11-07-2013 09:38 AM
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.
11-07-2013 02:50 PM
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.
11-09-2013 06:32 AM
11-09-2013 12:53 PM
No biggie. This is expected with a lot of new TL's. In 6 months, you'll be rocking high scores no problem.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.