I really don't understand this credit thing

nbean · ‎04-02-2014

I thought I did understand it, but today I realize that I don't.

Over the weekend I had a mini app spree with GE.

Lowes approved $800, instantly called backdoor to up the CL to $6,000 approved.

Walmart approved for $700 instantly called backdoor to up the CL to $1,400 approved.

JCPenny approved for $300, no CLI

Today I was expecting to see a dip in the scores from the free sites which I gather them - instead no. The inquiries hit, and one of the sites showed that new accounts had been opened, but all the scores went up. How is this possible?

Barclays score went up 3 points

Credit Sesame score went up 9 points

Credit Karma score went up 11 ppoints

I'm not complaining, I just don't get it.

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yudeology101 · ‎04-02-2014

Congrats on your successful app spree. Yea the credit game is so unpredictable at times, but hey it's working out for you in your favor, enjoy it.

If you have a thick profile- long credit history w/ no prior baddies/ and your scores can back it up, then you'll see a lil' impact on dinging your scores. Those that get hit the hardest is when their profile is thin (0~6months), new INQs + new TLs showing up will temporarily ding the scores.

::edited for typo::

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coldnmn · ‎04-02-2014

Congrats! Thanks for sharing.

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DawgZ · ‎04-02-2014

I would think it went up because your Credit Utilization went down. Also your overall credit file got 'thicker' this could possible help your scores. Just some thoughts, congratz on the new credit lines.

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gdale6 · ‎04-02-2014

Grats & yes the score can rise with inq and new accounts especially if you have not added any in awhile, there is a FICO scoring category called New Credit and its responsible for 10% of the score, in order to satisfy it one does have to establish new credit every once in awhile...

Stanic413 · ‎04-02-2014

@DawgZ wrote:
I would think it went up because your Credit Utilization went down. Also your overall credit file got 'thicker' this could possible help your scores. Just some thoughts, congratz on the new credit lines.

+1

My score when up a lot when I opened new accounts recently. Primarily because util was lowered as a result of the new CLs

18k

10k

7.6k

10k

5k

5.6k

1.7k

2k
Federal CU PLOC: $5k
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Anonymous · ‎04-02-2014

@DawgZ wrote:
I would think it went up because your Credit Utilization went down. Also your overall credit file got 'thicker' this could possible help your scores. Just some thoughts, congratz on the new credit lines.

+1 this.

credit utilization comprises about 30% of your FICO score. new credit is another 10%. the reduction in utilization from the increased credit lines probably offset the small ding you got from hard inquiries (which is usually about 15% iirc).

nbean · ‎04-02-2014

Thanks guys I had no idea about the new credit criteria. I knew that the utilization would be better, but I'm already at super low util.

It must have helped, so either way I'll take it.

First Ent Visa $21,800, Nasa PLOC $10K, Nasa CC $10K, Citi DoubleCash $12,200K, Penfed Promise $6K, Penfed Cash Rewards $5K, Total Rewards Visa $20K Lowes $35K QuickSilver CapOne WM $20K United Chase VS $2,800 Hyatt Chase VS $2,800 TJMaxx Mastercard $8K Barclays Rewards $3,700, Pier One $8,500 Walmart MC $8K Kohls $3K, Overstock $8,900, Discover $8K, Home Depot $20,700, JCP $10K, Victoria's Secret $5K, Ballard $10K, WilliamsSonoma Visa $11K, Grandin $4K, Banana Republic Visa $6K, Avianca Vida $25K, BoA $15K,BoA 3-2-1 $7,500

Gunnar419 · ‎04-02-2014

@DawgZ wrote:
I would think it went up because your Credit Utilization went down. Also your overall credit file got 'thicker' this could possible help your scores. Just some thoughts, congratz on the new credit lines.

+1 to this. I've also had my scores go up, sometimes substantially, on getting new cards. Yes, improving utilization on a reasonably thick file can do this.

Good going on getting those quick CLIs, too!

alvon123 · ‎04-03-2014

congrats