Watching FICO as new accounts are reported

[Anonymous]

About 3 weeks ago, I decided I wanted to get three more credit cards (two more revolving and one more retail), bringing me to eight total.

I decided to apply all at the same time, so all the inqs would stop affecting my score a year from now, and would disappear Nov, 2011, when I might start shopping for a mortgage.  I also got a CLI on Chase at the same time I app'd for the card, so I got hit with 4 (!!) inqs... all on EX.

The 4 inqs cost me about 18pts on EX.  Adding the first new account (one of the revolving bank cards) cost me 17 pts on EQ (via SW). Maybe EQ was freaked, since they didn't see any of the inqs... who knows.

Today the second new account showed up on EQ, and my FICO went up 1 pt.  LOL.  I think it might have gone up because the new account added today is my new retail account, but who can say.

I won't pull my FICOs til end of Jan, and by then, all accounts will have been reported, so I won't know for sure how EX and TU are affected til then, but it's interesting seeing the FICO change thru scorewatch.

[Junejer]

Keep us posted Mike.

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writemikep wrote:

About 3 weeks ago, I decided I wanted to get three more credit cards (two more revolving and one more retail), bringing me to eight total.

I decided to apply all at the same time, so all the inqs would stop affecting my score a year from now, and would disappear Nov, 2011, when I might start shopping for a mortgage.  I also got a CLI on Chase at the same time I app'd for the card, so I got hit with 4 (!!) inqs... all on EX.

The 4 inqs cost me about 18pts on EX.  Adding the first new account (one of the revolving bank cards) cost me 17 pts on EQ (via SW). Maybe EQ was freaked, since they didn't see any of the inqs... who knows.

Today the second new account showed up on EQ, and my FICO went up 1 pt.  LOL.  I think it might have gone up because the new account added today is my new retail account, but who can say.

I won't pull my FICOs til end of Jan, and by then, all accounts will have been reported, so I won't know for sure how EX and TU are affected til then, but it's interesting seeing the FICO change thru scorewatch.

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BTW, the INQs will stop counting against your score in Nov 2009, and will be removed from your CRs in Nov 2010.

Message Edited by ByrdMan on 11-13-2008 03:56 PM

[Anonymous]

Ok, the third (and final) new credit account appeared today.  It was the Citi Plat credit card, and my fico went down 7 pts.

So after all three accounts have posted, I'm down 23 pts total on EQ.  (-17 pts for the first, +1 for the gas card, -7 for the third card), and assuming EX and TU will report similar drops when I pull those at the end of the month.  Altho EX was the only CRA that got all 4 inqs (the three new accounts, plus I also did a CLI request on Chase), and it dropped because of those, so I'm not sure how much more it will fall now that the accounts have been reported.  Will pull ficos at the end of the month to see...

[Anonymous]

Hi writemikep!

What was your average age of accounts before you applied for these 3 cards?

[Anonymous]

My AAoA was 7.5 yrs, and now (with all three new accounts added) is 6.5 yrs.

And thanks, ByrdMan, for catching that typo.  Yes, my inqs will fall off in 2010 (and stop counting against score in Nov 2009).

Also, I was going to wait and pull Ficos in January, figuring it might take a few months for all three accounts to appear, but it looks like they will all be reported to the CRAs by the end of the month, so I'll pull scores then.

Message Edited by writemikep on 11-16-2008 12:03 PM

[Anonymous]

At the six month anniversary of my new accounts (April, 2009) my EQ FICO went back up to where I started, but no clue on the EX score, of course.   Since I still have 4 INQs on EX (they will be one year old by Nov '09), I assume the EX is still lower.