cancel
Showing results for 
Search instead for 
Did you mean: 

Added too many accounts....score worse than someone that doesn't pay their bills.

tag
Anonymous
Not applicable

Added too many accounts....score worse than someone that doesn't pay their bills.

Seemingly confused here. Started rebuilding middle of last year and my scores were high 600's quickly after I removed all negativity and added a few cap one accents and first premier.

Since I began I've been nothing but paid to perfection but I have take. Out 16 accounts since. My last account being lowes just dropped my scores by 45 points each via ck. My scores are 542 tu and 518 efx.

Uti is about ten % or less payment history is golden, no delenquincy or judgements or deogs.

Can I exit this to shoot back up rather quickly? This just seems like a dumb penalty.
Message 1 of 44
43 REPLIES 43
Anonymous
Not applicable

Re: Added too many accounts....score worse than someone that doesn't pay their bills.


@Anonymous wrote:
Seemingly confused here. Started rebuilding middle of last year and my scores were high 600's quickly after I removed all negativity and added a few cap one accents and first premier.

Since I began I've been nothing but paid to perfection but I have take. Out 16 accounts since. My last account being lowes just dropped my scores by 45 points each via ck. My scores are 542 tu and 518 efx.

Uti is about ten % or less payment history is golden, no delenquincy or judgements or deogs.

Can I exit this to shoot back up rather quickly? This just seems like a dumb penalty.

Has anything else happened?  How many INQs do you have?  What is you true FICO scores.  CK is good for keeping track of reporting issues, but as for scoring, Vantage scoring is not what most banks look at.  I have opened more than 20 accounts this year and closed several and initialy more scores have taken a hit, but have bounced back.  CCT offers a 7 day trial for $1 which will give you your 3 FICO scores and you can end it before the 7th day.  If you scores were truly in the 500s, Lowes would not approved you. 

Message 2 of 44
Anonymous
Not applicable

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

i literally get apprroved for almost everything i apply for.....i will do this free trial. yes a lot of inq (18 or 19) for extra savings for christmas the last 3 months. ive gotten approved for almost all of them though. 

Message 3 of 44
Anonymous
Not applicable

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

Vantage heavily penalizes new accounts on thin files. Fico less so because it has a minimum aaoa. Don't sweat it.
Message 4 of 44
elim
Senior Contributor

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

i'm fairly sure you can add a ton of accounts and your FICO score will not got from high 600's to mid 500's for that reason alone.  something else is up or you are looking at Vantage 3 (or other) score.

 

how many accounts do you have?

 

there are posters here that add 20+ store cards at once and never get hit like that.

Message 5 of 44
Anonymous
Not applicable

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

it was a credit carma alert and it went down 45 points on both scores for lowed adding. i did the free trial at cct and it is saying 580, some one tell me how to read this? or to see all the scores?

Message 6 of 44
Anonymous
Not applicable

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

580, 630, and 601 are my plus scores from CCT..................... my accounts are: cap1 QS1, cap1QS1, first premier, wellsfargl retail (ashleys furniture store card), express, victoria secret, kohls, lowes, walmart, BR, barclays rewars, kay, onemain financial (to get an installment on my mix), a closed zales, AU on a 2 year on chase account with perfect histroy and 0 uti..................21 inq, 0 lates. credit is very new. any good plans of attack here? im at 20% uti, nothing maxed. the 2 cap one accounts i pay off monthly they are 1k. barclays also monthly 500. 



i appreciate any help. i wish i could screenshot because im not the best at credit vbut i can hold my own.....this just makes no sense. i guess these plus scores are better but what is the different with those and the regular scores?

Message 7 of 44
takeshi74
Senior Contributor

Re: Added too many accounts....score worse than someone that doesn't pay their bills.


@Anonymous wrote:
This just seems like a dumb penalty.

Then you need to read up more.  Credit seeking activity, depending on one's credit profile, can be a red flag.  Read up to understand why.

 


@Anonymous wrote:
My last account being lowes just dropped my scores by 45 points each via ck. My scores are 542 tu and 518 efx.

Do you actually have creditors that use the VantageScores that CK provides?

 

If you added "too many accounts" then it doesn't matter anyway as you won't be applying for more credit.  Your VantageScores will only matter when you're looking to apply for more credit from creditors that use those scores.  If new accounts dropped your scores then with responsible management your scores will recover over time.  Hard pulls will fall off.  Accounts will age and time will  pass since you last opened a new account.

 


@Anonymous wrote:

i did the free trial at cct and it is saying 580, some one tell me how to read this? or to see all the scores?


You can't see all scores. myFICO provides FICO 8's and a number of other FICO models for all 3 CRA's but even their services won't provide every score out there.  Focus on the data in your reports versus fixating on your scores.  If you want to understand scoring impact you'll have to carefully review report data anyway.  Pull your reports and carefully review.  If you need assistance then ask away.

 


@Anonymous wrote:

580, 630, and 601 are my plus scores from CCT


Plus scores are not used by creditors.  CCT should provide FICO 8's unles they changed recently.  Keep the relevance of a given scoring model to a given creditor in mind.  The score that matters is the one that a creditor pulls for you.  Creditors do not all use the same scoring model.  You can't rely on just one model for all creditors out there.

 

If, for example, a creditor uses a TU FICO 8 then that's the only model and CRA that matter to that creditor.  Your VantageScores, Plus scores, other FICO's and other CRA's do not matter for that creditor.  Always consider the specific model and CRA and relavance to a given creditor.

 


@Anonymous wrote:

credit is very new


That isn't in your favor.  You have to keep your credit seeking activity to a level suitable for your credit profile.  If your credit is very new then you need to slowly build.

Message 8 of 44
SouthJamaica
Mega Contributor

Re: Added too many accounts....score worse than someone that doesn't pay their bills.


@Anonymous wrote:
Seemingly confused here. Started rebuilding middle of last year and my scores were high 600's quickly after I removed all negativity and added a few cap one accents and first premier.

Since I began I've been nothing but paid to perfection but I have take. Out 16 accounts since. My last account being lowes just dropped my scores by 45 points each via ck. My scores are 542 tu and 518 efx.

Uti is about ten % or less payment history is golden, no delenquincy or judgements or deogs.

Can I exit this to shoot back up rather quickly? This just seems like a dumb penalty.

You can't really exit anything. Even if you close some of the accounts they will show up as new accounts.

 

You need to stop applying for things.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 9 of 44
Anonymous
Not applicable

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

i am aware of this, i was asking what is a good course of action......would adding an AU with a long history on an old account help? should i combine my cap ones? basically anyone been in this situation and had sucess let me know, but dont apply anymore isnt helping. i came here because of too many accounts for advice. thats is logical. thank you. 

 

Message 10 of 44
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.