topic Re: I am done. Make it stop. in Understanding FICO® Scoring

I am done. Make it stop.

LunaBuna — Mon, 23 Jul 2018 00:15:49 GMT

After going pretty much underground for a very long time, I cam out to see the sunshine in June of 2017. What i mean by this, is I made a decision to cease using credit cards about fifteen or so years prior. I had no debt when i gave them up, I just decided I know longer wanted to use them. Ya, I know, in hindsight I should have bought a pack of gun every now and then and kept the two or so I had allive. Oh well, you learn by mistakes. Strange though as my Child Support payments show on my reports, and on some bureaus counts as age, others not. Never missed or was late on a payment, so the child support is actually positive on the reprots which count it. All cards listed below show no baddies, lates, or anything. Utilization is typically about 1 to 3 percent as I pay everything about every week or so.

So, after seeing an ad for Credit Sesame, I downloaded the app in about June of 17. CS as you all know, natually said hey dummy, apply for this card, you have good approval odds. Ok, sounds good, time to get out of this no credit card stance. So I applied and got a Capital One QS1 card, with a SL, of 1000. I think this was what I have learned on here as a credit steps card, as it stated that i would get a increase after five months. That occured and I went to 1500 in December of 17. In July, 17 I recieved a Credit One pre-approval and said ok, fine. Credit One gave me a whopping 300 SL.

Fast forward a few months and in March thought I would apply to Macys and was refused. Kind of suprised at the time, but now am happy to have been refused. No need for it. In May of 18, I recieved a pre-approval for a Chase Freedom Unlimted, agreed, and got a 6600 SL. The the horror occured. I found MyFico. Not sure how. So, now, after finding MyFico, I have learned so much, i have deciedd to try some of the different items i have learned on here. in doing so, since June, I have made some changes and added some cards.

First I added a Amex Blue Cash, and a Amex PRG. in June. Almost at the same time, I saw that I could get a CLI on my Cap One QS1, so I hit the CLI and got three time moving from 1500 to 4500. The next day, after seeing how on MyFico, i called CapOne and product changed my QS1 to a Venture One. Which is just fantastic as I use Hotels dot com a ton for business, and now slide some of my bookings from my company CC to my personal V1, and have earned 40K points in just 30 days of doing this.

I then added a Citi Costco, since I do hit Costco often, with Citi giving me 8K as a SL and close my Credit One, prior to the annual fee hitting, which again, thanks MyFico for the info.. My intent was to just sit and chill, or as it is called here, Garden, except Chase prevented that by giving me a offer for the Sapphire Preferred, and of course I hit the apply, and got a SL of 22,400.

As pleased as I am where I am right now, I am getting tired of my Credit Scores going down. In the beginning of June I was Ex-729, Eq-734, and TU-736. Now checking today, June 22, I am EX 709, with Eq and Tu, similar. I need the scores to reverse themselves and go up, but know it will go down more, as the Amex Blue and Chase Sapphire Pref. are not showing yet.

When does the decrease in scores stop from adding cards and having inquiries, which I am done with, and when will the scores now rise?

Re: I am done. Make it stop.

Brian_Earl_Spilner — Mon, 23 Jul 2018 00:22:04 GMT

It won't stop until you stop. They will go back up in time. Its just quicker to drop than go back up.

Re: I am done. Make it stop.

Streetervillelady — Mon, 23 Jul 2018 00:32:49 GMT

A trip to the garden will do you a world of good!

Re: I am done. Make it stop.

Anonymous — Mon, 23 Jul 2018 00:34:28 GMT

Part of what makes up your FICO score is new accounts. This includes inquiries and new accounts. In my experience your scores recover quicker from them, I’ve had a drop in score for about 2-3 months after my last inquiry/account. But the recovery starts when no more new accounts or inquiries are added. Good luck!

Re: I am done. Make it stop.

Anonymous — Mon, 23 Jul 2018 00:59:56 GMT

OP, when I read your title, I truly thought that you were receiving lots of collection calls and wanted them to stop.

My advice to you would be to freeze all your credit reports because if your credit reports are frozen, you will get denied for anything.

