Amount of new credit?

[DawgZ]

The section on the credit report 'Amount of new credit', is this a ratio to something? If I had 800 Fico, 15 accounts aged and not applied for credit in 3 years then went out and applied for 1 credit card would this pop up on my report as 'Amount of new credit' BAD?

[ezdoesit]

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@DawgZ wrote:

The section on the credit report 'Amount of new credit', is this a ratio to something? If I had 800 Fico, 15 accounts aged and not applied for credit in 3 years then went out and applied for 1 credit card would this pop up on my report as 'Amount of new credit' BAD?

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I don't think so it would probably go from great to very good. 

[lhcole77]

Agreed. It measures new trade lines as well as new inquiries. So if you had not applied for anything in three years and then applied for something it would go from great to something else. But I don't think it would go to bad. And depending on how thick your file is it may even stay at great.

[CreditPlay]

I think it looks for new TL and hard inquiries in last one year. I have 2 inquiries, 3 new TLs it says good. May be 1+1 is very good ?

[Anonymous]

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@Jayx wrote:

I think it looks for new TL and hard inquiries in last one year. I have 2 inquiries, 3 new TLs it says good. May be 1+1 is very good ?

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Not sure, but I would think it is just new TLs, aren't inqs counted in other sections.    Presumably there can be a risk difference between 5 Inqs leading to no new credit, and 5 inqs leading to 5 new accounts.

[CreditPlay]

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@Anonymous wrote:

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@Jayx wrote:

I think it looks for new TL and hard inquiries in last one year. I have 2 inquiries, 3 new TLs it says good. May be 1+1 is very good ?

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Not sure, but I would think it is just new TLs, aren't inqs counted in other sections.    Presumably there can be a risk difference between 5 Inqs leading to no new credit, and 5 inqs leading to 5 new accounts.

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I cant think of another section where inqs can be counted. But i agree there must be a complex algorithm for num of hps to new TLs or not. I just looked back my last reports, TU, EQ with 2 inqs and 3 new TLs says very good, whereas EX with 3 inqs and same 3TLs say not good.

[lhcole77]

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@Jayx wrote:

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@Anonymous wrote:

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@Jayx wrote:

I think it looks for new TL and hard inquiries in last one year. I have 2 inquiries, 3 new TLs it says good. May be 1+1 is very good ?

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Not sure, but I would think it is just new TLs, aren't inqs counted in other sections.    Presumably there can be a risk difference between 5 Inqs leading to no new credit, and 5 inqs leading to 5 new accounts.

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I cant think of another section where inqs can be counted. But i agree there must be a complex algorithm for num of hps to new TLs or not. I just looked back my last reports, TU, EQ with 2 inqs and 3 new TLs says very good, whereas EX with 3 inqs and same 3TLs say not good.

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From FICO report cover page

[CreditPlay]

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@lhcole77 wrote:

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@Jayx wrote:

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@Anonymous wrote:

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@Jayx wrote:

I think it looks for new TL and hard inquiries in last one year. I have 2 inquiries, 3 new TLs it says good. May be 1+1 is very good ?

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Not sure, but I would think it is just new TLs, aren't inqs counted in other sections.    Presumably there can be a risk difference between 5 Inqs leading to no new credit, and 5 inqs leading to 5 new accounts.

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I cant think of another section where inqs can be counted. But i agree there must be a complex algorithm for num of hps to new TLs or not. I just looked back my last reports, TU, EQ with 2 inqs and 3 new TLs says very good, whereas EX with 3 inqs and same 3TLs say not good.

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From FICO report cover page

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I was trying to say dont know of any section other than amount of new credit.

[lhcole77]

Oops, I mean to reply to longtime's post. This was in referrence to this:

longtimelurker wrote:

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Not sure, but I would think it is just new TLs, aren't inqs counted in other sections.    Presumably there can be a risk difference between 5 Inqs leading to no new credit, and 5 inqs leading to 5 new accounts.

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