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Snakebit1

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Cancelling newly opened retail cards
I opened several new retail cards about 6 weeks ago. Didn't know any better. Now I do. Doing this greatly impacted my FICO scores with TransUnion, Experian and Equifax. On average my FICO scores went down about 60 points. My TU score is now 664, Exp. score is 638 and Equi. score is 626. Today I cancelled 4 of these new retail cards. Will my FICO scores with the 3 major credit bureaus rebound? While I was trying to have more accounts...doing so clearly shortened the length of my credit history. So while trying to fix one thing...I messed up something else over here. I've been trying hard for well over a year now to improve my credit scores but everything I do seems to backfire. Oddly enough I score excellent in my payment history and excellent in low % of credit utilization.....but score low in hard inquiries, age of credit history and types of credit...only have credit cards, no installment loans. I do have one delinquency with Experian, one collection with TransUnion and one collection with Equifax. This item is to become 7 years old this coming December and so by January of 2016 my scores should all really shoot up.

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You shouldn't have closed them. Do not close any more. They will still affect the average of age of accounts. The damage was already done and you likely caused more by closing them right away. Lenders do not like to see that type of thing. Just use the cards that you currently have responsibly and do not apply for any more cards for a while. When you approach the 7 year mark on your negatives, attempt to get some early exclusions. Some time in the future you may want to add a small installment loan to your profile as well.

It will take a little time, but things will rebound. When it comes to credit make sure that you do plenty of research before taking any actions in haste.

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