Your scores will rebound with time. Just garden for 6 months to 1 year and pay in full when possible.

Re: I am done. Make it stop.

Anonymous — Mon, 23 Jul 2018 01:10:53 GMT

I haven't applied for a new card in more than a year and a half. After something like 23 credit cards, my score never fell below the 700 mark but the climb back to the 800 level has been slow. My AAoA is 4 years. My utilization has never been above 3%.

So the truth is it will be a slow process but the best thing you can do is to stop applying for new credit. My last NFCU FICO was 802. Ex FICO 8 is 791. EQ FICO 8 is 798. TU FICO 8 is 780.

I cancelled several cards during the time and refuse to admit I made mistakes. I own it and do what it takes to get back to a high level again.

Re: I am done. Make it stop.

Kforce — Mon, 23 Jul 2018 01:22:29 GMT

@Brian_Earl_Spilner wrote:
It won't stop until you stop.

Re: I am done. Make it stop.

SouthJamaica — Mon, 23 Jul 2018 01:48:44 GMT

@LunaBuna wrote:
After going pretty much underground for a very long time, I cam out to see the sunshine in June of 2017. What i mean by this, is I made a decision to cease using credit cards about fifteen or so years prior. I had no debt when i gave them up, I just decided I know longer wanted to use them. Ya, I know, in hindsight I should have bought a pack of gun every now and then and kept the two or so I had allive. Oh well, you learn by mistakes. Strange though as my Child Support payments show on my reports, and on some bureaus counts as age, others not. Never missed or was late on a payment, so the child support is actually positive on the reprots which count it. All cards listed below show no baddies, lates, or anything. Utilization is typically about 1 to 3 percent as I pay everything about every week or so.

So, after seeing an ad for Credit Sesame, I downloaded the app in about June of 17. CS as you all know, natually said hey dummy, apply for this card, you have good approval odds. Ok, sounds good, time to get out of this no credit card stance. So I applied and got a Capital One QS1 card, with a SL, of 1000. I think this was what I have learned on here as a credit steps card, as it stated that i would get a increase after five months. That occured and I went to 1500 in December of 17. In July, 17 I recieved a Credit One pre-approval and said ok, fine. Credit One gave me a whopping 300 SL.

Fast forward a few months and in March thought I would apply to Macys and was refused. Kind of suprised at the time, but now am happy to have been refused. No need for it. In May of 18, I recieved a pre-approval for a Chase Freedom Unlimted, agreed, and got a 6600 SL. The the horror occured. I found MyFico. Not sure how. So, now, after finding MyFico, I have learned so much, i have deciedd to try some of the different items i have learned on here. in doing so, since June, I have made some changes and added some cards.

First I added a Amex Blue Cash, and a Amex PRG. in June. Almost at the same time, I saw that I could get a CLI on my Cap One QS1, so I hit the CLI and got three time moving from 1500 to 4500. The next day, after seeing how on MyFico, i called CapOne and product changed my QS1 to a Venture One. Which is just fantastic as I use Hotels dot com a ton for business, and now slide some of my bookings from my company CC to my personal V1, and have earned 40K points in just 30 days of doing this.

I then added a Citi Costco, since I do hit Costco often, with Citi giving me 8K as a SL and close my Credit One, prior to the annual fee hitting, which again, thanks MyFico for the info.. My intent was to just sit and chill, or as it is called here, Garden, except Chase prevented that by giving me a offer for the Sapphire Preferred, and of course I hit the apply, and got a SL of 22,400.

As pleased as I am where I am right now, I am getting tired of my Credit Scores going down. In the beginning of June I was Ex-729, Eq-734, and TU-736. Now checking today, June 22, I am EX 709, with Eq and Tu, similar. I need the scores to reverse themselves and go up, but know it will go down more, as the Amex Blue and Chase Sapphire Pref. are not showing yet.

When does the decrease in scores stop from adding cards and having inquiries, which I am done with, and when will the scores now rise?

It stops immediately. Stop applying and your scores will go up up up.

Re: I am done. Make it stop.

