I know that sometimes there's a drop in FICO for new accts. What I would like to know is if that drop is only when your AAoA is affected (in other words, drops from say 5 yrs to 4 yrs). Or, can new accts cause a drop in FICO, even when your AAoA stays within the same # of yrs (like still @ 5 yrs in this example).
Thanks! 
@Anonymous wrote:Unless it is an AMEX backdate, I think you will still get dinged for a new acct no matter what. The ding will be less though, since your AAoA will not be affected.
That is not true. I have gotten several CCs in the last year w/no ding whatsoever.
@bichonmom wrote:
@Anonymous wrote:Unless it is an AMEX backdate, I think you will still get dinged for a new acct no matter what. The ding will be less though, since your AAoA will not be affected.
That is not true. I have gotten several CCs in the last year w/no ding whatsoever.
You also have to weigh improved mix (if applicable) and/or improved util as a result of adding the card which could have offset any losses.
Whenever I app'd I made sure util was at the optimum level (for better approval odds and higher FICO). All of my 20+ CCs, except for the first 3, resulted in a score drop by an avg. of 20-25 and that's no improvement to util. Of the drops, maybe 2-3 CCs outside of the initial couple, that I can recall, resulted in a lower AAoA by a year and the drop was on the high side. Once I recorded a rebucketing after adding 3 CCs at once and the loss was over 50; I had been rebucketed a couple months prior for being app-free for so long and saw a gain of 20+. This is all recorded off FICO, EQ and TU.
@llecs wrote:
@bichonmom wrote:
@Anonymous wrote:Unless it is an AMEX backdate, I think you will still get dinged for a new acct no matter what. The ding will be less though, since your AAoA will not be affected.
That is not true. I have gotten several CCs in the last year w/no ding whatsoever.
You also have to weigh improved mix (if applicable) and/or improved util as a result of adding the card which could have offset any losses.
Whenever I app'd I made sure util was at the optimum level (for better approval odds and higher FICO). All of my 20+ CCs, except for the first 3, resulted in a score drop by an avg. of 20-25 and that's no improvement to util. Of the drops, maybe 2-3 CCs outside of the initial couple, that I can recall, resulted in a lower AAoA by a year and the drop was on the high side. Once I recorded a rebucketing after adding 3 CCs at once and the loss was over 50; I had been rebucketed a couple months prior for being app-free for so long and saw a gain of 20+. This is all recorded off FICO, EQ and TU.
Ilecs, do you know what the CC buckets are? I've been lucky so far. But I'm thinking of apping for NavChek (which would be revolving), and am concerned it could lower my FICO. Over the last 12 mos., I have gotten a lot of CCs because I'm rebuilding and had none prior.
Thanks!
bichonmom wrote:
Ilecs, do you know what the CC buckets are? I've been lucky so far. But I'm thinking of apping for NavChek (which would be revolving), and am concerned it could lower my FICO. Over the last 12 mos., I have gotten a lot of CCs because I'm rebuilding and had none prior.
Thanks!
I have no clue. The only two buckets I'm sure of are one for major derog and PRs. The rest is foggy. I was rebucketed after my oldest hit a birthday. I used to pull on the last day and the first day of the month (consecutive days) and the only change was age on the one account, and all of the pos/neg items scrambled up.