YOU'VE OPENED CREDIT CARDS RECENTLY -EQUAFAX

[Anonymous]

When I run my equafax report, it shows my score is being hurt ,saying you've opened credit cards recently.  I did get 4 credit cards in September and when the last one showed up on my report( a crappy old navy card with a 200 cl)  it dropped my score 55 pts.  WTF  isn't that a little radical??  How long do I have to wait for the negative effect of these new cards to end?  Thanks?

[jefftca925]

After a few months of good pay history you should see your scores go up.  They usually take a hit as your AAoA goes down.  The decrease is only temporary as long as you don't let your utilization get out of control.

[Anonymous]

The funny part is my equafax score has went from 696 to 626 since I got those cards , yet neither my trans union score or esperian score was effected at all.

[llecs]

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@Anonymous wrote:

When I run my equafax report, it shows my score is being hurt ,saying you've opened credit cards recently.  I did get 4 credit cards in September and when the last one showed up on my report( a crappy old navy card with a 200 cl)  it dropped my score 55 pts.  WTF  isn't that a little radical??  How long do I have to wait for the negative effect of these new cards to end?  Thanks?

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The same happened to me a year ago last summer. I applied for Penfed and was denied, but in frustration, I applied to a few accounts thinking I'd also get turned down, only to be accepted. In one month, Amex, Discover, and a Penfed LOC were opened. My FICO tanked about 50 points, with more of a loss on EQ over TU. Util didn't change too much, but the damage came with my AAoA dropping by 1 year (FICO rounds down and measures whole numbers), new TLs always hurt, and I also was rebucketed.

Normally when you add a new TL, you'll get dinged (on avg. 20 for me) and that ding is for new credit and sometimes the inquiry. The ding for the new credit will typically last 6-12 months with most of the points returning within 6 months. In my case, the ding was there and then got socked with an additional loss due to being rebucketed. When you pull your FICO reports, look at the +/- factors impacting your FICO score. If those changed up and are shuffled around, then you also would have been rebucketed. You are being compared directly to others with new credit and a similar credit profile. I found that around the 12th month, some points returned for hitting the anniversay, but I got a large, unexplained increase just prior to that and those pos/neg factors reverted back to what they were.

If all else was the same for you, then maybe something else happened like changes in util, an added accout reporting a balance, updated baddie, etc. Look closely and note any changes.

[MarineVietVet]

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@Anonymous wrote:

The funny part is my equafax score has went from 696 to 626 since I got those cards , yet neither my trans union score or esperian score was effected at all.

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Hello and welcome to myFICO.

You mentioned all 3 scores. May I ask where you got them? If part of a 3 in 1 monitoring service then none of them are actual FICO scores.

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Transunion score at www.transunioncs.com. At www.equifax.com EQ will still sell you an EQ FICO score but they make it very hard to find.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[llecs]

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@Anonymous wrote:

The funny part is my equafax score has went from 696 to 626 since I got those cards , yet neither my trans union score or esperian score was effected at all.

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If you got all 3 scores from the same source, then ignore what I said. If they came from the same place, then you don't have your FICO scores. As of 2 years ago, consumers can't get all 3 FICO scores together other than from a lender. Experian stopped allowing consumers to purchase their EX FICO score. You can only get it from your lender or from a CU in PA called PSECU.

ETA...slow typer I am

[Anonymous]

I get my tranunion score from truecredit.com which is run by transunion.  I get my experian score from freecreditreports.com which is affiliated with experian and is a plus score.   I get my equafax score directly from their site.   Although now of these fico scores?  and are actual fico scores what the credit cards companies go by??

[MarineVietVet]

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@Anonymous wrote:

I get my tranunion score from truecredit.com which is run by transunion.  I get my experian score from freecreditreports.com which is affiliated with experian and is a plus score.   I get my equafax score directly from their site.   Although now of these fico scores?  and are actual fico scores what the credit cards companies go by??

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The TU and EX scores are not FICO's. If you bought the EQ Score Watch score then it should be the same as what you can buy here at myFICO.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

If a credit issuer get my report from Trans Union are they then given the Vantage score from TranUnion and not a fico?

[MarineVietVet]

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@Anonymous wrote:

If a credit issuer get my report from Trans Union are they then given the Vantage score from TranUnion and not a fico?

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Lenders have access to pulling all 3 true FICO scores. Any score you get from a lender is fine.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".