So the AMEX and Care Credit accounts that I opened 1 month ago just posted and caused my 740 score to drop to 695. But the thing is, my average age of accounts is 6 years even with the new accounts so I can't understand why such a severe score drop. I thought new accounts were only bad in that they affected the AAoA, but I guess I was wrong. :-/
Any ideas how long it takes to bounce back while I garden? My utilization is 6.5%, no collections, last late payment over a year old, no serious delinquencies, oldest account 10.5 years if that helps at all.
Starting Scores July 2012: EQ FICO 645, TU FICO 636, EXP (CCT) 638
I know, I'm really surprised. It's interesting because my transunion only has one of the new accounts posting, and it only dropped my score 10 pts. But the Equifax shows both and boom, a 45 point drop.
Im no expert but I noticed a similar result when adding a few new accounts. My TU score only took a small hit and my EQ went down 30 pts. Perhaps EQ's formula weighs new accounts more heavily against you than TU does.
Nope, nothing else changed except having 6.5% utilization this month rather than 4.something % last month. I've been being very cautious with my credit as I had hoped to not ever see it under 700 again and thought the new accounts were good, thoughtful decisions. I hadn't had a new revolving account in 5 years. And it's not the inquiries, because they hit Experian, not EQ or TU. I guess the new accounts just hit me hard for some bizarre reason.
Was your EQ pulled from here?
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!
June 2017 update: All scores over 820, just pure gardening now.
Yep, my EQ was pulled from here.
Both accounts have hit my TU now and it maintained only a 10 pt drop. Bizarro.
Didn't know that new accounts without any other changes would cause rebucketing, but maybe so. Who knows, the mischievous credit report faires and have been at work.
