sooner63 wrote:I had a hard inquiry hit my report and recieved a Score Watch alert saying my score went up 4 points. They may not have anything to do with one another, but I suspect they do. I only had one open CC reporting, and a closed store card with some lates reporting. I hadn't applied for anything in over a year. Maybe myFico thought I needed more credit.
Thanks! My plan is to wait it out until May to see what my score is then. If it's not where I need it to be then I'll go ahead and apply for one to see if that helps.
Starting Score: EQ=567, TU=564 4/17/12 
marty56 wrote:
sooner63 wrote:I had a hard inquiry hit my report and recieved a Score Watch alert saying my score went up 4 points. They may not have anything to do with one another, but I suspect they do. I only had one open CC reporting, and a closed store card with some lates reporting. I hadn't applied for anything in over a year. Maybe myFico thought I needed more credit.
IMHO I don't think an INQ would case a score increase nor would adding a new CC cause that either. I would suspect lower %util or an aging affect.
Inquiry would never be a score increase I agree, though an additional one is not always a score decrease.
That said, I got a score increase (slight) when my Orchard card reported as my second revolving tradeline, and my other one had not reported yet that month. Near zero out of 2300 ~= near zero out of 2000 so it was unlikely to be a revolving utilization change. If you have 0-1 revolving lines, adding a second one can be a straight benefit to your credit score depending on your profile... the first one obviously under mix of credit, possibly the second one too but it may have just been aggregate tradelines in my case as well as I was definitely on the thin side.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)Current Score: EQ 660, Wally TU 697, EX unknown (05/13/13)
Goal Score: 680 in all three (01/01/14)
Take the FICO Fitness Challenge
Revelate wrote:
marty56 wrote:
sooner63 wrote:I had a hard inquiry hit my report and recieved a Score Watch alert saying my score went up 4 points. They may not have anything to do with one another, but I suspect they do. I only had one open CC reporting, and a closed store card with some lates reporting. I hadn't applied for anything in over a year. Maybe myFico thought I needed more credit.
IMHO I don't think an INQ would case a score increase nor would adding a new CC cause that either. I would suspect lower %util or an aging affect.
Inquiry would never be a score increase I agree, though an additional one is not always a score decrease.
That said, I got a score increase (slight) when my Orchard card reported as my second revolving tradeline, and my other one had not reported yet that month. Near zero out of 2300 ~= near zero out of 2000 so it was unlikely to be a revolving utilization change. If you have 0-1 revolving lines, adding a second one can be a straight benefit to your credit score depending on your profile... the first one obviously under mix of credit, possibly the second one too but it may have just been aggregate tradelines in my case as well as I was definitely on the thin side.
Does my AmEx count as a revolving tradeline?
firsttimemama wrote:
Revelate wrote:
marty56 wrote:
sooner63 wrote:I had a hard inquiry hit my report and recieved a Score Watch alert saying my score went up 4 points. They may not have anything to do with one another, but I suspect they do. I only had one open CC reporting, and a closed store card with some lates reporting. I hadn't applied for anything in over a year. Maybe myFico thought I needed more credit.
IMHO I don't think an INQ would case a score increase nor would adding a new CC cause that either. I would suspect lower %util or an aging affect.
Inquiry would never be a score increase I agree, though an additional one is not always a score decrease.
That said, I got a score increase (slight) when my Orchard card reported as my second revolving tradeline, and my other one had not reported yet that month. Near zero out of 2300 ~= near zero out of 2000 so it was unlikely to be a revolving utilization change. If you have 0-1 revolving lines, adding a second one can be a straight benefit to your credit score depending on your profile... the first one obviously under mix of credit, possibly the second one too but it may have just been aggregate tradelines in my case as well as I was definitely on the thin side.
Does my AmEx count as a revolving tradeline?
If your Amex is a charge card (NPSL), it would not count toward your util except in the older version of TU Fico (98) sold here.
My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
pakman92 wrote:
firsttimemama wrote:
Revelate wrote:
marty56 wrote:
sooner63 wrote:I had a hard inquiry hit my report and recieved a Score Watch alert saying my score went up 4 points. They may not have anything to do with one another, but I suspect they do. I only had one open CC reporting, and a closed store card with some lates reporting. I hadn't applied for anything in over a year. Maybe myFico thought I needed more credit.
IMHO I don't think an INQ would case a score increase nor would adding a new CC cause that either. I would suspect lower %util or an aging affect.
Inquiry would never be a score increase I agree, though an additional one is not always a score decrease.
That said, I got a score increase (slight) when my Orchard card reported as my second revolving tradeline, and my other one had not reported yet that month. Near zero out of 2300 ~= near zero out of 2000 so it was unlikely to be a revolving utilization change. If you have 0-1 revolving lines, adding a second one can be a straight benefit to your credit score depending on your profile... the first one obviously under mix of credit, possibly the second one too but it may have just been aggregate tradelines in my case as well as I was definitely on the thin side.
Does my AmEx count as a revolving tradeline?
If your Amex is a charge card (NPSL), it would not count toward your util except in the older version of TU Fico (98) sold here.
Thanks. It's a charge card (just looked it up). So, looks like I'll be applying for another tradeline in the next month or so.
firsttimemama wrote:Does my AmEx count as a revolving tradeline?
Ugh, for scoring purposes, qualified maybe? There's been some recent debate on the forum on how an Amex charge card actually fits in the mix of credit function. I believe it's listed as Revolving - Other, but we don't really know how that's factored in but the consensus was it was just the same as another revolving bankcard for scoring purposes. Someone else may be able to offer more details on that.
I'd probably still go get a total of three anyway (the Amex charge card + 2 others) from a credit building perspective, but probably Amex + one other is fine too. We aren't dealing with exact science here as it's just estimates made off what people have observed in their own credit profiles, and the third card isn't necessary to achieve a good score.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)Current Score: EQ 660, Wally TU 697, EX unknown (05/13/13)
Goal Score: 680 in all three (01/01/14)
Take the FICO Fitness Challenge
Revelate wrote:
firsttimemama wrote:Does my AmEx count as a revolving tradeline?
Ugh, for scoring purposes, qualified maybe? There's been some recent debate on the forum on how an Amex charge card actually fits in the mix of credit function. I believe it's listed as Revolving - Other, but we don't really know how that's factored in but the consensus was it was just the same as another revolving bankcard for scoring purposes. Someone else may be able to offer more details on that.
I'd probably still go get a total of three anyway (the Amex charge card + 2 others) from a credit building perspective, but probably Amex + one other is fine too. We aren't dealing with exact science here as it's just estimates made off what people have observed in their own credit profiles, and the third card isn't necessary to achieve a good score.
Yeah, I'll probably do the same once I apply for the card (type will depend on what NFCU approves me for) but I'm going to wait to see what my scores are in May. I don't want any potential drops in my score because I found a house and really want to qualify for the FHA loan asap. If I don't by May, then I'll know it's going to take a few months anyway. So, at that point, hopefully, an additional card with low utilization will help.
This whole credit thing is stressful enough without it being so darn murky (to use another member's term). I have no problems with taking self-responsibility (i.e., paying bills on time, etc) but having to "play the score game" so to speak is another story...
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