EQ FICO08 Dropped 42pts for adding Bank CC

[44Rebuild2Ball]

To all,

I now realize how vague my post was. Here’s clarification and latest updates, all FICO8’s from CCT $1 trial:

FICO8
EX 626
TU 655 (as of 7/19)
EQ 598 (as of 7/19)

I now have 2 revolvers reporting and a Capital One Platinum, yet to report. Reporting:

PPCBMC 0/300 (my first bank card revolver)
TOYOTA REWARDS 0/2000 (second revolver)

My Experian saw a huge increase s few days after my first bank card the PPMC reported. Today my Toyota reported. After the 1st I believe my CapOne Platinum 0/300 will report also. After the Toyota reported I saw a 4 point dip (age of accounts down and inquiry). If I show a small balance on my CapOne (because I have no balances reporting, that should give a couple points, am I correct?). I have 2 baddies. A 4 year old collection for 3.5K unpaid on a payday loan and a closed charged off auto loan 5.5 yrs old at 8.3K. I am an AU on a CapOne Card 7yrs 100% pay history 2426/4850 51%UTIL. I have a terminated Discover AU Account due to high utilization 5yrs, 100% pay history limit 13,000 now shows 0 after AU removal. EX and TU reports are identical, but on TU I have a 100% pay history child support acct reporting closed in 2015. On EQ, it removed the Discover AU completely, and I have 2 closed child support reporting 100% pay history both closed 2015/2017. I plan to add a CU SSL so I have an open installment reporting and currently considering a car loan with approved financing at 34,000 @ 9.1%. Any tips to get my EQ and TU FICO scores for free would be appreciated, does the Synch PPMC give free TU08? I hope I receive the same increase on my EQ score a few days after my first revolver reported on my EX (59 pt boost). With the AU’s it’s hard to tell what’s hurting/helping my score as this is my first time really looking to build credit. I have recent denials from AMEX (630EX); Barclays (655TU) as I overreached with my thin file. I want to app Discover as my scores MAY be good enough, but I won’t with a 598 EQ (unless I can confirm an increase) as DISC pulls EX & EQ here in NV. With a similar increase to my EX FICO8 my EQ would be around 655-660, right where my TU 08 is. My CCT trial ends today, so I need to buy my 3B reports from myFICO after my SSL and CapOne Platinum report. Ironically, my other EX FICOs are : (EX02 742) (EX02AUTO 717) (EX03 687) (EX08BC 633) (EX08AUTO 636). I have Wells Fargo ED Checking I opened this month that shows free EX FICO9 at 556, but it seems their reporting is behind, unless there can be that big of a swing from 08 to 09, they update the EX09 every 5th day of the month. No lates other than the collection 2015 4+yrs and loan chargeoff from 2013. Also 3 recent inquires all in July showing on all three reports..total inq last 24 mos: EX 5, TU 3, EQ 3. Any suggestions, feedback and direction are greatly appreciated. I learned more from this forum in 3 months when my EX FICO8 in early June was 494!!! Thanks in advance to all who replied.

[Anonymous]

No you do not get a score bump from adding revolvers other than your first one which adds to Credit mix, that I am aware of. When you add a revolver you take a ding potentially for the inquiry, potentially for age of youngest accounts being reset, and always for average age of accounts.

Now, if the increase in utilization offsets those factors sufficiently, it can result in a net score gain. That simple. But good question.

There are so many different factors that can affect things, that’s why each profile is different and we need as much information as possible to give the best answer to members.

However adding a second, third, and fourth revolver gives you the ability to have a lower percentage of accounts reporting a balance, which can increase your score.

For instance if you only have one or two cards, in order to carry at least one balance you’re going to have 50% of revolvers reporting. That’s not optimal and gives you a score ding. By having a third card you can get down to 33% of revolvers reporting, by having a fourth revolver, you can get down to 25% of revolvers reporting.

So yes there are advantages but they are collateral not direct. That’s the best way I can explain it. Please ask if you need more clarification.

[Anonymous]

That's a great explanation; thank you.

[Anonymous]

My pleasure, I’m glad to help anytime I can. The members here have been wonderful and patient in teaching me.

