Credit Card Center Advertiser Disclosure

Reply
Frequent Contributor
Posts: 268
Registered: ‎04-19-2016
0 Kudos

Opening Cards and Credit Score Impact - HELP!

Well, I got my scores up to 756 TU, 711 EQ (student loans have not reported to EQ in 4 months... wierd) and 625 EX. I am hoping Experian will be over 700 tomorrow with my last baddie going away. After this I plan on just building with what I have, but I have a dillemma - 

 

I pulled the trigger and applied for a mortgage. I got approved immediately. The mortgage guy said to not make any major changes or apply for new credit. I can do that... BUT - I have 2 credit cards not reporting yet, a 3rd on the way that I have NOT activated yet, and a pending application for a Chase Slate. Also, I have 2 PENFED lines of credit not reporting yet. Based on the numbers below, can anyone tell me what MIGHT happen to my score? I don't think the score simulator is correct in saying I will drop down 50 points for opening a single new card.

 

AAoA - 21 months

Most Recent Account - 1 month

Oldest Account - 7 years (my student loans)

2 car loans opened in February

1 credit card opened in April reporting at 0% util - $1500 limit

0 lates or derogs (except EX)

 

NOT on my report YET - 

 

CU CC - $1000 limit, will report at 0% util, opened this month

CapOne QS1 - $300 limit, will report at 0% util - opened this month

CreditOne Platinum - $300 limit, will report at 0% util - in the mail

PenFed OLOC and PLOC, $500 and $1000 respectively, total 40% used

Possible Chase Slate - not sure yet. Should I not open this? I am thinking not

 

SO, is this going to kill my scores? My mortgage score was 692, which he said was very good. My credit is already VERY new... and the hard inquiries are already on my reports.

 

Help!

My Cards: NFCU NavChek 15k; NFCU Cash Rewards 4.6k; Ashley Furniture 7k; Lowes 3.3k; Home Furnishings 2.5k; Amazon 1.5k, Guitar Center 1.5k; Discover It 2k; Local CU 1k; PenFed PLOC 2.5k; PenFed OLOC 500; CapOne Quicksilver Platinum 800; CreditOne Platinum 300; Sears Citi 4k; Total 46.5k credit. 2 NFCU Auto loans @ 3.09%; and a mortgage!
Frequent Contributor
Posts: 443
Registered: ‎03-14-2016
0 Kudos

Re: Opening Cards and Credit Score Impact - HELP!


ProfGoGetter wrote:

Well, I got my scores up to 756 TU, 711 EQ (student loans have not reported to EQ in 4 months... wierd) and 625 EX. I am hoping Experian will be over 700 tomorrow with my last baddie going away. After this I plan on just building with what I have, but I have a dillemma - 

 

I pulled the trigger and applied for a mortgage. I got approved immediately. The mortgage guy said to not make any major changes or apply for new credit. I can do that... BUT - I have 2 credit cards not reporting yet, a 3rd on the way that I have NOT activated yet, and a pending application for a Chase Slate. Also, I have 2 PENFED lines of credit not reporting yet. Based on the numbers below, can anyone tell me what MIGHT happen to my score? I don't think the score simulator is correct in saying I will drop down 50 points for opening a single new card.

 

AAoA - 21 months

Most Recent Account - 1 month

Oldest Account - 7 years (my student loans)

2 car loans opened in February

1 credit card opened in April reporting at 0% util - $1500 limit

0 lates or derogs (except EX)

 

NOT on my report YET - 

 

CU CC - $1000 limit, will report at 0% util, opened this month

CapOne QS1 - $300 limit, will report at 0% util - opened this month

CreditOne Platinum - $300 limit, will report at 0% util - in the mail

PenFed OLOC and PLOC, $500 and $1000 respectively, total 40% used

Possible Chase Slate - not sure yet. Should I not open this? I am thinking not

 

SO, is this going to kill my scores? My mortgage score was 692, which he said was very good. My credit is already VERY new... and the hard inquiries are already on my reports.

 

Help!


Pay off the PenFed immediately so it doesnt report with 40 percent used, pay off 39 percent....also let your loan officer know...

FICO Scores starting as of 3/11/16: EQ-607,TU-639 ,EX-627 (6/22/2016 EQ-621,TU-637, EX-653)
USAA Classic 1k, F.Premier 300, CreditOne 600, CareCredit 500, CareCarOne 700, AmazonStore 3500, WalmartStore 3500, Target 700, VS 250. Cap1 Plat 800 Lowes 300..Legacy 500 and Blaze 750..AU on Cap1Quick 300...ULTI 65.2%
Goal is 700 across all 3 scores by Christmas of 2016
Frequent Contributor
Posts: 380
Registered: ‎05-20-2016

Re: Opening Cards and Credit Score Impact - HELP!

If the inquiries are already on your report, then having the accounts show up as opened wouldn't hurt you there. The thing that will hurt some is your AAoA going down, but it shouldn't go down to the tune of 50 points. That doesn't sound right. In any case, I have found mortgage officers to be pretty reasonable. Usually once you get pre-approved they lock in that rate for a specific amount of time - that was the case with me. So as long as you buy something in that time period you should okay. And you can also explain to him, if he asks, that you applied for the cards before getting approved for the mortgage. It should be fine as long as you don't go on a spending spree for the new house. Smiley Happy

(Queen of Spades)
(Amazon Prime | Chase Freedom | Citi Double Cash | US Bank Cash+)
Valued Contributor
Posts: 1,087
Registered: ‎10-02-2015
0 Kudos

Re: Opening Cards and Credit Score Impact - HELP!

Depends on how many older accounts you have. If you have a lot of old accounts the AAoA won't take a big hit. But if you only have a few then it might take a big hit. A really big hit can drop scores a lot
Frequent Contributor
Posts: 268
Registered: ‎04-19-2016
0 Kudos

Re: Opening Cards and Credit Score Impact - HELP!

Thank you guys and ladies for your input during my mini freakout haha. I talked to the loan officer and he said 1. My AAoA is based on all new accounts anyways, AND it's only 2 years at this point... and 2. My credit check is good for 90 days and they won't run another one unless we apply for a house outside of tha timeframe. He said they do their underwriting up front, just to not go and get charge offs collections or judgements in the meantime.

 

On the other hand, I am really digging Quicken and their RocketLoan program!

My Cards: NFCU NavChek 15k; NFCU Cash Rewards 4.6k; Ashley Furniture 7k; Lowes 3.3k; Home Furnishings 2.5k; Amazon 1.5k, Guitar Center 1.5k; Discover It 2k; Local CU 1k; PenFed PLOC 2.5k; PenFed OLOC 500; CapOne Quicksilver Platinum 800; CreditOne Platinum 300; Sears Citi 4k; Total 46.5k credit. 2 NFCU Auto loans @ 3.09%; and a mortgage!
Valued Contributor
Posts: 7,411
Registered: ‎01-08-2013
0 Kudos

Re: Opening Cards and Credit Score Impact - HELP!

Good that it worked out it seems. IT's a good thing the underwriting was upfront.
EX 08 Fico: 729 TU 08 Fico: 735EQ 08 Fico: 740Total Credit Line: $128,600Utilization: 6%Inquiries:EX-6TU-7EQ-5


Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.