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Established Contributor
EW800
Posts: 775
Registered: ‎06-01-2008
0

No Score Drop for New Account?

Hi All,  

 

I subscribe to ScoreWatch.  My EQ 08 score is 717 as of 6/9/14.  I fell off the wagon and added a new account a few days ago - Barclay Card with $7,000 CL.  I did receive the Alert from ScoreWatch, indicating the new Barclay account had been added, however my score is still showing as 717.  Would this mean that according to the EQ model that adding the new account did not impact my score?  I was anticipating a drop of a point or two.  If there would have been a score drop, I assume that this alert would have advised me?

 

Thanks!  

 

 

Oct 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Nov 2014: EXP08: 717; EQ08: 728; TU08: 731; EQ04: 691
GOAL: FICO 08 Models 725+; FICO 04 Model to 700+

In My Wallet -- Discover $11.7K; Cap1 $8.4K; Amex $9.5K; Barclay $7K; Citi (AT&T Uni) $4.9K; US Bank $4K; Dell $5K; Care Credit $6.5K
My UTIL: Less than 1%
Community Leader
Valued Contributor
user5387
Posts: 1,794
Registered: ‎07-01-2010
0

Re: No Score Drop for New Account?

The hard pull would have been on TU, which would not affect EQ.

 

There are other costs of a new account, but also benefits, such as lowered utilization.

 

It might be difficult to determine how these balance out.

 

Did the $7K affect your utilization very much?

 

Established Contributor
EW800
Posts: 775
Registered: ‎06-01-2008
0

Re: No Score Drop for New Account?

Good point in regard to the $7K impact on UTIL.  It may have.  I should do the math on it, however it is possible that it lowered my UTIL from roughly 3% to 2%, or in that neighborhood.  I am not sure if lowering from 3% to 2% would have a score impact, but perhaps this offset a slight ding from the new account?   

 

Going by what I knew my TU score was and now what is reported by the Barclay TU score, it looks like I did take a one point hit for the Barclay TU HP.  Hopefully I can get that back before too long, with the HP aging a bit and my baddies (that I beleive I have shared with you) aging as well.  

 

 

Oct 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Nov 2014: EXP08: 717; EQ08: 728; TU08: 731; EQ04: 691
GOAL: FICO 08 Models 725+; FICO 04 Model to 700+

In My Wallet -- Discover $11.7K; Cap1 $8.4K; Amex $9.5K; Barclay $7K; Citi (AT&T Uni) $4.9K; US Bank $4K; Dell $5K; Care Credit $6.5K
My UTIL: Less than 1%
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HiLine
Posts: 3,088
Registered: ‎10-19-2012
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Re: No Score Drop for New Account?

I've had 4 new accounts that had no impact on my FICO score, and 2 that came with score increases. What you saw is not out of the ordinary.

Established Contributor
EW800
Posts: 775
Registered: ‎06-01-2008
0

Re: No Score Drop for New Account?


HiLine wrote:

I've had 4 new accounts that had no impact on my FICO score, and 2 that came with score increases. What you saw is not out of the ordinary.


Thank you much for the info.  

 

One aspect that I failed to mention is that this is the first trade line that I have added in probably 4 to 5 years.  Perhaps the FICO God's are taking that into consideration??

 

 

Oct 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Nov 2014: EXP08: 717; EQ08: 728; TU08: 731; EQ04: 691
GOAL: FICO 08 Models 725+; FICO 04 Model to 700+

In My Wallet -- Discover $11.7K; Cap1 $8.4K; Amex $9.5K; Barclay $7K; Citi (AT&T Uni) $4.9K; US Bank $4K; Dell $5K; Care Credit $6.5K
My UTIL: Less than 1%
Moderator
Revelate
Posts: 9,642
Registered: ‎12-30-2011
0

Re: No Score Drop for New Account?

[ Edited ]

EW800 wrote:

HiLine wrote:

I've had 4 new accounts that had no impact on my FICO score, and 2 that came with score increases. What you saw is not out of the ordinary.


Thank you much for the info.  

 

One aspect that I failed to mention is that this is the first trade line that I have added in probably 4 to 5 years.  Perhaps the FICO God's are taking that into consideration??

 

 


Unless I cross an AAOA boundary, I've never personally experienced a drop when a new tradeline reported.

 

I have gotten boosts for both mix of credit (adding installment loans back when I was a thin file) and typically my new cards report as $0 balances initially and so once I saw an increase when it stepped over a breakpoint on the number of revolving accounts with balances function.  Presumably I could see a decrease if it reported with an initial balance over a breakpoint, but I pay the majority of my cards well in advance so that hasn't happened to me.  My utilization when I do my sprees is never such where adding additional cards would statistically make any difference whatsoever (some number near 0% is still going to be near 0%).

 

As HiLine suggests, it's not unusual at all.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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New Contributor
Ubuntu
Posts: 102
Registered: ‎05-02-2014
0

Re: No Score Drop for New Account?

Just another confirmation here. I was an 800 based solely on two AU acounts in July of '13 when I opened my first primary account (in my 3rd go-round of credit usage).  While opening that account I got 2 hard pulls.  After the hard pulls and the new account showed up on my report I droped about 50 points.

 

Three months later I opened a second account and there was no or almost no change. I dropped 3 points around then and got them back plus some within weeks.


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