Score up 48 points after app spree

14IS4 · ‎04-22-2014

Okay to begin I've started a few threads recently about my approvals of my recent app spree. I will be brief and go over what has happened.

September 2013 -

Discover Open Road (Open since 09/2010) - $2500 CL - $3900 balance
Paid off Discover that month

January 2014 -

Converted to Discover IT - SP CLI to $6500
Membership with Savings account at PenFed - HP EQ

February 2014 -

Called to recon Discover CL to $10000 that was a SP

March 2014 -

Credit History: 6 Years 9 Months
AAoA: 4 Years
# of positive trade lines: 8 (4 Cards (3 closed) & 4 Vehicles)
# of negative trade lines: 0
Total CL's: $10,000
Income: $65,000
Length of Employment: 1 Year 5 Months (In current position)

13th - Discover Statement TU score 727 (8% util)
17th - Pulled scores from here EX - 720 TU - 719 EQ - 736 (1% util)
17th - Signed new car lease and closed old lease out after a year - HP TU
18th - Approved for CSP @ $12k & Freedom @ $6500 1 HP - EX
- Approved for BCP @ $10k - HP EX
- Approved for PenFed Platinum @ $14,500 existing EQ HP
- Approved for USBank Cash Rewards @ $5K - HP EX
- Approved for Fidelity Amex @ $5k - HP EX
- Discover CLI to $15k - HP TU
- FNBO Denied for too many inquiries - HP EX

April 2014 -

7th - Approved for DCU Platinum @ $10k - HP EQ

After all that everything but my Freedom and DCU card had hit by April 13th even the new lease.

22nd - Received Discover statement - TU score updated as of the 13th @ 767

My main question is why when I tanked my AAoA and shot my total credit limit from $10k to $78k and a bunch of new accounts would my score immediately jump up 48 points?

I guess it seems like I'm complaining but I've never seen anyone's score jump after adding 7 new accounts like that. My utilization was at 14% on the 13th because the BCP statement cut and reported $1400 out of the $10k CL. I'm at a loss here and I'm wondering if my score is going to go down after this or if I can get it up further by lowering my util under 10%.

kchengg1 · ‎04-22-2014

Where'd you get your score? I don't think your new accounts can show up on your reports that fast?

14IS4 · ‎04-22-2014

@kchengg1 wrote:
Where'd you get your score? I don't think your new accounts can show up on your reports that fast?

I updated the title it wasn't seconds after I applied for the cards. It's all in the first post when the accounts hit and when the score was updated.

Everything but my Freedom and DCU card had hit by April 13th even the new lease.

@22nd - Received Discover statement - TU score updated as of the 13th @ 767

gdale6 · ‎04-22-2014

You only had 1 card prior to the spree, you typically will get a boost in FICO for the 2nd and 3rd bankcard accounts so a bunch of it is there, then you are dropping util so you gain a few points there. The new score is about right for what you have done, congrats

user5387 · ‎04-22-2014

When you mention the 48-point jump, I assume you are talking about the TU score going from 719 to 767. Is that right?

If so, then the first TU was obtained from this site (TU 98), and the second from Discover (TU 08).

Since the scoring models are different, the comparison is not likely to be useful.

In general, a lot of new applications and accounts will hurt your scores, because of the cost of inquiries, new tradelines, and reduced AAoA.

The exception to this rule would be if starting utilization is very high, and the added CLs dramatically lower it.

14IS4 · ‎04-22-2014

@user5387 wrote:
When you mention the 48-point jump, I assume you are talking about the TU score going from 719 to 767. Is that right?

If so, then the first TU was obtained from this site (TU 98), and the second from Discover (TU 08).

Since the scoring models are different, the comparison is not likely to be useful.

In general, a lot of new applications and accounts will hurt your scores, because of the cost of inquiries, new tradelines, and reduced AAoA.

The exception to this rule would be if starting utilization is very high, and the added CLs dramatically lower it.

@Anonymous/13/2014 - Discover TU was 727 with util @ 8%

@Anonymous/17/2014 - myFICO TU was 719 with util @ <1%

@04/13/2014 - Discover TU was 767 with util @ 14%

user5387 · ‎04-22-2014

@14IS4 wrote:
@user5387 wrote:
When you mention the 48-point jump, I assume you are talking about the TU score going from 719 to 767. Is that right?

If so, then the first TU was obtained from this site (TU 98), and the second from Discover (TU 08).

Since the scoring models are different, the comparison is not likely to be useful.

In general, a lot of new applications and accounts will hurt your scores, because of the cost of inquiries, new tradelines, and reduced AAoA.

The exception to this rule would be if starting utilization is very high, and the added CLs dramatically lower it.

@Anonymous/13/2014 - Discover TU was 727 with util @ 8%
@Anonymous/17/2014 - myFICO TU was 719 with util @ <1%
@04/13/2014 - Discover TU was 767 with util @ 14%

Sorry, I missed the earlier Discover TU score.

My guess is the same as what an earlier poster said -- you typically want at least three revolving accounts open to optimize scoring.

Also, was your utilization really 14% with the new CLs? Wouldn't it be more like 2%?

14IS4 · ‎04-22-2014

@user5387 wrote:
@14IS4 wrote:
@user5387 wrote:
When you mention the 48-point jump, I assume you are talking about the TU score going from 719 to 767. Is that right?

If so, then the first TU was obtained from this site (TU 98), and the second from Discover (TU 08).

Since the scoring models are different, the comparison is not likely to be useful.

In general, a lot of new applications and accounts will hurt your scores, because of the cost of inquiries, new tradelines, and reduced AAoA.

The exception to this rule would be if starting utilization is very high, and the added CLs dramatically lower it.

@Anonymous/13/2014 - Discover TU was 727 with util @ 8%
@Anonymous/17/2014 - myFICO TU was 719 with util @ <1%
@04/13/2014 - Discover TU was 767 with util @ 14%
Sorry, I missed the earlier Discover TU score.

My guess is the same as what an earlier poster said -- you typically want at least three revolving accounts open to optimize scoring.

Also, was your utilization really 14% with the new CLs? Wouldn't it be more like 2%?

My total overal util on 4/13/2014 was 0.01% but from my understanding it is 1-9% on 1 card and the rest not reporting a balance. The $1400 that was reported was on the BCP with a CL of $10k that is where I got the 14% from.

sunni_one · ‎04-22-2014

I don't believe additional credit and inqs always cause your scores to drop. In the past month, I've added 5 inquires to my Experian report. Three of new of the accounts are reporting (two within 5 days of being approved), plus a couple CLIs for existing accts and my score increased by 30 points Exp 718-->748. I believe the increased available credit helped my UTL, which was about 46%, now it's 32%.

user5387 · ‎04-22-2014

If $1400 reported out of $78K, isn't that a tad under 2%?

Not sure where you got 0.01%. Installment loans don't factor into revolving utilization.

If there's a drop between the before / after utilizations, that may help you.

I would also wonder if everything was fully reported by the time of the second score. Did you look at a TU report to verify this?