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Regular Contributor
Posts: 218
Registered: ‎07-29-2007
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new rev accounts on FICO...and student loans, too

Just got a new $750 HSBC card.  Scores are upper 500s.  My biggest negatives are a BK and high utils, the high util will be paid down over the next couple months.
 
Main questions are:
 
-Conventional wisdom here says a credit card isn't really "counted" for six months.  With less than 6 months reporting, does it have no effect?  As far as utilization %, pay history, etc?
 
-I have 5 deferred student loans.  Is that good, bad, or indifferent?  They're from 2 to 12 months old.
From BK to 700 FICOs in 4.5 yrs.
Regular Contributor
Posts: 218
Registered: ‎07-29-2007
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Re: new rev accounts on FICO...and student loans, too

23 views and nobody knows?
From BK to 700 FICOs in 4.5 yrs.
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Moderator Emeritus
Posts: 16,375
Registered: ‎03-12-2007
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Re: new rev accounts on FICO...and student loans, too



Joe77 wrote:
Just got a new $750 HSBC card.  Scores are upper 500s.  My biggest negatives are a BK and high utils, the high util will be paid down over the next couple months.
 
Main questions are:
 
-Conventional wisdom here says a credit card isn't really "counted" for six months.  With less than 6 months reporting, does it have no effect?  As far as utilization %, pay history, etc?
 
-I have 5 deferred student loans.  Is that good, bad, or indifferent?  They're from 2 to 12 months old.


1.) usually a new CC will lower scores for the first 6-12 month after they are opened and much of this has to do with the lack of payment history, lack of revolving experience (to a lesser degree if you have other cards) and average-age of your CCs. Util, however, has an immediate impact on your scores and this can be good or bad...you know high util bad, low util very good. If your util is good to begin with, the new CC and its CL will only help.
 
2.) I have never heard of deferred student loans adversely effecting FICO scores.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

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