- Centurion Member
- Posts: 4913
- Joined: Sun May 20, 2012 4:35 pm
- Location: WI
Seems like it. 51 points for one new account is pretty extreme. Another possibility is that it just doesn't handle charge cards correctly - it doesn't see a limit and sees a balance, and that hurts you which I did see as well.
I just checked my TU FICO which is 764, while CK FAKO is 704. 60 points difference. Honestly the FAKO is worthless anyway no one uses it, but it is interesting to see the differences in scoring models.
One thing that's interesting too is the old addage that closing accounts will hurt your score. Not necessarily. I've closed (honestly) 11 accounts this year in the past 6 months - 3 Amex, 2 Discover, Paypal MC, Amazon store card, Chase Freedom, Cap One Cash Rewards, FNBO Amex, and Barclays Applie Financing. All were closed with full payment of course but that's 11 accounts. Yet my score is higher than it was 6 months ago, in spite of the inquiries, new accounts, and closings. I think the old adage is really another YMMV thing. The new accounts dropped my AAoA, so closing them helped it go back up, while the inquiries fade in a couple of months.
I've learned from the past 6 months I really don't need (or want) a lot of cards - I just want one primary card (US Bank Cash+) and the other Visa Signature is the back up. The Visa Platinum I was going to close for lack of use, but now that they gave me that auto CLI, I will just have to leave that open. But I'd be very happy with 2 CCs. It was just too much work for me personally to try to manage a bunch of them.