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Does new credit lower your score?
how does it affect AAoA?
How long is it considered "new"?
@Anonymous wrote:Does new credit lower your score?
Depends. What do you already have? Is it installment or revolving? Is the existing credit installment or revolving? How does it affect your utilization? How does it affect your AAoA?
how does it affect AAoA?
It reduces it.
How long is it considered "new"?
6 months, I think, but that won't change the other factors.
I started with two cards, added another 4 and my score actually went up. Go figure...
You will definitely take an AAoA hit, but in my case, it didn't really move the needle.
@Anonymous wrote:
I have 3 tradleines
Boa unsecured. Limit 500. Has 50 on it
Orchard unsecured limit 300 has 60 on it
Victoria secret. Limit 250. Has 0 on it
Thinking of getting 1000 secured loan from credit union
Will my scored drop just from having the new loan? It's a soft pull approval.
Does the installment loan factor into my utilization?
I answered that here: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Do-isnstallment-loans-affect-utilization/td-p/875522.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Your score will go up, down, or stay the same. If anyone tries to be more precise than that, ignore 'em.
@Anonymous wrote:
Tyvm! Missed that. It's supposed to email me when someone answers
So a car loan would affect utilization either? No installment loan will affect revolving utilization.
As far as "new credit" should I expect a ding from that? That was answered earlier in this thread.