FutureBillionaire wrote:Your score will rebound in no time. Once you establish some history, you will be in good shape over time.
Indeed, it's already rebounding...back to 745 Equifax FAKO after dipping down to 719 for a heartbeat. MyFICO still hasn't updated with what my new score is...maybe I'll see it next week.
My wife completed what was supposed to be the last part of our collective app spree today, applying for her own Amex BCP card and fulfilling the "marriage multiplier" proposal I made earlier where both of us could get our own BCP cards, both of us get $250 sign up bonuses through the creditcards.com Cardmatch, and get around the $6000 a year yearly benefit for their 6% groceries/3% gas system. You have to spend $1000 in 3 months to qualify for the $250 and I've already spent $750 in the first month on groceries (my family eats a lot).
My wife's Equifax FAKO number was a bit more depressed than mine having two baddies, both of them small and silly but one's a $19 charge-off that we're still trying to contest. After spending some time in the 680s, I got it up to 711 through being an AU on most of my new cards (Penfed and Amex BCP exceptions). Now I'll add her to Penfed so she can do her gas and groceries when we blow through the $6000 limit on her BCP. I still don't know what her CL is since Amex systems tonight are very slow. I do know her interest rate was competitive at 12.99%, the same that I got, which is what I would expect given our history with Amex. Due to backdating from being an AU on her mother's card 15 years ago, my wife actually beats my oldest account by 4 years (29 years total, back when she was a teenager) and her AAoA is a whopping 10+ years. The new Amex will be backdated too so I expect her overall AAoA to climb, not decrease, much like mine did when I got the BCP.
There still may be an epilogue to the app spree since I'm still considering doing one more Discover card app and seeing if they will honor this offer they sent to me in the mail after I already signed up for the Discover IT. They wouldn't change my current IT to these terms (interest rate is 12.99% vs. 20.99% which they gave me), but there might be some usefulness to the apping again. First, you can have more than one Discover card (weird, but true). Second, my credit scores are higher now than when I applied three weeks ago, which means I probably should have waited anyway (darned impatience). And third, I might get more of a CL than the paltry (for me) $2500 they gave me which could be useful with my plans to buy a new computer. I could (in theory) have two Discover lines for a while, one for the computer purchase and the second for another durable good (like a new TV), both sitting back at 0% interest until next spring. It's always good to use someone else's money for awhile. Then next Spring I could ask them to close the card with the janky interest rate and CLI me at least the $2500 on that card, if not more.
Anyway, I have until the end of April until this offer expires, which will give me some time to decide what path to take.