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Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: 6 new accounts in 4 weeks, FICO down to....


illtakecreditforthat wrote:
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.

By the time I app'ed NFCU, Alliant, PenFed, CapOne and Discover were all fully reporting.....SO, NFCU didn't seem to mind those new accounts too bad, cause they were on the CR they pulled.

 

Makes me wonder what the results may have been if I hadn't had as many new accounts...would there have been a different outcome or CL????  I guess I'll never know :smileyhappy:

 

SMALLFRY - Yes, I am finished.....well sorta.  When I called in to see what my CL was after status said "approved" online, I allowed myself to get talked into them putting me in for the NavCheck.  One thing about their loan department, every time I call...."Mr. txjohn, can we interest you in a new auto or motor cycle loan....with your scores we can offer you our lowest rates."

 

"No thanks, don't need a new car and the wife would kill me if I brought home a street bike."  "Can we offer you our NavCheck LOC and overdraft protection.....blah, blah, blah..."  "Sure, okay.....why not."

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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
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: 6 new accounts in 4 weeks, FICO down to....

Congrats --only a 25-30 point drop; mine was way worse!

And it looks like in three months, you'll be back up to 5y0m for AAoA, so you'll probably see some improvement there, too.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: 6 new accounts in 4 weeks, FICO down to....


haulingthescoreup wrote:
Congrats --only a 25-30 point drop; mine was way worse!

And it looks like in three months, you'll be back up to 5y0m for AAoA, so you'll probably see some improvement there, too.

 

Hi hauling!  :smileyhappy:

 

So far the collateral damage hasn't been too bad.  However, the jury is still out to see what the final tally will be.  I have a few potential ups but also some more downs. 

 

What do you think it might result in:

 

POTENTIAL UPSIDE:

================

Current FICO has 4 CC balances reported, so paying off to only 1 small reported balance should be positive.

 

My AAoA could go back up in a few months past 5 years as it currently stands. 

 

So, the reduced number of balances should push up.  And 6 months age should too........but.......

 

POTENTIAL DOWNSIDE:

===================

Not all accounts are yet reported, so AAoA is going to take at least one more hit, possibly 3. 

 

Pertuity Direct has yet to report, but I am not sure they will report now that I am closing in on 2 months into the loan and 2nd payment. 

 

NFCU is not yet reporting the new Visa, AND I allowed them to run a NavCheck $15k app when they approved the Visa.  They were so enthusiastic and aggressive about wanting to offer me more loans that I said "okay" to Nav, although I declined the other offers.

 

 

 

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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
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: 6 new accounts in 4 weeks, FICO down to....

lol, sounds like you still have a drop or two to go, then.

I know that I lost 75 points on EX once all six new accounts reported, although it started coming back on up within several months. And the 2 additional little hiccup accounts I added didn't seem to do much. By then, I'd already slaughtered my AAoA.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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techman2008
Posts: 71
Registered: ‎10-25-2008
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Re: 6 new accounts in 4 weeks, FICO down to....

Great Post.  I got one new account within the last 5 months and thinking of getting one more account. 

 

 


Starting Score: TU 797 EQ 798 EX 774 10/26/2008
Current Score: TU 787 EQ 784 EX ??? 09/19/2010
Goal Score: 790


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Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: 6 new accounts in 4 weeks, FICO down to....


haulingthescoreup wrote:
lol, sounds like you still have a drop or two to go, then.

I know that I lost 75 points on EX once all six new accounts reported, although it started coming back on up within several months. And the 2 additional little hiccup accounts I added didn't seem to do much. By then, I'd already slaughtered my AAoA.

 

I'm just hoping to stay in the 760 plus range.  :smileyhappy:

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
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

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

I updated the OP with final results for those who asked me what the final "damage" was.

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
Valued Member
keninmiami
Posts: 47
Registered: ‎05-29-2009
0

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

  txjohn, You must have felt like a mountain climber to pull that off! Hats off you should really give lessons and teach a course at schools. OK after reading this entire post again I noticed that you stated Alliant pulled all 3 reports on you, is this correct? I thought after reading the Alliant post that they used Eq only? This has to be the best post on the entire internet as to what is possible!
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score_building
Posts: 3,577
Registered: ‎01-10-2008
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Re: 6 new accounts in 4 weeks, FICO down to....


keninmiami wrote:
  txjohn, You must have felt like a mountain climber to pull that off! Hats off you should really give lessons and teach a course at schools. OK after reading this entire post again I noticed that you stated Alliant pulled all 3 reports on you, is this correct? I thought after reading the Alliant post that they used Eq only? This has to be the best post on the entire internet as to what is possible!


he indicated that they pulled EQ only.

 

they only report to EX and EQ (not TU as he indicated)

 

i think i saw an update just recently on the alliant website about how they now report to all three- but my cbr still only shows them reporting to EQ and EX so far.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Valued Member
keninmiami
Posts: 47
Registered: ‎05-29-2009
0

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

   My bad, should have put those glasses on first! Thanks for the pointing that out, now it makes sense.

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