EX FICO 8 Score changes - new revolving accounts

[Anonymous]

Two days ago I had a 694 EX FICO 8. Three 100% UT student loans reporting (no high balance reporting) and one closed Chase Amazon CC. No derogs. Having trouble finding AAoA on Experian app, but based on CK’s for TU and EQ, it is about 12 years.

Yesterday my Maurice’s card was added to EX with $0 balance reporting. EX FICO 8 changed to 692.

Today my BOA card was added to EX with $0 balance. EX FICO 8 changed to 716.

[Anonymous]

---

@Anonymous wrote:
Two days ago I had a 694 EX FICO 8. Three 100% UT student loans reporting (no high balance reporting) and one closed Chase Amazon CC. No derogs. Having trouble finding AAoA on Experian app, but based on CK’s for TU and EQ, it is about 12 years.

Yesterday my Maurice’s card was added to EX with $0 balance reporting. EX FICO 8 changed to 692.

Today my BOA card was added to EX with $0 balance. EX FICO 8 changed to 716.

---

Because you have closed accounts, Karma will give you a faulty reading on your AAoA.

Some people here have developed spreadsheets for computing AAoA and other things.  Contributor ABCD comes to mind.  This google search gives many options.  You may wish to put all your accounts in one of these spreadsheets if AAoA assessment is important to you.

Alternatively, if you tell us how many open accounts you have now, what Karma says your AAoA is, and then the Date Opened of each closed account, we can also give you a rough estimate of your true AAoA.

[Anonymous]

No worries. I found AAoA on the Experian website. Didn’t see it in the app.

Two days ago my AAoA was 11 years 8 months. Yesterday my AAoA was 9 years 4 months. Today my AAoA is 7 years 9 months.

[Anonymous]

Great to hear.  Looks like you have six credit cards now (counting the two new cards).  Is that right?  Six cards is plenty -- more than enough for a great score.

My guess is that the new cards have resulted in your score going down a bt.

I admit to being surprised that your EX FICO 8 could have been in the upper 600s 13 days ago (as per your signature).  You mention that you have no derogs and an AAoA of almost 12, which is a very high AAoA. 

The only thing that could account for the low score is CC utilization.  What was your utilization on April 1?

[Anonymous]

Yep, that’s because I had no open credit cards reporting. So utilization was 0%. The first two cards just reported, and utilization is still 0%.

[Anonymous]

Ahhh... ok.  You did have open credit cards, but they were all at $0 -- right?

As I am sure you know now you will get a good scoring boost by having one of your cards report a small positive balance.

I am still a little baffled by the EX score.  It should have been higher even with all cards at $0.  If I were you I'd consider pull the EX report at ACR and going over it with a fine tooth comb to look for any derogs that might not be appearing on your other credit monitoring tool.

[Anonymous]

No, I had no open credit cards reporting until just now. I apped end of March for my first cards and the ones in my sig are the ones I was approved for but weren’t reporting yet.

[Anonymous]

I agree with CGID, the score is very similar to mine (709) a year ago when I had 2 small medical collections (1 open/1 closed) and an otherwise clean but thin file (1 mortgage/1 open CC/1 closed CC/8.1 AAoA), after successful PFDs on both collections, my score skyrocketed to 825. Your score should be higher even with All Zero.

[Anonymous]

Don’t know, my FICO 8 went up to 716 after I added 2 revolving accounts. No derogs, the only thing weird happening with my accounts right now is my student loans are reporting $0 or nothing for high balances, which is supposed to be getting fixed.

My FICO 2 is 790, FICO 9 is 656 (before new accounts added). Don’t know why but the newer scoring models don’t like me as well.

[Anonymous]

Discover Card is now reporting with $0 balance, EX FICO 8 dropped to 708 and EX FICO 2 is 789.

So first revolving account, score dropped 2 points, second revolving account, score went up 24 points, and third revolving account, score dropped 8 points.