Hello everyone..... I logged into creditexpert tonight and saw that a new, positive tradeline (Target) has been added to my Experian report. My credit expert score was 577 before this addition and still remains 577 after it. Am I that deep in credit hell that a new postive addition won't even raise the score a point? Creditexpert sees the additional debt and added it to my total outstanding debt but my score didn't move. Guess it sucks to be me...... INTERESTING NOTE: The "last reported" date on this account says 5/2001. What's up with the lag time? Tom
Not sure, but I did see the SCORE update on Mondays even though the report may get updated daily...I do know that CE notified me when I had a trade line added via email and the site noted the addition...but my score was not updated till the begining of the next week. -Dave
Hi, tmitchell! Dave and Nave are right. Here are a few guidelines: 1) The average age of your accounts somehow figures into your credit score. So for example, if the average age of your accounts is 20 years, your score will be boosted nicely. On the other hand, if the average age of your accounts is 2 months, your score will be lowered by the "account age" factor. The theory they're using goes something like this: If you've had credit for years and years and haven't gone bankrupt or defaulted, etc., you're a much better credit risk than someone who is basically untested over the long haul. That's why Dave said you were lucky that a new account didn't lower your score -- that would be the expected result. 2) When a company pulls a credit report for the purpose of considering giving you a brand new credit account, the inquiry is listed with the credit bureau as a "hard inquiry." Guideline: New hard inquiries lower your credit score. When you applied for your card, Target almost certainly pulled a credit bureau report to see if you met their qualifications. (Incidentally, Target's criteria are pretty low, so if you are a breathing human you have a good chance of being approved. On the other hand, a credit score of 400 probably wouldn't be approved -- even Target has its standards, ahem, so that's why they pull a report.) For that reason, you were lucky again that the process didn't shave off a few points. It really seems ironic that "being approved for credit" may lower your score -- or have no impact at all in the best case scenario. Keep in mind, though, that the hit is temporary. For that reason, for example, if you keep your Target account in good standing for a year or two, the presence of that tradeline on your report will actually boost your score in the long run. Randy
More likely the score wasn't updated yet, but don't expect an increase only because of that. A new account would normally cause a DEcrease in score for a while, since it implies you're applying for more credit (which is exactly why inquiries lower score as well). Saar
Saar.... I got this card at end of April. I'm assuming the inquiry has already hurt me because that one hit the report in April. I'll never know how much it stung me because I didn't start using creditexpert, privista, etc to monitor and repair my credit until the middle of May or so. I assumed that since I took the inquiry hit in April, the new account should help me at this point. Well, live and learn. I'm still fairly new to the credit repair game so I'm sure I'll learn more in the coming months. Thanks, Tom
tmitchell, I agree with the other respondants here. But get this. Target is not reporting my credit limit on Creditexpert. Only the high balance. Also, Creditexpert is running about 1 month behind Experian in my opinion because I compared my latest EX hard copy report with Creditexpert and found a one month difference. Best regards - Jim
Jim Did you pull your report from the CE site or off the Experian site. What made you realize that they running a month behind? Thanks, Cyprigirl
