TU: Amount of New Credit

[ficonovice]

15 days ago, my TU report stated:

Amount of New Credit: Bad

Today it has been upgraded to: Good

The new credit I recently received was a Citicard in late Oct/Nov and a BOA card acquired in Dec

For me, it looks like the new credit "ding" lessens after 3-4 months, but nothing's etched in stone. Knowing TU, it will probably revert back to bad next month.

Interestingly enough, even though I received a CLI on my Citicard and the category for new credit improved to Good from Bad, I lost 10 points!!

Again, it looks like a new $4.00 balance on my WaMu card is affecting me negatively....too many accounts with balances.

Message Edited by ficonovice on 03-12-2008 10:56 AM

[FretlessMayhem]

How many accounts do you have total?

[Red1Blue]

I am getting two new cards from Citi. I wonder how much drop I'll see.

[shyboy]

hello, may i ask you what was your scores when myfico.com indicated that your score were good

[FretlessMayhem]

I just opened a new car loan as well as 4 new revolving TLs on TU and I got a 7 point increase.

[ficonovice]

Well, my TU report is still reporting 3 accounts with balances even though I paid them in full over 4 month's ago. I just filed a dispute with them a few weeks ago to get them updated. Not sure how that will go, but we'll see and keep you updated.

So, on TU, I have 11 open accounts and now 7 with balances (though in reality it's only 4).

TU score dropped from 707 to 697 when the 7th account hit out of 11 with a $4.00 WaMu balance.

EX score dropped from 789 to 783 when the 4th account hit out of 11 with a $4.00 WaMu balance.

EQ score stayed the same at 775 when the 4th account hit out of 11 with a $4.00 WaMu balance.

On the overall Fico scoring model, my credit overall went into the "good" category right around 666-670. I remember when it was at 662 and how disappointed I was when the scale still told me my credit wasn't even good!! Even at 707, my TU still only says my credit is good...

Now my EX and EQ tell me I'm GREAT and I love seeing that.

Message Edited by ficonovice on 03-12-2008 11:57 AM

[ficonovice]

I've had similar experiences. My scores went up significantly after opening my Citi and BOA cards. New inquiries dinged me a little, but improved util and TL's helped me more than the inquiry dings...

I may be in a new bucket now, because it's quite clear that when I have more than 2 cc's reporting a balance I lose a few points. I'll get them back shortly when I pay my $4.00 balance and if/when I get another CLI from BOA later this month..