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Hello all...I was wondering what experience you've had in the time it takes to recover from a hit to your FICO scores after opening new accounts. After my Amex and Discover started reporting, my Walmart score fell 32 points. A month later, my score recovered by 13 points, which is close to about a 1/3 of what I dropped. If this trend continues, it would take about 3 months for my scores to rise to the level they were before the new accounts. Is this about right, or is it just me...lol? Thanks.
2 months give or take
U will not gain everything back because of the AAA but the 80% will recover
Each case is different but as long as you follow the general rules
UTL 1-9%
pay on time
no more apps
you should recover in no time.
Good luck
I opened 8 new accounts last week so I don't want to check my score for a while...
new accounts can hurt score for 3,6, 12 months regardless if AAoA changes or doesn't(rounding down means your AAoA can drop many months but as far as fico is concerned it can stay the same-ie 3 years 10 months, with a new account down to 3 years 1 month, to fico it's 3 years either way)
@YahComb wrote:new accounts can hurt score for 3,6, 12 months regardless if AAoA changes or doesn't(rounding down means your AAoA can drop many months but as far as fico is concerned it can stay the same-ie 3 years 10 months, with a new account down to 3 years 1 month, to fico it's 3 years either way)
Yes very correct/good advice YahComb
Do new accounts always have a negative impact on the score?
I have oped 5 new accounts in the last one month and my score first dropped from 671 to 652 and then shot up to 712 when the new accounts were added.
Or will the score drop come next month after the first statement?
I am a little scared