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Established Contributor
snowkitty
Posts: 985
Registered: ‎09-10-2012
0

Please help prepare me........

I am getting nervous about my next month FICO score and would like to have some of your advice/knowledge. As far as I can tell, all of my cc's have hit my credit now except the Amex. So according to CreditKarma my score has dropped a few points. (CK is almost 100 points off (lower) from my true FICO anyways). I have opened all the cards in my sig. line since August of this year and I know a drop is coming but I am wondering how much I can expect? I have let a balance post to most of my accounts and then paid them in full...mainly because I am not trying to get anymore credit and also a couple of cards were not cutting statements because of the 0.00 balance. I know it will take a month for that to show paid. Also, I charged something to my walmart card using the 0% interest deal so come Friday, it will report with a balance of 536.00. Is that going to kill me? I am not paying that in full....I need to run that for about 3 months. I'm worried that is going to look bad beings I only have a 1000.00 limit.  So what can I expect in terms of a drop?

 

I don't know my aaoa.....here is what I have on my credit......

 

Old Home Loan...paid in full....paid perfect.....last activity 1/2003

Old Car Loan...paid in full...paid perfect.....last activity 5/2004

 

Then the credit cards below.....first one opened August 2012....this is a copy from CK

 

 

Updated Oct 30, 2012

ExpandTotal Credit Card Balances$813
 
DISCOVER FIN$271
GECRB/WALMAR$189
BK OF AMER$106
CITI-SHELL$101
CHASE- BP$80
CB/VICSCRT$66
CB/BRYHOME$0
GECRB/AMAZON$0
GECRB/OLDNAV$0
GECRB/SAMSDC$0
 Search for new credit card options
ExpandCredit Card Limits$8,100
ExpandCredit Card Utilization Rate10%

 

 

 

 Shell, VS, BP, BofA have been paid in full. The 189.00 walmart has been pif but the 536.00 will hit friday. Discover I paid half and will pif this Friday. Also, once the Amex posts anyday now.....that will add 3500.00 to my Total Limits and I just pif that so no balance will hit.

 

So what am I looking at in terms of a score drop and how long does it take to recover from the new accounts?

 

Thanks

 

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Please help prepare me........

Your util will still be OK.   It's just time to garden now.  Are you looking for more credit?  Cause if you're not, then why worry about a few points here and there for your score?  Is it really going to matter?   Just let the garden grow, you're doing fine.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
snowkitty
Posts: 985
Registered: ‎09-10-2012
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Re: Please help prepare me........


Shogun wrote:

Your util will still be OK.   It's just time to garden now.  Are you looking for more credit?  Cause if you're not, then why worry about a few points here and there for your score?  Is it really going to matter?   Just let the garden grow, you're doing fine.


I have been in the garden since 10/7 and have no plans to come out for a very long time!! I got a preapproval letter just yesterday and just shredded it before any sort of temptation could happen *lol*. I always look forward to my FICO score to see how I am doing so if it's going to take a huge dive, I just want to be prepared before I see it. Being new to this, I don't know if it's going to be a biggie or just slight. Last month my scores went up from opening the new accounts so I am still trying to figure this all out.

 

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
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Re: Please help prepare me........


Shogun wrote:

Your util will still be OK.   It's just time to garden now.  Are you looking for more credit?  Cause if you're not, then why worry about a few points here and there for your score?  Is it really going to matter?   Just let the garden grow, you're doing fine.


^this it says the OP paid for a house in full is still on his file so are you looking to buy a new car? just try to get the credit card balances down as  much as possible, apply for a few CLI that does only soft pulls, and a useful thing to do is mark the dates on the calaneder when each items update. That way you know 2-3 days before hand is when you should pay each creditor off. As long as your under 10%  and ideally around 2% your doing great.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Established Contributor
snowkitty
Posts: 985
Registered: ‎09-10-2012
0

Re: Please help prepare me........


distantarray wrote:

Shogun wrote:

Your util will still be OK.   It's just time to garden now.  Are you looking for more credit?  Cause if you're not, then why worry about a few points here and there for your score?  Is it really going to matter?   Just let the garden grow, you're doing fine.


