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Johnny_Favorite wrote:

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?

 

 

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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 FICO 675, TU FICO 692, Walmart TU 730 EX FICO 726 Amex Pull(1/1/13) Starting total revolving credit: $2600 | Current total revolving credit: $21,600 Inquiries (12 Months): EQ 6 TU 4 EX 5 | Most Recent: 8/30/2012

2013 Goals: Freedom Signature Costco:True Earnings

Amex Zync(Unicorn) Chase Freedom$1500 Citizens Mastercard$5000

She should be in really good shape even after just 1 year.

For most people you really don't see much of a score ding for the first 3 credit cards. Of course she has just added 4 new cards so it might be a bit of a score drop in the short term.

After 6 months she should almost be back to where she started from. After 1 year all the damage from the inquiries will be gone and her scores will be higher. (As long as she exhibits good credit behavior.)

She also will have a much stronger credit profile.

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Starting Score: EQ 658 6/18/12
Current Score: EQ 703 11/9/12 TU 693 10/23/12
Goal Score: EQ 720+ by 6/1/13
Take the FICO Fitness Challenge

Absolutely.  Within a year those accounts will be adding to her scores. 

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Starting Score: 504

Current Score: EQ FICO 819, TU08 778, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

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Shogun wrote:

Absolutely.  Within a year those accounts will be adding to her scores. 

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Yep, probably in less time than that. If you only have one CC adding a few more generally helps within months and may not even hurt much at the start.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k