Re: Will Her Score Recover?
10-09-2012 10:51 AM
Friend of mine had a 730 FAKO across the bureaus. 1 credit card, 5 years old, $5000 limit. Never late.
I advised her that she could probably use some more credit and just build it up slowly. She went on an app spree and got a Chase Freedom (4000), Citi Diamond (1200), Discover More (2000), Target Red Card (500).
She does not plan on buying a house or car soon. But maybe in 2 years or so. Will her scores recover by then and how big of a hit can she expect with her Credit Line going way up but her AAoA going way down?
well... going from only 1 account to 5 is a big drop. thats saying 60+1+1+1+1=65/5 13 so her aaoa dropped from 5 years to 1 year. That's only if she has no more tl as in student loans or car leases/loans.
the inq will stop effecting score in a year and will fall off in 2 years.
as long as she does the usual charges and pays. never missing payments and not apping for stuff she wants only what she needs her score should grow as her cards age.
she should be in the step of what we call here gardening.
|Current: EQ 735 Discover 9/5/13 Walmart TU 730 EX FICO 726 Amex Pull(1/1/13)|
Starting total revolving credit: $2600 | Current total revolving credit: 31k+
Inquiries (24 Months): EQ 8 TU 5 EX 5 | Most Recent: 09/04/2013
|Amex Zync(Unicorn) |
Citi Diamond Preferred$6000