YIKES! Down to 655

Discussion in 'Credit Talk' started by AnnMarie, May 27, 2001.

  1. AnnMarie

    AnnMarie Well-Known Member

    Yup, just checked and I've gone from almost 700 down to 655...too much new credit and the BT I got to pay everyone else off is showing as a balance but the cards that were paid off are not showing paid off!!!
    I'm going to try and call Citibank and get them to update their records!
    Also, too much new credit (cards) so I'm going to combine my two Cap 1 accounts and two Citibank accounts--if they'll let me that is! Has anyone done it?
    I hope that will help! I want to buy a house in just a couple months and all this work..may have been for nought.
    Looks like hubby is at 649 and with me at 655 (exp) I sure hope we can get into something!

  2. Jim

    Jim Well-Known Member

    Hi AnnMarie!

    Ford Motor Co. and my credit union let me see my Experian scores:

    March 1999 - score 530 courtesy of Ford. Just Bk'd

    May 2000 - score 641 courtesy of the C/U

    Feb. 2001 - score 576 courtesy of the C/U

    Apr. 2001 - score 695 courtesy of E-loan

    The drop in score in feb 2001 came as I was opening a lot of new credit and I put a $3K balance on Cap One to show the limit.

    I am afraid to look at my score right now because I opened a lot of new credit in April. In July, my score should be really looking good again.

    Check your score in 2 or 3 months. It will probably be higher than ever.

    Good luck
  3. Momof3

    Momof3 Well-Known Member

    I don't suggest you rely on Eloan score though, there were way off on hubby's and mine for that matter.

    His eloan 696, true score from Ex 617
    My eloan 704 true score 673

    Eloan is worthless
  4. AnnMarie

    AnnMarie Well-Known Member

    Thanks for responding!
    I called Citibank and was successful in combining cards, keeping the type of card that's new (MC Plat Select) but the history on the account (95)
    I'll be trying with Cap 1 very soon.
    Are you saying that your score bounces back after only 3 mos of getting new credit??? I thought it was at least 6 months that the took to recover to what it was and then another 2.5 before you benefit the most.
    Anyone know?
  5. Jim

    Jim Well-Known Member


    I would check your score in 2 to 3 months. I think you will see an improvement as your new credit accounts change to R1 and I1 as the on-time payments you will make will be recorded by the CRA's and the inquiries begin to age. However...

    As strange as this sounds, I have no problem with what Mom of 3 said here. Here is why:

    In April, I also checked my Equifax score (633). Remember my E-loan score was 695. The difference is that I have a few less older positive tradelines from the '80's showing on Equifax and my Chap 7 BK shows in the public record. The BK never made it to EX. Also, E-loan asks clients a few additional questions that affect the score a little bit.

    Last night in chat I reconfirmed with Mom that her husband's EX score was off from the E-loan score. I accept this as everyone's credit background is so different. I think that she told me that her E-loan score was pretty accurate like mine.

    The bottom line - In my experience, applying for a lot of credit is temporary death for your FICO score. In a few months, as Erica says you can "rise from the depths of subprime hell" and show a much improved score..

    Good luck

    P.S. - I plan to check my EX, TU and EQ scores in July when the CRA's are supposed to show them to us for a fee. Obviously we all know that EQ is available now.

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