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Trust me I am excited to be in the 700 Club but do expect to fall out next month. However, not for bad reasons and solely related to recent inquiries, an upcoming very hard hit on Average Account Age (opened 6 accounts this month, 2 a couple months ago with only 2 accounts over 2 years). So I think I will be in the 600 Club until Thanksgiving (Halloween earliest).
In an effort to get a general idea of potential points and length of time it will take to get into the 800 Club I opened up Microsoft Excel. The biggest challenge will be the average age and length (Change next month: 261 Days to 142 Days). Min 4 months to stabilize and recoup 30-35 points.
I calculated to hit around 670 next month with all the new lines and of course length taking a hard hit. Regaining the points are in the following areas:
Maintaining Payment History: 35 points
Reducing Amount Owed: 25 points
Length: 65 points
Inquires: 15 points
It is going to be a long but short year of recovery. I currently subscribe directly to each Credit Reporting Agency and am thinking of canceling them for a while to spend the money elsewhere or save (~ $720 year).
Once all the accounts hit the credit reports should I pull myFICO 3 report as my starting point or subscribe to the month service here?
Also thoughts on canceling the three others?
Also should I lock/freeze on credit files? (if yes, will my new accounts be able to report or should I wait until all accounts are listed?
Freezing wont prevent things from reporting, it just prevents anyone from pulling credit to approve you. If you are paying for all 3 services, at 720/yr, I would just pay the 25 a month for my fico. you can use CK and credit.com for regular monitoring for free. Congrats on the approvals!