Gmood1 — Mon, 23 Jul 2018 01:50:11 GMT

Relax, take a break. In six to nine months your scores will be back and possibly higher than before you started.

Let me put it in perspective for you. In May of 2015 I had 6 or 7 opened and closed TLs reporting(4 active) I'm now about to pass 55 reporting TLs. That means I've averaged around 15 new accounts a year for the last 3 years. That's a mixture of revolving and installment TLs. My scores were in the mid 600s when I started.

Current scores are in my signature.

I'm telling you this, so you can get a better understanding that your scores aren't going to keep going down.

Especially if you don't app for anything the rest of the year. As long as everything is paid on time. You'll be more than fine.

Re: I am done. Make it stop.

Anonymous — Mon, 23 Jul 2018 01:59:02 GMT

@Brian_Earl_Spilner wrote:
It won't stop until you stop. They will go back up in time. Its just quicker to drop than go back up.

Re: I am done. Make it stop.

LunaBuna — Mon, 23 Jul 2018 02:11:04 GMT

I have stopped, no issue there. My next move will not be until May of 2019, when I change my Amex PRG due a Platinum, due to quite a bit of travel I wil have in the summer of 19, through the fall of 2020, making the Platinum worth it. Have to stay clean also in 19, as my current lease expires in May of 20. My current lease is through my wifes credit line, I will do the next lease through my credit.

My original post was sort of a thank you to MyFico, a little touch in cheek with the make it stop. I know the score will go up, know it is slow. No issue at all in stopping.

@Gmood1 wrote:

Re: I am done. Make it stop.

Pikaboo-icu — Mon, 23 Jul 2018 02:06:56 GMT

@Gmood1 wrote:
Relax, take a break. In six to nine months your scores will be back and possibly higher than before you started.
Let me put it in perspective for you. In May of 2015 I had 6 or 7 opened and closed TLs reporting(4 active) I'm now about to pass 55 reporting TLs. That means I've averaged around 15 new accounts a year for the last 3 years. That's a mixture of revolving and installment TLs. My scores were in the mid 600s when I started.

Current scores are in my signature.
I'm telling you this, so you can get a better understanding that your scores aren't going to keep going down.
Especially if you don't app for anything the rest of the year. As long as everything is paid on time. You'll be more than fine.

This is comforting.. Thank you..

Like the OP, I have a lot of new accounts and while my scores haven't dropped that far, they have dropped.

I was gardening... I didn't plant a seedling or anything, didn't even dig a plot, lol.

That second NFCU card just called (well screamed my name) and I couldn't resist.

Thankfully, I can blame it on my DH as he spends a LOT and I needed to get him a card with a higher SL.

I'm done now for a while.. Stick a fork in it, Dee-Oh-eN-Eee Done!

Don't worry OP, it happens to us all. I'm there for ya friend..

Re: I am done. Make it stop.

Gmood1 — Mon, 23 Jul 2018 02:31:58 GMT

@Pikaboo-icu wrote:
@Gmood1 wrote:
Relax, take a break. In six to nine months your scores will be back and possibly higher than before you started.
Let me put it in perspective for you. In May of 2015 I had 6 or 7 opened and closed TLs reporting(4 active) I'm now about to pass 55 reporting TLs. That means I've averaged around 15 new accounts a year for the last 3 years. That's a mixture of revolving and installment TLs. My scores were in the mid 600s when I started.

Current scores are in my signature.
I'm telling you this, so you can get a better understanding that your scores aren't going to keep going down.
Especially if you don't app for anything the rest of the year. As long as everything is paid on time. You'll be more than fine.
This is comforting.. Thank you..
Like the OP, I have a lot of new accounts and while my scores haven't dropped that far, they have dropped.

I was gardening... I didn't plant a seedling or anything, didn't even dig a plot, lol.
That second NFCU card just called (well screamed my name) and I couldn't resist.
Thankfully, I can blame it on my DH as he spends a LOT and I needed to get him a card with a higher SL.

I'm done now for a while.. Stick a fork in it, Dee-Oh-eN-Eee Done!

