Reply
Frequent Contributor
Melanie220
Posts: 400
Registered: ‎01-31-2013

A little bummed....

New Discover Card reported to TU and I lost 15 points. How long does it take to rebound?
Senior Contributor
yudeology101
Posts: 4,584
Registered: ‎06-21-2012

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 $5k | Chase Hyatt $5k I AMEX Green NPSL I AMEX Delta $2k I Citi AA $2k | C1 QS $4.5k
BOA UNC-CH Alumni $6k I Hawaiian WEMC $3k I Arrival $3.5k I IT $1.5k | Merrill+ $2k | Lowes $12k | TJX $1.55k | +6more
Scores: EQ:660 (FICO 11) EX:686 (FICO N/C) TU:686 (FICO N/C) *6-20-14*
Overall UTIL: 14% *Gardening Since: 5/10/14*
------------------------------------------------------------
Need to stay out of trouble.... Go Heels!!! ... GC Watchlist ( #1 as of 12-12-13)
Frequent Contributor
Melanie220
Posts: 400
Registered: ‎01-31-2013

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
Melanie220
Posts: 400
Registered: ‎01-31-2013

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
Senior Contributor
Wanderer
Posts: 3,036
Registered: ‎10-03-2008

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.
Frequent Contributor
Melanie220
Posts: 400
Registered: ‎01-31-2013

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!
Moderator
Shogun
Posts: 12,896
Registered: ‎04-15-2011

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+

Take the myFICO Fitness Challenge

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!
Frequent Contributor
Melanie220
Posts: 400
Registered: ‎01-31-2013

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!
Valued Contributor
ezdriver
Posts: 1,470
Registered: ‎08-24-2013

Re: A little bummed....

[ Edited ]

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?

 

 



Starting Score: 618
Scores on 10/9/13: EFX 652, XPN 669, TUC 662
Scores on 3/17/14: EFX 649, XPN 677, TUC 681
Goal Score: 720 ALL


Take the myFICO Fitness Challenge
Frequent Contributor
Melanie220
Posts: 400
Registered: ‎01-31-2013

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;

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+