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A little bummed....

Frequent Contributor

A little bummed....

New Discover Card reported to TU and I lost 15 points. How long does it take to rebound?
10 REPLIES
Senior Contributor

Re: A little bummed....

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. 

JPM Ritz Carlton $8k I UMP Club $8k I CSP $8k | Chase Hyatt $5k I AMEX Green NPSL I AMEX Delta $2k I Citi AA $2k | C1 QS $4.5k
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Scores: EQ:671 (FICO 11) EX:686 (FICO N/C) TU:686 (FICO N/C) *8-5-14*
Overall UTIL: 14% *Gardening Since: 1/20/16*
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Frequent Contributor

Re: A little bummed....

I think I may have been re-bucketed too??? My Sallie Mae student loans have also been updated to removed 90,120,150,180,180,180 day lates on two Tradelines. I thought for sure I'd get a point increase with these. The only other baddies on that report are two Citibank SL 30 day lates from 01/2009.
Frequent Contributor

Re: A little bummed....

My aaoa is 2 years. So I'm sure I took a hit there. I'm just hoping to rebound soon
Super Contributor

Re: A little bummed....

The frustrations of hard work in rebuilding with the reward of going backwards for points. Been there and over time you will rebound better than before but it is the feeling you go back two steps for one step forward. Hang in there it does get better. Came back from a BK7 and now in the 800's.
Starting Score: 802
Current Score: 821
Goal Score: 850


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Frequent Contributor

Re: A little bummed....

Thanks for the motivation, I need that! It's so hard repairing and when you finally do succeed, it's hard to take a point loss! Hopefully in the next few months I'll bounce back and maybe add a couple of points too!
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Moderator Emeritus

Re: A little bummed....

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.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Frequent Contributor

Re: A little bummed....

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!
Senior Contributor

Re: A little bummed....


Melanie220 wrote:
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?

 

 

Frequent Contributor

Re: A little bummed....

Not all 21 are active. 4 Sallie Maes are closed but report no negatives. 2 citobank SL closed. I have a CapOne auto and cc. Fpb cc. Discover CC. Walmart CC. FingerHut. 5 Comentity Cards. 4 Dept of Ed SM opened and deferred. Kohls CC and Target CC. Student loans were opened in 07 and 2010. FH 04/13 and everything else except Walmart and Discover (which are new) was opened 07/13 or 08/13. I guess I shouldn't have listened to CK when they said I needed 21+ accts to gain maximum score increase over time etc;