03-17-2011 04:36 PM
Hello Credit Experts....~
I'm a bit confused with the way how things work within the FICO scoring model.. I have had some super ups and down... But the below is super confusing....
I just re-activated my score watch for 15 bucks a month ( It s abit higher than last time ) ... But on my Equifax report here is what I see and that makes me nervous-
My scores dipped from 637 to 617..
I did go on an APP spree and added Chase & BOA to my credit family.... ( 2500 for BOA & 2000 for Chase)
How long do I need to give the new account Hit to go away ?
I need my scores back to High 600's and mid 700's !!
03-17-2011 08:25 PM
It'll take one full year to recover if everything remains positive and you do not apply for any new accounts.
I have to respectfully disagree with this. As with many if not most things having to do with credit YMMV. 6-12 months (as reported by lots of posters) seems to be the amount of time a new account stays "new".
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
03-18-2011 08:04 AM
I'd worry more about that recent missed payment than new account, tbh.
03-18-2011 08:10 AM - edited 03-18-2011 08:10 AM
I certainly agree, I went on an app spree in Sept 2010, and yes my ficos did drop also my EQ went from 661 to 647 and even down to 609! But, now fast forward 5-6 months later they have gone back up to 641. Honestly, if you PIF or not really have a balance showing is what will help you keep the scores up and get them to increase but certainly don't feel 1 year unless there are other things that are going on your report. I also agree that I would be worried about the recent lates and not the inquiries or new accounts. Yes it counts but not as heavy!
03-18-2011 08:28 AM
Workingh hard to negotiate with Merrick Bank .. They are a Pain to deal with and so is Verizon.. But I will bug them and get this done no matter what...
BTW-- I got approved for apple for 1300 .... I might end up just taking a IPAD or Air book and Pay it off by 10 months...
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO