How much did your "spree" drop your scores?

Anonymous · ‎07-29-2016

This topic came up in another thread and several people (myself included) thought it would be beneficial to have a thread where people could chime in with some data points. The score drops can come from 3 things really... the inquiries, a reduction of AAoA and finally simply the addition of [multiple] new accounts. I'm most interested in this third piece of the puzzle personally, but all 3 certainly are factors. The 2 main pieces of information that I'm looking for are:

1 - How much did your FICO 08 scores drop from your app spree?

2 - How long did it take your scores to rebound from your app spree?

But in those 2 questions, lots of other pieces of data need to be included to put together a nice base of datapoints:

- How many revolving accounts did you add from your spree?

- How many open revolving accounts did you have prior to the spree?

- How long ago before your spree did you add new account(s)? How about before that? And how many accounts did you add?

- How many inquiries per bureau did you add from your spree and how many total per bureau did you bring yourself up to from the spree?

- Did you AAoA change as a result of the spree, and if so from what to what?

- Some basic profile information would be beneficial. Thick vs thin file? How many total accounts on your credit reports, derogs, payment history, utilization, etc.

I appreciate those that take the time to chime in on this as it will give others the ability to determine based on similar profiles what to expect scoring wise from an app spree and when they can expect to rebound from the hit they take as a result of it. Thank you.

Anonymous · ‎07-29-2016

So I'll start things off here with my score results of my recent spree. Since not enough time has elapsed yet I can't answer the second piece of the puzzle as to how long it takes to rebound but will be sure to check back in here with results periodically.

My recent spree was for 3 cards. Only 2 have reported thus far which is actually cool for data point purposes as when the 3rd reports I'll have additional scoring impact info.

My EX FICO 08 dropped 22 points from the addition of these 2 accounts. I'll have my TU and EQ scores soon and will post the results of those drops as well once I do.

Other data prior to my app spree:

- I only had 2 open revolvers. I now have twice as many and soon more than twice as many when the 3rd reports.

- The last time I opened an account (it was one of my 2 original revolvers) it was 15 months prior to this spree. I also added 2 installment loan accounts 15 months ago, so a total of 3 accounts was added 15 months ago. Prior to that, it had been 2 years since I added any accounts.

- I added 1 inquiry per bureau from my spree which brought me up to a total of 2 inquiries per bureau, but the earlier inquiries are from 15 months ago which means they shouldn't impact FICO 08 scoring; only the new inquires, 1 per bureau, should be impacting my scoring at this time.

- My AAoA remains unchanged from the spree. 7 years both before and after the new accounts.

- Other basic account info... 21 total accounts on my credit reports, my oldest 5 accounts are each 15+ years old. Overall utilization is 2% currently, fluctuates from 1%-4%. Good payment history outside of 2 major lates (90 day and 120 day) from 2 different accounts. 2 current open installment loans, one at 66% of original balance and the other at 74% of original balance.

iheartwings · ‎07-29-2016

1 - How much did your FICO 08 scores drop from your app spree?
After the spree and before the accounts reported: EQ dropped 8, TU no change, EX dropped 7.

My spree in June was for 2 cards and 1 CLI from Chase.

2 - How long did it take your scores to rebound from your app spree?
One month. After both new accounts reported, my EQ actually went up 5 points, TU no change, and EX went back to the score prior to the app spree.

But in those 2 questions, lots of other pieces of data need to be included to put together a nice base of datapoints:

- How many revolving accounts did you add from your spree?
Two
- How many open revolving accounts did you have prior to the spree?
9 (+1 charge)
- How long ago before your spree did you add new account(s)? How about before that? And how many accounts did you add?
In garden for 8 months. 2 CC in 10/2015, and 5 CC in 12/2014
- How many inquiries per bureau did you add from your spree and how many total per bureau did you bring yourself up to from the spree?
EQ 2, TU 1, EX 3
- Did you AAoA change as a result of the spree, and if so from what to what?
Yes, by about 6 months from just over 8 years to just under 7 years.
- Some basic profile information would be beneficial. Thick vs thin file? How many total accounts on your credit reports, derogs, payment history, utilization, etc.
Moderately thick file, only derog is BK about 9.25 years old. No lates. Utilization usually anywhere 1-7%. Total number of accounts 12 (1 really large student loan, 1 almost paid off car lease + cards).

dragontears · ‎07-29-2016

@Anonymous wrote:
So I'll start things off here with my score results of my recent spree. Since not enough time has elapsed yet I can't answer the second piece of the puzzle as to how long it takes to rebound but will be sure to check back in here with results periodically.

