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MORTGAGE SCORE DROP FROM 1 NEW ACCOUNT

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MORTGAGE SCORE DROP FROM 1 NEW ACCOUNT

Hi all Ficoers!

 

I just wanted to give some data on credit card applications and the effect.

 

I opened a new Chase Freedom Unlimited card July 11 in branch pre-approved solid apr. SL $24,100 Chase pulled TU/EX

 

2 months later, all 3 bureaus reporting the new account. EQ mortgage score down 37 points to 738. TU mortgage was always a bit lower and now 730. EX mortgge score to 750 and my Ex Fico 8 score was recently always the lowest about 15 points lower than the other two scores on Fico 8 but still higher than the other 2 for mortgage score. 

 

The new Chase Freedom Unlimited did make my AAoA go down 1 month to 2Y9M????

 

Every other data point is below. I thought this info might be helpful to others as I have a lot of data in my signature. A 760 middle mortgage score is needed for the best mortgage rate with other data points. I am looking to build in early spring about a 900k property so it seems I need to garden a bit. I need to do a Mortgage pull in late December or early January for the builder. Garden, Garne,Garden!

 

Takw care all!

 

 

Signature is current as of 10/01/19. Clean file.
FICO 8 EQ=785 TU=783 EX=766
FICO 9 EQ=804 TU=792 EX=783
MORTGAGE SCORES EQ=739 TU=731 EX=755
AAoA=2Y10M AoOA=9Y8M AoYA=3M
Vantage Scores EQ=791 TU=758 EX=775
Hard pulls last 06 months EQ=1 TU=2 EX=2 ONE new account reporting.
Hard pulls last 12 months EQ=1 TU=2 EX=3 TWO new accounts reporting.
Hard pulls last 24 months EQ=12 TU=17 EX=17 TWELVE new accounts reporting. A lot of inquiries from mortgage rate shopping. I haven't been denied a credit application in a long time.
Utilization averages under 3%. I auto pay in full. I don't worry about AZEO. Everyday spend on all personal cards averages 4-6k monthly.
GOALS=My goal is to have all 3 FICO 8s above 780 and 20k+ limits on all cards.
INCOME=$240k as of 07/01/19 and what I use for income requests for current and any potential credit partners. DTI=3.7%
So you can track data points for what bureau is pulled for applications based on where one lives, I live in Green Bay, Wisconsin.
Mortgage opened 06/18. Paid off 05/19.
Vehicle loan opened 08/18. Zero down. 45K at 0% for 60 months LINCOLN FINANCE no POI/COSTCO purchase. I will keep this open at 0% and not pay it off as it is my only installment account now and it's free money to invest.

PERSONAL ACCOUNTS/OPEN DATE
CHASE FU=24.1k 07/19 AMEX BCP=24k 06/18 CITI COSTCO VISA=8.5k 06/18 DISCOVER=30k 10/17 PENFED PLATINUM REWARDS=10k 07/18 US BANK CASH+=3.5k 06/18 CITI BEST BUY VISA=4k 11/17 CAP1 GMC MC=3K 12/17

BUSINESS ACCOUNTS/OPEN DATE
AMEX SPG=10k 02/19 CHASE INK BUSINESS CASH=19.6k 07/18 CHASE INK BUSINESS UNLIMITED=30k 09/19

PRE-APPROVALS
Pre-approved for all personal and business CHASE non-cobranded cards per business relationship manager in branch. All by-passing 5/24 with fixed apr. Thinking of how to get all of them in an orderly way. (CFU 07/19 1ST DONE) (BUSINESS UNLIMITED 09/19 2ND DONE) I do have my business checking running through CHASE averaging $100k a month in deposits as of 10/01/19. Company (KELSTAR) incorporated 06/18.
Message 1 of 5
4 REPLIES 4
Valued Member

Re: MORTGAGE SCORE DROP FROM 1 NEW ACCOUNT

You reset your AoYA to 0 months.

 

What was it before?

Chase Freedom Unlimited $1k
Discover It $3.4k
Amex Blue Delta Skymiles $4k
Farm Bureau Member Rewards $5.5k

FICO8 @ 9/4/19 Ex 757 Eq 775 TU 748

Gardening and preparing to buy a house!
Message 2 of 5
Valued Contributor

Re: MORTGAGE SCORE DROP FROM 1 NEW ACCOUNT

There are penalties in some of the older models for opening multiple new accounts within a certain time frame, although I don’t know the exact specifics. There are negative reason codes for this. So not only resetting your AOYA but you’re probably also taking a ding for multiple new accounts within a time period. Check your negative reason codes.







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 3 of 5
Super Contributor

Re: MORTGAGE SCORE DROP FROM 1 NEW ACCOUNT

What was your AoYA prior to this new account becoming your AoYA?

Message 4 of 5
Valued Contributor

Re: MORTGAGE SCORE DROP FROM 1 NEW ACCOUNT

Check out his signature he had 2 new accounts in the last 12 months and 13 in the last 24 months.







Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 5 of 5
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