03-31-2014 08:16 AM
What's your AAoA? If you have a thin credit history, it is common to see the points being dropped when new TLs are reported. Give time (6~12months) and manage well and you'll see your scores climb up again.
03-31-2014 08:18 AM
03-31-2014 08:23 AM
03-31-2014 08:27 AM
03-31-2014 08:29 AM
It usually takes about 6 months or so to balance out. You take that initial hit, but the account helps thicken your file and give it room to grow. New accounts are a necessary evil so to speak.
03-31-2014 08:33 AM
03-31-2014 09:11 AM - edited 03-31-2014 09:12 AM
Thanks Shogun! I think I'm at a good amount of accounts now (21) so I'm just gonna go to the garden for a while. I don't plan on applying for anything until August ( I would like to trade my car in for a bigger vehicle). Most of my revolving accounts will be a year by then so I'm hoping my score will go up a bit!
Do you mind posting your scores and their source(s)?
I'm surprised to see 21 tradelines be described that way? Why do you describe 21 tradelines as "a good amount"? Just curious.
My opinion is that 3 to 6 tradelines consisting of some revolving credit and installment loan types are more than sufficient to build and maintain a robust credit profile. Please help me understand why one would consider applying for more even with 21 active tradelines?
03-31-2014 11:06 AM