This is all bull hockey

[Meanmchine]

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eq9@Anonymous wrote:
25 point hit for resetting your AoYA to 0 from 1 year+ sounds about right, I lost more than that when I reset it from 2.5 years. Can't explain your lost of 5 points on EQ though, but it's only 5 points that will probably recover in no time, I think you're over reacting a lil here, perhaps a little break from credit monitoring will serve well.

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There was another person on another thread stating that their EQ9 dropped 10 points bcause they had opened 7 accounts in the last month

I know that we all must live with FICOs rules as its their bat and their ball we use to play this game.  I just dont see how an AooA reset is more then double the threat to credit worthiness then opening 7 new accounts in a single month

[Anonymous]

If that person's AoYA (age of youngest account) is already less than 1 year before the 7 card app spree, he has already taken the AoYA penalty before therefore none of the 7 cards would have triggered the penalty. Your AoYA on the other hand was 1 year+, that's why you took the penalty hit, you will recoup those 25 points when your youngest account reach the one year mark, presuming you don't app again until then, you can also app for another 7 cards now without taking the specific AoYA less than 1 year penalty because you're already under 1 year, you will however take some hits to your AAoA and inquiries like the other poster depending on what your current profile looks like.

I gained between 16-30 points (depending on the CRA) this month because my youngest hit the one year mark, I will give it right back if I were to add a new account today reseting my AoYA (under 1 year).

[Anonymous]

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@Meanmchine wrote:

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eq9@Anonymous wrote:
25 point hit for resetting your AoYA to 0 from 1 year+ sounds about right, I lost more than that when I reset it from 2.5 years. Can't explain your lost of 5 points on EQ though, but it's only 5 points that will probably recover in no time, I think you're over reacting a lil here, perhaps a little break from credit monitoring will serve well.

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There was another person on another thread stating that their EQ9 dropped 10 points bcause they had opened 7 accounts in the last month

I know that we all must live with FICOs rules as its their bat and their ball we use to play this game.  I just dont see how an AooA reset is more then double the threat to credit worthiness then opening 7 new accounts in a single month

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You refer to an AooA reset.  Do you mean an AoYA reset?  Age of Oldest Account is very hard to alter.  About the only way is to close your oldest account and then wait ten years for it to fall off.

Hard for me to comment on what might have been said on another thread.  From what I am gleaning from you, it was a different model (FICO 9) and the person might not have not a significant change in AoYA (person might have gone from 3 months to 0 months, say).

Also hard for me to know how best to help you -- i.e. what you are looking for in a practical sense.  One of the things I think I am hearing as I read back through your posts is that you have a strong desire to open some more cards.  You mention a desire to open 15 more in post #1 and then soften that to 3-4 more cards in post #3.  If the bottom line is that you want 4 more cards then I think you should do that.

We can give you practical guidance on how to prepare for that app spree (basically just get all your cards reporting $0 except one with very low total U).  You already have a mortgage so I think you'll be fine.  Just do whatever you want to do.

I hope we have had a chance to correct some misunderstandings that you had initially.  Best wishes...

[redpat]

Take a deep breath. The change means nothing and even if you went up 5 points no meaning what so ever.

Maybe you should stop try to micromanage your scores and only look at them when you are going to apply for credit to keep your blood pressure in check.

It is what it is regarding the scoring models.

[Meanmchine]

First off, I want to say THANK YOU to everyone who has responded to my posts. I might be a grumble-bunny but Im not an ungrateful one.

Yes, I did mean AoYA ... My oldest open bankcard accounts are Capital One and nothing would give me more pleasure then to cut those cards in half but thats a story for another thread.

@ CGiD  "...Also hard for me to know how best to help you"  I guess you really cant.  This thread was meant more for venting purposes. 

              "...If the bottom line is that you want 4 more cards then I think you should do that."  Again this was more frustration on my part then anything else.  TBH, I got the cards I wanted back in June when I broke out of the garden.  There isnt a strong enough desire now for me to get a new account let alone 15. 

@oldman87  "....you will recoup those 25 points when your youngest account reach the one year mark, presuming you don't app again until then"  To this I can only say on this point I am a devout pessimist. 

