So, I knew I'd experience a drop but wasn't sure how much impact my three new accounts were going to have. The first one just reported on Experian and Equifax, down 10 and 15 points respectively. Any guesses where I'll be once there other 2 report?
There's no way to know just how far your scores will dip. Just too many variables.
For example,
I added six new accounts to my CRs from November to Jan. Fico scores dipped only 3 points on Experian.
Our profiles are very very different.
Yours have taken much larger hits with just one new account reporting.
Regardless, they'll rebound fairly quickly.
When was your last revolver opened?
Probably not much further unless you cross a AAOA boundary; you already just reset AOYRA and that can't get any worse. FWIW my Experian FICO 8 score still is depressed 11 months in as were opened in 4/2019, I'm not so sure on those recovery stories for mature files.
@Remedios wrote:I havent lost a single point for new accounts in 15 months, but I havent gained any either.
I'm stuck, and considering last one was opened 2 months ago, and it's not even reporting yet, I'm not going to gain any
On top of my head, 5 new accounts.
All data is identical, except for inquiries
EX 759 (2 scorable) TU 753 (4 scorable) EQ 779 (0 inquries)
It seems like for FICO 8 and mature files there may not be much new account aging if at all until the 1 year mark.
Cassie found breakpoints at much lower numbers like 3/6 months but she's also on a new file scorecard as we understand it, and probably a lot of people who find this forum are in that category which is why it became so ingrained in our conventional wisdom.
I was going to get a great check of that but looks like my new Amex might not report till 4/2 which is just over the 4/1 line that my last two accounts should tick over a year. Though actually, it might be OK too: if my last two revolvers tick over 1 year, I get points, if I lose the same number of points then no aging, but if it's different the only reasonable conclusion is there is aging sub 1 year.
@Remedios wrote:@Revelate I've stopped getting those puny 5 points at 3 months long time ago.
Used to get them like clockwork at 3 months, often another 5 when youngest reaches 6 months. Sadly, it's been a while since one reached 6 months without another infant in the tow (not my fault, I had to rehaul my travel set up).
It will be interesting what happens when Reserve reports later this month, because at that time, I'll have 13 open accounts, 4 under 6 months, with one of them being under three months.
Such a rookie thing to do 😐
Au contraire mon amie, rookie was my applying for a card 2/2, then 2/4 after working on taxes thinking I should just up and move and by 2/7 I'm under contract for new construction in a different state.
I used to keep myself credit and financially in shape then I got sloppy after my 2015 mortgage and I wasn't really ready for this. Seriously lost my FICO strategist card.
On the flipside it is a clear example of why having a credit buffer matters.
@Gmood1 wrote:There's no way to know just how far your scores will dip. Just too many variables.
For example,
I added six new accounts to my CRs from November to Jan. Fico scores dipped only 3 points on Experian.
Our profiles are very very different.
Yours have taken much larger hits with just one new account reporting.
Regardless, they'll rebound fairly quickly.
Yeah, it's funny how everyone is different. I actually thought my file was established enough the 3 accounts would have minimal impact.
@Revelate wrote:When was your last revolver opened?
Probably not much further unless you cross a AAOA boundary; you already just reset AOYRA and that can't get any worse. FWIW my Experian FICO 8 score still is depressed 11 months in as were opened in 4/2019, I'm not so sure on those recovery stories for mature files.
Good point on youngest account. Prior to these 3 accounts, my DP were as follows:
Oldest Account: 16 years
AAoA: 7yr 8mo
AoYA: 1yr 6mo