My recent spree was for 3 cards. Only 2 have reported thus far which is actually cool for data point purposes as when the 3rd reports I'll have additional scoring impact info.

My EX FICO 08 dropped 22 points from the addition of these 2 accounts. I'll have my TU and EQ scores soon and will post the results of those drops as well once I do.

Other data prior to my app spree:
- I only had 2 open revolvers. I now have twice as many and soon more than twice as many when the 3rd reports.
- The last time I opened an account (it was one of my 2 original revolvers) it was 15 months prior to this spree. I also added 2 installment loan accounts 15 months ago, so a total of 3 accounts was added 15 months ago. Prior to that, it had been 2 years since I added any accounts.
- I added 1 inquiry per bureau from my spree which brought me up to a total of 2 inquiries per bureau, but the earlier inquiries are from 15 months ago which means they shouldn't impact FICO 08 scoring; only the new inquires, 1 per bureau, should be impacting my scoring at this time.
- My AAoA remains unchanged from the spree. 7 years both before and after the new accounts.
- Other basic account info... 21 total accounts on my credit reports, my oldest 5 accounts are each 15+ years old. Overall utilization is 2% currently, fluctuates from 1%-4%. Good payment history outside of 2 major lates (90 day and 120 day) from 2 different accounts. 2 current open installment loans, one at 66% of original balance and the other at 74% of original balance.

That is a first, never heard of no change to AAOA when you add new accounts....

Anonymous · ‎07-29-2016

@dragontears wrote:
@Anonymous wrote:
So I'll start things off here with my score results of my recent spree. Since not enough time has elapsed yet I can't answer the second piece of the puzzle as to how long it takes to rebound but will be sure to check back in here with results periodically.

My recent spree was for 3 cards. Only 2 have reported thus far which is actually cool for data point purposes as when the 3rd reports I'll have additional scoring impact info.

My EX FICO 08 dropped 22 points from the addition of these 2 accounts. I'll have my TU and EQ scores soon and will post the results of those drops as well once I do.

Other data prior to my app spree:
- I only had 2 open revolvers. I now have twice as many and soon more than twice as many when the 3rd reports.
- The last time I opened an account (it was one of my 2 original revolvers) it was 15 months prior to this spree. I also added 2 installment loan accounts 15 months ago, so a total of 3 accounts was added 15 months ago. Prior to that, it had been 2 years since I added any accounts.
- I added 1 inquiry per bureau from my spree which brought me up to a total of 2 inquiries per bureau, but the earlier inquiries are from 15 months ago which means they shouldn't impact FICO 08 scoring; only the new inquires, 1 per bureau, should be impacting my scoring at this time.
- My AAoA remains unchanged from the spree. 7 years both before and after the new accounts.
- Other basic account info... 21 total accounts on my credit reports, my oldest 5 accounts are each 15+ years old. Overall utilization is 2% currently, fluctuates from 1%-4%. Good payment history outside of 2 major lates (90 day and 120 day) from 2 different accounts. 2 current open installment loans, one at 66% of original balance and the other at 74% of original balance.
That is a first, never heard of no change to AAOA when you add new accounts....

my last spree, not my last app, would have been in july 2015. Added prg, delta gold, IHG, and DC. My scores went up 40-50 points. (maybe a utilization reaction thing, back then I didnt have as much available credit? but I only added like 9.4k total so who knows)

my aaoa has never changed since day one. i attribute this to several old loan accounts.

- How many revolving accounts did you add from your spree? 4

- How many open revolving accounts did you have prior to the spree? 7 or 8?

- How long ago before your spree did you add new account(s)? 1 month 1 new amexHow about before that? 1 month before that sams club plcc And how many accounts did you add?

