topic Added too many accounts....score worse than someone that doesn't pay their bills. in Credit Cards

Added too many accounts....score worse than someone that doesn't pay their bills.

Anonymous — Mon, 28 Dec 2015 12:32:04 GMT

Seemingly confused here. Started rebuilding middle of last year and my scores were high 600's quickly after I removed all negativity and added a few cap one accents and first premier.

Since I began I've been nothing but paid to perfection but I have take. Out 16 accounts since. My last account being lowes just dropped my scores by 45 points each via ck. My scores are 542 tu and 518 efx.

Uti is about ten % or less payment history is golden, no delenquincy or judgements or deogs.

Can I exit this to shoot back up rather quickly? This just seems like a dumb penalty.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

Anonymous — Mon, 28 Dec 2015 12:39:10 GMT

@Anonymous wrote:
Seemingly confused here. Started rebuilding middle of last year and my scores were high 600's quickly after I removed all negativity and added a few cap one accents and first premier.

Since I began I've been nothing but paid to perfection but I have take. Out 16 accounts since. My last account being lowes just dropped my scores by 45 points each via ck. My scores are 542 tu and 518 efx.

Uti is about ten % or less payment history is golden, no delenquincy or judgements or deogs.

Can I exit this to shoot back up rather quickly? This just seems like a dumb penalty.

Has anything else happened? How many INQs do you have? What is you true FICO scores. CK is good for keeping track of reporting issues, but as for scoring, Vantage scoring is not what most banks look at. I have opened more than 20 accounts this year and closed several and initialy more scores have taken a hit, but have bounced back. CCT offers a 7 day trial for $1 which will give you your 3 FICO scores and you can end it before the 7th day. If you scores were truly in the 500s, Lowes would not approved you.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

Anonymous — Mon, 28 Dec 2015 12:57:28 GMT

i literally get apprroved for almost everything i apply for.....i will do this free trial. yes a lot of inq (18 or 19) for extra savings for christmas the last 3 months. ive gotten approved for almost all of them though.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

Anonymous — Mon, 28 Dec 2015 13:04:48 GMT

Vantage heavily penalizes new accounts on thin files. Fico less so because it has a minimum aaoa. Don't sweat it.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

elim — Mon, 28 Dec 2015 13:06:33 GMT

i'm fairly sure you can add a ton of accounts and your FICO score will not got from high 600's to mid 500's for that reason alone. something else is up or you are looking at Vantage 3 (or other) score.

how many accounts do you have?

there are posters here that add 20+ store cards at once and never get hit like that.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

Anonymous — Mon, 28 Dec 2015 13:14:02 GMT

it was a credit carma alert and it went down 45 points on both scores for lowed adding. i did the free trial at cct and it is saying 580, some one tell me how to read this? or to see all the scores?

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

Anonymous — Mon, 28 Dec 2015 13:41:11 GMT

580, 630, and 601 are my plus scores from CCT..................... my accounts are: cap1 QS1, cap1QS1, first premier, wellsfargl retail (ashleys furniture store card), express, victoria secret, kohls, lowes, walmart, BR, barclays rewars, kay, onemain financial (to get an installment on my mix), a closed zales, AU on a 2 year on chase account with perfect histroy and 0 uti..................21 inq, 0 lates. credit is very new. any good plans of attack here? im at 20% uti, nothing maxed. the 2 cap one accounts i pay off monthly they are 1k. barclays also monthly 500.

i appreciate any help. i wish i could screenshot because im not the best at credit vbut i can hold my own.....this just makes no sense. i guess these plus scores are better but what is the different with those and the regular scores?

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

takeshi74 — Mon, 28 Dec 2015 13:54:55 GMT

@Anonymous wrote:
This just seems like a dumb penalty.

Then you need to read up more. Credit seeking activity, depending on one's credit profile, can be a red flag. Read up to understand why.

@Anonymous wrote:
My last account being lowes just dropped my scores by 45 points each via ck. My scores are 542 tu and 518 efx.

Do you actually have creditors that use the VantageScores that CK provides?

