following, same boat
@Anonymous wrote:
This summer I applied for 5 cards and 1 charge card and all of them got approved. My credit score at the time was 700 and now down to 655. I think a made a mistake... the reason I applied was to get a strong credit score. I thought...
Before applied, I had the below accounts:
Wife 2 cards on Amex for 18 years (I removed this due to high balances)
School loan $16,000
Capital one $1200
I haven’t put any debt on the cards and all of them are displaying at zero balance. When will my credit score jump back up to the 700 range again?
My Experian file is now displaying as
1. A short credit history
2. Heavy use of credit
3. Non mortgage installment is high
Looks like you tanked your average age of accounts and took on a few hard pulls. From my own experience, I'd say when your AAoA gets back to around 2 years and a few hp's fall off. What cards did you get?
Well, you got rid of the AU card which deleted that history and age from your report. The points from your inquiries won't come back for a year and you won't see a significant boost from your new accounts until they age to 1 year. And your installment loans wont start having a positive effect until the balnce ia under 28.9%. Really, the only times you'll get a boost from new credit is
A) you don't have at least 3 revolving lines and 1 installment
B) your utilization is high and the new credit limits bring the ratio down
@Anonymous wrote:As stated above, it's your removal of AU on a card that has been alive for 18 years, that's one of the reason since AAoA dropped compared to the new accounts. IF you had not removed the 18 year account, that would have have saved your score.
Keep in mind also the OP states that card is carrying a high balance. It may do more harm than good, especially if it's reporting >85% balance to CL.
@ChargedUp wrote:
@Anonymous wrote:As stated above, it's your removal of AU on a card that has been alive for 18 years, that's one of the reason since AAoA dropped compared to the new accounts. IF you had not removed the 18 year account, that would have have saved your score.
Keep in mind also the OP states that card is carrying a high balance. It may do more harm than good, especially if it's reporting >85% balance to CL.
While a high utilization may knock a score up to 70 points, you can't beat a 20 year age of credit. Utilization can be fixed in a month or two. It'll take him years to get that age again.
@Brian_Earl_Spilner wrote:
@ChargedUp wrote:
@Anonymous wrote:As stated above, it's your removal of AU on a card that has been alive for 18 years, that's one of the reason since AAoA dropped compared to the new accounts. IF you had not removed the 18 year account, that would have have saved your score.
Keep in mind also the OP states that card is carrying a high balance. It may do more harm than good, especially if it's reporting >85% balance to CL.
While a high utilization may knock a score up to 70 points, you can't beat a 20 year age of credit. Utilization can be fixed in a month or two. It'll take him years to get that age again.
Not necessarily. Once the wifes cards are paid down, I don't see why the OP couldn't be added back onto her cards. As utilization is weighed heavier than AAoA, I would definitely wait for the balances to be <30% of credit line before adding back to them.