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 689 8/14 Walmart Fico 689 9/14|
Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/05/2014
|Amex Zync(Unicorn) |
Citi Diamond Preferred$6000
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
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