Dear Lucifer, you're soooooo........

[Lucifer]

CC's/Credit scores:      Dear Lucifer - you are so hot.  we love you you.  you pay all your bills on time and have such a great big credit score....oh baby - you know what - you can have this and that for new accounts  - oh yea let me give it to you.

Me:  Wow, really love how much you enjoy what I have and do.....  ok I'll take two new accounts...  oh this feels good

CC's/Credit Scores:     Ummm yea - so I see what you did there.  Well, you know you're kinda more likely to miss a future payment now.    I'm dropping your scores and pulling away the love.  Sorry, its not you it's me.  See ya.

Me:   **bleep**.   like...  W T F  !!!!    

Also Me:    (suddenly reminded of every crazy ex I've ever had......)

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 Question...how long before new accounts don't hurt or at least the impact is greatly diminished?

[Anonymous]

The simple act of adding 2 new accounts doesn't make one more likely to miss a payment.  Having missed previous payments and/or very high utilization are the biggest risk factors associated with future risk of default. 

Your credit scores dropped likely due to inquiries and age of accounts reductions.  The answer on how long it will take to recoop the points lost from the 2 new accounts greatly depends on your file and won't be the same for everyone.  Assuming you apply for no new accounts, your AoYA which dropped to 0 months with the new account(s) will reach 12 months in a little less than a year.  At that time you should see a nice score increase, usually around 15-20 points.  Chances are that along with the rest of your file aging would more than make up for the loss you recently experienced.

[Lucifer]

Ty for the response  

HOWEVER

When I look at my credit score - My number 1 or 2 reason for my score not being hired is stated as......

People with newer accounts are more likely to miss a payment....

So that's where that comment and really this whiole post comes from.

So you're saying it's that one year mark or where the new accounts don't hurt as much?     That means I have like 5 months to go.....   I have a pretty long and thick file....

[GApeachy]

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@Lucifer wrote:

   That means I have like 5 months to go.....   I have a pretty long and thick file....

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Oh Boy, five looooooooooooooooog months!  hahahahahaha, just pullin' your tail

[Anonymous]

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@Lucifer wrote:

People with newer accounts are more likely to miss a payment....

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Where are you getting that from?  To me, it sounds like CMS fluff and I'd like to see some evidence to support that statement.  People with newer accounts that have an already weaker profile (previous missed payments, high utilization, many other newer accounts already, etc) may be more likely to miss a payment, but someone with a clean/thick/aged file that opens a new account or two aren't going to be any higher risk than they were a few weeks ago before the accounts. 

It's kind of like the inquiries argument, where people often ask "how many inquiries are too many?"  The answer is that it depends.  Cornelius may have 20-30 inquiries and since he's got a clean/thick/aged file it doesn't really matter to most lenders.  Conversely, Rupert may only have 3-4 inquiries, but since he's got a dirty/thin/young file he gets denied for "too many inquiries" for the same product that Cornelius gets approved for. 

[Anonymous]

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@Anonymous wrote:

The simple act of adding 2 new accounts doesn't make one more likely to miss a payment.  Having missed previous payments and/or very high utilization are the biggest risk factors associated with future risk of default. 

Your credit scores dropped likely due to inquiries and age of accounts reductions.  The answer on how long it will take to recoop the points lost from the 2 new accounts greatly depends on your file and won't be the same for everyone.  Assuming you apply for no new accounts, your AoYA which dropped to 0 months with the new account(s) will reach 12 months in a little less than a year.  At that time you should see a nice score increase, usually around 15-20 points.  Chances are that along with the rest of your file aging would more than make up for the loss you recently experienced.

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FICO® Scores were designed to help lenders by rank-ordering consumers according to the likelihood they will become at least 90 days late repaying a creditor within the next 24 months. 

That is directly from FICO.

Since the OP new credit required an inquire and since in order to affect his FICO the account would have to appear on his report therefore affecting his account age, his score was lowered. Yes, it's file dependent so a well aged file could see a very minor point dip. A minor point dip is still a dip. So according to FICO consumer with a 780 prior to two new accounts who is now 775 is more likely to have a late payment. So unless you can open new accounts without inquiries (possible) and have it not affect your account age (not possible) the new accounts did make him more likely in the eyes of FICO, to be late in the next 24 months, no matter how minute the possibility.

[SouthJamaica]

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@Lucifer wrote:

CC's/Credit scores:      Dear Lucifer - you are so hot.  we love you you.  you pay all your bills on time and have such a great big credit score....oh baby - you know what - you can have this and that for new accounts  - oh yea let me give it to you.

Me:  Wow, really love how much you enjoy what I have and do.....  ok I'll take two new accounts...  oh this feels good

CC's/Credit Scores:     Ummm yea - so I see what you did there.  Well, you know you're kinda more likely to miss a future payment now.    I'm dropping your scores and pulling away the love.  Sorry, its not you it's me.  See ya.

Me:   **bleep**.   like...  W T F  !!!!    

Also Me:    (suddenly reminded of every crazy ex I've ever had......)

=======================================================================================

 Question...how long before new accounts don't hurt or at least the impact is greatly diminished?

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Wait until you are late on a payment. That's when they show their true colors.

[Lucifer]

I'm sitting on a 796 F8 for two months in a row dammit.     I had some really long term accounts fall off and I have the two new accounts - defintely nice to add to my arsenal of cards  - but now I am more of a credit risk....  Ugh.

I want my **bleep** 800.

Seriously........butter me up, and then slap me around.  

[Lucifer]

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@Anonymous wrote:

---

@Anonymous wrote:

The simple act of adding 2 new accounts doesn't make one more likely to miss a payment.  Having missed previous payments and/or very high utilization are the biggest risk factors associated with future risk of default. 

Your credit scores dropped likely due to inquiries and age of accounts reductions.  The answer on how long it will take to recoop the points lost from the 2 new accounts greatly depends on your file and won't be the same for everyone.  Assuming you apply for no new accounts, your AoYA which dropped to 0 months with the new account(s) will reach 12 months in a little less than a year.  At that time you should see a nice score increase, usually around 15-20 points.  Chances are that along with the rest of your file aging would more than make up for the loss you recently experienced.

---

FICO® Scores were designed to help lenders by rank-ordering consumers according to the likelihood they will become at least 90 days late repaying a creditor within the next 24 months. 

That is directly from FICO.

Since the OP new credit required an inquire and since in order to affect his FICO the account would have to appear on his report therefore affecting his account age, his score was lowered. Yes, it's file dependent so a well aged file could see a very minor point dip. A minor point dip is still a dip. So according to FICO consumer with a 780 prior to two new accounts who is now 775 is more likely to have a late payment. So unless you can open new accounts without inquiries (possible) and have it not affect your account age (not possible) the new accounts did make him more likely in the eyes of FICO, to be late in the next 24 months, no matter how minute the possibility.

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YEAAAAA     -----   Whay he/she said !!

FICO tells people I'm a bigger credit risk now!     

[Brian_Earl_Spilner]

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@Lucifer wrote:

Ty for the response  

HOWEVER

When I look at my credit score - My number 1 or 2 reason for my score not being hired is stated as......

People with newer accounts are more likely to miss a payment....

So that's where that comment and really this whiole post comes from.

So you're saying it's that one year mark or where the new accounts don't hurt as much?     That means I have like 5 months to go.....   I have a pretty long and thick file....

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I have a great response to this that plays off of your last sentence, but I don't feel like getting banned today. 😂