Thick and Dirty - New Accounts?

[Anonymous]

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@dragontears wrote:

Are you still thinking about a mortgage in the near future? If so QUIT APPLYING.

While FICO 8 might not "ding" you for new accounts on a "dirty" scorecard, to the best of my knowledge mortgage scores will and you could cost yourself thousands in interest because you "needed" a shiny new card......

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@dragontears good point! On the mortgage scores it appears you return to a clean card after two years from the most recent delinquency, so therefore new account segmentation can happen there and the window is more than 12 months!

[newmomnewme]

@Anonymousok, so since my worst derogatories turn 2 years old this month, I might see ANOTHER drop in mortgage scores because I'll be considered clean for mortgage scores? 

3 months old - 6 new accounts and  2-5 inquiries per report. 

For best results, I should wait to app for the mortgage when the above are 12+ months old (9 months from now)

[Anonymous]

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@newmomnewme wrote:

@Anonymousok, so since my worst derogatories turn 2 years old this month, I might see ANOTHER drop in mortgage scores because I'll be considered clean for mortgage scores? 

3 months old - 6 new accounts and  2-5 inquiries per report. 

For best results, I should wait to app for the mortgage when the above are 12+ months old (9 months from now)

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@newmomnewme It's not your worst derogatories, it's your most recent derogatory of 60 days or worse. Yes whenever they age to two years you should experience Scorecard reassignment on the mortgage scores and probably see a drop.

no for best results you should wait until you're out of the new accounts Scorecard on the mortgage scores and we don't know exactly where that line is; it's higher than 12 months maybe 14-15? I don't know. I'm trying to find it now. 

[Anonymous]

Great info @Anonymous ; no wonder my mortgage scores are so much better than my 8's!

[Anonymous]

Don’t get me wrong, you still wear a penalty for the full 7 years, you’re just out of a dirty card at two years on the mortgage scores. This means new accounts will have a bigger effect there after 2 years, too.

[newmomnewme]

Thank you @Anonymous   I am going to pull my annual credit reports to see when they were added to the report. You are saying 2 years from when it first reported...I need to verify that date. I paid them 2 years ago. 

Hopefully that drop was the "new account" drop. If not I'm screwed. 

[Anonymous]

I’m saying two years from your recent delinquency of 60 days or more you switch cards on 5/4/2 to clean, so a new revolver wd cause new account penalty there then.

[newmomnewme]

Yes. So I am already switched....when I added the new accounts in August, I was hit with the penalty. Got it!