During my rebuild that started almost 3 years, I made a few mistakes that instead of helping my score, actually hurt it.  I woke the "sleeping bear" on an old CO where it was impossible to deturmine what the DOFD actually was ( cost me 20+ points if I remember ). Paid off quite a few old collections hoping they would just drop off on their own .... nope. Applied for credit cards I had no business applying for. Literally a 14 card Synchrony app spree in a 90 day period, got approved for half of them, all store cards. My rebuild scores starting were 640ish to 670ish (TU).  Saw them drop to 625ish beacuse of waking the bear and other stuff. But then the decline stopped and my scores started to improve as my baddies started to disappear and age off.

I FOUGHT FOR EVERY EE and every point I could and then  finally, my rebuild was over.  It was a hard fight.  This is why a score dip effects me.

I have no immediate plans on apping.  In 6 weeks, I will become 5/24 and on Jan 5th, 4/24.  I can chill til January.  Funny thing is, I had this silly little Wamu card about 10 years ago.....  Dont know if Chase is still holding a grudge

[Meanmchine]

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@Anonymous wrote:

If that person's AoYA (age of youngest account) is already less than 1 year before the 7 card app spree, he has already taken the AoYA penalty before therefore none of the 7 cards would have triggered the penalty. Your AoYA on the other hand was 1 year+, that's why you took the penalty hit, you will recoup those 25 points when your youngest account reach the one year mark, presuming you don't app again until then, you can also app for another 7 cards now without taking the specific AoYA less than 1 year penalty because you're already under 1 year, you will however take some hits to your AAoA and inquiries like the other poster depending on what your current profile looks like.

I gained between 16-30 points (depending on the CRA) this month because my youngest hit the one year mark, I will give it right back if I were to add a new account today reseting my AoYA (under 1 year).

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Well done on the one year mark

[Anonymous]

Awesome, pal.  Here are some of the takeaway ideas fromthis thread, knowledge that will empower you, lower your frustration etc.  All stuff to bear in mind for the future:

(1)  Many scoring penalties can be avoided entirely, even if you want to make extensive use of several cards and yet also might be wanting at the very same time to apply for a loan or a new card.  Specifically I am thinking of penalties related to CC balances.  You can spend 20k per month and still have all cards reporting zero (except one) with the remaining card reporting a small-ish positive balance.  This All Zero Except One strategy is abbreviated AZEO.

(2)  Many scoring penalties are completely temporary.  Many folks don't use AZEO most months, if their scores are already very healthy, which yours are.  Instead these folks just use their cards, let whatever balances report, allow the scores to go up or down -- and they can do this because they know that they can employ AZEO any time they want if they need their scores to become higher (e.g. for an important loan app).

(3)  FICO cares about Age of Youngest Account.  When you have opened no accounts for 13 months or more, FICO is happiest and gives you a score boost.  (Both for your AoYA > 12 months and also all your inquiries have lost all their penaltiy.)  But when you open a new account, your AoYA goes to 0 and you also typically get a new inquiry.  The takeaway here is twofold.  (A) Expect a drop if you had a solid AoYA and you open a new account.  Expecting it will eliminate surprise and frustration.  (B) If for some reason you really want to chase after an ultra-high FICO score (e.g. 830+) you can always just not apply for anything new and your score will go back up.  This is also a scoring factor with a fairly temporary effect -- and also under your control.

[Anonymous]

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@Meanmchine

@oldman87  "....you will recoup those 25 points when your youngest account reach the one year mark, presuming you don't app again until then"  To this I can only say on this point I am a devout pessimist. 

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There's nothing to question here; OM is correct.  AoYA moving from 11 months to 12 months represents a significant gain on most profiles.  On my profile average gain was 22 points for this event.

[Anonymous]

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@Meanmchine

I FOUGHT FOR EVERY EE and every point I could and then  finally, my rebuild was over.  It was a hard fight.  This is why a score dip effects me.

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I get it, just know that a score dip with where your scores are at currently has no bearing at all on the strength of your profile when viewed through the lens of a potential lender.  Your scores are well high enough that you have a solid buffer above the top-tier cutoff.  No need to sweat minor changes, as it won't impact your ability to obtain credit.  If it makes you feel any better, I dipped my scores on purpose last month and again this month.  Last month I went from AZEO to all accounts with reported balances to see how much it would drop my scores, then this month I went from AZEO to no cards with reported balances to see how much it would drop my scores.  I did this because I was curious to see the results and wanted to share them with the forum, but also because I knew that dropping my scores some would have no real impact on my profile at all since my scores are high.

[Anonymous]

Just want to add a data point for VS3, no points gained when my AoYA cross over 12 months (804 for both TU and EQ), one can probably assume no penalty for reseting to 0 month from adding a new account other than effects on AAoA and inquiry.