Question about new accounts

[Cwaxler2008]

I recently applied and was approved for $ 14000 in new credit and am wondering once this reflects on my reports, will I get a credit score boost or drop? I am really struggling with equifax and need some advice! Thanks ahead of time!

[haulingthescoreup]

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@Cwaxler2008 wrote:

I recently applied and was approved for $ 14000 in new credit and am wondering once this reflects on my reports, will I get a credit score boost or drop? I am really struggling with equifax and need some advice! Thanks ahead of time!

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Need more info.

On your myFICO EQ report, what are your negatives, in order? (screen 2, on the left) What is your reported util?

[Cwaxler2008]

My utilization is @ 89% and I have a few accounts that were settled for less than owed in 2008. Before these new accounts my highest limit was my Cap One @ 750.

[Anonymous]

You got 11k NFCU with the scores listed in your sig?

[Cwaxler2008]

Yes, they pulled TU, I have EQ and EX frozen as i dispute the inaccuracies! I think my income really helped too.

[haulingthescoreup]

OK, well, you've almost doubled your CL, so your util should be down more in the 50% range (I didn't crunch the numbers.) So that ought to help.

Getting back to my earlier post, looking at the EQ score report from myFICO, what are the negatives, in order, on screen two? That's important to know, because the impact of the new higher total CL will vary according to where high util was ranked in your negatives.

[boomhower]

I'm betting the UT drop will outweigh the new account but everyones file is different and we're just guessing.  You really won't know until it reports but the UT drop is pretty drastic.

[LS2982]

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@boomhower wrote:

I'm betting the UT drop will outweigh the new account but everyones file is different and we're just guessing.  You really won't know until it reports but the UT drop is pretty drastic.

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+1

39% drop in util. should outweigh the new account ding and gain some FICO points.