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I am done. Make it stop.

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LunaBuna
Regular Contributor

Re: I am done. Make it stop.

I have stopped, no issue there.   My next move will not be until May of 2019, when I change my Amex PRG due  a Platinum, due to quite a bit of travel I wil have in the summer of 19, through the fall of 2020, making the Platinum worth it.     Have to stay clean also in 19, as my current lease expires in May of 20.  My current lease is through my wifes credit line, I will do the next lease through my credit.

 

My original post was sort of a thank you to MyFico, a little touch in cheek with the make it stop.  I know the score will go up, know it is slow.  No issue at all in stopping.


@Gmood1 wrote:

 


 


Message 11 of 16
Pikaboo-icu
Valued Contributor

Re: I am done. Make it stop.


@Gmood1 wrote:

Relax, take a break. In six to nine months your scores will be back and possibly higher than before you started. 

Let me put it in perspective for you. In May of 2015 I had 6 or 7 opened and closed TLs reporting(4 active) I'm now about to pass 55 reporting TLs. That means I've averaged around 15 new accounts a year for the last 3 years. That's a mixture of revolving and installment TLs. My scores were in the mid 600s when I started.

 

Current scores are in my signature. 

I'm telling you this, so you can get a better understanding that your scores aren't going to keep going down.  

Especially if you don't app for anything the rest of the year. As long as everything is paid on time. You'll be more than fine.


This is comforting.. Thank you..Smiley Happy

Like the OP, I have a lot of new accounts and while my scores haven't dropped that far, they have dropped.

 

I was gardening... I didn't plant a seedling or anything, didn't even dig a plot, lol.

That second NFCU card just called (well screamed my name) and I couldn't resist.

Thankfully, I can blame it on my DH as he spends a LOT and I needed to get him a card with a higher SL. Smiley LOL

 

I'm done now for a while.. Stick a fork in it,  Dee-Oh-eN-Eee  Done! 

 

Don't worry OP, it happens to us all. I'm there for ya friend.. Cheers.gifCheers.gif

  


Message 12 of 16
Gmood1
Super Contributor

Re: I am done. Make it stop.


@Pikaboo-icu wrote:

@Gmood1 wrote:

Relax, take a break. In six to nine months your scores will be back and possibly higher than before you started. 

Let me put it in perspective for you. In May of 2015 I had 6 or 7 opened and closed TLs reporting(4 active) I'm now about to pass 55 reporting TLs. That means I've averaged around 15 new accounts a year for the last 3 years. That's a mixture of revolving and installment TLs. My scores were in the mid 600s when I started.

 

Current scores are in my signature. 

I'm telling you this, so you can get a better understanding that your scores aren't going to keep going down.  

Especially if you don't app for anything the rest of the year. As long as everything is paid on time. You'll be more than fine.


This is comforting.. Thank you..Smiley Happy

Like the OP, I have a lot of new accounts and while my scores haven't dropped that far, they have dropped.

 

I was gardening... I didn't plant a seedling or anything, didn't even dig a plot, lol.

That second NFCU card just called (well screamed my name) and I couldn't resist.

Thankfully, I can blame it on my DH as he spends a LOT and I needed to get him a card with a higher SL. Smiley LOL

 

I'm done now for a while.. Stick a fork in it,  Dee-Oh-eN-Eee  Done! 

 

Don't worry OP, it happens to us all. I'm there for ya friend.. Cheers.gifCheers.gif


I know how it is. Lol..glad I could comfort you.

I see so much gloom and doom posted here about this, I have to lol!

Many just go on what someone else told them. There's a group of us here that are living proof that it's not as bad as some would like it to be.

Reminds me of that movie the Waterboy. Where his momma says it's the Devil, Devil, Devil.😂

 

 

Message 13 of 16
UpperNwGuy
Valued Contributor

Re: I am done. Make it stop.

I now limit myself to one new card a year, and I usually cancel an unused credit card each year.  My scores stay steady.

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Sapphire Preferred • Chase Freedom Unlimited • United Explorer • UNFCU Azure
Message 14 of 16
LunaBuna
Regular Contributor

Re: I am done. Make it stop. (Update - Score reversal)

Although my originial post on this matter was 70 percent in jest, and the rest a question on how long a score decrease lasts, my scores have now returned to what they were back on June 1.  

 

On or about June 1, I had a scores between 729 and 736, Adding three cards in June, and another in August caused by Experian score to drop to 709.  I got a small increase in August with it moving to 711.  On Sept. 1, it jumped to 730.     So in answering my own question, and hopefully helping out others who may ask, i would say it took me, 90 days to rebound in after opening new accounts.

 

An important point for others is, that although i opended multiple accounts, and put the needed tracnasctions through them for each of the cards SUB, I either paid in full, or left 1 percent or less on any card each month.

 

To top it off, my Citi Costco, which i opened the middle of July, with a 8K SL, gave me a little love with a 3K CLI on Sept. 2.   This was initiated by me when i saw the soft pull language.   Got a message that I would ask for more, and they would review and get back to me in 24hrs.   I have run a grand total of about 125 dollars through the card since opening,   Did not see a reason to ask for more, so let it go.


Message 15 of 16
arkane
Established Contributor

Re: I am done. Make it stop. (Update - Score reversal)


@LunaBuna wrote:

Although my originial post on this matter was 70 percent in jest, and the rest a question on how long a score decrease lasts, my scores have now returned to what they were back on June 1.  

 

On or about June 1, I had a scores between 729 and 736, Adding three cards in June, and another in August caused by Experian score to drop to 709.  I got a small increase in August with it moving to 711.  On Sept. 1, it jumped to 730.     So in answering my own question, and hopefully helping out others who may ask, i would say it took me, 90 days to rebound in after opening new accounts.

 

An important point for others is, that although i opended multiple accounts, and put the needed tracnasctions through them for each of the cards SUB, I either paid in full, or left 1 percent or less on any card each month.

 

To top it off, my Citi Costco, which i opened the middle of July, with a 8K SL, gave me a little love with a 3K CLI on Sept. 2.   This was initiated by me when i saw the soft pull language.   Got a message that I would ask for more, and they would review and get back to me in 24hrs.   I have run a grand total of about 125 dollars through the card since opening,   Did not see a reason to ask for more, so let it go.


OP there is no need to carry even $0.01 month to month, "balance carried forward" is not a thing in FICO's scoring algorithm, and you're just needlessly paying the banks interest at this point. (apologies if by that you meant you let the statement cut at <1% util, which while still unnecessary, does not negatively impact you financially)

 

Also congrats! Smiley Happy Yes from personal experience it does seem the 3 month threshold is where you'll see the biggest rebound in scores. I went from 1 to 5 open tradelines in the span of a month last year, and this is my score progression: (snipped from a PM)

 

Progression of scores at 3 month intervals from day of 5th account (Alliant SSL) reporting: (so lowest score is day 1)

EQ: 742 --> 755 --> 761 --> 767

TU: 760 --> 770 --> 779 --> 778 (AZEO to AZE2)

EX: 760 --> 772 --> 777 --> 781

 

Unfortunately all I have is my TU score before I significantly thickened up my file, and it was at 802. As you can see my TU score dropped 42 points on the opening of 4 new accounts, but I've already gained back 19 of those lost points in just 6 months. I imagine I'd probably come within 10 points of 802 once my AoYA crosses 1 year and my AAoA crosses 2 years.

 

As long as you use credit responsibly, you will recover 90% or more of your scores after one year, which really isn't too bad in grand scheme of things.

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6/8/20:

Message 16 of 16
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