Scoring bonuses for adding your first 3 cards are absolute. You WILL see a scoring increase as long as it isn't offset by something like maxing out a card as you add them. I went from a 512 to a 555 just by adding the recommended 3 cards and not using them. How much of a scoring boost is dependent of the profile. In my case, the scoring boost easily outweighed the 5 points I lost on inquiries. Now that they've aged, they also help to offset AAoA losses when I apply for new credit.
@Anonymous wrote:
@Brian_Earl_Spilner wrote:Scoring bonuses for adding your first 3 cards are absolute. You WILL see a scoring increase as long as it isn't offset by something like maxing out a card as you add them. I went from a 512 to a 555 just by adding the recommended 3 cards and not using them. How much of a scoring boost is dependent of the profile. In my case, the scoring boost easily outweighed the 5 points I lost on inquiries. Now that they've aged, they also help to offset AAoA losses when I apply for new credit.
Did you have any revolvers prior to those 3?
No. My report only had 15 years of closed accounts and 14 derogatories. I wasn't able to get approved for anything so I let everything age for a couple of years. Didn't pay off any derogatories, just let it age before applying. Other than those 3 cards, everything in my sig was added in the last year. According to TU, I still have 10 derogatories between collections and things that need to age off, not including seven 30 and 60 day lates. My score is borderline good (signature hasn't been updated since 10/18). Once I get the next 2 collections taken care of, which I barely started working on within the last year, I will be in the good range. Or, I can just lower my 50% aggregate utilization to kick me over. Seeing as how I'm just not cycled to reporting dates, it would be a somewhat quick fix. I basically did nothing that you're recommending and took my score from 512 to 670 in a year and a half. @Remedios is correct in saying one size does not fit all. For me, I gained massive traction once I started adding new accounts. Getting my collections paid off and removed have given me a less than 20 point difference in score between 3-7 collection accounts, depending on which bureau you're looking at.
@Remedios wrote:
@Brian_Earl_Spilner wrote:
@Jnbmom wrote:
Getting the 🍿 ready lolWord. She's about to go yolo on him.
I'm not sure why you'd say that. I've never done it and dont plan on starting today.
My credit is just fine. I kinda know what I'm doing.
It's a public forum and just because someone has an opinion that differs from mine, that does not mean that I will take adversarial stance.
Carry on
Wasn't expecting you to be adversarial. Was expecting you to drop a bunch of datapoints and examples as well as a well worded and solidly backed rebuttal.