New Credit

Discussion in 'Credit Talk' started by GVieve, Sep 4, 2003.

  1. GVieve

    GVieve Well-Known Member

    How long do you think it takes for the ding you get on your FICO when you open new accounts to go away and your score to go back up again.

    I just got approved for Chevron Credit Builder, Capital One and Chadwicks (all with a $300 limit). I got a 10 point per account drop in my FICO, bringing my score down to 631 (EQ).

    Thanks
     
  2. SoParkDiva

    SoParkDiva Well-Known Member

    My scores also suffered a steep drop off after opening new accounts although I wonder if my pulling a new report daily on PG and racking up all those soft inq's has anything to do with it :/

    It should take about 6 months to see the scores rebound nicely.
     
  3. jlynn

    jlynn Well-Known Member

    You pulling your report yourself doesn't effect FICO.
     
  4. SoParkDiva

    SoParkDiva Well-Known Member

    Re: Re: New Credit

    I hope you don't think that they don't notice all those daily soft pulls? They are not dummies. they know what some of us are up to. ;)

    Edit:
    By "FICO" I am assuming you mean Equifax's FICO. Don't forget Experian and TU have their own FICO's and they may be "FAKO" to you but they carry weight with mortgage lenders.
     
  5. GVieve

    GVieve Well-Known Member

    Re: Re: New Credit

    Thanks for all the help guys
     
  6. jlynn

    jlynn Well-Known Member

    Re: Re: Re: New Credit

    Believe what you want.

    Mortgage lenders do not pull the consumer model scores from Experian or TU.
     
  7. RichGuy

    RichGuy Well-Known Member


    I'm sure they know what we're up to, but would that affect FICO (or other) credit scores?
     
  8. SoParkDiva

    SoParkDiva Well-Known Member

    Re: Re: Re: Re: New Credit

    What do you think "middle score" means? They may not be pulling "consumer model scores" but they do pull scores from TU and Experian.
     
  9. jlynn

    jlynn Well-Known Member

    Re: Re: Re: Re: Re: New Credit

    I know exactly what a middle score is. I was addressing this comment:

    Experian and TU have consumer model scores (FAKO), and they also have FICO model scores. Mortgage lenders do not use the FAKOS that we COMMONLY refer to here - these are the scores ONLY CONSUMERS see. They use TU and Experian's FICO models.
     
  10. SoParkDiva

    SoParkDiva Well-Known Member

    Re: Re: Re: Re: Re: Re: New Credit

    I see no difference between what I wrote and what you wrote in terms of FICO scores. I clearly said FICO scores. At no time have I ever seen you label TU and Experian scores as true FICO. It is always "FAKO" scores. Now you want to backtrack? Fine, whatever. Since you seem to thrive on being argumentative and never wrong - carry on :)


     
  11. jlynn

    jlynn Well-Known Member

    Re: Re: Re: Re: Re: Re: Re: New Credit

    You only have to look as far as my TU scores in my sig line - you will see the FAKO and FICO.

    BTW - I never backtracked here.
     
  12. RichGuy

    RichGuy Well-Known Member

    BTW, congratulations to Gvieve!!

    My advice would be to let those accounts age, apply for new credit infrequently, and wait for prime credit offers in the mail. You know, all the stuff that's hard to do anyway, and even harder if you read this board frequently. :)
     

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