topic Re: MAJOR credit drop and still going in Rebuilding Your Credit

MAJOR credit drop and still going

Simplyjays — Tue, 26 Mar 2013 03:59:07 GMT

applyed for 5-7 new cards only got.

american express green

discover it

walmart

babys r us

and JDCU from my local bank because i went for an auto loan.. that didnt work but i did end up getting a lease in which i just got the car today =p

my score was 650on TU but volkswagen said they saw 675 on my TU and they pulled vantage scores not fico.

my fico went down to 622on TU

people who started reporting within 1-2 weeks have been babys r us, walmart, and AMEX... still waiting for JDCU plus discover it and my volkswagen lease...(first lease ever on my account..)

how much lower will my score get? i dont care because i know its only going to go up plus i dropped my utility ALOT on every single card so thats going to help.. in fact i payed every single one off before i did any of the app spree and got the lease.

how long untill i see the lease start helping my credit.. i expect a major increase in the next 6 months due to the fact that i take care alot of my credit and CC's since i started being a member on this page! guniess shine thy intellegence upon thy!

Re: MAJOR credit drop and still going

Simplyjays — Tue, 26 Mar 2013 04:00:45 GMT

Across each CB i have 18-24 inquirys but 8 on each of them will fall off by this october

Re: MAJOR credit drop and still going

Simplyjays — Tue, 26 Mar 2013 04:01:52 GMT

my CL has double and a little more by the way.. because of all the new cards

Re: MAJOR credit drop and still going

Anonymous — Tue, 26 Mar 2013 04:18:09 GMT

If all of those CC reported at the same time I could see a score drop. But the score should be on the rebound in about 6 months.

Is that lease the only installment loan you have? If it is you will maybe see a slight increase. Installments don't really help much with your score.

Re: MAJOR credit drop and still going

Simplyjays — Tue, 26 Mar 2013 11:34:49 GMT

no i also took out a secured loan for 1k at my credit union bank and that was around a week before i got the lease.. i have 1 other installment loan on my account already its been there for a year and a half ish and still going clean

Re: MAJOR credit drop and still going

Simplyjays — Tue, 26 Mar 2013 11:38:10 GMT

also thought a lease was basically a secured car loan he said it would help me alot when it starts to report on my credit

Re: MAJOR credit drop and still going

madmann26 — Tue, 26 Mar 2013 11:53:39 GMT

@Simplyjays wrote:
also thought a lease was basically a secured car loan he said it would help me alot when it starts to report on my credit

It will probably help due to the credit mix, which is 10% of your score.

Re: MAJOR credit drop and still going

Simplyjays — Tue, 26 Mar 2013 11:54:37 GMT

+1 =D

Re: MAJOR credit drop and still going

Anonymous — Tue, 26 Mar 2013 15:34:37 GMT

If you already had an installment loan adding another may not help that much. You had one that was already factored into your score. More isn't really helping.