Reply
Frequent Contributor
Kathy4NU
Posts: 280
Registered: ‎07-09-2012
0

Yet another scoring question..

My score is puzzeling me.  Maybe someone can give me insight or advice.

 

I started out at the very bottom and after a year was able to raise my score from the 500's to 738.  At 738 I had positive student loans (10 years)  and a 8 month Visa reporting on my report.  Nothing else. 

 

In May 2013 I bought my house and added 5 more credit cards and two car loans.  My score dropped to the low 600's.  I also had a lot of inquires (about 6 per bureau).  All of the changes happened at the end of May.

 

My score is sitting at 627 now.  I have been playing around with carrying a balance (both high and low) and no blance at all.  I can't get my score to budge.  I get alerts from Myfico that says they detected on a balance but the score itself does not budge. 

 

I haven't bought a new report since I closed on the house.  I am sure my AAoA took a huge hit.  This month all those new accounts will hit 6 months but from what I have read on here it won't make a difference until they hit 24 months.

 

When can I expect my score to rebound?  I charge a little on each card and pay it off the next week to keep activity going on them.  I am carrying a small balance on my Discover which is interest free.




June '12: EQ 553 TU 0 EX 545
April '13 Lender Pull EQ 731, EX 692, TU 722 - all FICO

Closed on home May 22, 2013 at 2:00pm!!!
CU Visa $1000, VS $350, Chase Freedom $1000, Discover IT $2500, Home Depot: $2700, Menards $3000, NFM $3500
What's been deleted: 32 collections, 5 PR, 2 tax liens, defaulted student loans
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Yet another scoring question..

I'd expect the start of some movement in score after all of your newer TLs are 6 months or older (so, after this month). The movement will move faster after all of your newer TLs hit a year or older. It won't fully rebound because of the AAoA. But I bet you might hit 700+ provided util remains in check, nothing else is added (or removed). It's not necessary to use your CCs all the time. Just use them every 3-4 months to keep some activity on them.

 

Valued Contributor
crunching_numbers
Posts: 1,093
Registered: ‎02-15-2012
0

Re: Yet another scoring question..

In addition to what Ilecs said, keep in mind that adding a mortgage almost certainly re-bucketed you. This means you are on a whole new algorithm and being compared to a new subset of people.

Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: 748 TU(12/12), 783 TU98 , 813 TU08 FICO, 744 EQ FICO , 735 EX(9/12), 794 EX08 FICO, 809 EX08 bankcard FICO
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (20.7K), BofA Travel Rewards ($17.5), B&N World MC ($17.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (15K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig ($8.6K), Disc It ($8K), Citi Dia Pref MC ($3.7K),Sam's D ($8.5K), Wally D ($7.5K), JCP($5.3K)
Frequent Contributor
Kratos-TM
Posts: 429
Registered: ‎05-23-2013
0

Re: Yet another scoring question..

No biggie. This is expected with a lot of new TL's. In 6 months, you'll be rocking high scores no problem.

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}