12-16-2008 04:59 PM - edited 12-16-2008 05:04 PM
Amount of New Credit
12/16 Very Good
There are no inquiries at all so inquires have no bearing on the summary. There was only one recently opened account affecting the summary.
No new accounts in 4 years and the rating is............................Great.
One account opened in September reports two weeks later.....Good.
The only account opened in 4 years ages six weeks.........Very Good.
Six weeks to change from "good" to "very good" seems a little strange to me. I am not complaining. It is all "good" as far as I am concerned. I am just curious how long it will take for Fair Isaac to tell me that the "Amount of New Credit" is "Great" again.
It seems that the new account ding might not last as long as I thought. I am wondering if the longer one abstains from apping, the quicker a subsequent new tradeline might cease to affect the score.
I don't know if others might be interested in this stray piece of info. I just thought I'd mention it in case some people who might have been abstaining from apping for a long time are wondering what might happen if they pull the trigger.
12-16-2008 05:08 PM
12-16-2008 05:42 PM - edited 12-16-2008 05:48 PM
Any chance that your AAoA or longest account crossed a tier during this time period instead?
I don't think so. My oldest account was a few years over the 8 year mark before it happened. My average age was under 6 years. I did hit 800 for the first time on Experian before I apped. The quoted summaries were from TU however. In fact TU was lower by almost 30 some points than my other bureaus for a couple of years. The new account seemed to help level out the differences in all my scores.
The new average age now is 5 years 3 months or so. I get the feeling that adding a tradeline right before I "crossed over" the 6 year average age mark could have actually helped some.
I am beginning to get the feeling that having average account age of less than 6 years and more than 5 years is a "sweet spot" for me. I get the feeling that I might be staying in the same bucket and am able to "thicken" my files without risking being compared to some heavyweights, with longer thicker credit profiles.
If 6+years is a new scoring bucket, maybe I want to stay out of it for a while.
09-17-2012 02:32 AM
I am quite certain that it does take into consideration inquiries, even those that may not necessarily be showing up on your TU and EQ reports. My husband called to request a credit line increase on his credit card in Dec 2011 (to help with util; it was a very low-line card). In May 2012 (only 5 mths later), amount of new credit appeared as "very good;" the newest account we had was opened in Dec 2010. This credit line increase didn't show up as a hard inquiry on our TU and EQ reports. However, it did show up on the EX report, surprisingly. Just one month later (same inquiry has aged to 6 mths), he was now displaying "great" on TU and EQ. I believe the magic combination is to have NO external inquiries within the last 6 months (be sure to check your EX report to make sure there aren't any there; it seems to be more detailed in this aspect) and your newest account must be at least 1 year old. Hope this helps! [Next stop: 800 FICO!]
09-17-2012 11:02 AM
where do these grades appear? Is this on a credit report somewhere?
You mean "Great", "Very Good", "Bad", etc.? They are found on your FICO report.
10-08-2012 09:04 PM
I am just curious how long it will take for Fair Isaac to tell me that the "Amount of New Credit" is "Great" again.
It looks like no one knew. Someone mentioned an inquiry leaves out Great for just six months, but the inquiry was based on a credit limit increase, so no new credit line. I'm now at one year and two months, but have yet to return to Great.