New account added with $5k credit line - where's my increase?
I applied last week for a new Discover card and was approved and I just got an alert today saying it had posted to EQ. But my score didn't change. I expected an increase since my util is now lower. What happened?
Re: New account added with $5k credit line - where's my increase?
You will certainly get a boost from the increased CL. but a new account can cause offsetting drop.
The new inq needed to get the credit will score for one year, and if your avg age of accounts was not very high, adding the new account with zero age will hurt your AAoA.
Re: New account added with $5k credit line - where's my increase?
My scenario is similar to the original poster. Today, my new CC from my credit union was reported. ScoreWatch informed me of this, as well as the accompanying +3 EQ FICO score change.
04/01/2020 - EX 849 (Credit Scorecard EX FICO® Score 8, range 300-850) 02/20/2020 - TU 850 (Discover TU FICO® Score 8, range 300-850) 03/24/2020 - EQ 884 (Citi EQ FICO® Bankcard Score 8, range 250-900) GOAL - 800! - App free since 11/22/2017
Re: New account added with $5k credit line - where's my increase?
ee wrote: I applied last week for a new Discover card and was approved and I just got an alert today saying it had posted to EQ. But my score didn't change. I expected an increase since my util is now lower. What happened?
What are the before and after utils? There might not have been enough of a change to affect your score. Also, as Robert said, the new inq/ new account ding might have canceled it out.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit? FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
