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You will gain points back by only allowing 1 CC to report a balance. This can be acomplished by known the statement drop date and PIF'ing before that date. In 1 year, the INQs won't be a factor anymore. I would not apply for new credit anytime soon. Just let your accounts age and always pay at least the minimum due as soon as you can and you will be fine.
@llecs wrote:OP, check your credit history again and AAoA. Are you saying your oldest, opened or closed, is 15 months old? And your AAoA is 3 months? In order for AAoA to be at 3 months, you would have had to open at least 5 new accounts within the past month, or 1+1+1+1+1+15 = 20. 20/6 = 3.33 months. Opening that many will have a negative impact on score. Are you sure these new accounts haven't reported yet? And ditto to MarineVietVet. FICO rounds down AAoA to the nearest whole number. It doesn't report AAoA in months, only years.
Yes, that's what it says. My oldest account is a Cap 1 account that opened back in Jan. 2011. This past January 2012, I began apping for new credit cards and now I have about 6 new accounts...two haven't reported yet (Best Buy and Discover). Mostly all were opened in Mid January - Early February. So I guess that's what caused my score to tank. Oh well, nothing I can do to reverse it now. JUst have to wait it out and let time heal it.
Now as far as the AAoA....so are you saying that by 2013, ny AAoA will be 2 years since tney round it off to the nearest whole number?
@marty56 wrote:You will gain points back by only allowing 1 CC to report a balance. This can be acomplished by known the statement drop date and PIF'ing before that date. In 1 year, the INQs won't be a factor anymore. I would not apply for new credit anytime soon. Just let your accounts age and alwaays pay at least the minimum due as soon as you can and you will be fine.
Thanks mary56...that's what I'm gonna have to do because it seems like that's the only thing, along with paying on time of course, that will help my score over the next few months. I already know all my statement drop dates, so by the end of next month, the only cc that will report a balance will be my Best Buy card (because I purchased a computer with the 18 month financing). All the rest I will ensure I pay off before the statement drops.
@TeeandDee wrote:
@llecs wrote:OP, check your credit history again and AAoA. Are you saying your oldest, opened or closed, is 15 months old? And your AAoA is 3 months? In order for AAoA to be at 3 months, you would have had to open at least 5 new accounts within the past month, or 1+1+1+1+1+15 = 20. 20/6 = 3.33 months. Opening that many will have a negative impact on score. Are you sure these new accounts haven't reported yet? And ditto to MarineVietVet. FICO rounds down AAoA to the nearest whole number. It doesn't report AAoA in months, only years.
Yes, that's what it says. My oldest account is a Cap 1 account that opened back in Jan. 2011. This past January 2012, I began apping for new credit cards and now I have about 6 new accounts...two haven't reported yet (Best Buy and Discover). Mostly all were opened in Mid January - Early February. So I guess that's what caused my score to tank. Oh well, nothing I can do to reverse it now. JUst have to wait it out and let time heal it.
Now as far as the AAoA....so are you saying that by 2013, ny AAoA will be 2 years since tney round it off to the nearest whole number?
Ah, then that explains it. Was the 3 months listed in your EQ FICO report from myFICO.com or from Equifax.com?
Yes, let's say in Feb. your AAoA was 3 months. That would be 15 months+1month (x6 new accounts). That equals exactly 3 months now. Assuming nothing is added within the next 2 years, then exactly 2 yrs from that point, you'd have 39 months + 25 months (x6 accts). That equals 27 months AAoA or 2-yr AAoA.
@TeeandDee wrote:My EQ FICO score tanked today. Received a notice from SW that said the following as the reason:
This score decrease may be caused by these 4 new reasons:
- You have a short credit history.
- You've recently been looking for credit.
- You have too many credit accounts with balances.
- You have not established a long revolving credit history.
So now my Eq FICO score is 650. I was shocked and sadden by this news. I have two more cc's that still has not reported yet (Discover More and Best Buy), which I'm afraid once they begin reporting, my score will tank even further. So my question is....how long will it take for me to recover from all this?? I'm praying that it will only take six months. I will be able to get my UTL back down by the end of next month which then I plan to only have one card report a balance which will be by Best Buy card because I purchased a computer with the 18 month finance deal. Will my FICO score increase some after that...or do you think it will take six months to a year? So shocking to see it tank like that.
Oh also, I have no baddies, no late payments.. Clean report other than new accounts and inquiries.
First, did INQ's hit? That may be contributing. It sounds like you have a very new and thin credit file. Time is your best ally. I have read on these boards that 6 months to a year is a reasonable time frame for the ding from new accounts to fall away.
Out of curiosity, what were the comments on your previous FICO score report? Were they similar? The differences between them might provide a big clue to the "wise ones" who lurk here.
@crunching_numbers wrote:
@TeeandDee wrote:My EQ FICO score tanked today. Received a notice from SW that said the following as the reason:
This score decrease may be caused by these 4 new reasons:
- You have a short credit history.
- You've recently been looking for credit.
- You have too many credit accounts with balances.
- You have not established a long revolving credit history.
So now my Eq FICO score is 650. I was shocked and sadden by this news. I have two more cc's that still has not reported yet (Discover More and Best Buy), which I'm afraid once they begin reporting, my score will tank even further. So my question is....how long will it take for me to recover from all this?? I'm praying that it will only take six months. I will be able to get my UTL back down by the end of next month which then I plan to only have one card report a balance which will be by Best Buy card because I purchased a computer with the 18 month finance deal. Will my FICO score increase some after that...or do you think it will take six months to a year? So shocking to see it tank like that.
Oh also, I have no baddies, no late payments.. Clean report other than new accounts and inquiries.
First, did INQ's hit? That may be contributing. It sounds like you have a very new and thin credit file. Time is your best ally. I have read on these boards that 6 months to a year is a reasonable time frame for the ding from new accounts to fall away.
Out of curiosity, what were the comments on your previous FICO score report? Were they similar? The differences between them might provide a big clue to the "wise ones" who lurk here.
Yes, all the inquiries from the new accounts hit my credit report the day after I applied. The most it every dropped from the inquiries was about a point here and there, but overall it remained steady. I've been inquiry/app free for several weeks now. As far as comments on my previous FICO score report, the only comments I would get before were "New Account" or "Inqurity" and it would show my new FICO Score. This was the first time it had the reason's that I cut and pasted in my original post above.
Also, as an update, the Best Buy credit card hit my report today. As far as my Equifax FAKO score, it actually went up a few points because my utilization decreased. I haven't received an Alert from MYFico yet so I'm not sure the status of my FICO score today with Best Buy reporting. Hopefully I will receive an alert sometime today or over the weekend so I can find out. Trying to hold off on purchasing one since every time I seem to purchase one, miraculously right after that I get a SW alert! LOL!
I look forwad to paying the balances all down to zero (except one - Best Buy) and hopefully it will breath life back into my FICO score...LOL!