Gardening for new Credit Card...Paid down balances and score dropped?

[LS2982]

@mkm As far as the score drop i'm thinking that the new PIF loan included with the students loans made too many installment loans and therefore set off a chain reaction of negatives about the installment loans. Something of that nature.

[mkm77]

You may be right but WOW if you are! So if I have past positive accounts it hurts me to have too many paid on time zero balance accounts closed 6 years ago? Is this another one of those mysterious factors in FICO? Lol What a kick in the #%ss to work to have a positive tray feline added only to lose points in my score.

[LS2982]

@mkm Too many installment loans can have a negative impact. As stupid as it does sound. Its almost like new accounts and so many will get you a 'seeking credit' ding.

[mkm77]

Well I figured it out....Should have thought of the possibility before but confirmed it with FICO. When the older auto loan got added I was placed in a new "bucket" that scores a bit differently based on the way the old "bucket" was scoring me.This tradeline moved my total lined to 19 on my credit report. In the new bucket, the average card holder there has apid down at least 35% on average towards his installment accounts. I haven't so I have taken a new hit that wasn't there before. So I worked hard to get an acoount added only to lower my score by 30 points! lol 

[LS2982]

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@mkm77 wrote:

Well I figured it out....Should have thought of the possibility before but confirmed it with FICO. When the older auto loan got added I was placed in a new "bucket" that scores a bit differently based on the way the old "bucket" was scoring me.This tradeline moved my total lined to 19 on my credit report. In the new bucket, the average card holder there has apid down at least 35% on average towards his installment accounts. I haven't so I have taken a new hit that wasn't there before. So I worked hard to get an acoount added only to lower my score by 30 points! lol 

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Sorry to hear

[oracles]

Sorry to hear this OP but just remember in the long run, this will look good on your record when you may have to do a recon with an analyst and they see another positive tradeline on your report. Sometimes you have to take 2 steps back in order to advance 5 steps.

You are the road to success so just keep it up.

[LS2982]

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@oracles wrote:

Sorry to hear this OP but just remember in the long run, this will look good on your record when you may have to do a recon with an analyst and they see another positive tradeline on your report. Sometimes you have to take 2 steps back in order to advance 5 steps.

You are the road to success so just keep it up.

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+1

[mkm77]

Yep and thanks....Now I apparently have to pay down my student loans a bit too! lol. But I will get there....All of my recent credit card payments will git soon so I will see what my new score is at that point. After I paid down my student loans a bit (thankfully I only owe 6K) then I am hoping for and should have a 750+ score.

[LS2982]

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@mkm77 wrote:

Yep and thanks....Now I apparently have to pay down my student loans a bit too! lol. But I will get there....All of my recent credit card payments will git soon so I will see what my new score is at that point. After I paid down my student loans a bit (thankfully I only owe 6K) then I am hoping for and should have a 750+ score.

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Your score should boost nicely with a good chunk of the student loand paid, thats also postive history too.