Initial drop in score?

[CS800]

In the last 4 weeks, I have been approved for 3 credit cards, Is there an initial drop in FICO points? If yes, how long does it last?

My AAoA of course goes down but my these new CL will bring my util down from 75% to 5%. Can i expect some gain from that ?

[sandsanta]

There should be an initial drop, followed by gradual increase to an even higher score.

[nuggets321]

CS800,  I'm kinda in the same boat... Amex, Zales have reported and I saw a 40 point drop..Discover and Chase yet to report...keeping my fingers crossed that it doesnt go under the 600 mark...ugh... I kind of expected it... but not as severe.... on the plus side I cut up, called and cancelled my secured BBVA card (40 bucks for AF) and it was part of my building strategy) since the chase freedom was to take its place.... needless to say I will not be credit shopping until next summer (at the soonest) let us know who you are affected once they all start reporting

[thom02099]

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@CS800 wrote:

In the last 4 weeks, I have been approved for 3 credit cards, Is there an initial drop in FICO points? If yes, how long does it last?

My AAoA of course goes down but my these new CL will bring my util down from 75% to 5%. Can i expect some gain from that ?

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I applied for, and got 5 new cards in September (AMEX Zync, AMEX Clear, Discover More, BofA Platinum,Citi Diamond Preferred MC), initially took a hit of about 45 points from all 3 CRAs.  I talked to my banker, he said absorb the hit, as each one will generate an increase of 15 points per card as they each age.  He said that, again, generally, 10point decrease for each inquiry/new account, but  will ultimately result in about a 15 point gain, so a plus 5 points for each new card from where I was before, in approximately 3-4 months.   YMMV of course. 

[Anonymous]

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@CS800 wrote:

In the last 4 weeks, I have been approved for 3 credit cards, Is there an initial drop in FICO points? If yes, how long does it last?

My AAoA of course goes down but my these new CL will bring my util down from 75% to 5%. Can i expect some gain from that ?

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You may see a bigger drop on one report than the others if all 3 of those creditors pulled, say, EQ, you're looking at 3 inqs on one report in a 4 week period, add in the New Account factor you could see a drop in points, BUT, out of all of this, you said it will bring your util down from 75% to 5% so it could offset the drop in points you would normally see, it's almost impossible to give accurate advice on something like this, however, like another members has stated, even of you see an initial drop, in 6-12 months time, you will gain back the points you lost and then some

Or if you were able to spread the inq's across all three CRA's you would only be looking at 1 inq per report and add in the New Account factor and also take into account that your util will go from 75% to 5%, you may not see much of a loss if any, what are your AAoA's now and how many TL's do you have now.

The reason I ask this is because I opened 3 new TL's 5/11 I was able to spread the inq's across all three CRA's and I actually saw an increase in points, not because of util (was already at 1%) I don't know why I saw an increase, I was really expecting to see a decrease, I know that the three new accounts did not affect my AAoA's too much because of my 3 AmEx's backdated to 91 helped absorb a lot of the AAoA's loss I would have taken without them.

[CS800]

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@Anonymous wrote:

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@CS800 wrote:

In the last 4 weeks, I have been approved for 3 credit cards, Is there an initial drop in FICO points? If yes, how long does it last?

My AAoA of course goes down but my these new CL will bring my util down from 75% to 5%. Can i expect some gain from that ?

---

You may see a bigger drop on one report than the others if all 3 of those creditors pulled, say, EQ, you're looking at 3 inqs on one report in a 4 week period, add in the New Account factor you could see a drop in points, BUT, out of all of this, you said it will bring your util down from 75% to 5% so it could offset the drop in points you would normally see, it's almost impossible to give accurate advice on something like this, however, like another members has stated, even of you see an initial drop, in 6-12 months time, you will gain back the points you lost and then some

Or if you were able to spread the inq's across all three CRA's you would only be looking at 1 inq per report and add in the New Account factor and also take into account that your util will go from 75% to 5%, you may not see much of a loss if any, what are your AAoA's now and how many TL's do you have now.

