Chase & BOA hit me hard !!

[umair]

Hello Credit Experts....~

I'm a bit confused with the way how things work within the FICO  scoring model.. I have had some super ups and down...  But the below is super confusing....

I just re-activated my score watch for 15 bucks a month ( It s abit higher than last time ) ...  But on my Equifax report here is what I see and that makes me nervous-

1) Recent Missed Payment

2) New Account

3) Short Account History

4) Short Revolving History

My scores dipped from 637 to 617.. 

I did go on an APP spree and added Chase & BOA to my credit family.... ( 2500 for BOA & 2000 for Chase)

How long do I need to give the new account Hit to go away ? 

I need my scores back to High 600's and mid 700's !!

[DI]

It'll take one full year to recover if everything remains positive and you do not apply for any new accounts.

[umair]

WOW..

I guess my only card that I wanted to apply was Apple & a CU and I was done for the year but guess not !!

[MarineVietVet]

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@DI wrote:

It'll take one full year to recover if everything remains positive and you do not apply for any new accounts.

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I have to respectfully disagree with this. As with many if not most things having to do with credit YMMV. 6-12 months (as reported by lots of posters) seems to be the amount of time a new account stays "new".

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[thrasher865]

I'd worry more about that recent missed payment than new account, tbh.

[vish1]

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@thrasher865 wrote:

I'd worry more about that recent missed payment than new account, tbh.

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+1000

[halos24]

I certainly agree, I went on an app spree in Sept 2010, and yes my ficos did drop also my EQ went from 661 to 647 and even down to 609!  But, now fast forward 5-6 months later they have gone back up to 641.  Honestly, if you PIF or not really have a balance showing is what will help you keep the scores up and get them to increase but certainly don't feel 1 year unless there are other things that are going on your report.  I also agree that I would be worried about the recent lates and not the inquiries or new accounts.  Yes it counts but not as heavy! 

[umair]

Workingh hard to negotiate with Merrick Bank .. They are a Pain to deal with and so is Verizon.. But I will bug them and get this done no matter what...

BTW-- I got approved for apple for 1300 .... I might end up just taking a IPAD or Air book and Pay it off by 10 months...