topic My FICO score can't make up it's mind about new accounts. in Rebuilding Your Credit

My FICO score can't make up it's mind about new accounts.

Anonymous — Mon, 16 Nov 2015 17:45:55 GMT

lol... drop 2 points with Walmart, come back up 10 points with Overstock, wonder if it was inquiries that brought the 2pt drop.

Overstock has a significantly higher SL than Walmart does though, $2200 vs $600, my utilization was great before adding either.

Re: My FICO score can't make up it's mind about new accounts.

Anonymous — Mon, 16 Nov 2015 17:51:13 GMT

The inquiries probably hit first - that was the drop. Then the accounts were added - so it went back up.

Re: My FICO score can't make up it's mind about new accounts.

Anonymous — Mon, 16 Nov 2015 17:54:06 GMT

@Anonymous wrote:
The inquiries probably hit first - that was the drop. Then the accounts were added - so it went back up.

I have a few more new accounts that haven't been added to my file yet too... wonder how those are going to affect my score, I wish TU wasn't so slow to update though I feel like they are a month behind the other two, at least when looking at my scores. I'm in the 650's range on EQ/EX but 626 still TU and unfortunately almost every lender I have ever tried to get anything from seems to check that score the most.

Good thing I'm gardening now anyway... I'd happily take on an installment loan though, don't have one of those.

Re: My FICO score can't make up it's mind about new accounts.

Anonymous — Mon, 16 Nov 2015 20:30:44 GMT

@Anonymous wrote:
The inquiries probably hit first - that was the drop. Then the accounts were added - so it went back up.

More likely is an AAoA drop for the first one, second one improved UTI with the large limit - that would be my assumption based on the information. The inquiry would have shown up immediately following the application, and the new account showed up sometime later. Notice that each alert is for a new account, not an inquiry.

Re: My FICO score can't make up it's mind about new accounts.

Anonymous — Mon, 16 Nov 2015 20:57:53 GMT

This is unrelated, but I was denied a Bank of America credit card a week or two ago... just received an acceptance offer for a Secured $500 BoA card w/ $99 security deposit -- Since I already have 8 unsecured accounts is it pointless to accept that offer (with the thinking that it might get my foot in the door w/ a better bank) I was planning on just throwing it in the trash but now I am wondering iff that's an easy way in and if it would just be upgraded to one of the cards I was declined for in coming months...

I kind of feel like I could probably just re-apply for the actual unsecured card again 6 months from now though, I would imagine I should be able to hit 700's by then after all these new accounts have shown some positive use for a while, plus I will have shed some baddies by then... hmm... I initially just figured I'd toss it since I was going to garden now anyway.

Re: My FICO score can't make up it's mind about new accounts.

Anonymous — Mon, 16 Nov 2015 21:02:57 GMT

SDFCU will do secured loans for $500@3.99% for 36 months.

Re: My FICO score can't make up it's mind about new accounts.

Anonymous — Tue, 17 Nov 2015 06:51:03 GMT

I started out with a secured BOFA card a bit over a year ago now with a 500.00 limit and cash rewards, it now has an unsecured 2000 limit, I have been pretty happy with it. At about the 6 month mark they let me raise my CL to 1000 with another 99.00 deposit. Hit the 1 year mark and i was able to CLI to 2000 limit and they returned my deposits. I personally think it worked out quite well. I already had an unsecured wells fargo card before the BOFA card.