topic Re: Score Increase in Understanding FICO® Scoring

Score Increase

kingmidas — Mon, 11 Jun 2012 16:41:41 GMT

I have started rebuilding my credit recently and all has been ok so far. I have added 1 secure that started reporting this month which gave me a boost and I applied for another secured through my cu that will probably report by July. I also have a car loan that has been open/never late since 4/2011 and now that it has been a little over a year since I've had that car and seeing how within this past couple weeks my credit has risen, I decided to apply for a loan to refinance my car through my credit union. I just finalized things for that loan today and my car payment will go from 564 (28% apr) to 300 (5.75 apr). I also will be reported as an au on an account which will start reporting me in july and there are no derogatories and the account age is older than all my accounts. My question is: when the 2nd secured card, the au account and the new auto loan start reporting, do you guys think I will experience a decrease from the new credit accounts. I know eventually if it does go down, it will recover after a few months of good history by I've been working hard to get this increase but will go downhill again before going up? Any insight or experiences will be very much appreciated

Re: Score Increase

Revelate — Mon, 11 Jun 2012 20:06:17 GMT

Hard to say, depends how much that AU helps you (missed that part first time I wrote my response) in terms of your AAoA and your revolving utilization.

As a swag, I suspect you'll be either be flat or slightly down for the next 3ish months.

Congrats on the most excellent car refinance!

Re: Score Increase

RobertEG — Mon, 11 Jun 2012 21:36:26 GMT

Be aware that addition of the credit history of another to your credit file will result in your, and your creditors', loss of ability to determine your own personal score without the added account information.

Re: Score Increase

kingmidas — Tue, 12 Jun 2012 00:32:02 GMT

Thank you guys for your advice!