credit rebuilding question : (

[Anonymous]

So I read on here and was told by my mortgage banker 3 credit cards was the magic #. score dropped 8 points across the board once the second card hit and 8 points across the board again when the third card hit. Two reported with a zero balance and one with a $15 balance. I did use all 3 cards and paid them off as soon as it showed up in the account except $15 on 1 card.
Qs1 $15/ $500 limit
Capital one platinum $0/$500 limit
Credit one $0/$600 (I know this company is evil)

Hope I see a fast point recovery as I continue to let 0 report on 2 and under 10% on one.

Did I do something wrong?

[Anonymous]

Remember, part of the scoring is age of accounts. By adding the accounts, the age went down. As time goes on, and they age, you will see scores start to pick up again.

Check to make sure nothing negative appeared on your credit as well.

[Anonymous]

just pulled my new reports on credit check total and on here and nothing but the 2 new credit cards changed. my AAoA did drop from the 3 new credit cards. I only have 4 paid medical bills showing as negative and 22 accounts that has never been late.

[Anonymous]

The hit will increase quickly with on time payments. Keep up a GW campaign on the paid collections. It just takes one person to say yes and help you out, Good luck.

[redbeard]

Adding cards should have a long term positive affect, but the short term, as you found out, can be a bit of a disappointment.  If you had a higher balance previous to adding the cards, you may have had an immediate positive impact due to utilization improvements, but in your case, you just got the hit on AAoA.

Credit rebuilding is a long game, you took a step forward in that game, though it may take 6 months to realize the benefit.  Since you had an card already and had previous credit, this isn't a 'magic bullet' but eventually, will add a few extra points.

Clearing the collections will get you more points, even if they stay on the report but convert to paid.  Once paid, even if not deleted, they start aging and losing the impact on your score.

Dan

[Anonymous]

I started off with 48 medical collection in may 2015 with No credit cards score was lower 400's in May of this year. The 22 accounts in good standings is my truck not and student loans broke up into each semester I attended. My scores are now between 600- 635.