Credit Card Center Advertiser Disclosure†
08-09-2012 02:11 PM
Here's my question for the pro's here:
I just completed adding some new cards to my credit profile which are: Amex Zync (NPSL), Amex Gold Delta (6300CL), and Chase Mileage Plus (unsure of CLI yet).
My average age of accounts before the add was 6Y 7M and total credit history is 13Y 9M. How will these new accounts which were all opened in a two week timespan affect my scores? I was lucky with Amex and only got (1) HP and then (1) HP with Chase.
As far as INQ's go: EQ will be app free for a year on 12/19/12; EX will have (1) within a year which was the recent AMEX; and TU will have (1) which was a BoA CLI (success) two weeks ago. (not sure who Chase pulled yet)
Scores as of 8/07/12: EQ 702 (myfico)....EX 708 (amex pull).....TU 729 (walmart).
Will I dip down far and recover after 6 months nicely or stay low for longer? Any help with this question is much appreciated.
08-09-2012 02:16 PM
FYI UTL is around 8%
08-09-2012 02:18 PM
not sure but chase always pulled exp for me.
|Current: Discover Fico 709 3/15 Walmart Fico 743 4/15|
Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Earn Cash Back
|Amex Zync(Unicorn) |
Citi DC $10,000
08-09-2012 02:24 PM
How do I calculate my new average age of accounts?
08-09-2012 02:25 PM
very small balances on a best buy card and dillards store cards. all others PIF.
08-09-2012 02:27 PM
Average age of accounts. Add up how many months every account been open and then divide by number of accounts. New accounts count as 0 months. If looking at report, just count up accounts and multiply by average age of accounts and then divide by numberpif accounts plus new accounts. Basic math
08-09-2012 03:10 PM
thanks! I think I came up with my AoA going from 6 yrs down to 4.9yrs due to the 3 new accounts. Any ideas how badly that will effect my score?
08-09-2012 03:26 PM
You can't really predict this. There are too many factors that go in to a score to know how any individual score will be impacted by multiple events. Just this week, I got 5 Scorewatch alerts (new card, one balance increase, new personal loan, inquiry, CLI) and my utilization on the new card was >50%. Net effect on score? None. 698 last week, 698 today. My credit karma score didn't budge, my vantage dropped 30 points, plus went up 10, credit sesame up 1. Even if it does drop (which is likely), you can't predict how long the drop will last. I had an inquiry in July that dropped my myfico eq score by 6 points for a grand total of 48 hours. So stop worrying about the score and enjoy your new cards.
08-09-2012 03:34 PM
Your aaoa roping from 6 to 4.9 will take a little time to recover. I believe fico will round you down to 4. Might be 10-15 points for that but I find aaoa to effect scorecard more than anything. Obviously hit from new accounts and inquiries, ur that should mostly recover in 6 months. Increase points from reduced utilization but your existing util is already low. I would guess total immediate effect is down to 680s. But that is more of guessing game. Let's see what happens
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.