If you added "too many accounts" then it doesn't matter anyway as you won't be applying for more credit. Your VantageScores will only matter when you're looking to apply for more credit from creditors that use those scores. If new accounts dropped your scores then with responsible management your scores will recover over time. Hard pulls will fall off. Accounts will age and time will pass since you last opened a new account.

@Anonymous wrote:
i did the free trial at cct and it is saying 580, some one tell me how to read this? or to see all the scores?

You can't see all scores. myFICO provides FICO 8's and a number of other FICO models for all 3 CRA's but even their services won't provide every score out there. Focus on the data in your reports versus fixating on your scores. If you want to understand scoring impact you'll have to carefully review report data anyway. Pull your reports and carefully review. If you need assistance then ask away.

@Anonymous wrote:
580, 630, and 601 are my plus scores from CCT

Plus scores are not used by creditors. CCT should provide FICO 8's unles they changed recently. Keep the relevance of a given scoring model to a given creditor in mind. The score that matters is the one that a creditor pulls for you. Creditors do not all use the same scoring model. You can't rely on just one model for all creditors out there.

If, for example, a creditor uses a TU FICO 8 then that's the only model and CRA that matter to that creditor. Your VantageScores, Plus scores, other FICO's and other CRA's do not matter for that creditor. Always consider the specific model and CRA and relavance to a given creditor.

@Anonymous wrote:
credit is very new

That isn't in your favor. You have to keep your credit seeking activity to a level suitable for your credit profile. If your credit is very new then you need to slowly build.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

SouthJamaica — Mon, 28 Dec 2015 13:57:57 GMT

@Anonymous wrote:
Seemingly confused here. Started rebuilding middle of last year and my scores were high 600's quickly after I removed all negativity and added a few cap one accents and first premier.

Since I began I've been nothing but paid to perfection but I have take. Out 16 accounts since. My last account being lowes just dropped my scores by 45 points each via ck. My scores are 542 tu and 518 efx.

Uti is about ten % or less payment history is golden, no delenquincy or judgements or deogs.

Can I exit this to shoot back up rather quickly? This just seems like a dumb penalty.

You can't really exit anything. Even if you close some of the accounts they will show up as new accounts.

You need to stop applying for things.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

Anonymous — Mon, 28 Dec 2015 14:11:50 GMT

i am aware of this, i was asking what is a good course of action......would adding an AU with a long history on an old account help? should i combine my cap ones? basically anyone been in this situation and had sucess let me know, but dont apply anymore isnt helping. i came here because of too many accounts for advice. thats is logical. thank you.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

Anonymous — Mon, 28 Dec 2015 14:51:56 GMT

There's not really anything you can just do to reverse what's bappened. What's done is done. Take a break from applying from accounts, let your accounts and inquiries start to age, continue with good payment history and your scores will start to rebound.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

OmarGB9 — Mon, 28 Dec 2015 15:04:28 GMT

+1 to the above. There's not really a quick fix. Time will be your best friend.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

tntexans72 — Mon, 28 Dec 2015 15:10:50 GMT

@Anonymous wrote:
i am aware of this, i was asking what is a good course of action......would adding an AU with a long history on an old account help? should i combine my cap ones? basically anyone been in this situation and had sucess let me know, but dont apply anymore isnt helping. i came here because of too many accounts for advice. thats is logical. thank you.

Yes it would. You had a thin file and your AAoA is probably shattered due to all those new accounts. Add an account with a long long history. Just make sure your AU add-on account is flawless and no bad marks.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

Anonymous — Mon, 28 Dec 2015 15:22:15 GMT

i believe this to be my only course of action, and get all accounts to 0. no more apps lol. that extra 30% for the card is enticing though. thanks for the assistance people.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

-Cal- — Mon, 28 Dec 2015 16:15:54 GMT

Do you know what your actual FICO scores are and how they've been impacted? Credit Karma scores should not be taken seriously as almost no one really uses them to make credit decisions. My last app spree dropped my CK scores by about 30-40 points but only one of my FICOs out of 3 decreased by 2 points. Don't waste your time, its like putting a new engine in a car without any tires.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

