Reply
Frequent Contributor
ecxpa
Posts: 323
Registered: ‎05-08-2007
0

CLI and new accounts

Got 2new lines of credit 2500 & 300...... Have seen new credit drop scores and raise scores ......no change in mine.   However, I had a new line of credit last month raise my credit score.....don't really understand.  I have had a recent CLI on old acct of 3200......shouldn't this bump my score and if so by how much

Community Leader
Valued Contributor
user5387
Posts: 1,794
Registered: ‎07-01-2010
0

Re: CLI and new accounts

New accounts hurt your scores in terms of hard pulls, new tradelines, and lowered AAoA.

 

They help your scores in terms of lowering utilization.

 

The net outcome may be hard to predict.  However, if utilization is dramatically lowered, then it may be the dominant factor.

 

Established Contributor
GFer
Posts: 981
Registered: ‎04-01-2008
0

Re: CLI and new accounts


user5387 wrote:

New accounts hurt your scores in terms of hard pulls, new tradelines, and lowered AAoA.

 

They help your scores in terms of lowering utilization.

 

The net outcome may be hard to predict.  However, if utilization is dramatically lowered, then it may be the dominant factor.

 


+1!



1/28/14 EQ 817, (6/30/14)EX 821, TU 817 on 6/13/2014

Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+