Large FICO drop?! and maybe not?!

[lord_kinbote]

Credit scores reported by myfico.com on 9/8/14 ; EQ: 766 TU: 765 EX: 755

All agencies were complaing that I did not have enough revolving credit.  I was only an AU on one account and the other accounts were closed.  I decided that I was going to open new lines of credit since some older accounts would be falling off and I really need to establish a new history since I had not used any credit cards in a long time.  I only have been an AU for about 1 year.  So.. I ended up opening 5 new revolving accounts.  Total credit card amount was around 29k between the five.  A total of 7 hard inquiriers - 2 denied me; AMEX/US Bank.  

I knew I was going to take a hit, but I was looking at the big picture down the road.  However, I was thinking maybe around 40 points or so when the dust settled.  Seems like I may be very wrong.  Experian is currently showing (pulled report today on free trial) a credit score of 708 on their site, but myfico.com just updated me today that my score was 721 for EX - so not sure which is accurate.  I also have a trial period of Equifax's permier plan and I *just* updated the score for EQ and below is how it shows the scores for EQ over the last three days;

9/08: 754

9/11: 733

9/12: 763 

EQ went down with the inquiries then went up with the new account?  EQ and EX are only showing one new account that was added thus far- none for TU yet.  Now myfico.com service that I have shows the following scores;

EQ: 759  based on 9/11 data

TU: 765  based on 9/9 data

EX: 721 based on 9/11 data

With EX going down to 721 on their site based on 9/11 data and EQ going up based on 9/12 data from their site, I don't know how to read any of this.  I am just bracing for when the other 5 accounts that I opened are reported, I don't know what to expect - trembling inside!  Any insight to all of this would be appreciated!  

[CreditDunce]

The EX site sells a FAKO score.  I would just use the scores myfico provides you.  For long term monitoring of your score, it is cheaper to get a CC that provides periodic scores (e.g. Wally, Barclay's or Discover).

Don't worry too much about your score.   Just garden (meaning don't apply for any new credit) for 6 months.  Your score will climb back to where it was in no time.

[lord_kinbote]

Thanks for the tip.  I plan on using the credit scores provided by Discovery when my It card arrives;  does it provide FICO or FAKO scores?   I like the myfico/Equifax (experian not so much) sites, but once all my new accounts hit I will definitely scale back.  Yes, in gardening mode now - I am not applying for anything else for a minimum of 1 year. 

[CreditDunce]

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@akula wrote:

Thanks for the tip.  I plan on using the credit scores provided by Discovery when my It card arrives;  does it provide FICO or FAKO scores?   I like the myfico/Equifax (experian not so much) sites, but once all my new accounts hit I will definitely scale back.  Yes, in gardening mode now - I am not applying for anything else for a minimum of 1 year. 

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Discover provides a FICO TU-08 score.  It is the same score provided by Wallmart and any Barclay CC.  It is a good score to keep track of your credit progress.  While several CCC's may pull your TU-08 for a CC app,  Barclay's almost always does.  BoA also uses TU scores for CLI's. 

[mongstradamus]

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@CreditDunce wrote:

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@akula wrote:

Thanks for the tip.  I plan on using the credit scores provided by Discovery when my It card arrives;  does it provide FICO or FAKO scores?   I like the myfico/Equifax (experian not so much) sites, but once all my new accounts hit I will definitely scale back.  Yes, in gardening mode now - I am not applying for anything else for a minimum of 1 year. 

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Discover provides a FICO TU-08 score.  It is the same score provided by Wallmart and any Barclay CC.  It is a good score to keep track of your credit progress.  While several CCC's may pull your TU-08 for a CC app,  Barclay's almost always does.  BoA also uses TU scores for CLI's. 

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I believe discover pulls them for HP CLI requests but somebody could correct me if I am mistakened