Opened two new accounts, Fico score goes up??

[Anonymous]

Hello Everyone, 

I just checked my new Fico score, my fico score goes up from 703 to 723. I am so surprised. I just got two new credit cards this month: chase freedom with 1500 credit and discover with 1500. I was thinking there would be a huge drop since I have 3 inquries and 3 new accounts. But when I checked my score, it goes up a lot. 

Is that because it lowers my utilization? 

Thank you guys. 

[Anonymous]

Based off the minimal information provided, probably. Utilization is a fairly large chunk of what makes up a credit score.

[Anonymous]

yes, sometimes looking for credit makes your scores go up.

[Anonymous]

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@Anonymous wrote:

Hello Everyone, 

I just checked my new Fico score, my fico score goes up from 703 to 723. I am so surprised. I just got two new credit cards this month: chase freedom with 1500 credit and discover with 1500. I was thinking there would be a huge drop since I have 3 inquries and 3 new accounts. But when I checked my score, it goes up a lot. 

Is that because it lowers my utilization? 

Thank you guys. 

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Same with mine.  It seems to have either no impact or my score goes up a bit.  I think I'll see a bigger impact when the big guys hit.  I was expecting a huge drop myself.  Glad to here and congrats on your success!  

[Anonymous]

I have 5 new cards since January.  Before January I had one AU card and no other open card accounts.  With every new card reporting my score went up until the last one when it went down by 4-6 pts on each bureau but I expect to regain that at any time (also I had a balance of more than 10% report at the same time).  I think the FICO algorithm didnt think I had enough credit open before.

[cem13]

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@Anonymous wrote:

yes, sometimes looking for credit makes your scores go up.

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This happened to me.  I was in the garden for 3 years preparing to re-purchase my house.  Before I applied for the Mortgage, I app'd for a CC for which I was denied.  I received the alert for a new inquiry and wha-la, a 3 point rise.  Nothing else in my account changed becuase I received an alert a few days earlier on a $0 balance account.

I do not totally understand how this affect the scoring; but for me, an inquiry gave me 3 points.

[taxi818]

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@Anonymous wrote:
Based off the minimal information provided, probably. Utilization is a fairly large chunk of what makes up a credit score.

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+1 more available and no balances. will do it everytime.