@Anonymous
original post was removed due to prize, so unfortunately there will no longer be a cash prize. This repost is purely for educational purposes
but I wanted to repost so I can at least share the results when they come in, and if anyone else wants to post their guesses feel free.
Well since there's no more prize ...
ill divert from the spirit of this thread and post a dp of my own
i added three accounts in 90 days and my eq went from 776 to 768
I posted a detailed reply to the original post and clearly stated that no compensation was required. Basically, more information was needed to make a good guess.
Main considerations:
Do the new accounts cause a move to a different scorecard?
One bureau was "clean" while 2 were "dirty".
Did you already have a "new revolver"?
Did your AAoA drop to "young"?
Are the additional 2 accounts enough to make your profile "thick"?
Does your aggregate utilization drop below certain thresholds?
2 acts currently (one car loan and 1 credit card these 2 will make 4 total
util will drop from 4% to under 1%
Average age will drop from over 4 years to 2 years
The hard pull has already affected my scores and therefore this drop will only be from the difference in average age
The drops from the inquires wer as follows
eq-took 20 point but due to young age metrics
trans-10 points between the 2 inq
exp-9 pts between the 2
@Cblough93 wrote:
2 acts currently (one car loan and 1 credit card these 2 will make 4 total
Is the card you already had more than 12 months old? If so, then scorecard change to "new revolver".
Going from 2 tradelines to 4 may result in scorecard change from "thin" to "thick".
With a car loan balance and at least one card with a balance, you will already be at 50% accounts with balances. This is better than 100% from before, but not low enough to gain points.
util will drop from 4% to under 1%
No aggregate utilization threshold passed, so probably no points difference. Make sure you keep individual card utilizations below 28.9%.
Average age will drop from over 4 years to 2 years
Probable scorecard change from "mature" to "young".
The hard pull has already affected my scores and therefore this drop will only be from the difference in average age
Points loss probably impacted "clean" bureau more than the 2 "dirty" bureaus.
The drops from the inquires wer as follows
eq-took 20 point but due to young age metrics
trans-10 points between the 2 inq
exp-9 pts between the 2
Replies in red text above.
this first of the 2 accounts hit my TU account today, and the result was...
an increase of 13 points on FICO 8!
fico 10, and 10T both lost 8 points
even though it lowered my average age from 4 years to 2.9 years, the positive impact of adding an additional card and thickening my profile , lowering my util, and azeo, must have out weighted the negative affect.
we will see what happens when the other account hits
@NoHardLimits @Snook_on_the_Line @FicoMike0
Anyone have any guesses as to why FICO 8 gained 13 points but 10 and 10T both lost 8 points? As a matter of fact other versions lost points as well. Here's the breakfown
fico 8) +13 points
fico 8 bankcard) +22 points
FICO 8 auto) +14 points
fico 10 and 10T) -8 points
FICO 9 and FICO 9 bank card- +1 point
what is are the differences between FICO 8,9, and 10, that would cause such a difference?
it's obvious FICO 10/10T cared about the loss of average account age and age of youngest account much more than 8. And more than 9 as well. But I wonder why? Interesting findings. I can't wait to see what happens when my 2nd account hits and changes things up again. I will list the changes that happened thus far again below
average age of Accts- was reduced from 4 yrs 1 month to 2 years 9 months
aggregate util -reduced from 4% to 1%
individual util -went from 4% as my only card to 4% and 0% having 2 cards
number of Accts with balances went from 1/1 to 1/2
credit mix- went from fair to very good (went from 1 card, and 1 car loan to 2 cards 1 car loan) **car loan is closed and paid off, not currently active**
age of youngest acct- went from 13 months to 1 month changing amount of new credit status from very good to good
My best guess is that you gained points by moving from 100% of revolving accounts showing a balance to 50% showing a balance.