@takeshi74 wrote:
@workingprogress wrote:
When I first started credit building the hits was more heavy. I was surprised that only cost me 5 points.
It's never just about the change itself but one's credit profile as well. Generally speaking, thicker profiles in good standing won't see as much of an impact as profiles that are thin and/or have issues.
@CJ7 wrote:
Wait until the accounts themselves report...
+1 For established profiles in good standing HP's are a small factor despite how many seem to obsess over them around here and on other credit sites. However, they're not the only factor that matters. The impact to AAoA, and having new accounts also have an impact. Again though, impact will depend on credit profile. One who has an AAoA with a lot of well aged accounts won't see as much of a hit to AAoA as one with fewer and younger accounts.
@workingprogress wrote:
Yeah I know its going to be another hit. Hopefully it wont be to bad. How many points you think I will lose for 3 new accounts ?
No idea. Not only does it depend on your credit profile but the specific scoring model as well. Don't assume that FICO 8 or any one other model is the only scoring model used by creditors. Don't assume that all scoring models evaluate report data and changes the same way.
Thanks man for the well explained post.
Starting Fico scores 6/29/1013
Experian 584 / Equifax 639 / TransUnion 598
