Reply
Valued Contributor
Imhotrodcrazy
Posts: 1,554
Registered: ‎03-11-2009
0

Two new credit lines = score increase

Well, my new US Bank loc and cc hit my TU report and my fico score rose by 5 pts to 718.  Not bad since I had expected a negative hit from them.  Thought this might be of interest to those of you who are number crunchers.  :smileyhappy:
FICOS
TU 805 12/12/14
EX 806 10/26/14
EQ 829 12/13/14
NASA 30K / / Amex 20k / / Chase Freedom 10.6k / / / / / SD'd US Bank Cash+ 20k, LOC 15k
Goal - At my age, just staying alive
Valued Contributor
thrasher865
Posts: 1,157
Registered: ‎05-21-2008
0

Re: Two new credit lines = score increase

definitely not enough information, as i can almost guaruntee you the new accounts are not directly related to your score increase.

 

What was your util last month compared to this month?

Did any inquiries fall off?  Baddies?

Maybe you went on an app spree and had several accounts all age over a certain threshold to offset these new accounts?

 

There are more complex forces at work here, i can feel it, lol.


Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


Take the FICO Fitness Challenge
Valued Contributor
Imhotrodcrazy
Posts: 1,554
Registered: ‎03-11-2009
0

Re: Two new credit lines = score increase


thrasher865 wrote:

definitely not enough information, as i can almost guaruntee you the new accounts are not directly related to your score increase.

 

What was your util last month compared to this month?

Did any inquiries fall off?  Baddies?

Maybe you went on an app spree and had several accounts all age over a certain threshold to offset these new accounts?

 

There are more complex forces at work here, i can feel it, lol.


 

Utility last month was 3%, this month was 1%.

I haven't had any inquiries on TU.  It is 0 on the report.

No app spree, US Bank is the only acct I went after and they pulled EX. 

I think the new accts helped my mix since I do not have a lot of cc's.  I now have 2 cc's and a loc, which is more than enough for me. 

FICOS
TU 805 12/12/14
EX 806 10/26/14
EQ 829 12/13/14
NASA 30K / / Amex 20k / / Chase Freedom 10.6k / / / / / SD'd US Bank Cash+ 20k, LOC 15k
Goal - At my age, just staying alive
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Two new credit lines = score increase


Imhotrodcrazy wrote:
Well, my new US Bank loc and cc hit my TU report and my fico score rose by 5 pts to 718.  Not bad since I had expected a negative hit from them.  Thought this might be of interest to those of you who are number crunchers.  :smileyhappy:

If you only had one, possibly two, open revolving accounts previous to this wild app spree of yours :smileywink:, then you can expect a score increase, even with the inq and new account dings.

The FICO scoring formula "likes" to see three open revolving accounts. Once you go beyond that, your scores will generally initially drop, unless the 4th and beyond accounts do something wonderful in seriously dropping high util or something like that.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
Imhotrodcrazy
Posts: 1,554
Registered: ‎03-11-2009
0

Re: Two new credit lines = score increase


haulingthescoreup wrote:

Imhotrodcrazy wrote:
Well, my new US Bank loc and cc hit my TU report and my fico score rose by 5 pts to 718.  Not bad since I had expected a negative hit from them.  Thought this might be of interest to those of you who are number crunchers.  :smileyhappy:

If you only had one, possibly two, open revolving accounts previous to this wild app spree of yours :smileywink:, then you can expect a score increase, even with the inq and new account dings.

The FICO scoring formula "likes" to see three open revolving accounts. Once you go beyond that, your scores will generally initially drop, unless the 4th and beyond accounts do something wonderful in seriously dropping high util or something like that.

 

HTSU,  I do have a mortgage along with my 2 cc's and loc.  I have always been, and will forever stay a very conservative person when it comes to debt. I learned early on in life that nothing is free and what you sow your reap.  I agree with your analogy.  Thanks for the input to all.
FICOS
TU 805 12/12/14
EX 806 10/26/14
EQ 829 12/13/14
NASA 30K / / Amex 20k / / Chase Freedom 10.6k / / / / / SD'd US Bank Cash+ 20k, LOC 15k
Goal - At my age, just staying alive
Contributor
Mizu
Posts: 78
Registered: ‎11-17-2009
0

Re: Two new credit lines = score increase


Imhotrodcrazy wrote:
Well, my new US Bank loc and cc hit my TU report and my fico score rose by 5 pts to 718.  Not bad since I had expected a negative hit from them.  Thought this might be of interest to those of you who are number crunchers.  :smileyhappy:

 

I had 4 new accounts just hit and still managed to get a score increase too!  Woo hoo for us =D  Congrats!

Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: Two new credit lines = score increase


Imhotrodcrazy wrote:
Well, my new US Bank loc and cc hit my TU report and my fico score rose by 5 pts to 718.  Not bad since I had expected a negative hit from them.  Thought this might be of interest to those of you who are number crunchers.  :smileyhappy:

 

Congrats!  USBank is on my wish list for next year :smileywink:.

 

What was your pre-existing CC, if you don't mind me asking?

Just puttin' syrup on something, don't make it pancakes.
Valued Contributor
Imhotrodcrazy
Posts: 1,554
Registered: ‎03-11-2009
0

Re: Two new credit lines = score increase


beamMEup wrote:

Imhotrodcrazy wrote:
Well, my new US Bank loc and cc hit my TU report and my fico score rose by 5 pts to 718.  Not bad since I had expected a negative hit from them.  Thought this might be of interest to those of you who are number crunchers.  :smileyhappy:

 

Congrats!  USBank is on my wish list for next year :smileywink:.

 

What was your pre-existing CC, if you don't mind me asking?


 

beamMEup,

 

I have a  cc from CCCU.  I am not a big fan of having a bunch of cc's.  The reason I chose US Bank is because I have my mortgage and checking acct with them.  They have been really good to me.  When I applied, they  approved me for a $12,000 cc and a $15,000 loc at the same time.  They will get 95% of my day to day business.  I couldn't be happier with a bank.  Good luck to you when you apply with them. 

FICOS
TU 805 12/12/14
EX 806 10/26/14
EQ 829 12/13/14
NASA 30K / / Amex 20k / / Chase Freedom 10.6k / / / / / SD'd US Bank Cash+ 20k, LOC 15k
Goal - At my age, just staying alive
Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: Two new credit lines = score increase

[ Edited ]

Imhotrodcrazy wrote:

beamMEup wrote:

Imhotrodcrazy wrote:
Well, my new US Bank loc and cc hit my TU report and my fico score rose by 5 pts to 718.  Not bad since I had expected a negative hit from them.  Thought this might be of interest to those of you who are number crunchers.  :smileyhappy:

 

Congrats!  USBank is on my wish list for next year :smileywink:.

 

What was your pre-existing CC, if you don't mind me asking?


 

beamMEup,

 

I have a  cc from CCCU.  I am not a big fan of having a bunch of cc's.  The reason I chose US Bank is because I have my mortgage and checking acct with them.  They have been really good to me.  When I applied, they  approved me for a $12,000 cc and a $15,000 loc at the same time.  They will get 95% of my day to day business.  I couldn't be happier with a bank.  Good luck to you when you apply with them. 


 

Thanks for sending the good luck!  Everytime we go in to do some banking, they remind us that they would love to give us a cc.  We're waiting for our credit reports to drop one lovely item.

 

In your case, your score increase is almost certainly because you opened a Bank/National Credit Card Co. revolving account.

FICO likes to see one of these, and USBank qualifies.  CCCU, being a credit union, doesn't.  So, you've dropped FICO Code #3 (Too few bank revolving accounts) [too few is less than one] and gained 5 points!  Your LOC also qualifies for this category - so you've got two accounts going for you in this category. 

 

This is being discussed on another thread - great timing - so now we know that in your case it was worth 5 points.

Message Edited by beamMEup on 01-05-2010 03:15 PM
Just puttin' syrup on something, don't make it pancakes.
Frequent Contributor
bakalao2k
Posts: 449
Registered: ‎02-21-2009
0

Re: Two new credit lines = score increase


Imhotrodcrazy wrote:

beamMEup wrote:

Imhotrodcrazy wrote:
Well, my new US Bank loc and cc hit my TU report and my fico score rose by 5 pts to 718.  Not bad since I had expected a negative hit from them.  Thought this might be of interest to those of you who are number crunchers.  :smileyhappy:

 

Congrats!  USBank is on my wish list for next year :smileywink:.

 

What was your pre-existing CC, if you don't mind me asking?


 

beamMEup,

 

I have a  cc from CCCU.  I am not a big fan of having a bunch of cc's.  The reason I chose US Bank is because I have my mortgage and checking acct with them.  They have been really good to me.  When I applied, they  approved me for a $12,000 cc and a $15,000 loc at the same time.  They will get 95% of my day to day business.  I couldn't be happier with a bank.  Good luck to you when you apply with them. 


+1

 

US Bank has been really good to me too.  I have the following accounts with them: checking, savings, LOC (overdraft), rewards visa and premier line visa.

TU - 737 - 02/21/09, 769 - 02/06/10, 795 - 09/08/10
EQ - 758 - 02/21/09, 783 - 02/06/10, 805 - 09/08/10
EX (PLUS) - 781 03/23/09, 787 - 02/06/10, 783 - 08/09/10

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}