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Valued Member
Sarahnjess05
Posts: 102
Registered: ‎02-25-2011

New credit Lower Score??

Does new credit lower your score?

 

how does it affect AAoA?

 

How long is it considered "new"?

Starting Score 3/2010: 620 EX
2/2011: 644 EX
3/9/11: 667 EX
1/2/12: 692 EX
6/19/12 702 EX 670 TU 652 EQ (GRRR@EQ)
Goal: 720
Valued Contributor
mauve
Posts: 2,487
Registered: ‎02-18-2010

Re: New credit Lower Score??

 


Sarahnjess05 wrote:

Does new credit lower your score?

Depends.  What do you already have?  Is it installment or revolving? Is the existing credit installment or revolving?  How does it affect your utilization?  How does it affect your AAoA?

 

how does it affect AAoA?

It reduces it.

 

How long is it considered "new"?

6 months, I think, but that won't change the other factors.


 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Regular Contributor
ficofox
Posts: 232
Registered: ‎02-07-2011

Re: New credit Lower Score??

I started with two cards, added another 4 and my score actually went up. Go figure...

 

You will definitely take an AAoA hit, but in my case, it didn't really move the needle.


With FICO, time heals all wounds.

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Valued Member
Sarahnjess05
Posts: 102
Registered: ‎02-25-2011

Re: New credit Lower Score??

I have 3 tradleines

Boa unsecured. Limit 500. Has 50 on it
Orchard unsecured limit 300 has 60 on it
Victoria secret. Limit 250. Has 0 on it

Thinking of getting 1000 secured loan from credit union

Will my scored drop just from having the new loan? It's a soft pull approval.

Does the installment loan factor into my utilization?
Starting Score 3/2010: 620 EX
2/2011: 644 EX
3/9/11: 667 EX
1/2/12: 692 EX
6/19/12 702 EX 670 TU 652 EQ (GRRR@EQ)
Goal: 720
Valued Member
Sarahnjess05
Posts: 102
Registered: ‎02-25-2011

Re: New credit Lower Score??

Oh and my Aaoa is only 2 or 3 yrs
Oldest card is boa at 3 yrs
The other two are just 6 months old
Starting Score 3/2010: 620 EX
2/2011: 644 EX
3/9/11: 667 EX
1/2/12: 692 EX
6/19/12 702 EX 670 TU 652 EQ (GRRR@EQ)
Goal: 720
Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: New credit Lower Score??


Sarahnjess05 wrote:
I have 3 tradleines

Boa unsecured. Limit 500. Has 50 on it
Orchard unsecured limit 300 has 60 on it
Victoria secret. Limit 250. Has 0 on it

Thinking of getting 1000 secured loan from credit union

Will my scored drop just from having the new loan? It's a soft pull approval.

Does the installment loan factor into my utilization?

I answered that here: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Do-isnstallment-loans-affect-utilization/....

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Valued Member
Sarahnjess05
Posts: 102
Registered: ‎02-25-2011

Re: New credit Lower Score??

Tyvm! Missed that. It's supposed to email me when someone answers :smileywink:

So a car loan would affect utilization either?

As far as "new credit" should I expect a ding from that?
Starting Score 3/2010: 620 EX
2/2011: 644 EX
3/9/11: 667 EX
1/2/12: 692 EX
6/19/12 702 EX 670 TU 652 EQ (GRRR@EQ)
Goal: 720
Regular Contributor
ficofox
Posts: 232
Registered: ‎02-07-2011

Re: New credit Lower Score??

Your score will go up, down, or stay the same. If anyone tries to be more precise than that, ignore 'em.

 

 

 

 


With FICO, time heals all wounds.

Take the FICO Fitness Challenge

Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: New credit Lower Score??


Sarahnjess05 wrote:
Tyvm! Missed that. It's supposed to email me when someone answers :smileywink:

So a car loan would affect utilization either? No installment loan will affect revolving utilization.

As far as "new credit" should I expect a ding from that? That was answered earlier in this thread.

 

Valued Member
Sarahnjess05
Posts: 102
Registered: ‎02-25-2011

Re: New credit Lower Score??

I don't see it answered.
Someone said depends. Someone said it raised there's. And some said it goes up or down or stays the same.

I guess this ones a YMMV


Starting Score 3/2010: 620 EX
2/2011: 644 EX
3/9/11: 667 EX
1/2/12: 692 EX
6/19/12 702 EX 670 TU 652 EQ (GRRR@EQ)
Goal: 720

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