My score hasn't improved significantly?

[Anonymous]

---

@Grafton88 wrote:

---

 I added a car lease and one more CC.  My scores dropped 20-30 points with those 2 new accounts.  The reason was that I added 5 more INQs and dropped my AAoA from 10 months to 7 months.  To get those points back I will go into the garden.  I will be pro-active by being inactive.

 

---

While I agree with the general points you were making, there are two things that you stated here that aren't accurate.  If you added 1 car lease and 1 CC the most you could have added was 2 inquiries [with respect to FICO scoring], not 5.  If in getting the car lease they did multiple inquiries it still only counts as 1; it doesn't matter if they did 1, 3, 10+ any time you get multiple inquiries at the same time from a dealership rate-checking for you it is viewed under FICO scoring as a single inquiry.  Also, an AAoA change from 10 months to 7 months I don't believe crosses any threshold, so FICO scoring wouldn't see an AAoA change there and you wouldn't lose any points because of it.  I know 1 year is a threshold and perhaps 6 months, but not in between.  

Your score dropped for a couple of reasons.  One, you received 2 inquiries.  Especially if they were on the same bureau, this could play a big role in a score drop on a very thin or new file, which judging from your AAoA you may possess.  Two, you added an installment loan which is at or near 100% of it's original balance.  Until you get to below 70% of the original balance on that loan, you won't see a score increase from that installment loan.  Finally, the simple addition of new accounts can temporarily impact your score.   

[Anonymous]

Diary, I was where you are 2 years ago.  I had no credit and we wanted to buy a house.  I got 3 credit cards which really boosted my score.  I stopped at that point so it didn't hurt when we applied for a mortgage.  I went on an app spree after we closed (last August).  I saw scores climbing.  I stopped applying.  Accounts have to age and inquiries have age.  Once your available credit line hits $100k, you will stop gaining any possible scoring points for new accounts (according to tips I received on my credit factors reports) Two months just isn't enough to see scores climb.  Credit is a marathon, not a sprint.

You are shooting yourself in the foot by wanting to apply for more cc's. Think 3 steps forward and 2 steps back.  When I stopped applying, let the inquiries age off and let my credit history grow, my scores really climbed.  TU is my clean report.  I went from barely 600 to 780 in under 2 years.  In March, the small medical collection on my other 2 will come off.  I expect all 3 scores will be in line with TU.  

Patience is the key.  You have built your foundation.  Let the rest build for 7 or 8 more months and you will see the difference in your scores that you are hoping for.

[Anonymous]

She's already said in the other thread of hers that got locked that she's a credit card collector and has no intentions of stopping on apps.