Frequent Contributor
mtrsprt
Posts: 307
Registered: ‎07-27-2011
Re: New Cards and Score

From what you stated, you just opened 4 new accounts in the past 30-60 days?  If your score doesn't drop 25-30 points, I would be surprised.


Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 718 TU, 698 EQ, 705 EX on 6/07/2014
Goal Score: 720-740 Across the board


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Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
Re: New Cards and Score

Ditto on the drop, though I think most will return by the time you refi.

 

And you don't need to use them monthly. They will still report monthly regardless of use and FICO will score accordingly. Just use them every 3-4 months at a minimum to avoid closure due to non-use.

Valued Contributor
my-own-fico
Posts: 1,173
Registered: ‎01-05-2010
Re: New Cards and Score

llecs wrote:

 

They will still report monthly regardless of use


 

Are you sure? My experience is that no use of a card in a given month doesn't update the account's Date of last activity field in a credit report.

 

TU 04 820 mortgage preapproval middle score
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
Re: New Cards and Score

Of my 20 or so CCs, all of them update monthly despite months of non-use. Admittedly I haven't studied the DOLA field in that relation, but a new "OK" appears each month so the TL is updating.