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The results are in :-(

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MazdaSpeed
Contributor

Re: The results are in :-(


@shorrttyycm1 wrote:
Thanks everyone for the timeframe...and encouragement! I knew it would hurt but really didn't expect it to be that bad. I'm glad i didn't close both of the accounts i wanted to. I want to close Merrick too but after seeing the damage i think I'm gnna hold onto it. It is my second oldest account.

if there is little to no AF keeping it open is probably a good idea! your scores will go back up over time!

fico 747
Message 11 of 42
LesWH
Established Contributor

Re: The results are in :-(


@webhopper wrote:

Its better to have a thick file than it is to have a thin file with higher score...  Don't sweat those points, you will get them back.

 

Planting your garden is not easy, but you'll be rewarded when they start bearing fruit later on!


That is so correct!!  I opened a ton of accounts since 9/2012.  I started seeing the temporary damage in my FICO scores.  They dropped around 40 points each.  Now, though, roughly 6 months later and 3 months in the garden, they are coming back nicely!!  Since I no longer have negatives on my reports, I'm almost positive I was rebucketed as well.  I'm looking forward to Onward and Upward of my Fico scores.  I'm back to around 730'ish and looking forward to going higher.


NFCU Signature Visa Cash Rewards, NavChek, Citi AA AMEX, Cap1 Cash Rewards, Discover IT, Home Depot, Sears, Walmart, Chase Freedom, AMEX Green, Lowe's, AMEX BCE, Chase Sapphire Preferred, AMEX Hilton Honors Surpass, PayPal Extras MC, PenFed Platinum Cash Rewards, AMEX Platinum

GC Challenge: App Free since 1/8/13. No more apps til 2014






Message 12 of 42
SpiceIslander
Frequent Contributor

Re: The results are in :-(

You score will recover soon. IMO: It's worth it to obtain the Sallie Mae Word MC and say good riddance to Orchard.

Meg.

FICO: 4/2016 - TU 841 | EQ 840 | EX 837

FNBO 23,600 | Amex SPG 13,900 | Amex BCP 13,400 | Barclays/Sallie Mae13,000 | Discover IT 12,500 | Lowes 10,000 | PLOC 9,300 | NASA FCU 8,700 | Citi Simplicity 6,200 | BOA Platinum+ 6,000 | Achieva CU 5,500 | Chase CSP 5,000 | Sam's Club 3,000 | Sears 900
Message 13 of 42
MazdaSpeed
Contributor

Re: The results are in :-(


@LesWH wrote:

@webhopper wrote:

Its better to have a thick file than it is to have a thin file with higher score...  Don't sweat those points, you will get them back.

 

Planting your garden is not easy, but you'll be rewarded when they start bearing fruit later on!


That is so correct!!  I opened a ton of accounts since 9/2012.  I started seeing the temporary damage in my FICO scores.  They dropped around 40 points each.  Now, though, roughly 6 months later and 3 months in the garden, they are coming back nicely!!  Since I no longer have negatives on my reports, I'm almost positive I was rebucketed as well.  I'm looking forward to Onward and Upward of my Fico scores.  I'm back to around 730'ish and looking forward to going higher.


just curious, what does  rebucketed mean?

fico 747
Message 14 of 42
shorrttyycm1
Frequent Contributor

Re: The results are in :-(

It was so tramatic seeing my scores drop like that...after all my hard work...but yea the SM World mc is a sweet card!

Merrick has a super low limit with $59. AF. SO ready to close it but not at the expense of any more points.

Just curious, for those who experienced drops cause of new accounts. You say that after 3-6 months your scores came back...do you mean you got all of your points back at that time or you got almost all.

Starting Score: 530
3-2013Score: TU 680 EQ 683 EXP 679 FAKO
Current Score (lender pull): TU 693 EQ 649 EXP 699 Lender Pull
Goal Score: 700


Take the FICO Fitness Challenge
Message 15 of 42
LS2982
Mega Contributor

Re: The results are in :-(


@shorrttyycm1 wrote:
It was so tramatic seeing my scores drop like that...after all my hard work...but yea the SM World mc is a sweet card!

Merrick has a super low limit with $59. AF. SO ready to close it but not at the expense of any more points.

Just curious, for those who experienced drops cause of new accounts. You say that after 3-6 months your scores came back...do you mean you got all of your points back at that time or you got almost all.

I got most of them back if all of them. It depends on other factors and changes on your report not counting the new accounts.




EQ FICO 548 3/3/16
Message 16 of 42
shorrttyycm1
Frequent Contributor

Re: The results are in :-(

Thanks LS!

Starting Score: 530
3-2013Score: TU 680 EQ 683 EXP 679 FAKO
Current Score (lender pull): TU 693 EQ 649 EXP 699 Lender Pull
Goal Score: 700


Take the FICO Fitness Challenge
Message 17 of 42
ElCamino
Contributor

Re: The results are in :-(

Don't be afraid to close your old accounts if your utilization is low. You won't lose any points for closing them and they will continue to report for 10 years.

Call them first and try to get them to wave the AF, if they don't budge then go ahead and close it.


Amex BCE: $16.5k, Discover It: $5k, Chase Freedom Visa: $10k, Fidelity Amex: $7.5k, PenFed Cash Rewards Visa: $3.5k, CapOne Union Plus MC: $4.5k, Barclays Upromise MC: $5k, BoA Cash Rewards 123 MC: $1.5k
Message 18 of 42
lg8302ch
Senior Contributor

Re: The results are in :-(

I just killed my AAoA from 18yrs down to 6yrs with 5 new cards this year. Lost 50+ points end of January/beginning of February but got all of it back this month with the same low util now. So assume it will not be too hard on you either. Good luck. Looks like Fico liked the much higher CL and made up for the loss of AAoA?

Message 19 of 42
youngandcreditwrthy
Senior Contributor

Re: The results are in :-(

Yeah, don't worry! Ive gone from like 740 to around 700 due to an app spree. Scores are starting to mildly recover lol
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 20 of 42
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