topic Re: Vent: My new cc started reporting! in Rebuilding Your Credit

Vent: My new cc started reporting!

Anonymous — Fri, 08 May 2015 17:44:24 GMT

And it gave me a 2 point score drop. The balance reported was 6% of the limit. Not amused, fico!

Re: Vent: My new cc started reporting!

tiger_uppercut — Fri, 08 May 2015 17:49:44 GMT

@Anonymous wrote:
And it gave me a 2 point score drop. The balance reported was 6% of the limit. Not amused, fico!

It's due to lowering your AAoA (average age of accounts). You will recover the points and then some as you keep paying it on time with low util. It happens every time you add an account, but it's generally worth the initial drop for the gains later. Stick with it!

Re: Vent: My new cc started reporting!

Anonymous — Fri, 08 May 2015 17:50:20 GMT

I had the same problem with my Barclays card. I received it, and started using it right away, and less than two weeks later it reported as a new account AND a balance of $481. It dropped me a few points as well, but UTI is always fixable the following month. It just reported $0 balance today, so its time to pull scores again and see where I'm at.

Re: Vent: My new cc started reporting!

Scupra — Fri, 08 May 2015 17:52:43 GMT

Don't get discouraged! After six months you will rebound with no problem

Re: Vent: My new cc started reporting!

Anonymous — Fri, 08 May 2015 18:15:44 GMT

@tiger_uppercut wrote:
@Anonymous wrote:
And it gave me a 2 point score drop. The balance reported was 6% of the limit. Not amused, fico!
It's due to lowering your AAoA (average age of accounts). You will recover the points and then some as you keep paying it on time with low util. It happens every time you add an account, but it's generally worth the initial drop for the gains later. Stick with it!

i assumed if it was the AAoA that the reasoning would have said that instead of balance...but i guess that makes sense too!

Re: Vent: My new cc started reporting!

Anonymous — Fri, 08 May 2015 18:19:44 GMT

@Anonymous wrote:
I had the same problem with my Barclays card. I received it, and started using it right away, and less than two weeks later it reported as a new account AND a balance of $481. It dropped me a few points as well, but UTI is always fixable the following month. It just reported $0 balance today, so its time to pull scores again and see where I'm at.

thats rough! i was giddy with excitement for this to start reporting AND super proud of myself that i rocked getting the balance under 9% for the statement to cut on my first try. and here i am, lol. the rollercoaster that is credit rebuilding life!

Re: Vent: My new cc started reporting!

Anonymous — Fri, 08 May 2015 18:20:48 GMT

@Scupra wrote:
Don't get discouraged! After six months you will rebound with no problem

thanks, i'm sure you're right!

Re: Vent: My new cc started reporting!

Anonymous — Fri, 08 May 2015 18:59:15 GMT

Mine dropped 12 points for Equifax on my new card, 652 down to 640, but my $120 payment to discover hit and although the utilization is 90% on that it brought me back up 655.

Re: Vent: My new cc started reporting!

gdale6 — Fri, 08 May 2015 21:43:47 GMT

There are many factors that go into a new account reporting. There is the AAoA drop already mentioned, there is also a new credit category and you would get a ding in that area until it ages sufficiently in the eyes of Fico, utilization calcs will change and you also have the hit of the inquiry for the new account. Its typical to recover most of the points lost on a new account in about 6 months but there is no guarantee it would depend on your orverall profile.

Re: Vent: My new cc started reporting!

Anonymous — Sat, 09 May 2015 01:34:54 GMT

@Anonymous wrote:
Mine dropped 12 points for Equifax on my new card, 652 down to 640, but my $120 payment to discover hit and although the utilization is 90% on that it brought me back up 655.

my score is very low, so my points dont go down by many for new negative items i guess! i'm trying to take care of a few items right now so i'm sure those, in combination with time passing, it will come back up!

Re: Vent: My new cc started reporting!

Anonymous — Sat, 09 May 2015 01:36:37 GMT

@gdale6 wrote:
There are many factors that go into a new account reporting. There is the AAoA drop already mentioned, there is also a new credit category and you would get a ding in that area until it ages sufficiently in the eyes of Fico, utilization calcs will change and you also have the hit of the inquiry for the new account. Its typical to recover most of the points lost on a new account in about 6 months but there is no guarantee it would depend on your orverall profile.

my overall profile probably couldnt get much worse lol..actually please universe dont take that as a challenge! i'm sitting tight

Re: Vent: My new cc started reporting!

Anonymous — Sun, 10 May 2015 19:08:57 GMT

Got an alert from myfico that it started reporting on equifax..and that score went up by 15. So at least I can be happy about that one