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Regular Contributor
charyot77
Posts: 237
Registered: ‎06-21-2010
0

My credit scores went up after app spree!

My credit scores have improved between 10-25 points after applying for new credit recently.

 

I was surprised because I thought my scores would plummit for sure.

 

I got 5 new accounts but technically only 4 since one of the "new" lines of credit is actually just the graduation of a secured card.

 

I think what happened is that my overall open credit went from $6K (on 5 cards) to $17K on 11 cards.  That made my utilization plummet before I even paid off any bills and it probably helped that I had credit cards with larger lines of credit ($3k or $4K instead of $300 or $500).

 

The only question mark is the EXP FICO since I cant really buy it anywhere.  My credit secure FAKO said it was 725...but that is meaningless.

 

I did get my TU and EQ which are both healthily above 700...whereas before I was in the 695-705 range each month.

 

I'm going to keep utilization low and hope that this isnt a fluke. 

 

Can't wait until the 61st day for my AMEX CLI chance. I'm not going to go crazy but since I have $3K, I'm hoping to get above $5k so other creditors will trust me with a Signature/World card.

 

Thanks Myfico!

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: My credit scores went up after app spree!

Yes, the boost was most likely due to the decreased utilization. It will only continue to climb now as the accounts age :smileyhappy:

 

Congrats on the approvals.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: My credit scores went up after app spree!

Yay! Love this! My score jumped by like 40 points after opening two new accounts in the summer of 2011, since my util plummeted bc the new accounts had muuuch higher cls!!

This means util>aaoa??!?!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Moderator
Revelate
Posts: 9,487
Registered: ‎12-30-2011
0

Re: My credit scores went up after app spree!


youngandcreditwrthy wrote:
Yay! Love this! My score jumped by like 40 points after opening two new accounts in the summer of 2011, since my util plummeted bc the new accounts had muuuch higher cls!!

This means util>aaoa??!?!

Revolving utilization is the second most important factor in FICO scoring.  Util >> AAoA for the overwhelming majority of instances.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Regular Contributor
charyot77
Posts: 237
Registered: ‎06-21-2010
0

Re: My credit scores went up after app spree!


Revelate wrote:

youngandcreditwrthy wrote:
Yay! Love this! My score jumped by like 40 points after opening two new accounts in the summer of 2011, since my util plummeted bc the new accounts had muuuch higher cls!!

This means util>aaoa??!?!

Revolving utilization is the second most important factor in FICO scoring.  Util >> AAoA for the overwhelming majority of instances.

 


If that's the case then I would love to close my original, smaller subprime cards. Something about having cards open that I dont need or use feels irresponsible. I just wanted to hold onto them to help my aaoa.

Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
0

Re: My credit scores went up after app spree!

Congrats


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