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Best Estimates on my new scores with 2 new cards?

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Anonymous
Not applicable

Best Estimates on my new scores with 2 new cards?

Just got approved for Chase Slate and few months ago BoA BBR!! Current scores are TU: 694/EQ: 665/EX: 670. What do you think my scores could be after this?

 

Chase Slate: 0/1000

B of A: 200/3000 (PIF everytime statement cuts)

Chase Freedom: 6400/7000

Personal LOC: 2500/2500

Syncrony: 159/3500

Kay: 150/7400

AAOA: 5yrs 6 months

3 total inquiries

One baddie from Mar 2013 (30 days late)

Chase student loan and several Federal Student loans current

Paid off auto loan

Two paid off personal loans.

 

I am trying to see if this will get me into 700. Yes, I know the over utilization with Chase trying to pay it down. But the new open avail credit is that enough to get me past 700?

Message 1 of 8
7 REPLIES 7
Revelate
Moderator Emeritus

Re: Best Estimates on my new scores with 2 new cards?


@Anonymous wrote:

Just got approved for Chase Slate and few months ago BoA BBR!! Current scores are TU: 694/EQ: 665/EX: 670. What do you think my scores could be after this?

 

Chase Slate: 0/1000

B of A: 200/3000 (PIF everytime statement cuts)

Chase Freedom: 6400/7000

Personal LOC: 2500/2500

Syncrony: 159/3500

Kay: 150/7400

AAOA: 5yrs 6 months

3 total inquiries

One baddie from Mar 2013 (30 days late)

Chase student loan and several Federal Student loans current

Paid off auto loan

Two paid off personal loans.

 

I am trying to see if this will get me into 700. Yes, I know the over utilization with Chase trying to pay it down. But the new open avail credit is that enough to get me past 700?


Negligible change, possibly negative if that new account dropped your AAOA.  The Chase CC, the PLOC especially as it's maxxed, and even the BBR card to a lesser extent are tanking your score and your improvement in the near term is going to be by paying those accounts down.  




        
Message 2 of 8
Anonymous
Not applicable

Re: Best Estimates on my new scores with 2 new cards?

How is 200 out of 3000 over utilization?

So new cards wont help overall utilization at all?

Message 3 of 8
Thomas_Thumb
Senior Contributor

Re: Best Estimates on my new scores with 2 new cards?


@Anonymous wrote:

How is 200 out of 3000 over utilization?

So new cards wont help overall utilization at all?


Your reported Chase Freedom balance (UT%) and personal LOC balance to loan ratio are going to weigh down your score regardless of adding new accounts to boost your aggregate CL.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 4 of 8
Revelate
Moderator Emeritus

Re: Best Estimates on my new scores with 2 new cards?


@Anonymous wrote:

How is 200 out of 3000 over utilization?

So new cards wont help overall utilization at all?


Hah, I read that as 2000/3000, mea culpa.  OK so you're better than I thought.

 

 

The accounts will help, though the Slate at 1K is marginal.  Your issue though is two very high utilization revolving lines, and getting those taken care of is going to be the path to improvement.  




        
Message 5 of 8
Anonymous
Not applicable

Re: Best Estimates on my new scores with 2 new cards?

Ok ha! I was freaking out I thought it was bad to use ANY credit whatsoever! I know about the whole 1-9% thing. The Chase Freedom is my next big undertaking  Iam counting down the days til March 4th, that day I will pay off that thing in full, lock myself away for a week, until I convince myself wholeheartedly that it only has a limit of 300 bucks. I think getting out of it will feel good and will never want to go back to it being maxed out.

Message 6 of 8
NRB525
Super Contributor

Re: Best Estimates on my new scores with 2 new cards?


@Anonymous wrote:

Ok ha! I was freaking out I thought it was bad to use ANY credit whatsoever! I know about the whole 1-9% thing. The Chase Freedom is my next big undertaking  Iam counting down the days til March 4th, that day I will pay off that thing in full, lock myself away for a week, until I convince myself wholeheartedly that it only has a limit of 300 bucks. I think getting out of it will feel good and will never want to go back to it being maxed out.


How quickly can you get the Freedom card to 50% utilization, then just below that? The LOC to 50%? You should see some benefit from that move. In June, after I got all of my individual cards so that no one card was over 50%, I saw quite a score increase that month, from 714 EQ, 727 TU and 724 EX in late May to 756 EQ, 775 TU and 765 EX by July 8. (TU balances changed from $29k to 26k, some influence but not huge in my opinion)  As the $500 - $1000 toy cards have gone above and then back below 50% each, several times in the last few months, I see well defined score moves at those points but only about 7 points each way because those amounts are not huge.

 

One option to consider, if it fits in your cashflow and you have a BT offer from BofA, BT $1k off the Freedom to the BofA card. Lean on payments on the Freedom and the LOC to bring each of those below 50%, and keep everything else below 50% if you want the clearest setup for a good score rise.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 7 of 8
Anonymous
Not applicable

Re: Best Estimates on my new scores with 2 new cards?

Hope I'm not put of lune here, but have you thought about getting a consolidation installment loan? Not sure what you interest rates are on your current CC's, I'd think it would be helpful driving down your revolving utilization giving you a bump in score and adding an installment trade line for another bump after establishing payment history. Your notes say your personal loans are all paid off so assuming you don't have a current installment acct reporting.

 

Just my thoughts. Good luck either way.

Message 8 of 8
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