topic Re: The results are in :-( in Credit Cards

The results are in :-(

shorrttyycm1 — Sat, 13 Apr 2013 14:07:55 GMT

So, recently i applied for 2 new cards, opened one new card (of the 2 apps.)-SallieMae world mc and closed one of my oldest accounts (orchard) with tiny limit and af. Score points pd....
-23 TransUnion
-19 Eq
?? Exp

SO bummed. That seems like such a harsh penalty for my crimes ;-( How long til the pain goes away and scores recover ??

Re: The results are in :-(

LS2982 — Sat, 13 Apr 2013 14:12:55 GMT

It takes a little bit of time. Maybe 3-6 months and you should get most of them points back.

Re: The results are in :-(

MazdaSpeed — Sat, 13 Apr 2013 14:17:05 GMT

is the damage on my score and repair time more severe the more accounts you open?

I opened 6 in the past 3 weeks, I am not looking foward to seeing my scores drop, I hope to be back up to where I was last month before 2014

Re: The results are in :-(

SisterGirl — Sat, 13 Apr 2013 14:20:15 GMT

@shorrttyycm1 wrote:
So, recently i applied for 2 new cards, opened one new card (of the 2 apps.)-SallieMae world mc and closed one of my oldest accounts (orchard) with tiny limit and af. Score points pd....
-23 TransUnion
-19 Eq
?? Exp

SO bummed. That seems like such a harsh penalty for my crimes ;-( How long til the pain goes away and scores recover ??

Good morning !

Don't worry....Rome wasn't built in a day . As time goes by, you will NOT be sorry for the menacing "pinch" you feel today.....TRUST me ! My little crimes are starting to dwindle & I'm greater now for the rewards of my suffrage yesterday.

SisterGirl

Re: The results are in :-(

InvincibleSummer3 — Sat, 13 Apr 2013 14:21:09 GMT

Yes - 15% of your score is tied to you AAoA, and 10% to the number of inquiries you have. So with six new cards in less than a month, you could see some score drops. But they're temporary as long as you manage your accounts well.

Re: The results are in :-(

webhopper — Sat, 13 Apr 2013 14:21:38 GMT

Its better to have a thick file than it is to have a thin file with higher score... Don't sweat those points, you will get them back.

Planting your garden is not easy, but you'll be rewarded when they start bearing fruit later on!

Re: The results are in :-(

shorrttyycm1 — Sat, 13 Apr 2013 14:24:51 GMT

I only opened the one card and it killed my score....the punishment so didn't fit the crime ;-(

3-6 months :-0. My party for replacing ob is over...on with the hangover!

Re: The results are in :-(

Rhaeny — Sat, 13 Apr 2013 14:27:58 GMT

My scores nose dived in January from all of the new accounts approximately 40 points. Well I am just now getting them back. My scores are not quite where they were in September when I started my app addiction, but they are climbing right back up. So everyone is correct that it will probably take 3 to 6 months depending on your profile. I always new that this would happen, but until it happens it doesn't quite hit ya...LOL!!

But yea they will climb back up. Now all you need to do is garden and you'll be fine (easier said than done for some folks including myself).

Re: The results are in :-(

MazdaSpeed — Sat, 13 Apr 2013 14:31:37 GMT

@InvincibleSummer3 wrote:
Yes - 15% of your score is tied to you AAoA, and 10% to the number of inquiries you have. So with six new cards in less than a month, you could see some score drops. But they're temporary as long as you manage your accounts well.

If that is the case my scores probably wont be hurt too much, if my calculations are correct, before I got these cards my AAoA was 1 year (close to 2, but they round down I've heard) and after my new accounts it is just barely under 1 year, and will be over a year in May or June again

and I got lucky with my inquires being pretty spread out, Ex-5 TU-4 EQ-3

so fingers crossed once June hits I should be getting up to where I was

I thought number of new accounts was also a factor in your score? Or is that just was you mean by AAoA being 15%?

If the number of new accounts doesn't matter and its just the AAoA, I will be stoked!

Re: The results are in :-(

shorrttyycm1 — Sat, 13 Apr 2013 14:35:43 GMT

Thanks everyone for the timeframe...and encouragement! I knew it would hurt but really didn't expect it to be that bad. I'm glad i didn't close both of the accounts i wanted to. I want to close Merrick too but after seeing the damage i think I'm gnna hold onto it. It is my second oldest account.