^this it says the OP paid for a house in full is still on his file so are you looking to buy a new car? just try to get the credit card balances down as  much as possible, apply for a few CLI that does only soft pulls, and a useful thing to do is mark the dates on the calaneder when each items update. That way you know 2-3 days before hand is when you should pay each creditor off. As long as your under 10%  and ideally around 2% your doing great.


No, I am not looking to buy a new car. I was just showing that I have a pif car on my report that was paid off in 1995. I don't know how to figure out my aaoa so I was just giving that info in case it helped. I don't even know if that counts towards my aaoa or if that is only credit cards

 

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Please help prepare me........

With that many new cards you're going to take a big hit to your AAoA.  That's about it.  Now the damage from that will be done and you will just grow with your cards.  You've added several new positive TLs and they will age together.  Congrats to you.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Please help prepare me........

depending on how many accounts you have your AAOA might not be affect much, also remember once you have many accounts to age your account many new inquiries won't 'affect your profile as much, eventually they'll plateau and stay above 760+ no matter how often you app. There are people who got over 150 new cards just for sign up bonuses in a couple years. Important thing is seems like your rebuilding your credit to let things garden well. I got mine in 1 year from 400's to 754 with just 1 student loan 7 years ago and 2 secured cards and 1 store card and a few brand new AU accounts (my parents frowned upon credit cards til I showed them the benefits)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Frequent Contributor
TheConductor
Posts: 491
Registered: ‎07-24-2012
0

Re: Please help prepare me........

[ Edited ]

snowkitty wrote:

 I always look forward to my FICO score to see how I am doing so if it's going to take a huge dive, I just want to be prepared before I see it. 

 

 

It's not your score that indicates how well you're doing, it's your responsible actions as a borrower.  The score is just how some company has decided to interpret those actions and assign a number to them.

 

Honestly, in your situation I would turn off any service showing me my scores for 6 months and focus on just gardening well with all those new accounts.  Whatever momentary dive your score may take is a not a reflection of you doing badly in any way, it's just a reflection of the fact that creditors prefer to see someone accumulate some history on their new accounts before apping for more.

 

In other words, the score is really more of a way for the creditors to know how they are doing in their relationship to you.

 

Don't sweat the score so much. You've built a great portfolio of credit, now let it work for you!!

 

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12)
Current: EQ 674 (myFICO 8/14/14), EX 694 (Prosper 7/17/14) , TU 688 (WalMart 8/5/14) Goal: 700+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $5k, Amex SPG $4.5k, Barclaycard Apple V $2k, Walmart (Store) $1.6k, Chase Freedom V $1100, BoA Cash Rewards V $500, Best Buy Rewards MC $500
My Loans: Prosper $25k/36mo
My Business: Chase Ink VS $5k
Established Contributor
snowkitty
Posts: 985
Registered: ‎09-10-2012
0

Re: Please help prepare me........


distantarray wrote:

depending on how many accounts you have your AAOA might not be affect much, also remember once you have many accounts to age your account many new inquiries won't 'affect your profile as much, eventually they'll plateau and stay above 760+ no matter how often you app. There are people who got over 150 new cards just for sign up bonuses in a couple years. Important thing is seems like your rebuilding your credit to let things garden well. I got mine in 1 year from 400's to 754 with just 1 student loan 7 years ago and 2 secured cards and 1 store card and a few brand new AU accounts (my parents frowned upon credit cards til I showed them the benefits)


 

wow....that is hard to believe! I I don't know how someone could keep up with that many or why companies would continue to approve them. I had always heard growing up that you had to be careful to not have too much credit because it would hurt you. Since my time being on here, I have learned that it is ok as long as you are using and paying your cards well.

 

How would I figure out my aaoa? I saw a formula before but could not figure it out. I would not think it would be hard since all of my stuff is recent except for the house and car loan (the house loan will fall of next Jan. so I guess that will hurt)

 

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Please help prepare me........

^ this, don't sweat with scores unless your on the borderline of a tier and your looking for a huge purchase in the immediately future.

 

People like to sweat the small stuff, if your credit is good with nothing bad, don't have to worry at all, even with bad things on the report just make sure you don't add to it.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758

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