- How many inquiries per bureau did you add from your spree and how many total per bureau did you bring yourself up to from the spree? 5 inqs since chase and citi double pulled

- Did you AAoA change as a result of the spree, and if so from what to what? no

- Some basic profile information would be beneficial. Thick vs thin file? How many total accounts on your credit reports, derogs0 , payment history one error late payment on a student loan, utilization not sure what it was then, etc.

dragontears · ‎07-29-2016

It is mathmatically impossible for AAOA to not change when you add new accounts, even if the change is small there will be a change. the example of having 21 accounts on your report and adding 2 more will change your AAOA by 8.7% of what it was.

Edit: unless your AAOA is 0 then adding new accounts won't mathmatically change it

Anonymous · ‎07-29-2016

I started with 2 cc's. One old green amex and a secured cap one.

Fico scores before any app sprees were all around 742.

Started my first app in Nov. 2014. Spaced my apps out 4-6 months and did about 6-10 at each time. Some denials in there too.

I now have 44 cards since Nov. 2014 with the exception of the amex & cap one.

My fico dropped to an average of 705 during that time.

Than I semi leased a BMW fro 60K, did drop my score down to 701.

After all that time, I stopped app'ing for about 6-8 months and my scores started going up again. Went over 750.

App'd one last time, got about 5 more of those 44 cards. Score dropped back into the 740's.

Since that time, I have consistently paid on my cc's (which I did have a decent amount charged for furniture) every month and have not app'd for anything. Just paying off my balances and using all cards at least once a month.

Also paying attention to what fico says at the bottom of your score and doing what is says to improve it.

Since doing so, I have seen my scores go up regularly every 2 weeks to the scores you can see below.

Not sure if all is going to crash with such rises in my fico scores??? But will not get out of the garden until 850 is reached.

AAOA is over 4 yrs. Always keep UT low hovering around 10% and will go under shortly.

Never, ever late on anything. No baddies. Ask for cli's much less than I used too. Seems to work better.

I have one mtg going on 5 yrs now. 1 home paid for. 2 installement loans: BMW & motocycle which I intend to pay off before the end of the year and yes, I do have plans on adding another installment loan as I've found they do help on my scores.

Another point, fico said my installment loans are at a good percentage rate and help improve my scores. That would be 61% or lower.

Inquirie's are dropping off like flies now and I have 1 on TU!!! Took a long time!

No, I don't intend on keeping all 44 cards! I have some store cards for furnishing/decorating my home. And others that I don't feel I really need I will keep on working on getting cli's on the cards I love and canceling the cards I no longer need until I can get to a better number. Which would be 20 something for me.

And I will only do this as I get cli's on the cards I'm keeping.

I like having my credit line. I can say it's nice to know it's there, but I will never, ever use that much of it.

kdm31091 · ‎07-29-2016

@dragontears wrote:
It is mathmatically impossible for AAOA to not change when you add new accounts, even if the change is small there will be a change. the example of having 21 accounts on your report and adding 2 more will change your AAOA by 8.7% of what it was.

Edit: unless your AAOA is 0 then adding new accounts won't mathmatically change it

This. Not sure why people keep saying their AAOA didn't change at all. It's just not possible. Sure, it's possible the change was minor/insignificant but to say "there was zero change" is just inaccurate unless you had 0 AAOA to begin with.

Anonymous · ‎07-29-2016

@dragontears wrote:
It is mathmatically impossible for AAOA to not change when you add new accounts, even if the change is small there will be a change. the example of having 21 accounts on your report and adding 2 more will change your AAOA by 8.7% of what it was.

Edit: unless your AAOA is 0 then adding new accounts won't mathmatically change it

You're correct but there is one other possibility that wont change your AAoA--->the new accounts are all business accounts (except CapOne) or other cards that don't report

Anonymous · ‎07-29-2016

@dragontears wrote:
It is mathmatically impossible for AAOA to not change when you add new accounts, even if the change is small there will be a change. the example of having 21 accounts on your report and adding 2 more will change your AAOA by 8.7% of what it was.

Edit: unless your AAOA is 0 then adding new accounts won't mathmatically change it

I phrased that wrong. It has not changed very much. I mean when I am apping lately my AAOA is not dropping by much at all.