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Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

9 new accounts in 6 weeks, FICO down to....

[ Edited ]

UPDATED FINAL TALLY 06-03-2009:  Have had lots of people ask what my new "adjusted" FICO is since app'ing and adding multiple new accounts.  So, as promised here are the final results.

 

April 5 - May 15, 2009 I app'ed and added 9 new accounts to my portfolio.

 

$25k  Pertuity Direct Personal Loan    (doesn't report to CRA's)

$10k  Alliant CU Platinum Visa     (pulled EQ, reports TU & EX)

$10k  PenFed CU Platinum Reward Visa     (pulled EQ, reports all 3)

$15k  Juniper Business MC    (doesn't report to personal CR)  (pulled TU, reports all 3)

$  3k  Capital One Rewards Professional Ultra MC     (pulled TU & EX, reports all 3)

$  2k  Discover    (reports all 3)

$25k  NFCU Cash Rewards Visa    (pulled EQ, reports all 3)

$15k  NFCU NAVCheck LOC (pulled EQ again, reports all 3)

$6k    Billmelater at Rooms to Go    (pulled EQ, doesn't report to CRA's)

 

My FICO scores at the beginning of this app spree was:

 

TU:  814

EQ: 810

EX:  781 in February 09, but should have improved by time app'ed with CapOne error being fixed.

 

RESULTS:

All accounts are now reporting except those that I marked as not reporting to personal CR.  Scores this morning were:

 

TU:  779   (a total FICO drop of 35 points)

EQ: 782   (a total FICO drop of 28 points)

 

This is with all accounts reporting, zero balances except 1 account at $853. 

 

I am quite amazed that my score didn't take more of a hit.  I had expected to lose 50 or more points when all had settled and reported, so I am pleasantly surprised by the rather minor reduction in scores. 

 

FICO Simulator says that I could hit 800's in 3 to 6 months by paying the $250 per month reduction on balances over next 3 months or $125 per month for next 6 months, shows potential range of 784 - 824, so 800 possible this year though my experience is that my scores are generally in the bottom half of the "range" the simulator and estimator provide.  Paying my bills on time and reducing debt 90 to 100% over next 24 months shows about the same potential score range as paying my debt down over next 3 to 6 months.

 

FAQ:

 

AAoA prior to apps:  5 yrs 8 mos

AAoA now:  3 yrs 11 mos

Oldest Account:  20 yrs 6 mos

Derogs:  none

Inquiries at time of apps:  none

Inquiries Now:  EQ  8 (NFCU 4, PenFed 2, Alliant 1, Billmelater 1); TU 4 (Barclays 1, CapOne 1, Discover 1, Tenancy Check 1); EX 3 (Pertuity Direct 1, CapOne 1, Barclays 1)

Newest account at time of apps:  1.5 yrs, but all others 3 yrs or more

Mortgage: none

Auto:  1 current approx $18k, 3 previous closed/paid as agreed.

Revolving Utilization:  <1%

Installment Ratio:  80% of original balance

Number of balances:  2 (1 cc, 1 auto)

Previous CC TL's:

Macy's Credit Card, 20 years, $1k
Macy's (originally Bon Marche) Major Purchase Account, 20 years, $1.5k
Amalgamated MC, 4 years, $15k, closed by consumer $0 balance
BoA Visa, 3.5 years, $10k
CapOne, 3.5 years, $1k
Chase, 3.5 years, $3.5k
HSBC, 1.5 years, $750

Other previous TL's

Drive Financial, Auto, 1.5 years, $18k, $22k original
Ford Auto, paid/closed, $35k
Roadloans Auto, paid/closed, $22k
BoA Auto, paid/closed, $29k

All other credit was Bus Credit and not personally reported.
Message Edited by txjohn on 06-04-2009 10:12 AM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Valued Contributor
bunnyrabbit
Posts: 1,413
Registered: ‎01-20-2008

Re: 6 new accounts in 4 weeks, FICO down to....

 

 

 

 

 


txjohn wrote:

Have had lots of people ask what my new "adjusted" FICO is since app'ing and adding multiple new accounts.  So, as promised here are the preliminary results.

 

April 5 - May 1, 2009 I app'ed and added six new accounts to my credit portfolio.

 

$25k  Pertuity Direct Personal Loan 

$10k  Alliant CU Platinum Visa

$10k  PenFed CU Platinum Reward Visa

$15k  Juniper Business MC

$  3k  Capital One Rewards Professional Ultra MC

$  2k  Discover Escape (PC'd to More)

$25k  NFCU Cash Rewards Visa

 

My FICO scores at the beginning of this app spree was:

 

TU: 814

EQ: 810

EX:  781 in February, but should have improved by time app'ed

 

RESULTS:

All accounts are now reporting except Pertuity Direct (not sure if they will report) and NFCU.  Scores this morning were:

 

TU:  789

EQ: 782

 


 

 

 txjohn,  your scores are still GREAT!!   I wish I can have that much high CL and score ....   I start to build my credit history and score about 5 yrs a go, and my highest CL is 8.6k with my little income.  My target of CL is 10k one day.