Don't worry OP, it happens to us all. I'm there for ya friend..

I know how it is. Lol..glad I could comfort you.

I see so much gloom and doom posted here about this, I have to lol!

Many just go on what someone else told them. There's a group of us here that are living proof that it's not as bad as some would like it to be.

Reminds me of that movie the Waterboy. Where his momma says it's the Devil, Devil, Devil.😂

Re: I am done. Make it stop.

UpperNwGuy — Mon, 23 Jul 2018 08:00:37 GMT

I now limit myself to one new card a year, and I usually cancel an unused credit card each year. My scores stay steady.

Re: I am done. Make it stop. (Update - Score reversal)

LunaBuna — Mon, 03 Sep 2018 22:44:36 GMT

Although my originial post on this matter was 70 percent in jest, and the rest a question on how long a score decrease lasts, my scores have now returned to what they were back on June 1.

On or about June 1, I had a scores between 729 and 736, Adding three cards in June, and another in August caused by Experian score to drop to 709. I got a small increase in August with it moving to 711. On Sept. 1, it jumped to 730. So in answering my own question, and hopefully helping out others who may ask, i would say it took me, 90 days to rebound in after opening new accounts.

An important point for others is, that although i opended multiple accounts, and put the needed tracnasctions through them for each of the cards SUB, I either paid in full, or left 1 percent or less on any card each month.

To top it off, my Citi Costco, which i opened the middle of July, with a 8K SL, gave me a little love with a 3K CLI on Sept. 2. This was initiated by me when i saw the soft pull language. Got a message that I would ask for more, and they would review and get back to me in 24hrs. I have run a grand total of about 125 dollars through the card since opening, Did not see a reason to ask for more, so let it go.

Re: I am done. Make it stop. (Update - Score reversal)

arkane — Tue, 04 Sep 2018 01:07:16 GMT

@LunaBuna wrote:
Although my originial post on this matter was 70 percent in jest, and the rest a question on how long a score decrease lasts, my scores have now returned to what they were back on June 1.

On or about June 1, I had a scores between 729 and 736, Adding three cards in June, and another in August caused by Experian score to drop to 709. I got a small increase in August with it moving to 711. On Sept. 1, it jumped to 730. So in answering my own question, and hopefully helping out others who may ask, i would say it took me, 90 days to rebound in after opening new accounts.

An important point for others is, that although i opended multiple accounts, and put the needed tracnasctions through them for each of the cards SUB, I either paid in full, or left 1 percent or less on any card each month.

To top it off, my Citi Costco, which i opened the middle of July, with a 8K SL, gave me a little love with a 3K CLI on Sept. 2. This was initiated by me when i saw the soft pull language. Got a message that I would ask for more, and they would review and get back to me in 24hrs. I have run a grand total of about 125 dollars through the card since opening, Did not see a reason to ask for more, so let it go.

OP there is no need to carry even $0.01 month to month, "balance carried forward" is not a thing in FICO's scoring algorithm, and you're just needlessly paying the banks interest at this point. (apologies if by that you meant you let the statement cut at <1% util, which while still unnecessary, does not negatively impact you financially)

Also congrats! Yes from personal experience it does seem the 3 month threshold is where you'll see the biggest rebound in scores. I went from 1 to 5 open tradelines in the span of a month last year, and this is my score progression: (snipped from a PM)

Progression of scores at 3 month intervals from day of 5th account (Alliant SSL) reporting: (so lowest score is day 1)

EQ: 742 --> 755 --> 761 --> 767

TU: 760 --> 770 --> 779 --> 778 (AZEO to AZE2)

EX: 760 --> 772 --> 777 --> 781

Unfortunately all I have is my TU score before I significantly thickened up my file, and it was at 802. As you can see my TU score dropped 42 points on the opening of 4 new accounts, but I've already gained back 19 of those lost points in just 6 months. I imagine I'd probably come within 10 points of 802 once my AoYA crosses 1 year and my AAoA crosses 2 years.

As long as you use credit responsibly, you will recover 90% or more of your scores after one year, which really isn't too bad in grand scheme of things.