NFCU LOC (Overdraft Line of Credit Checking and score)

[SCYD]

My equifax score is currently 673.  My report shows 30% owing on one credit card, which will reflect 0% once it updates in 10 days, the credit card company changed my reporting date.  I recenlty opened a Visa Siganture card with the NFCU with a CL of $7,500.00, which is already reporting.  I just signed the paperwork on the overdraft line of credit with NFCU for $15,000.00.  This is not reporting yet.

Do you think this will affect my score negatively? If so, by how many points.

I am trying to get to the 700's by October?  Any suggestions how I may be able to do that.

[user5387]

Both the CC and LOC have short-term costs associated with them, for example the inquiry hits and the reduced AAoA.

These new accounts will also immediately help utilization, which may or may not be an issue for you.

So it's hard to say what the short-term outcome would be.

If you are trying to get to 700 by October, the first thing I'd do is to ensure you're getting an accurate score, and not a FAKO.

Beyond that, the big areas tend to be derogatories and utilization, and I'd suggest focusing on optimizing these two areas as much as possible.

[SCYD]

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@user5387 wrote:

Both the CC and LOC have short-term costs associated with them, for example the inquiry hits and the reduced AAoA.

These new accounts will also immediately help utilization, which may or may not be an issue for you.

So it's hard to say what the short-term outcome would be.

If you are trying to get to 700 by October, the first thing I'd do is to ensure you're getting an accurate score, and not a FAKO.

Beyond that, the big areas tend to be derogatories and utilization, and I'd suggest focusing on optimizing these two areas as much as possible.

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Score is a Fico Score from here and one from Equifax Scorewatch.  I believe there's a difference of 2 points. 

Only Derag, is Bankruptcy  from 10/2009.