NEw tradelines about to wreck my score?

[skigirl916]

7 new accounts here since July (6 of them since first week of September), between 6-8 INQs on each CRA. My scores are actually 5-15 points higher today than they were in July when the first new account happened, depending on the CRA. Most of the other cards were opened the first week of September. As each new TL appeared, my scores bumped a little up up up. The only drop came last week on one CR when the second to last of the new accounts started reporting, and it was quite the dip (4-10 points), but I was still ahead. And yesterday, another new TL started reporting, and it turned my EX in the other direction and went back up the 4 points it has lost.

So only seeing a 20 point drop, and a quick rebound, IMO, is quite possible. That's actually what I'd expect.

Based on my own experience and what I've read here, a 50 point drop is quite surprising. I'd be rushing to pull a report to see what the heck was going on.

[lord_kinbote]

Wow, that is quite different from my situation! I can only go by what has transpired on my own CR. 50+ point decerase on EQ/EX and an increasee of about 30 points on TU;

Initial FICO scores 760ish across the board. Changes - 10 new revolvers plus one share secured installment. 9 have reported on EX. 8 on EQ/TU. New available credit 80.3k. My activity was non existent beforehand, except for 1 AU account.

I had stopped using credit over the past 6 or so years, but had closed auto and closed mortgage that was paid off with no lates - with those installments and the AU, my scores were in specified range. I ended up with 4 inquiries on TU/EQ and 5 on EX.

With that said, my scores have taken a beating and I have 1 account that has not hit EX and two that have not hit TU/EQ.

I have used less than .02% of avail credit. As we speak, I just received another myfico alert regarding EX. My balance changed on my Discover balance changed from 0 to 100. I lost 5 points for that!? The CL on Discover is 3300. So please explain that one! I actually lost 8 points two days ago from my credit limit going from 3500 to 5000 on a salliemae card and a CLI on an AU account going frome 5000 to 7800.

My scores now are EQ 702, TU 774, EX 705. So over 60 points on EX/EQ for said activity since Sept 9th. Now, this may be related to me having a very thin file in regards to revolvers, but the point loss of 5 for a small balance of 100 and 8 points for a CLI make no sense. I have no negatives on my account. Any insight would be appreciated.

[taxi818]

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@skigirl916 wrote:
7 new accounts here since July (6 of them since first week of September), between 6-8 INQs on each CRA. My scores are actually 5-15 points higher today than they were in July when the first new account happened, depending on the CRA. Most of the other cards were opened the first week of September. As each new TL appeared, my scores bumped a little up up up. The only drop came last week on one CR when the second to last of the new accounts started reporting, and it was quite the dip (4-10 points), but I was still ahead. And yesterday, another new TL started reporting, and it turned my EX in the other direction and went back up the 4 points it has lost.

So only seeing a 20 point drop, and a quick rebound, IMO, is quite possible. That's actually what I'd expect.

Based on my own experience and what I've read here, a 50 point drop is quite surprising. I'd be rushing to pull a report to see what the heck was going on.

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Thank. Each of us different. So his 50 point drop would scare me. But I actually started to go back up quickly. 

[lord_kinbote]

What were both of your scores at before the new accounts. Taxi818, your additions sounded like they were over a course of a year. Not sure about the other poster. Mine were very rapid, so that could be the difference and because my scores were hight at start.

[taxi818]

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@akula wrote:
What were both of your scores at before the new accounts. Taxi818, your additions sounded like they were over a course of a year. Not sure about the other poster. Mine were very rapid, so that could be the difference and because my scores were hight at start.

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Yes. Correct. Mine were over the course of a year. So some older than others. Now. This moment. My scores are 40 points huger than before. Started around 640s. Now all 692-721. 

[jamie123]

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@akula wrote:
What were both of your scores at before the new accounts. Taxi818, your additions sounded like they were over a course of a year. Not sure about the other poster. Mine were very rapid, so that could be the difference and because my scores were hight at start.

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You started with a really thin file and then added A LOT of new credit. With all the new credit your scores will bounce around for a few months until all that new credit ages a bit, say 6 months from now your scores will settle down and not be so twitchy.

You did the right thing, well, 10 new cards may be a bit much, but it is the price we all have to pay to build thick files with rock solid scores. Your scores will start to climb month to month and you should be back where you started in 6 months to a year.

Just be careful. I'm sure your lenders are watching how you will handle all these new accounts and additional credit. Use all the cards but make sure to keep the reporting balances low and pay on time or early and you will be fine. Your scores will be rock solid a year from now.

[lord_kinbote]

Thanks for the insight jame123. It does make sense since my file was thin, but the wild fluctuations on seemingly positive factors is suprising. Yes, I am PIFing and making sure I do not go over 10% at statement cut time, as I am sure all the new account activity is a red flag. Thanks for the continued help - still waiting for the Alliant account to hit. My first payment is not slated until November. I was going to add the second installment, but with the scores dropping so much, I have decided to wait a bit before I open with SDFCU - membership aspect was completed. I will probably wait 6 months.

[skigirl916]

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@akula wrote:
What were both of your scores at before the new accounts. Taxi818, your additions sounded like they were over a course of a year. Not sure about the other poster. Mine were very rapid, so that could be the difference and because my scores were hight at start.

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I currently have 18 cards opened in my name (not AU accounts), and all 15 of them have come in the last 15-ish months... but like I said, 7 since July and 6 since September.  That's a lot of credit to take on, both over the course of a year (15) and in 6 weeks (6).

My scores when I started my rapid applications (6 since first week of September alone) were around 5-15 points lower than they are now, still in the highish 600s.  My scores 15-ish months ago were barely into the low 600's, I think one was still around 585.  So, I've seen a remarkable improvement in taking on this credit, both in the long and short term.
 

Still, after everything I read, if I saw a 50 point drop after getting a lot of new credit, I'd assume there was another "issue" at play, not just the new credit. 

[lord_kinbote]

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@skigirl916 wrote:

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@akula wrote:
What were both of your scores at before the new accounts. Taxi818, your additions sounded like they were over a course of a year. Not sure about the other poster. Mine were very rapid, so that could be the difference and because my scores were hight at start.

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Still, after everything I read, if I saw a 50 point drop after getting a lot of new credit, I'd assume there was another "issue" at play, not just the new credit. 

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The bigger you are, the harder you fall - comes to mind.  It is not just the new accounts, but the impact on the AAoA.  I dropped from 8.5 years to 3.3 years.  No other changes, as I pull daily from all three - myprivacymatters.  As I pointed out, extremly thin file before recent app spree.  Gardening is all I can do to obtain the 50+ points I lost.