09-13-2012 09:57 AM
09-13-2012 10:02 AM
90% bring your score down or an inquiry lose some of your point too.....
09-13-2012 10:21 AM
I opened a ccard with capital one and it just hit my report and my score went down 12 pts!! I am new at this, one big mistake that I did is to use 90% of the credit limit which I wont be doing again will be paying in full and using only10% but will my score go back up???
This newbi needs help :/
Two things can be affecting you:
1. Your util. If you're using 90% of your total util then you're definitely getting hit big time on your FICO since 30% of your FICO score weight is your util.
2. A new card also decreases your AAoA (average age of your accounts)
I would say once you get your util under 10% that in itself may boost your score
Once your accounts age further, that also would be a score booster.
09-13-2012 10:28 AM
Yep. You took a hit against your AAoA and for an inquiry, or hard pull. It will recover. I lost 6 points in June when I opened a new card, but since it's gotten a little older and I kept the balance low, I've gained 27. I'm sure my new low balancesacross the board helped, but yes...your score will recover. Just take care of that new card.
If the formatting sucks, I apologize...on an iPad!