New Accounts and Fico Changes

QCS123 · ‎01-31-2018

I went on a bit of an App spree in January so now I'm worried how it will effect my FICO so I'm watching my FICO to see what happens. I thought I'd post here in case it might be interesting to others. Sorry I couldn't figure out how to get it smaller.

Before this I had 3 retail accts and was an AU on my DH's Cap. One QS. From Feb '16 added Credit Care and car loan.

5 new accounts (Discover, AMEX, Wayfair, Amazon and PenFed)

Only two have hit so far....

				FICO TRACKING

				Notes: Still to hit CB:
	EQ	EX	TU	New accts - Wayfair $6,500 CL, PenFed $10K, AMEX $1K
Current FICO 8	707	667	684

Starting FICO 8	689	663	672


DATE	EQUIFAX	EXPERIAN	TRANSUNION	ACTION	EQ SCORE	EX SCORE	TU SCORE

10-Jan			-	Bankcard Balance reduced by $67			672
11-Jan	-			Acct Payment $167	707
11-Jan	Up 18 pts			New acct added-DISCOVER $10,500 CL	707

11-Jan			Up 11 pts	New acct added-DISCOVER $10,500 CL			683
11-Jan			-	All bankcards CL increase


11-Jan		Up 2 pt		New acct added-DISCOVER $10,500 CL		665
11-Jan		-		Total revolving credit utilization at 85% (they factor in AU B of A baddie)		665
11-Jan		-		Retail accout balance reduced by $67		665


19-Jan			Up 1 pt	Retail accout balance reduced by $67			684

28-Jan		Up 2 Pts		New Acct added -Amazon $3,100 CL		667
29-Jan	down 1 pt			New Acct added -Amazon $3,100 CL	706
29-Jan			-	New Acct added -Amazon $3,100 CL			684

Anonymous · ‎01-31-2018

Your scores will no doubt drop due to the inquiries, AoYA reduction and possibly the AAoA reduction along with the presence of "new accounts." Most report that within 6 months or so they're about back to where they were (score wise) prior to sprees. Of course that all depends on your profile. I've done two different 3-4 app sprees and my scores 6 months later were higher than where they started pre-spree, but that's on a thick/aged file. I would expect it to take a bit longer a young and/or thin file.

QCS123 · ‎01-31-2018

AoYa? Don't see it on the abreviations list. What is this. Average of youngest account? Before this started it was 4 months, so will that change much?

Oldest card is 38 yrs and average is 9.1 years, so I'm hopeful it won't be a HUGE drop. I know it will drop, I'm just hoping that EQ which increased 18pts only loses part of that.....we will be bringing the utilization down to below 10% in the next month or two, so that might help too. Fingers crossed.

Anonymous · ‎01-31-2018

Age of Youngest Account.

What negative information do you have on your reports that's keeping your scores down? Your AAoA and AoOA are top notch in terms of scoring.

Anonymous · ‎01-31-2018

wrote:

... we will be bringing the utilization down to below 10% in the next month or two, so that might help too. Fingers crossed.

The breakpoint for total utilization is actually < 8.99%. A utilization of 9.3% (which is below 10%) is no better for your score than 12% or 17%. You have to get it to under 8.99%.

QCS123 · ‎02-01-2018

Thank you for the info. unfortunately that won't happen any time soon for one of the CB. We have a $6,000 baddie that is seriously effecting one of the overall UT's. We have to double our available and have less than $200 showing on any one card to have it below 8.99%. Oh well, it will just take longer but it will happen, we just have to garden til our soil is flourishing and the baddie falls off in 2019 (I think). EQ is the only one that doesn't seem to give that as much weight or rather EQ is our highest score by 23 and 40 pts from the other CBs.

Anonymous · ‎02-01-2018

It sounds like it would be in your best interest to try everything you can to get that baddie removed!

QCS123 · ‎02-01-2018

I am an AU on the B of A account, BUT they are reporting monthly that it is overdue, so even if I get the CB to remove it, it will be back on again the next month. Not sure it will work and again, we do NOT want to contact B of A and have them start trying to come after us as we are rebuilding and NOT in a position to pay at this point.

QCS123 · ‎02-01-2018

I am an AU on the B of A account, BUT they are reporting monthly that it is overdue, so even if I get the CB to remove it, it will be back on again the next month. Not sure it will work and again, we do NOT want to contact B of A and have them start trying to come after us as we are rebuilding and NOT in a position to pay at this point.