The reason I ask this is because I opened 3 new TL's 5/11 I was able to spread the inq's across all three CRA's and I actually saw an increase in points, not because of util (was already at 1%) I don't know why I saw an increase, I was really expecting to see a decrease, I know that the three new accounts did not affect my AAoA's too much because of my 3 AmEx's backdated to 91 helped absorb a lot of the AAoA's loss I would have taken without them.

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I have added :

2 Amex backdated  to 2001

1 discover - Oct 2011

1 Barclay - Nov 2011

1 USAA amex - Nov 2011

1 USAA mastercard - Nov 2011

USAA car refi - Nov 2011

AAoA with amex and barclay reporting = 5 years

The rest have not reported yet.

My EQ has 3 inqs, TU has 2, EX 5

EQ and EX util = 1 %

TU = 75%

So far with both amex and barclay reporting, my EQ has gone down by 3 points (from my SW report this morning)

[sandsanta]

As soon as my BoA Visa Sig reported, my score went down by 10 points.  Is this normal for this card? 

[Anonymous]

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@CS800 wrote:

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@Anonymous wrote:

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@CS800 wrote:

In the last 4 weeks, I have been approved for 3 credit cards, Is there an initial drop in FICO points? If yes, how long does it last?

My AAoA of course goes down but my these new CL will bring my util down from 75% to 5%. Can i expect some gain from that ?

---

You may see a bigger drop on one report than the others if all 3 of those creditors pulled, say, EQ, you're looking at 3 inqs on one report in a 4 week period, add in the New Account factor you could see a drop in points, BUT, out of all of this, you said it will bring your util down from 75% to 5% so it could offset the drop in points you would normally see, it's almost impossible to give accurate advice on something like this, however, like another members has stated, even of you see an initial drop, in 6-12 months time, you will gain back the points you lost and then some

Or if you were able to spread the inq's across all three CRA's you would only be looking at 1 inq per report and add in the New Account factor and also take into account that your util will go from 75% to 5%, you may not see much of a loss if any, what are your AAoA's now and how many TL's do you have now.

The reason I ask this is because I opened 3 new TL's 5/11 I was able to spread the inq's across all three CRA's and I actually saw an increase in points, not because of util (was already at 1%) I don't know why I saw an increase, I was really expecting to see a decrease, I know that the three new accounts did not affect my AAoA's too much because of my 3 AmEx's backdated to 91 helped absorb a lot of the AAoA's loss I would have taken without them.

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I have added :

2 Amex backdated  to 2001

1 discover - Oct 2011

1 Barclay - Nov 2011

1 USAA amex - Nov 2011

1 USAA mastercard - Nov 2011

USAA car refi - Nov 2011

AAoA with amex and barclay reporting = 5 years

The rest have not reported yet.

My EQ has 3 inqs, TU has 2, EX 5

EQ and EX util = 1 %

TU = 75%

So far with both amex and barclay reporting, my EQ has gone down by 3 points (from my SW report this morning)

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Why is TU util so high?

@Anonymous are @ 5 yrs AAoA's now, once every thing reports your AAoA's should be 3yrs (actually 3.4 yrs, but FICO rounds down AAoA's) now that's if my math is correct.

You might expect to see another 3-10 point loss (maybe more, maybe less) there's really no way to tell until you see it with your own eyes once everything is reported.

But no matter what, as long as you keep your new TL's in perfect standing, the point loss you see now, will rebound and then some in 3/6/12 months????? But it will rebound for sure, plus some extra points.

I think it's time to garden and let these babies age, unless you could get one more AmEx in like 6 months backdated to 2001, that will help your AAoA's rebound faster BTW, I was approved for my last AmEx BCP with 4 inq on EX. But I do really think garden garden garden for a while.

Please do keep us updated.

[Anonymous]

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@sandsanta wrote:

As soon as my BoA Visa Sig reported, my score went down by 10 points.  Is this normal for this card? 

