Credit scores

[Anonymous]

Maybe I am missing something here, but I have a concern regarding my credit score.  Right now, my scores are 671-TU, 671-EQ, and 618-EX.  My experian dropped 22 points overnight because of a new credit card that was added to my report.  My ex will have 2 bad accounts fall off in october which will only leave 1 bad account left.  I have 5 new credit cards opened in the last 4 months.  Could this drop in my score be from these new accounts? I thought that these would help my credit score.  

Someone help, I dont know what else I can do besides let these account age and keep the UTI down. 

[thomasjm99]

Adding new accounts decreases your AAoA generally, but by how much depends on the rest of your credit profile.

So in general, yes opening that many new accounts in a short period can drop your score, but everything I've read shows that those points are earned back fairly easily with positive payment history and low UTI% over time.

[Anonymous]

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@Anonymous wrote:

Maybe I am missing something here, but I have a concern regarding my credit score.  Right now, my scores are 671-TU, 671-EQ, and 618-EX.  My experian dropped 22 points overnight because of a new credit card that was added to my report.  My ex will have 2 bad accounts fall off in october which will only leave 1 bad account left.  I have 5 new credit cards opened in the last 4 months.  Could this drop in my score be from these new accounts? I thought that these would help my credit score.  

Someone help, I dont know what else I can do besides let these account age and keep the UTI down. 

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Yes new account beyond the first 3 will tend to initially lower your scores. However you will recover those lost points quickly over time. Now is the time to just sit back, use your cards wisely, and allow them to age and push your scores up. Remeber to only let one card carry a small balance each month for optimum scoring.

[LifeSAVERS]

I have found from my own score tracking this past year and adding lots of new tradelines, my score takes a hit in the first few months than slowly recovers.

Regarding those EX baddies scheduled to fall off in October, have you given EX a call to see if those can come off early?  They have been really great about removing from 3 months to 9 months early for me. 😉