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A new card hurts in the areas of hard pull, new tradeline, and reduced AAoA, and helps in lowering utilization.
It's hard to say which of these factors will win out, although a large drop in utilization (e.g. 80% to 20%) may dominate the negative factors. A small drop in utilization probably isn't enough to do it.
if I may ask, when did you acquire your amex and how long did it take before it reported to eq?
.......$23k....................$8k......................$2k
Current FICO EQ: 775, EX: 764 | Current FAKO CK: 788
Are we talking FICOs here or some montoring service with FAKOs??
Do you have other cards carrying balances? Having more cards show a balance hurts your score....
@mahmood wrote:
My EQ was 674 yesterday and today its 660, and the only difference is that today a new Amex card with $7500 limit and $149 balance is reporting, its reducing my overall utilization ratio too. So i thought the score would go up if anything. The new factor affecting my score today that didnt show up yesterday reads "worst rating ever on national credit cards trades" - lol i have no idea what this means?! Does anyone know?
What was your AAOA before and after? If the only thing that has changed, its more than likely a combination of a lowered AAOA, and one more cc reporting a balance.
My BCE reported Friday with a $2000 CL and a 0 balance. It caused my EQ FAKO to drop from 684 to 677 but that's still up from 639 last month.
My TU FICO from Wal-Mart was 691 last month, but I can't actually make that update whenever I want so I wont know the real affect until next month. I'm guessing if anything it will remain flat. I don't really expect much of a decrease, but we shall see.
@mahmood wrote:
The drop from the inquiry happened already and was factored in to the 674, since that gets reported much sooner than the card itself. Maybe its the AAoA then, but still I don't get the wording "worst rating ever on national credit cards trades" as the new factor that's hurting my score. Unless that phrase translates to AAoA or something
Was that a FAKO score reason? If so, totally ignore it.