Reply
Valued Contributor
Posts: 1,646
Registered: ‎07-13-2013
0

How many points on average does a score go up?

[ Edited ]
I was wondering on average how many points my score will go up with only CC's? And does it go up faster with more CC's? Because i noticed when my cards report it goes up so does it go up per card. Also this would be PIF on each card, and keeping utilization low.
Valued Contributor
Posts: 2,981
Registered: ‎06-05-2013
0

Re: How many points on average does a score go up?

Your score does not necessarily go up with each new card (unless you didn't have any in which case it will go up for the first few cards as the accounts age). Additional credit allows you to spend more and keep your util down at same time which does help your credit score. The general consensus seems to be that you can get the best score with three cards with only one showing a balance to the CRAs. Some people have many more cards and it does not heavily impact their score, but I don't think its really helping their score that much either. Its more about all the other factors in a person's credit report and not specifically the number of cards.


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14, Last App 1/3/15
Goal Score: 800 In garden until 4/2015
Valued Contributor
Posts: 1,050
Registered: ‎03-22-2012
0

Re: How many points on average does a score go up?

Your scores might go up for the first few cards but it will get to the point that your scores will drop when adding additional cards.

 

There have been people here with scores in the 800s with only two credit cards. The problem with that is it is a really thin file so if you add another card, BAM, your score really drops a lot.

 

IMHO it would be good to slowly add credit cards until you have 6 to 8 cards. This will build a wide and deep base so when you have credit needs in the future your scores won't drop as much.



Starting Score: EQ 658 6/18/12
Current Score: EQ 705 4/16/15 - EX 707 3/8/15 - TU 707 3/8/15
Goal Score: EQ 720+
Take the FICO Fitness Challenge

Valued Contributor
Posts: 2,981
Registered: ‎06-05-2013
0

Re: How many points on average does a score go up?


jamie123 wrote:

Your scores might go up for the first few cards but it will get to the point that your scores will drop when adding additional cards.

 

There have been people here with scores in the 800s with only two credit cards. The problem with that is it is a really thin file so if you add another card, BAM, your score really drops a lot.

 

IMHO it would be good to slowly add credit cards until you have 6 to 8 cards. This will build a wide and deep base so when you have credit needs in the future your scores won't drop as much.


This is true but I would only add cards if you need them not just to make your file thicker. Also, when starting out look at no AF cards as those are cards you will be able to keep open in the long run without having to pay an annual fee. 


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14, Last App 1/3/15
Goal Score: 800 In garden until 4/2015
Established Contributor
Posts: 522
Registered: ‎07-18-2013
0

Re: How many points on average does a score go up?


Skye12329 wrote:
I was wondering on average how many points my score will go up with only CC's? And does it go up faster with more CC's? Because i noticed when my cards report it goes up so does it go up per card. Also this would be PIF on each card, and keeping utilization low.

My score (according to CK) went up when I added cards because the limits helped to lower my utilization.  The increase was negligible though, maybe 10 points, if that.  Adding cards lowered my AAoA and added inquiries, so I suppose it would only go up so much.

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.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.