Re: The results are in :-(

MazdaSpeed — Sat, 13 Apr 2013 14:39:11 GMT

@shorrttyycm1 wrote:
Thanks everyone for the timeframe...and encouragement! I knew it would hurt but really didn't expect it to be that bad. I'm glad i didn't close both of the accounts i wanted to. I want to close Merrick too but after seeing the damage i think I'm gnna hold onto it. It is my second oldest account.

if there is little to no AF keeping it open is probably a good idea! your scores will go back up over time!

Re: The results are in :-(

Anonymous — Sat, 13 Apr 2013 14:54:05 GMT

@webhopper wrote:
Its better to have a thick file than it is to have a thin file with higher score... Don't sweat those points, you will get them back.

Planting your garden is not easy, but you'll be rewarded when they start bearing fruit later on!

That is so correct!! I opened a ton of accounts since 9/2012. I started seeing the temporary damage in my FICO scores. They dropped around 40 points each. Now, though, roughly 6 months later and 3 months in the garden, they are coming back nicely!! Since I no longer have negatives on my reports, I'm almost positive I was rebucketed as well. I'm looking forward to Onward and Upward of my Fico scores. I'm back to around 730'ish and looking forward to going higher.

Re: The results are in :-(

SpiceIslander — Sat, 13 Apr 2013 15:19:13 GMT

You score will recover soon. IMO: It's worth it to obtain the Sallie Mae Word MC and say good riddance to Orchard.

Re: The results are in :-(

MazdaSpeed — Sat, 13 Apr 2013 15:21:29 GMT

@Anonymous wrote:
@webhopper wrote:
Its better to have a thick file than it is to have a thin file with higher score... Don't sweat those points, you will get them back.

Planting your garden is not easy, but you'll be rewarded when they start bearing fruit later on!
That is so correct!! I opened a ton of accounts since 9/2012. I started seeing the temporary damage in my FICO scores. They dropped around 40 points each. Now, though, roughly 6 months later and 3 months in the garden, they are coming back nicely!! Since I no longer have negatives on my reports, I'm almost positive I was rebucketed as well. I'm looking forward to Onward and Upward of my Fico scores. I'm back to around 730'ish and looking forward to going higher.

just curious, what does rebucketed mean?

Re: The results are in :-(

shorrttyycm1 — Sat, 13 Apr 2013 15:33:16 GMT

It was so tramatic seeing my scores drop like that...after all my hard work...but yea the SM World mc is a sweet card!

Merrick has a super low limit with $59. AF. SO ready to close it but not at the expense of any more points.

Just curious, for those who experienced drops cause of new accounts. You say that after 3-6 months your scores came back...do you mean you got all of your points back at that time or you got almost all.

Re: The results are in :-(

LS2982 — Sat, 13 Apr 2013 16:08:56 GMT

@shorrttyycm1 wrote:
It was so tramatic seeing my scores drop like that...after all my hard work...but yea the SM World mc is a sweet card!

Merrick has a super low limit with $59. AF. SO ready to close it but not at the expense of any more points.

Just curious, for those who experienced drops cause of new accounts. You say that after 3-6 months your scores came back...do you mean you got all of your points back at that time or you got almost all.

I got most of them back if all of them. It depends on other factors and changes on your report not counting the new accounts.

Re: The results are in :-(

shorrttyycm1 — Sat, 13 Apr 2013 16:14:16 GMT

Thanks LS!

Re: The results are in :-(

Anonymous — Sat, 13 Apr 2013 16:22:21 GMT

Don't be afraid to close your old accounts if your utilization is low. You won't lose any points for closing them and they will continue to report for 10 years.

Call them first and try to get them to wave the AF, if they don't budge then go ahead and close it.

Re: The results are in :-(

lg8302ch — Sat, 13 Apr 2013 16:26:02 GMT

I just killed my AAoA from 18yrs down to 6yrs with 5 new cards this year. Lost 50+ points end of January/beginning of February but got all of it back this month with the same low util now. So assume it will not be too hard on you either. Good luck. Looks like Fico liked the much higher CL and made up for the loss of AAoA?

Re: The results are in :-(

youngandcreditwrthy — Sat, 13 Apr 2013 16:28:10 GMT

Yeah, don't worry! Ive gone from like 740 to around 700 due to an app spree. Scores are starting to mildly recover lol