topic Re: Score increase in General Credit Topics

Score increase

Murph5065 — Sat, 11 Jun 2022 15:00:12 GMT

In the last 2 months i have applied and been approved for 9 cards, my discover just reported and it cause my Experian score to jump 11 points how does that happen? Reporting $0 balance with 6k cl On that card alone.

Re: Score increase

SouthJamaica — Sat, 11 Jun 2022 15:32:55 GMT

@Murph5065 wrote:
In the last 2 months i have applied and been approved for 9 cards, my discover just reported and it cause my Experian score to jump 11 points how does that happen? Reporting $0 balance with 6k cl On that card alone.

It doesn't.

Something else caused the score to jump.

Re: Score increase

Antredd — Sat, 11 Jun 2022 16:20:38 GMT

It could be that your overall utilization went down as a result of having 9 new accounts with presumably 0 balances.

Re: Score increase

Murph5065 — Sat, 11 Jun 2022 16:21:19 GMT

@SouthJamaica wrote:
@Murph5065 wrote:
In the last 2 months i have applied and been approved for 9 cards, my discover just reported and it cause my Experian score to jump 11 points how does that happen? Reporting $0 balance with 6k cl On that card alone.
It doesn't.

Something else caused the score to jump.

I have had balance increases on the cards i use high balance on all and still 2 baddies reporting.

Re: Score increase

Credit4Growth — Sun, 12 Jun 2022 22:56:08 GMT

@Murph5065 Honestly, a more indepth and detailed explanation and review of your profile is needed to determine which changing factor caused the increase.
Even then with an understanding of the Scoring Primer, you will have many other changes in the near future with the other 8 accounts populating onto your CRA reports.

I would say attempting to wait and see how these various changes shake out over the next week or two.

At the least, in the long term, adding many account all at once with the intention of keeping them open as long as possible, you could affect your AAoA in such a positive way that years done the line when adding a newer account once in a while will not dramatically drop the AAoA scoring factor thus retaining more FICO points.

All of the being a given, I have no idea what your current average age of accounts is but I would to say...
Congratulations on your many approvals!

Re: Score increase

Murph5065 — Mon, 13 Jun 2022 17:43:25 GMT

@Credit4Growth wrote:
@Murph5065Honestly, a more indepth and detailed explanation and review of your profile is needed to determine which changing factor caused the increase.
Even then with an understanding of the Scoring Primer, you will have many other changes in the near future with the other 8 accounts populating onto your CRA reports.

I would say attempting to wait and see how these various changes shake out over the next week or two.

At the least, in the long term, adding many account all at once with the intention of keeping them open as long as possible, you could affect your AAoA in such a positive way that years done the line when adding a newer account once in a while will not dramatically drop the AAoA scoring factor thus retaining more FICO points.

All of the being a given, I have no idea what your current average age of accounts is but I would to say...
Congratulations on your many approvals!
Here is the averages of all 3 from my fico