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Your Visa Siggy reports as a Flexable Spending Card correct? It does not report the CL right? Just curious.

There are way too many factors that could have caused your score to drop by 10 points from just one new TL being reported, I have come to the conclusion, from a FICO scoring standpoint, its all a YMMV type situation.

Heres a breakdown of "Whats in your Score"

What’s in your FICO® score

FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your FICO score.

[CS800]

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@Anonymous wrote:

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@CS800 wrote:

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@Anonymous wrote:

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@CS800 wrote:

In the last 4 weeks, I have been approved for 3 credit cards, Is there an initial drop in FICO points? If yes, how long does it last?

My AAoA of course goes down but my these new CL will bring my util down from 75% to 5%. Can i expect some gain from that ?

---

You may see a bigger drop on one report than the others if all 3 of those creditors pulled, say, EQ, you're looking at 3 inqs on one report in a 4 week period, add in the New Account factor you could see a drop in points, BUT, out of all of this, you said it will bring your util down from 75% to 5% so it could offset the drop in points you would normally see, it's almost impossible to give accurate advice on something like this, however, like another members has stated, even of you see an initial drop, in 6-12 months time, you will gain back the points you lost and then some

Or if you were able to spread the inq's across all three CRA's you would only be looking at 1 inq per report and add in the New Account factor and also take into account that your util will go from 75% to 5%, you may not see much of a loss if any, what are your AAoA's now and how many TL's do you have now.

The reason I ask this is because I opened 3 new TL's 5/11 I was able to spread the inq's across all three CRA's and I actually saw an increase in points, not because of util (was already at 1%) I don't know why I saw an increase, I was really expecting to see a decrease, I know that the three new accounts did not affect my AAoA's too much because of my 3 AmEx's backdated to 91 helped absorb a lot of the AAoA's loss I would have taken without them.

---

I have added :

2 Amex backdated  to 2001

1 discover - Oct 2011

1 Barclay - Nov 2011

1 USAA amex - Nov 2011

1 USAA mastercard - Nov 2011

USAA car refi - Nov 2011

AAoA with amex and barclay reporting = 5 years

The rest have not reported yet.

My EQ has 3 inqs, TU has 2, EX 5

EQ and EX util = 1 %

TU = 75%

So far with both amex and barclay reporting, my EQ has gone down by 3 points (from my SW report this morning)

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Why is TU util so high?--------- 1

@Anonymous are @ 5 yrs AAoA's now, once every thing reports your AAoA's should be 3yrs (actually 3.4 yrs, but FICO rounds down AAoA's) now that's if my math is correct.

You might expect to see another 3-10 point loss (maybe more, maybe less) there's really no way to tell until you see it with your own eyes once everything is reported.

But no matter what, as long as you keep your new TL's in perfect standing, the point loss you see now, will rebound and then some in 3/6/12 months????? But it will rebound for sure, plus some extra points.

I think it's time to garden and let these babies age, unless you could get one more AmEx in like 6 months backdated to 2001, that will help your AAoA's rebound (2) faster BTW, I was approved for my last AmEx BCP with 4 inq on EX. But I do really think garden garden garden for a while.

Please do keep us updated.

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**Edited since i just pulled my TU98 from myfico***

1. There is a closed credit card that i'm still paying on and it only reports to TU. My EQ SW report tells me my util is at 1% and my EX report tells me my util is 1%

**Edit TU now says i'm at 67% from 75%**

2. I was thinking about apping for the BCE in 6 months but I heard the Delta Skymiles was easier to get. So I might do that and havfe that backdated to 2001.

I noticed also that the barclays is already reporting on EQ but it's not on TU. My AMEX charge cards have been updated on EQ and EX but in TU they are still the same as last month.

Is TU that slow?

Discover, USAA AMEX, Apple Barclay, USAA Mastercard not yet on TU

Apple Barclay is reporting on EQ.and EX

Discover seems to be taking their sweet time.