topic Scores Recovered in Understanding FICO® Scoring

Scores Recovered

Anonymous — Sun, 12 Jul 2015 17:31:28 GMT

On February 16, I applied for Capital One and was approved for $500 (now 1500 as of a month ago). Two months later while shopping applied at register for a store card and was surprised to be approved. The next day pressed my luck and applied and was approved for a gas card.

Then came spree. Between May 21 and June 4, I applied for numerous accounts (American Express, Barclay, Chase, Citi, Discover, Bank of America, Target, Walmart, PayPal Extra) all approving with an initial 737 FICO Score.

Of course the score dropped with numerous new lines, dozen inquires, etc. It was scary decline and one I thought would take a 6 months to recover.

6/7 Your FICO score has decreased by 32 points

6/9 Your FICO score has decreased by 22 points

6/10 Your FICO score has decreased by 8 points

I stopped watching. At the end of the app spree and new lines, my score was 675. I thought I made a huge mistake!

I am happy to report that as of this morning with $30K increase in available credit and dozen inquires the score has fully recovered back to 737 in just a month (6 weeks from app spree start).

Research cards, read this forum, apply smart and spend smart.

Re: Scores Recovered

Anonymous — Sun, 12 Jul 2015 17:36:00 GMT

Awesome! I am waiting for those drops as my new credit lines hit. I am so happy to hear your story!

Re: Scores Recovered

SouthJamaica — Sun, 12 Jul 2015 17:53:13 GMT

@Anonymous wrote:
On February 16, I applied for Capital One and was approved for $500 (now 1500 as of a month ago). Two months later while shopping applied at register for a store card and was surprised to be approved. The next day pressed my luck and applied and was approved for a gas card.

Then came spree. Between May 21 and June 4, I applied for numerous accounts (American Express, Barclay, Chase, Citi, Discover, Bank of America, Target, Walmart, PayPal Extra) all approving with an initial 737 FICO Score.

Of course the score dropped with numerous new lines, dozen inquires, etc. It was scary decline and one I thought would take a 6 months to recover.
6/7 Your FICO score has decreased by 32 points
6/9 Your FICO score has decreased by 22 points
6/10 Your FICO score has decreased by 8 points

I stopped watching. At the end of the app spree and new lines, my score was 675. I thought I made a huge mistake!

I am happy to report that as of this morning with $30K increase in available credit and dozen inquires the score has fully recovered back to 737 in just a month (6 weeks from app spree start).

Research cards, read this forum, apply smart and spend smart.

My experience with the scores has been that they just didn't budge, one way or the other. As of June 2014 I had 2 cards which I'd had for several years, one a personal card, one a business card. My scores were around what they are now.

Then, from July 2014 to February 2015 I applied for and was approved for 11 more credit cards and 1 charge card.

Since February, with all my inquiries and new accounts, I can't beg, borrow, or steal a CLI or a new card... and yet my scores are basically what they were back in June and July of last year, and have hardly changed.

I.e., although the inquiries and new accounts are really holding me back, they don't seem to be reflected in my scores.

Re: Scores Recovered

Anonymous — Sun, 12 Jul 2015 18:11:49 GMT

@SouthJamaica wrote:
@Anonymous wrote:
On February 16, I applied for Capital One and was approved for $500 (now 1500 as of a month ago). Two months later while shopping applied at register for a store card and was surprised to be approved. The next day pressed my luck and applied and was approved for a gas card.

Then came spree. Between May 21 and June 4, I applied for numerous accounts (American Express, Barclay, Chase, Citi, Discover, Bank of America, Target, Walmart, PayPal Extra) all approving with an initial 737 FICO Score.

Of course the score dropped with numerous new lines, dozen inquires, etc. It was scary decline and one I thought would take a 6 months to recover.
6/7 Your FICO score has decreased by 32 points
6/9 Your FICO score has decreased by 22 points
6/10 Your FICO score has decreased by 8 points

I stopped watching. At the end of the app spree and new lines, my score was 675. I thought I made a huge mistake!

I am happy to report that as of this morning with $30K increase in available credit and dozen inquires the score has fully recovered back to 737 in just a month (6 weeks from app spree start).

Research cards, read this forum, apply smart and spend smart.
My experience with the scores has been that they just didn't budge, one way or the other. As of June 2014 I had 2 cards which I'd had for several years, one a personal card, one a business card. My scores were around what they are now.

Then, from July 2014 to February 2015 I applied for and was approved for 11 more credit cards and 1 charge card.

Since February, with all my inquiries and new accounts, I can't beg, borrow, or steal a CLI or a new card... and yet my scores are basically what they were back in June and July of last year, and have hardly changed.

I.e., although the inquiries and new accounts are really holding me back, they don't seem to be reflected in my scores.

Wow! Interesting! Thanks for posting!