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New Contributor
bmd0224
Posts: 66
Registered: ‎07-15-2012
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Credit Score rebound after app spree Question

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.

 

Thanks!

01/11/13:
EQ Fico: 716 (from myfico)
TU Fico: 719 (from Walmart)
EX Fico: 719 (from myfico)

Chase Sapphire Pref. II AMEX Platinum II Amex PRG II Amex SPG II Citi AAdvantage II Barclays US Airways II Chase Freedom
New Contributor
bmd0224
Posts: 66
Registered: ‎07-15-2012
0

Re: Credit Score rebound after app spree Question

FYI UTL is around 8%

01/11/13:
EQ Fico: 716 (from myfico)
TU Fico: 719 (from Walmart)
EX Fico: 719 (from myfico)

Chase Sapphire Pref. II AMEX Platinum II Amex PRG II Amex SPG II Citi AAdvantage II Barclays US Airways II Chase Freedom
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Credit Score rebound after app spree Question

You didn't give right info. Calculate your new aaoa with new accounts.  Also do you keep balances?

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Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
0

Re: Credit Score rebound after app spree Question

not sure but chase always pulled exp for me. 

in massachusetts. 

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
New Contributor
bmd0224
Posts: 66
Registered: ‎07-15-2012
0

Re: Credit Score rebound after app spree Question

How do I calculate my new average age of accounts?

01/11/13:
EQ Fico: 716 (from myfico)
TU Fico: 719 (from Walmart)
EX Fico: 719 (from myfico)

Chase Sapphire Pref. II AMEX Platinum II Amex PRG II Amex SPG II Citi AAdvantage II Barclays US Airways II Chase Freedom
New Contributor
bmd0224
Posts: 66
Registered: ‎07-15-2012
0

Re: Credit Score rebound after app spree Question

very small balances on a best buy card and dillards store cards. all others PIF.

01/11/13:
EQ Fico: 716 (from myfico)
TU Fico: 719 (from Walmart)
EX Fico: 719 (from myfico)

Chase Sapphire Pref. II AMEX Platinum II Amex PRG II Amex SPG II Citi AAdvantage II Barclays US Airways II Chase Freedom
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Credit Score rebound after app spree Question

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

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New Contributor
bmd0224
Posts: 66
Registered: ‎07-15-2012
0

Re: Credit Score rebound after app spree Question

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?

01/11/13:
EQ Fico: 716 (from myfico)
TU Fico: 719 (from Walmart)
EX Fico: 719 (from myfico)

Chase Sapphire Pref. II AMEX Platinum II Amex PRG II Amex SPG II Citi AAdvantage II Barclays US Airways II Chase Freedom
Established Contributor
Cdnewmanpac
Posts: 766
Registered: ‎01-16-2012
0

Re: Credit Score rebound after app spree Question

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.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Credit Score rebound after app spree Question

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

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