how long for new accounts to up score with high credit line?

[LindaLu]

I just got a new account and it has a $2500 limit..I charged $38  on it so far...now I realized the new account would make my score go down a little but beings I don't have alot of credit on other cards I thought it would go up at least some but it didn't???my new account just shows up on my experian report today and my score went down 5 points and not up at all..!!!  or does it take time to actually register the available credit in my utilization score...  my other cards are a little high but this had to make some kind of difference in my score other than going down because of a new account...

thanks for anyone that might know something about this

thanks

[Anonymous]

How did this affect your overall util?

Seeing as you mentioned EX, I am going to assume you are looking at a FAKO score. Your FICO might have changed the opposite or not at all.

[LindaLu]

my utilization should have dropped like 25to 30%...I thought I would see some change...like 15 or 20 points up...taking into consideration the new account would drop it  a little...

I am unclear on what is fico and fako....I have a credit monitoring service that gives me all 3...and the experian is the only one showing my new account so far...what is the difference between them?  maybe I have a lower score than I think!...which is usually higher?

thanks for helping

[Anonymous]

Any EX score you purchase will be a FAKO.

You can get your EQ and TU FICOs right here on this website. Just google for a discount code to save a few $$.

Equifax sells your EQ score and TU has a special website to sell the TU FICO.

I prefer purchasing them both here at the same place.

[LindaLu]

thanks for the info but I am confused...why is experian always a fako?  and what is the difference between the two..?  I have heard people say this before but still not clear on what is what..

also what good are these credit monitoring service anyway if they aren't accurate?  I however asked a creditor what my score came as and it was only 2 points off from what my credit monitoring service had that same day...that was for equifax...I use privacy matters.

[Anonymous]

Any score you get is a "Credit Score".

However, a score that is calculated based on a formula developed by Fair Isaac is a FICO score.

The majority of lenders use FICO scores.

All those other "Credit scores" you can purchase is what we call FAKO scores.

Every score is calculated using a formula and based on your credit report.

When you purchase your FICO score here, this website requests a CR from the CRA you are purchasing the score for and then calculates your score.

EX has decided to stop allowing the purchase, so you can no longer have direct access to your EX FICO score.

Credit monitoring services are good for keeping an eye on your CR and the changes, especially when you are rebuilding.

Your FAKO may be very close and in a rare occassion be the same as your FICO, but they are calculated using a different formula.

Also, not all creditors use FICO scores, but again, the majority do.

[LindaLu]

thanks for the explanation!   that is generally the idea I thought ..maybe the creditor that was 2 points away from what probably was a fako score did use fakos!!(maybe?)

I am rebuilding and I have been checking to see what a different this account with a $2500 limit did to my score and utilization...maybe there is a time lapse as to when this all updates..I know when I paid $2000 omy cards recently I sawlike a 15 point jump even on the experian from which was a fako it sounds like and i guess I hoping to see this happen with the new card limit with utlization ..fako or fico I thought I'd see a jump.

I'll keep you posted if I see a change...thanks for explaining