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From what I've read here new accounts generally lower your scores a little before slowly raising them over time with good credit management. Here's what happened. EQ was 639 on 7/28, received an alert that it was down to 630 on 08/02 because of the HP from Chase for my Freedom card. 9 points for one HP? Ouch Received an alert today that my score is now 648 due to the new Smart Connect account added. 18 points woohoo! I love that but I was prepared to see a decrease and then check again every three months to keep up with the progress. So does adding new accounts not decrease ones credit score depending on other factors? Can I expect to see a couple more jumps for all bureaus whenever the Chase, Victorias Secret and Capital One accounts are added? Not sure if this information will be helpful since most of the accounts aren't listed on the report yet but below is a summary of what I've been doing so far and the pattern wont change much. PIF for three accounts, let a small balance carry for Chase while APR is 0%. Read this was a good thing for Chase but opinions seem to differ, I'll see how it works out going forward.
6k in student loans, good standing, deferred until January 2016 (still in school)
No derogatory accounts, lates, baddies etc.,
2 Inquiries - Chase / Capital One
Capital One Platinum - $300 limit, 5 purchases, all PIF before due date, $0 balance
Chase Freedom - $500 limit, 7 purchases, 6 PIF before due date, $38.23 balance
Victorias Secret - $800 limit, no purchases yet, $0 balance
Smart Connect - $1000 limit, 1 purchase, $23.98 balance, PIF today, $0 balance
This FICO scoring thing seems unpredictable. Any help to understand how it works would be appreciated!
53 views and still *crickets* Starting to think I have no luck in this forum
@CallaLilyLover wrote:From what I've read here new accounts generally lower your scores a little before slowly raising them over time with good credit management. Here's what happened. EQ was 639 on 7/28, received an alert that it was down to 630 on 08/02 because of the HP from Chase for my Freedom card. 9 points for one HP? Ouch Received an alert today that my score is now 648 due to the new Smart Connect account added. 18 points woohoo! I love that but I was prepared to see a decrease and then check again every three months to keep up with the progress. So does adding new accounts not decrease ones credit score depending on other factors? Can I expect to see a couple more jumps for all bureaus whenever the Chase, Victorias Secret and Capital One accounts are added? Not sure if this information will be helpful since most of the accounts aren't listed on the report yet but below is a summary of what I've been doing so far and the pattern wont change much. PIF for three accounts, let a small balance carry for Chase while APR is 0%. Read this was a good thing for Chase but opinions seem to differ, I'll see how it works out going forward.
6k in student loans, good standing, deferred until January 2016 (still in school)
No derogatory accounts, lates, baddies etc.,
2 Inquiries - Chase / Capital One
Capital One Platinum - $300 limit, 5 purchases, all PIF before due date, $0 balance
Chase Freedom - $500 limit, 7 purchases, 6 PIF before due date, $38.23 balance
Victorias Secret - $800 limit, no purchases yet, $0 balance
Smart Connect - $1000 limit, 1 purchase, $23.98 balance, PIF today, $0 balance
This FICO scoring thing seems unpredictable. Any help to understand how it works would be appreciated!
From what I understand, each new account lowers your AAoA and your score drops as a result (15% of the FICO score is your AAoA). So with your account beiong added and you getting a bump in the score, I am somewhat baffled.
I keep hearing about 3 cards being the "sweet spot" so if this was your third account being reported, it may be the reason. But yeah, new accounts will almost certainly lower your AAoA (unless it is an Amex and you are backdating it), and as such, will lower your score.
Thanks! My AAoA is only 1 year, 8 months based on the student loans so my file is pretty thin at this point. Pretty baffled myself but I wont expect any further increases and prepare myself for a score drop. Just have to wait and see I guess.
Good for you. I'm gardening until December 31, 2014 and then I will be applying for an Amex card. Not sure which one yet though.
Good luck! 😄 Id like to try for the BCE card in six months depending on my progress but I think waiting a year would probably be better. Rejection sucks, learned that from my NFL Points attempt lol These are all the cards on my future wish list. If I can manage to obtain them within two years I'll be completely satisfied. And close everything I have now except Freedom. Not sure if PC is possible from Platinum to Venture but it would be nice.
Discover It, Capital One Venture, Amex Blue Cash Everyday, Barclay Arrival World, Chase Sapphire
So you got freedom with 639. Hmmm I don't want to pull trigger with 708 fico. Only because I got 10 inq in last 9 months.5 fall off in dec. so will wait to June 2014. However back to thread. Makes me wonder. I hot two cards thru shopping card trick. No hp. How will effect score when they pop up. Hmmm
Sorry. Those 5 will not fall off but will be 12 months old. So Jo effect to score.
taxi818 I was just as surprised as you. I only went for it after reading reviews of people on creditkarma who included their scores. Some were around the low 600's so I said hmm maybe I have a chance. Instant approval. Credit limit is low but at least its a start. They double pulled EX and EQ for me though so I was probably a borderline approval.But I dont care cause its mine!
Congrats. So as my dispute with experian over. I will follow you.