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once my freedom hit my report my score dropped 50 points! my new cap1 hasnt hit my report yet but should i expect a big drop from that also? when will my score recover? it brought my AAoA to 11 months. also my auto loan will be hitting 6 months once they report again so will that help? this is EQ and it dropped from 677 (7/24) to 627 (7/25)
prob. dropped due to your inquiries
@tylaw13 wrote:once my freedom hit my report my score dropped 50 points! my new cap1 hasnt hit my report yet but should i expect a big drop from that also? when will my score recover? it brought my AAoA to 11 months. also my auto loan will be hitting 6 months once they report again so will that help? this is EQ and it dropped from 677 (7/24) to 627 (7/25)
Your score will recover. As mentioned earlier the average age of accounts (AAoA) has a large impact on your credit report.
Payments also have a large impact and so does utilization. Inquiries account for about 10% of your credit score. I have high inquiries, so my 686 score is lower than if I had none. My score without inquiries would be about 740 or so.
You utilization rate is a high factor in your score. It should be under 30%. For some it appears to be even lower. For some reason my best utilization rate is about 3% I think this is dependant on your length of history with cards and if you have had problems. So if you have a high utilization rate you might want to bring that down too.
If you don't already have, get Credit Karma and Credit Sesame to track your score and find out what is affecting your score. They are free. CK will explain what factors are helping or hurting your score.
@iMacDrew wrote:prob. dropped due to your inquiries
once the inquiry hit nothing happened to my score. but when the card started reporting it took a big hit. im looking refinance my auto loan when it hits a year. i hope that my score recovers my then. maybe somebody could tell me if itll be back to normal by then? i would think because the new cards would be 6 months and my auto loan would be a year old then my score should go up but i dont know .
All my inq have been minimum 15 pts each.
@bernhardtra wrote:Your score will recover. As mentioned earlier the average age of accounts (AAoA) has a large impact on your credit report.
Payments also have a large impact and so does utilization. Inquiries account for about 10% of your credit score. I have high inquiries, so my 686 score is lower than if I had none. My score without inquiries would be about 740 or so.
You utilization rate is a high factor in your score. It should be under 30%. For some it appears to be even lower. For some reason my best utilization rate is about 3% I think this is dependant on your length of history with cards and if you have had problems. So if you have a high utilization rate you might want to bring that down too.
If you don't already have, get Credit Karma and Credit Sesame to track your score and find out what is affecting your score. They are free. CK will explain what factors are helping or hurting your score.
IMO this is not a good idea. You should ignore any and all scores and advice from sites like these that sell non-FICO scores. The advice given is often 180 degrees different than what will actually help your score.
For report monitoring they are fine but ignore the scores and advice.
@tylaw13 wrote:
@iMacDrew wrote:prob. dropped due to your inquiries
once the inquiry hit nothing happened to my score. but when the card started reporting it took a big hit. im looking refinance my auto loan when it hits a year. i hope that my score recovers my then. maybe somebody could tell me if itll be back to normal by then? i would think because the new cards would be 6 months and my auto loan would be a year old then my score should go up but i dont know .
I would imagine that you have many inquiries for that to not affect your score. It might have taken a day or two.... ... .. Or you have none or one in the last 2 years and I think then it doesn't matter also.
@bernhardtra wrote:
@tylaw13 wrote:
@iMacDrew wrote:prob. dropped due to your inquiries
once the inquiry hit nothing happened to my score. but when the card started reporting it took a big hit. im looking refinance my auto loan when it hits a year. i hope that my score recovers my then. maybe somebody could tell me if itll be back to normal by then? i would think because the new cards would be 6 months and my auto loan would be a year old then my score should go up but i dont know .
I would imagine that you have many inquiries for that to not affect your score. It might have taken a day or two.... ... .. Or you have none or one in the last 2 years and I think then it doesn't matter also.
haha you guessed it! i have alot of inquiries due to my car loan in jan. also 2 more from my chase freedom and cap1 cash rewards. i really just want to know when my score will go back to normal though because before the chase reported my AAoA was only 1.5 years and now its 11 months. so whatever anybody can tell me based on that would be great. Also thank all you guys for the responses this forum is great!
@MarineVietVet wrote:
@bernhardtra wrote:Your score will recover. As mentioned earlier the average age of accounts (AAoA) has a large impact on your credit report.
Payments also have a large impact and so does utilization. Inquiries account for about 10% of your credit score. I have high inquiries, so my 686 score is lower than if I had none. My score without inquiries would be about 740 or so.
You utilization rate is a high factor in your score. It should be under 30%. For some it appears to be even lower. For some reason my best utilization rate is about 3% I think this is dependant on your length of history with cards and if you have had problems. So if you have a high utilization rate you might want to bring that down too.
If you don't already have, get Credit Karma and Credit Sesame to track your score and find out what is affecting your score. They are free. CK will explain what factors are helping or hurting your score.
IMO this is not a good idea. You should ignore any and all scores and advice from sites like these that sell non-FICO scores. The advice given is often 180 degrees different than what will actually help your score.
For report monitoring they are fine but ignore the scores and advice.
They give some useful advice and while the score may not be the FICO score, even that doesn't matter. Lenders use scores as part of their determination, they also look for other things such as inquiries, utilization rates, and deliquencies. It is possible for a person with a 780 score to be declined for credit because of deliqencies. Credit Karma may not be the most accurate score, but even some of the sell sites scores are not FICO if you read their fine print. I pay for a score from Credit Expert and have bought scores from other respected sites. They all have disclaimers.
Credit Karma is respected even though it is free. It is a far better to use a free service than none! I have compared the factors from paid sites and free sites. The respected free sites still have great aspects. CK lists the same factors. I have used their service for over a year and looked at the factors affecting my credit score they give. I have only read a few of their advice pages as I understood the factors they mentioned and that alone allowed me to conclude my own advice. If it says one factor affecting your score is deliquencies, then what advice is needed. Either bear with it or challenge the deliquencies. If it says too many hard inquiries, stop doing inquiries. If it says low credit limits, get higher credit limits. If it says good payment history, keep paying.
Quizzle keeps trying to sell me thier 'improve your score by "42" points' service for years. I simply used the factors affecting credit score by CK and my score has increased. Besides that CK has alerts for free. Well anyway, there it is, free and useful.