Anonymous — Mon, 28 Dec 2015 16:36:38 GMT

@Anonymous wrote:
580, 630, and 601 are my plus scores from CCT..................... my accounts are: cap1 QS1, cap1QS1, first premier, wellsfargl retail (ashleys furniture store card), express, victoria secret, kohls, lowes, walmart, BR, barclays rewars, kay, onemain financial (to get an installment on my mix), a closed zales, AU on a 2 year on chase account with perfect histroy and 0 uti..................21 inq, 0 lates. credit is very new. any good plans of attack here? im at 20% uti, nothing maxed. the 2 cap one accounts i pay off monthly they are 1k. barclays also monthly 500.

i appreciate any help. i wish i could screenshot because im not the best at credit vbut i can hold my own.....this just makes no sense. i guess these plus scores are better but what is the different with those and the regular scores?

For some reason, the website sometimes plus scores, but it is actually your FICO 8 scores. It will give the Experian score first, then the other 2. Not sure what order the other two comes in, but it will say FICO TU or FICO EQ. Obviously, it is time for you to garden for about a year to give your accounts time to age and to work on UTI; also your INQs will no longer factor in your scoring in a year. Take what you have and in 6 months maybe seek CLIs with Cap 1, Synchrony Bank (Walmart, BR, Lowes, etc...) CLIs in 4 months, Comenity Bank (VS, EXpress, etc...) CLIs 4-6 months, Barclays 6 months onward, and I believes Kays takes about a year. You have enough for now to work on getting your scores where you would like it to go. Good luck and Happy New Year.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

CYBERSAM — Mon, 28 Dec 2015 17:27:33 GMT

@Anonymous wrote:
Seemingly confused here. Started rebuilding middle of last year and my scores were high 600's quickly after I removed all negativity and added a few cap one accents and first premier.

Since I began I've been nothing but paid to perfection but I have take. Out 16 accounts since. My last account being lowes just dropped my scores by 45 points each via ck. My scores are 542 tu and 518 efx.

Uti is about ten % or less payment history is golden, no delenquincy or judgements or deogs.

Can I exit this to shoot back up rather quickly? This just seems like a dumb penalty.

Beginning of this month my CK TU Score went up about 60+ points, couple of days ago went down 40- points! At the same time my Fico TU Score moved up only 5 points at the same time. So I would not put too much into CK Score, that site is only good for providing you with glimpse of your CR overall.

Given you have opened too many CC, inq alone is going to bring your score down but its going to rebound in 6mo, 1yr and 2yr for inq.

I have find that CapOne Score to be closer to Fico score then CK. Hopefully some of the CCs that you have opened can provide you with Free Fico scores like Discover, AMEX and Barclay etc…

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

Anonymous — Mon, 28 Dec 2015 17:38:42 GMT

My vantage went down 90 points!
TU down 25, eq 40 at one time.
My util is 20% up from 10%.

I'm waiting to hit 700 again so can get the amex I lust after. My march to august sprees cost me a decent shot at a BCP I'm afraid. The bright side every month goes by all the accounts will be 6 months to a year or more in age.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

Anonymous — Mon, 28 Dec 2015 18:06:50 GMT

I think your putting way to much emphasis on CK and vantage score. The only thing I find it good for is the reports. According to them I have a 0 month account history. Even tho I am an AU on some accounts with 10 years. My own oldest is 11.5 years. But all my FICO's are way up. Those are the ones lenders typically use. ive lost well over 100 points as of today according to CK. but it's myfico score that I'm worried about because when we get ready to move an buy another house that's the score they will use, along with 99% of credit card companies, car loans etc.
my wife (according to CK) has crappy credit. But she just hit 799 FICO today! She can pretty much get whatever she wants credit wise. She has a perfect payment history, not one blemish on her CR and it's been that way for 19+ years.

Re: Added too many accounts....score worse than someone that doesn't pay their bills.

Anonymous — Mon, 28 Dec 2015 18:20:24 GMT

thanks for all the advice, i assumed to just keep them and freeze apping, speaking of one last question. walmart, banana rep both gave me 5k increases when i called credit solutions. lowes i took out last week 300 cl, and they wont increase it. is this normal or should i wait until i make a payment?