Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
Score Fluctuations/2 New Credit Cards Added

FICO® Score Bureau Report Date View Until  

551Equifax11/05/2012 View Alert
548Equifax11/03/2012 View Alert
546Equifax10/25/2012 View Alert
546Equifax10/23/2012 View Alert
564Equifax10/13/2012 View Alert
567Equifax10/12/201211/03/2013View Now

 

So my score started out at 567, went down to 564 because of an inquiry and then shot down to 546 because of a dispute I made online (Big mistake!!) It then went up to 548 with the addition of a $300 secured card, and just got an alert that it went up to 551 with the addition of my 4th $300 secured card. I am leaving these cards to grow and will not take on anymore credit cards unless the US Bank card bumps me to unsecured and I get some more unsecured offers in the future which will cause me to close the higher annual fee secured cards. I have 4 secured cards and saw no decline adding the accounts, probably due to the offset of utilization. 

 

With the discovery of a new collection account potentially hitting my credit report in 30 days, I have decided to pay it off before it damages my progress. My utilization will go through the roof next month as I plan to pay this within the 30 days using my cards, at which time next month I will pay them all down to $0 in full. I have ceased my 401k contributions and will use that to fix this new debt discovery. I want to be credit-worthy in the next 2 years and I don't think I am asking much. My current living situation according to "should I buy a home" calculators says that if I plan to stay here for 6 years, buying a home would not be beneficial to me. I plan on saving every dollar after I am debt free and paying cash for a $120,000 home. Worst case scenario put down like $90k and finance some just for the credit portfolio purpose. I look forward to owning a home in around 10 years and have plenty of time being only 25 right now.



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


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Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Re: Score Fluctuations/2 New Credit Cards Added

You'll definitely see those scores creep back up as those new TLs age. I'd guess 20 or so if you remain app-free for the next 6-12 months.