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Added 5th CC, FICO jumped 46 points

Valued Contributor

Added 5th CC, FICO jumped 46 points

Adding a new CC doesn't always cause your FICO to drop. While it is well known that FICO benefits a lot with your first, and to a lesser degree second, CC, My FICO just jumped from 690 to 736 when I added a WM CC. It wasn't Util which stayed at 11%. The CL is .8k so my total CLs went from 52k to 53k.

 

However, this set of reasons is funny:

 

Your FICO score may have gone up because the following 2 factors are not hurting your FICO score as much as before:

  • You have too many credit accounts with balances.
  • You have not established a long revolving credit history.

See the "Extreme rebucketing" post for more background.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Extreme-Rebucketing-Effects-757-to-690-on...

 

 


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
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