By how many points does each new card drop your FICO?

[dave024]

Thanks for the info. I was comparing my TU score to the one in your signature, as that's the only FICO score of mine I know. I had forgotten you had mentioned yours had dropped. I definitely won't have trouble with my accounts being too new (AAOA 9 years), but my high utilization is what is affecting my score the most. I'm looking to open 4 new accounts next month, which is as many as I have opened in the last ten years.

[pip3man]

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@dave024 wrote:

Thanks for the info. I was comparing my TU score to the one in your signature, as that's the only FICO score of mine I know. I had forgotten you had mentioned yours had dropped. I definitely won't have trouble with my accounts being too new (AAOA 9 years), but my high utilization is what is affecting my score the most. I'm looking to open 4 new accounts next month, which is as many as I have opened in the last ten years.

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In my opinion I think ur looking pretty good for approvals provided there are no derogatory items on ur CR. Although what is advocated here to get the best score is a 1%-9% utilization, I think if u get ur UTIL a little under 20% or 30% at the max u will have no problem with that part but that's providing ur credit limits are high. You and I are actually in the same boat, I'm looking to open 5 additional accounts and a PLOC by December at the most when these new accounts have at least 6months of history. And if I achieve these, it will be gardening mode until 2016 when the inquiries falls off. Good luck on your plans and I'm sure it'll turn out successful.

[dave024]

My goal is to get between 1 and 9% utilization, but that is still a year or two away and there isn't much I can do about that :-). Even 30% on my open accounts is gonna be a little while if I don't open any new accounts.

I think my utilization is close to 50% at the moment, which I know isn't too good. My main goal is to get some balance transfers so I can avoid continuing to pay 20% interest. Also I have balance transfer promotions ending that turn into 27% interest, and I definitely will not pay 27% interest anymore. I have avoided 27% interest for about a year now, so that is good. It doesn't seem that DCU has balance transfer promotions as good as some of the other lenders, but their regular interest rates are better than my current cards.

New accounts would definitely help save me money in interest and improve my utilization. I have been doing good paying things down for the last year, and have not added any new debt.