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What did I do wrong?


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Hello,

Thanks for all the help here on this baord, I had 2 negative trade lines removed: Midland Credit, and LNVN and a paid judgement deleted and a paid charged-off acct deleted. All removed this week my scores are still terrible.

I went on a credit app spree and my scores have tanked. I took the advice on here and started score watch as of 3-12-08

My scores are now:

TU- 606

Equi-603

Exp-616

Reason being 7 new accounts added to my report. Even with the deletions the scores are still low. Will the scores go up eventually, I was trying to get a prime CC from NFCU. Appr how soon can I expect my score to go up? I assumed my credit scores would have went up from deletions and new credit.

Everyone on the board mentions to apply for credit all in the same week to avoid numerous inq and hard pulls on the report...

What did I do wrong? how can I correct my error?:oops:

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You may have deleted some good, long history with those tradelines. That's one possibility.

Seven new accounts reporting is pretty major, especially if they were all opened at the same time. Makes it look like you're experiencing a hardship and need the funding.

Are the new accounts cc's? You need to let them age a bit, maybe 4-6 months?

Do you have an good, open accounts other than the new ones?

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A bunch of applications in a short period tanks your score. The idea is, the damage is now clustered, and then as time goes on, none of 'em affect you in a year or so.

In March/April 07 I opened up a mortgage, and then over the summer I applied and opened a bunch of new credit cards. My TU score went from 715 to 630. The reason given- too many inquiries- 15 of 'em AND new accounts opened. But then the scores will rise (check signature). I could be wrong, but I predict that by May 08, the new inquiries won't hurt anymore and the new mortgage and credit card tradelines will help enough that I am over 700 again.

Its not a sprint, but a marathon...give it time.

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A bunch of applications in a short period tanks your score. The idea is, the damage is now clustered, and then as time goes on, none of 'em affect you in a year or so.

In March/April 07 I opened up a mortgage, and then over the summer I applied and opened a bunch of new credit cards. My TU score went from 715 to 630. The reason given- too many inquiries- 15 of 'em AND new accounts opened. But then the scores will rise (check signature). I could be wrong, but I predict that by May 08, the new inquiries won't hurt anymore and the new mortgage and credit card tradelines will help enough that I am over 700 again.

Its not a sprint, but a marathon...give it time.

I think that I balanced things out by getting stuff removed as my new tradelines were reporting. I've gotten 11-12 new TLs since since. It did make for quite a rollercoaster there for a while. My EQ FICO (the only one I know for sure) was up and down 50-100 points. All of my new accounts have 3 months or so in now so I'm hoping that everything will start going steadily up in the next 6 months or so. My EQ is above 700 now. I'm hoping that TU and EX (please God) will get up there.

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Each new account drops your score by about 10 points as far as I can tell...I got a bunch of new accounts and I dropped for awhile, now some of them are 6 months old and my score is rebounding...

Don't worry, let them age a little and establish a payment history and you'll be fine...

Good Luck

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