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Yet another scoring question..

Frequent Contributor

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
Message 1 of 4
3 REPLIES
Moderator Emeritus

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.

 

Message 2 of 4
Valued Contributor

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: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (22.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (16.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Message 3 of 4
Frequent Contributor

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)
Message 4 of 4