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Frequent Contributor
princessofpink
Posts: 328
Registered: ‎05-18-2007

Setting up for FICO scoring changes

With the upcoming changes to the FICO scoring model, I will be losing an AMEX that has been opened in good standing since 1993.  Since my oldest good standing credit card account other than that one is only 16 months old, I will take quite a hit on my score I'm sure.   For this reason, I've been using my score now to open some new cards that I may not be able to get once the new scoring goes into affect.  Since I got approved for the car loan, I will not be in need of any additional credit for at least a year when I am planning on trying to buy a house.  Other than making sure that the accounts are paid on time with good utilization, is there anything I can do to lessen the blow that the new changes will make to my score?   By the time I'm ready to start mortgage shopping, will my score have bounced back significantly with the years worth of good history on an additional 3 credit cards and 1 car loan?   Anyone have any ideas?
Established Contributor
Cory
Posts: 671
Registered: ‎03-15-2007

Re: Setting up for FICO scoring changes

That what I was thinking, start applying for credit right now while you have the scores.
 
Cory
1. American Express Blue Cash Preferred~2. BankAmericard Cash Rewards World MasterCard~3. BankAmericard Travel Rewards Visa Signature ~4. Discover It~5. Citi Forward Visa Signature~6. CCCU MasterCard.
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007

Re: Setting up for FICO scoring changes

I assume that becoming a co-owner of the Amex is totally out of the question?
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Frequent Contributor
princessofpink
Posts: 328
Registered: ‎05-18-2007

Re: Setting up for FICO scoring changes

I'm not sure.  I'm still mulling around the idea of asking.  
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007

Re: Setting up for FICO scoring changes

That is an awful lot of years to make up.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Frequent Contributor
sankofa
Posts: 374
Registered: ‎04-03-2007

Re: Setting up for FICO scoring changes

 
Could someone give me the url to the new changes in FICO scoring? 
 
Thanks!
 
SandyK
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007

Re: Setting up for FICO scoring changes



sankofa wrote:
 
Could someone give me the url to the new changes in FICO scoring? 
 
Thanks!
 
SandyK


 

 
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Frequent Contributor
sankofa
Posts: 374
Registered: ‎04-03-2007

Re: Setting up for FICO scoring changes

 
Thanks MidnightVoice!!  :smileyhappy:
 
SandyK
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007

Re: Setting up for FICO scoring changes

I don't always know stuff, but I often know where to find the stuff I don't know.  :smileyhappy:
 
That is how I found this place  :smileyvery-happy:
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Frequent Contributor
princessofpink
Posts: 328
Registered: ‎05-18-2007

Re: Setting up for FICO scoring changes

Does anyone know how long having new accounts will hurt me for?   I know one of the things they look at is having a bunch of new accounts.  How long will they be considered "new" accounts before they become established accounts?

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