 

When I applied to NFCU Cash Rewards, they pulled EQ.

 

 

 

 

 

 

 

 

 

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Senior Contributor
score_building
Posts: 3,465
Registered: ‎01-10-2008

Re: 6 new accounts in 4 weeks, FICO down to....

wow txjohn- it appears you've almost completed a v. impressive and incredibly well conceived journey (though i guess maintaining is a lifetime endeavor overall) and you've held on to your nose bleed scores to boot, hats off to ya!

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (WALMART)
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: 6 new accounts in 4 weeks, FICO down to....

[ Edited ]

Yeah, just a short 11 year journey :smileytongue:

 

The return "to grace" is a long, slow one.  And I don't ever want to repeat that journey again.  In much of life, it is the journey that counts, not the destination.  In this case, while I can appreciate the journey required, I plan to take up residency at the destination and grow some very deep roots here!  :smileyvery-happy:

 

To any who are just beginning this journey, do not give up, do not procrastinate, stayed focus and enjoy the small successes and milestones along the way!

 

 

The Lord grants patience to all...though it does seem to take a very long time for some reason :smileytongue:

Message Edited by txjohn on 05-08-2009 07:12 AM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Established Contributor
Itsmeagain
Posts: 832
Registered: ‎01-16-2008

Re: 6 new accounts in 4 weeks, FICO down to....


txjohn wrote:

 The Lord grants patience to all...though it does seem to take a very long time for some reason :smileytongue:


And don't forget . . . Experience is what you get when you don't get what you want . . . :smileyhappy:


Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


Take the FICO Fitness Challenge
Established Member
tealwynd
Posts: 22
Registered: ‎04-22-2009

Re: 6 new accounts in 4 weeks, FICO down to....

Congrats on getting to where you wanted!

 

I wish these forums existed when I made my credit mistakes in the past. It probably would have meant a much faster recovery. I finally reached the 700s on TU and EQ (no idea what EX is), partially helped by being an AU on two of DH accounts. However, I've been trying to "replace" my Capital One cards that I opened when my scores were in the doldrums. Unfortunately these are some of my oldest open TLs, and as of yet I've had no luck, even with the backdoor numbers, convincing them to waive the AF and lower the APR. From my understanding from the forums, it is probably better for me to eat the AF and sock drawer these, rather than to close them. I'm guessing my scores have dropped temporarily due to recent new accounts/inquiries so I think my plan for now is sit tight on what I have and work on reducing my utilization.I really would love to be rid of these Capital One cards though :smileysad:

 

Senior Contributor
score_building
Posts: 3,465
Registered: ‎01-10-2008

Re: 6 new accounts in 4 weeks, FICO down to....


tealwynd wrote:

Congrats on getting to where you wanted!

 

I wish these forums existed when I made my credit mistakes in the past. It probably would have meant a much faster recovery. I finally reached the 700s on TU and EQ (no idea what EX is), partially helped by being an AU on two of DH accounts. However, I've been trying to "replace" my Capital One cards that I opened when my scores were in the doldrums. Unfortunately these are some of my oldest open TLs, and as of yet I've had no luck, even with the backdoor numbers, convincing them to waive the AF and lower the APR. From my understanding from the forums, it is probably better for me to eat the AF and sock drawer these, rather than to close them. I'm guessing my scores have dropped temporarily due to recent new accounts/inquiries so I think my plan for now is sit tight on what I have and work on reducing my utilization.I really would love to be rid of these Capital One cards though :smileysad:

 


 

don't give up on changing to better terms with cap1.  it took me several requests b4 i had any progress.  right now they are not making any downward rate changes and are only offering clis on a v. limited basis until further notice according to a LO i spoke to this week.

 

they may rebound from this tightening policy and grant your request in a few weeks/ months

i am not recommending you keep fee cards unless you have a compelling reason and for me age is something to be considered.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (WALMART)
Frequent Contributor
74king
Posts: 403
Registered: ‎04-08-2009

Re: 6 new accounts in 4 weeks, FICO down to....

Impressive txjohn......Impressive indeed.:smileywink: 

 

Thanks for sharing these stats

Equifax 787, TransUnion 793, Experian ? FAKO--> Who Cares
Frequent Contributor
illtakecreditforthat
Posts: 320
Registered: ‎05-03-2009

Re: 6 new accounts in 4 weeks, FICO down to....

txjohn - great accomplishment.  Could your success in achieving high CL with new cards be partially attributed to the fact that CCC's were not aware of other new accounts b/c they had not hit your CR.  FYI, I obtained 2 great auto loans within 2 weeks of each other b/c neither had hit my CR when the other loan was approved.
I want PATIENCE...and I want it NOW
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: 6 new accounts in 4 weeks, FICO down to....

So the AAofA only took a 1 year hit. Not too bad at all. I imagine you are done? 

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