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Regular Contributor
obageegee
Posts: 224
Registered: ‎09-30-2012

74 point increase by Ex in 5 weeks?

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.



Starting Score: 530 - 2/12
Current Score: EX - 720 EQ - 714 TU-690 WM-720
Goal Score: 700+
App free since 9/10/13
Moderator
Shogun
Posts: 10,925
Registered: ‎04-15-2011

Re: 74 point increase by Ex in 5 weeks?

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


Starting Score: 504

Current Score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Valued Contributor
jsucool76
Posts: 2,768
Registered: ‎12-11-2011

Re: 74 point increase by Ex in 5 weeks?

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.
Wallet: Capital One Cash Rewards 3500CL, Wells Fargo Cash Back College Visa: 900CL, Paypal Smart Connect: 1286CL, Walmart Discover: 2000CL, UPromise Mastercard: 1000CL, Chase Slate: 500CL, Discover IT: 1500CL, Citi Forward: 1500CL, Bank Of America Student Travel Rewards: 700CL
Frequent Contributor
SwampSystems
Posts: 358
Registered: ‎06-25-2012

Re: 74 point increase by Ex in 5 weeks?

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.

Regular Contributor
obageegee
Posts: 224
Registered: ‎09-30-2012

Re: 74 point increase by Ex in 5 weeks?

[ Edited ]

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 :-)

 



Starting Score: 530 - 2/12
Current Score: EX - 720 EQ - 714 TU-690 WM-720
Goal Score: 700+
App free since 9/10/13
Regular Contributor
Tran92
Posts: 214
Registered: ‎09-25-2012

Re: 74 point increase by Ex in 5 weeks?

Don't get too happy since it's a FAKO score, but expect some increase.
TU 746 (10/13)
GOAL: 750+









Valued Contributor
thom02099
Posts: 1,286
Registered: ‎08-30-2011

Re: 74 point increase by Ex in 5 weeks?

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. 

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K / Wells Fargo Platinum Visa $7.5K / Home Depot $9.7K / Lowes $10K

EX = 765 EQ = 743 TU = 825 Mar/2014
Regular Contributor
obageegee
Posts: 224
Registered: ‎09-30-2012

Re: 74 point increase by Ex in 5 weeks?

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.



Starting Score: 530 - 2/12
Current Score: EX - 720 EQ - 714 TU-690 WM-720
Goal Score: 700+
App free since 9/10/13
Super Contributor
CS800
Posts: 6,542
Registered: ‎04-07-2008

Re: 74 point increase by Ex in 5 weeks?

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







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