Effect of New Auto Loan reporting and 2 Store Cards....

[daisyduke]

I just bought my FICO TU score because I pulled CCT and the new auto loan has started to report. However, Nordstrom finally was added as well as Macy's. I lost 30 points from 693 to 663 - now, it really doesn't matter too too much since I will not be seeking credit and met my ultimate goal of getting the Tier 0 financing on my car. I felt I had to re-establish my credit since I went years and years without using cards, it was a hit I had to take. I applied for the new credit (except Nordstrom) right AFTER I got my car loan...oh well. Willing to take the hit after I got the car, but not before. Guess all I can continue to do is garden now. Maybe In 6 months I could reach the 700 club. IDK.

[Anonymous]

Oh well, you did what you had to do, now let these accounts age, and all will be good again.

[daisyduke]

Good advice, just let everything age......no new credit for a while...

The 30 point hit included lowering my AAoA from six years to 5 and utilization went from 10% to 21%. i can get the utility down, but not much I can do about my AAoA. Which will be even lower once Bloomies reports.

I got what I needed for now.

[RobertEG]

% util is the most immeidiate and controllable of all FICO factors, and has one of the greatest impacts.

You added to your credit mix, and are building new payment history, even though at a lowere AAoA.

When you are ready to app for new credit, you know the game.

Get % util low at least a month before.

I dont see anything wrong for the long trem in what you did.

[daisyduke]

Thanks RobertEG - I also should add that Dell Computer on TU reported my account as being open (again) so that 30 point hit, was also because the account was being reported as "open"  which causes a big drop, as it reads the last late payment as "recent"....so, it is actually several factors that caused the drop, higher utilization, lowered my AAoA and that Dell account.