@Anonymous wrote:it is said that fico2 scores get ruined by applying for new credit and the idea is that you have to garden for a whole year before getting a mortgage. i am finding that they bounce back very fast after applying for credit, here's some data i gathered to show it.
// sep30 (starting scores)FICO® SCORE 2 = 735
FICO® BANKCARD SCORE 2 = 740
FICO® AUTO SCORE 2 = 710
FICO® SCORE 3 = 707FICO® SCORE 8 = 715
FICO® BANKCARD SCORE 8 = 710
FICO® AUTO SCORE 8 = 685
// oct 22 (1 BoA inquiry and 1 new barclays acct appears showing 1mo of good payment. scores fall)
FICO® SCORE 2 = 726
FICO® BANKCARD SCORE 2 = 720
FICO® AUTO SCORE 2 = 702
FICO® SCORE 3 = 710
FICO® SCORE 8 = 719
FICO® BANKCARD SCORE 8 = 722
FICO® AUTO SCORE 8 = 682
// nov 3 (1 new amex acct appears showing 2mo of good payments, scores fall further)
FICO® SCORE 2 = 721
FICO® BANKCARD SCORE 2 = 708
FICO® AUTO SCORE 2 = 698
FICO® SCORE 3 = 713
FICO® SCORE 8 = 717
FICO® BANKCARD SCORE 8 = 712
FICO® AUTO SCORE 8 = 680
// nov 9 (all the scores have almost completely bounced back!)
FICO® SCORE 2 = 734
FICO® BANKCARD SCORE 2 = 722
FICO® AUTO SCORE 2 = 710
FICO® SCORE 3 = 713
FICO® SCORE 8 = 717
FICO® BANKCARD SCORE 8 = 719
FICO® AUTO SCORE 8 = 680
1. The only FICO 2 score that matters for mortgage applications is the classic FICO 2.
2. Are you saying that from Sept 30 to Nov 9 there has not been a single change in your profile other than the passage of time? If so, that is pretty remarkable.
Just curious, what was the # of accounts reporting a balance before and then after? What was the UTL (individually - per acct and separetely, AGG) reporting before and after?
Hey creds,
I'm asking about the # of accts and UTL before the new account, after the new acct and as you saw your MTG score rise. I'm asking because along with new accts, # of accts and UTL usually have a greater impact on MTG scores than F8 basic scores. Just trying to pin down whether age of the new acct is the only factor impacting the increase in your MTG scores, ergo, rebounding quickly.
There's a decent difference in my MTG scores when 1 revolver reports vs 2. More significant when 3 revolvers report along with 2 loans (MTG & auto) vs 1 revolver and the 2 loans. I had a similar experience but what also contributed to the rebound was the decrease in # of accts reporting and possibly UTL after the new account. Granted all profiles are different.
New acct 6/2018:
EX MTG was 786 before
770 when new acct reported in early Aug, 4 accts (2 revolvers, 2 loans) reporting 7% AGG UTL.
Reported 5 accts (3 revolvers 2 loans) 7% AGG UTL 9/30/18 MTG = 747.
Reported 3 accts (1 revolver 2 loans) 10/30/18, UTL 1% AGG, MTG score = 785. (supports the AZEO method)
Reported 4 accts (2 revolvers 2 loans) 11/30/18 6% AGG UTL MTG dropped to 773. 3 pts above original hit for new acct.
