-2012 04:50 AM
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.
10-08-2012 05:43 AM
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.
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