[44Rebuild2Ball]

Hello all,

I realize now how vague my OP was. Here’s my credit profile, all scores FICO8 from CCT $1 trial:

EX8 626
TU8 655 (7/19)
EQ8 598 (7/19)

2 baddies. Unpaid collection 4yrs old, 3.6K on loan default. Closed auto loan 8.3k charged off 5.5yrs old. AU on CAP1 2426/4850 51% util. Only 2 cards reporting PPCBMC 0/300 and Comenity Toyota Rewards 0/2000. 3 inquiries this July across all reports, total inq 24 mos EX 5 TU 3 EQ 3. Got 59 pt increase a few days after first revolver reported. EX8 was 494 in June. Have CapOne Platinum reporting after 8/1/19 @ 0/300. Need advice on where to find my EQ 08 score. Does Synch PPCBMC provide free TU 08? Any suggestions to keep my scores up please recommend strategy. Also have AU that is terminated on 13K Discover, closed due to high util only reporting to EX and TU, EQ removed AU account completely. Thanks all!

[SouthJamaica]

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@44Rebuild2Ball wrote:
Hello all,

I realize now how vague my OP was. Here’s my credit profile, all scores FICO8 from CCT $1 trial:

EX8 626
TU8 655 (7/19)
EQ8 598 (7/19)

2 baddies. Unpaid collection 4yrs old, 3.6K on loan default. Closed auto loan 8.3k charged off 5.5yrs old. AU on CAP1 2426/4850 51% util. Only 2 cards reporting PPCBMC 0/300 and Comenity Toyota Rewards 0/2000. 3 inquiries this July across all reports, total inq 24 mos EX 5 TU 3 EQ 3. Got 59 pt increase a few days after first revolver reported. EX8 was 494 in June. Have CapOne Platinum reporting after 8/1/19 @ 0/300. Need advice on where to find my EQ 08 score. Does Synch PPCBMC provide free TU 08? Any suggestions to keep my scores up please recommend strategy. Also have AU that is terminated on 13K Discover, closed due to high util only reporting to EX and TU, EQ removed AU account completely. Thanks all!

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1. Get off the Cap 1 card on which you are an AU.

2. Now that you're going to have 3 revolving accounts, let 1 report a small balance, with the other 2 reporting zero balances.

[44Rebuild2Ball]

Thank you for all your suggestions! Now do I go for one or two more cards? I am adding an installment loan for sure. How many revolvers to optimize my score?

If so, what cards do you recommend? I am trying to steer clear if Annual Fee cards and the horrible subprimes...like CreditOne, FPB, Total...I was thinking Blaze or maybe reaching for another Synchrony Bankcard or Comenity. Prequals are showing nothing...what do you guys think a cold app for Discover? I also bank with Chase and Wells, maybe a CU Card?

[SouthJamaica]

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@44Rebuild2Ball wrote:
Thank you for all your suggestions! Now do I go for one or two more cards? I am adding an installment loan for sure. How many revolvers to optimize my score?

If so, what cards do you recommend? I am trying to steer clear if Annual Fee cards and the horrible subprimes...like CreditOne, FPB, Total...I was thinking Blaze or maybe reaching for another Synchrony Bankcard or Comenity. Prequals are showing nothing...what do you guys think a cold app for Discover? I also bank with Chase and Wells, maybe a CU Card?

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No it would be premature. Build a track record with the cards you have, and let time pass.

[Anonymous]

44Rebuild2Ball I somehow missed your post number 21, I’m on mobile and sometimes it just skips over posts unfortunately. I hate it when it does that.

In my opinion with your scores, if you want more revolvers you’re probably going to have to get secured cards, maybe through a credit union. Or you’re gonna have to give it a little time. I suggest you check out the rebuild forum and see if you can do anything with those baddies. If you can get rid of those baddies, your score will go up decent.

[sarge12]

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@Anonymous wrote:

As far as I know, Equifax does not provide any FICO scores directly to the public, regardless of the FICO scoring model.  Equifax uses its own scoring model called the Equifax Credit Score model to compute scores for the three bureaus.

The disclaimer on Equifax Complete Premier Plan's website is pretty clear:

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It takes a deep dive but one of the products they sell will provide a fico 05 from equifax every six months I think. It is not the Complete Premiere.

The FICO Score is based on the FICO Score 5 model. Third parties may use a different FICO Score or a different type of credit score to assess your creditworthiness.2

With Score Watch®, You Can:

Monitor Your CreditCredit Score and Report Features Include:

It is 14.95 a month, and all other provided scores in that plan are the equifax propriaty scores.