topic Re: Forever On The Garden Due To Decreased Scores*** in Credit Cards

Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 02:56:57 GMT

Well not forever but awhile. All of my credit scores were between 689-692 so I kept on apping and with my last small spree, BAM, FICO showed me who was boss literally. TU was 689 and dropped to 625, EX was 690 and dropped to 629 and EQ was 692, dropped to 646 due to AAOA or so it tells me. I was instantly approved for all cards I've apped for in the last few months but this is what happens when you keep going. Since I'm fairly new to the credit game, I'm guessing that is why my scores took such a dip. My scores dropped as soon as the Home Depot and Lowes were added to my reports. I'm quite surprised Chasr gave me auto LUV a few days ago with my score being lower. I am literally not apping for anything else... no new accounts, no INQ'S, nothing. While I have learned my lesson, I don't regret any of it. Just a bump in the road. Can any of you knowledgeable myFico'ers advise on how long before my scores start climbing again? Thank you in advance!

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 02:58:15 GMT

@Anonymous wrote:
Well not forever but awhile. All of my credit scores were between 689-692 so I kept on apping and with my last small spree, BAM, FICO showed me who was boss literally. TU was 689 and dropped to 625, EX was 690 and dropped to 629 and EQ was 692, dropped to 646 due to AAOA or so it tells me. I was instantly approved for all cards I've apped for in the last few months but this is what happens when you keep going. Since I'm fairly new to the credit game, I'm guessing that is why my scores took such a dip. My scores dropped as soon as the Home Depot and Lowes were added to my reports. I'm quite surprised Chasr gave me auto LUV a few days ago with my score being lower. I am literally not apping for anything else... no new accounts, no INQ'S, nothing. While I have learned my lesson, I don't regret any of it. Just a bump in the road. Can any of you knowledgeable myFico'ers advise on how long before my scores start climbing again? Thank you in advance!

I see.

How's utilization?

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:01:15 GMT

It's okay! 18% but getting ready to go lower once some cards update this month plus I've squires close to $2200 in CLI'S over the last few days, all SP's. Have you ever seen such a dip in scores? No baddies or negatives. I really feel like the myfico poster child of what you shouldn't do while starting out. Lol.

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:03:51 GMT

@Anonymous wrote:
It's okay! 18% but getting ready to go lower once some cards update this month plus I've squires close to $2200 in CLI'S over the last few days, all SP's. Have you ever seen such a dip in scores? No baddies or negatives. I really feel like the myfico poster child of what you shouldn't do while starting out. Lol.

18% over how many cards? Is it half or more of your tradelines?

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:06:47 GMT

6 cards out of 14. I had some major expenses lately that left me utilizing some of my credit. Stove went out, water heater tore up, I had to replace the outside electric box due to it shorting out... the list goes on and on.

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:08:59 GMT

@Anonymous wrote:
6 cards out of 14. I had some major expenses lately that left me utilizing some of my credit. Stove went out, water heater tore up, I had to replace the outside electric box due to it shorting out... the list goes on and on.

I attribute your drop in scores to several factors. One of which is drop in AAoA. Utilization and accounts with a balance reporting. Inquiries kinda tend lose their edge after 2-3.

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:10:47 GMT

That definitely makes sense. How many cards should be reporting?

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:15:38 GMT

@Anonymous wrote:
That definitely makes sense. How many cards should be reporting?

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:17:28 GMT

@Anonymous wrote:
That definitely makes sense. How many cards should be reporting?

1 at 1-9% if you can help it.

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:18:56 GMT

Okay! So I should basically pay off the rest as soon as possible and then PIF once used after, before statement cuts and only let one report? I know under 10% is recommended so this would be on one card onl

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:18:58 GMT

My scores dropped just like that after Christmas spending and my utilization was up to 75%. But now since I added $8800 in new credit and paid down some my utilization is around 35% approaching less than 30 soon.

You'll gradually go back up over the next few months. As you said just garden till your scores get in the 700 range.

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:20:26 GMT

Okay! This is definitely doable! So if I pay 3 of my cards off this month and only have 3 reporting, would this boost my scores?

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:21:29 GMT

@Anonymous wrote:
Okay! So I should basically pay off the rest as soon as possible and then PIF once used after, before statement cuts and only let one report? I know under 10% is recommended so this would be on one card onl

Yes, that.

I haven't really bothered with it and always let my cards report. However i'll usually pay my Chase cards down to zero if the addtl balance over what is due isn't a whole lot. Lol. I like using my grace period.

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:22:07 GMT

Thanks, Swampy99. I was beginning to think I was the only one this happened too. I mean a 50 point drop is quite drastic with no baddies.

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:25:00 GMT

Is there a difference in how many cards report with small balances? Like if I have 10 cards reporting 20 bucks each, is that scored just as bad as if I had 10 cards reporting $200. Even with low UTI, would that matter?

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:27:13 GMT

when my new card showed up on my report + total sum of balance changed, my score went up 76 points on TU, and my reaction was....

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:27:36 GMT

@Anonymous wrote:
Is there a difference in how many cards report with small balances? Like if I have 10 cards reporting 20 bucks each, is that scored just as bad as if I had 10 cards reporting $200. Even with low UTI, would that matter?

30% or more utilization on ONE card seems to be punished less than -any- balance showing on all cards or more than half of all tradelines.

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:31:12 GMT

Haha @ RedMini... that's great! Congrats. @Nixon, okay! Thank you for the information. I can most definitely get them paid down super fast. I just couldn't believe the hit I took. It's insane. I was so sure I was gonna break 700 soon and then reality check. Haha.

Re: Forever On The Garden Due To Decreased Scores***

Zorasmiles — Sat, 07 Mar 2015 03:37:23 GMT

@Anonymous wrote:
when my new card showed up on my report + total sum of balance changed, my score went up 76 points on TU, and my reaction was....

Too funny! LOL

Re: Forever On The Garden Due To Decreased Scores***

Anonymous — Sat, 07 Mar 2015 03:44:26 GMT

@Anonymous wrote:
when my new card showed up on my report + total sum of balance changed, my score went up 76 points on TU, and my reaction was....
Go Carlton. Go Carlton! Lol