TU FICO scores drop after recent apps, how long of wait shoud i expect before climbing back up?

[09Lexie]

IMO, your less than 1yr AAOA factored into your drop significantly. Inq's do lessen after 6 mos and does not factor into FICO scoring after 1 yr. the score ding does not continue over 6 mos but what you'll see are the dings for the inq's, the new accts reporting and bal reporting on those new accts. Usually, they do not occur during the same month so it looks like the dings go on forever.

[lhcole77]

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@09Lexie wrote:
IMO, your less than 1yr AAOA factored into your drop significantly. Inq's do lessen after 6 mos and does not factor into FICO scoring after 1 yr. the score ding does not continue over 6 mos but what you'll see are the dings for the inq's, the new accts reporting and bal reporting on those new accts. Usually, they do not occur during the same month so it looks like the dings go on forever.

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+1

[JSS3]

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@09Lexie wrote:
IMO, your less than 1yr AAOA factored into your drop significantly. Inq's do lessen after 6 mos and does not factor into FICO scoring after 1 yr. the score ding does not continue over 6 mos but what you'll see are the dings for the inq's, the new accts reporting and bal reporting on those new accts. Usually, they do not occur during the same month so it looks like the dings go on forever.

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Thank You! I totally understand now. If you have more than a year's history, the effects of inquiries/shortened AAoA are minimal. 

[iainlbc]

Do you bank with Chase or have a previous relationship with them?

I was under the impression the CSP was a 690+ card (better chances if you had a freedom with them for awhie etc.)

Thanks!

[yudeology101]

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@iainlbc wrote:

Do you bank with Chase or have a previous relationship with them?

I was under the impression the CSP was a 690+ card (better chances if you had a freedom with them for awhie etc.)

Thanks!

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Yes, I do.  I was not expecting to be approved for the CSP at all, since i burned them bad back in 2001.  Funny thing is, I didn't even know that I burned them until I applied for Chase Amazon back in June, i called recon and the analyst told me why I burned them before lol.  Anyways, with my credit profile & number of new accounts opened when applying for CSP, I thought I had no chance.  When I submitted the app, it didn't give me the "denied" msg, but said "need further review", so i called right away and the analyst verified my info and said "congratulations!".  You have no idea how great that feeling is!  I literally said thank you like 20times.  I guess banking with Chase for the past 5+ year helped in my opinion. 

[iainlbc]

Very cool! I've been debating switching my banking over to the so they the DDs/income. I think im going to just app the freedom (around 690 now, sig outdated) and grow that for a year or two before CSP. Didn't mean to highjack your thread, thanks for sharing and congrats! What an awesome card 

[yudeology101]

Thank you!  I owe everything to this forum and its members.  Gluck to you and hope that CSP will be in your hands in just a matter of time. 

[TheConductor]

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@JSS3 wrote:

Thank You! I totally understand now. If you have more than a year's history, the effects of inquiries/shortened AAoA are minimal. 

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Well, not minimal, but noticeably less.

The longer your history becomes (and your AAoA along with it), the less impact a new inquiry (or two or three) will have.

When you're starting out, your score is very "sensitive", shall we say.  And over time it becomes more resilient, as long as you don't do anything drastic.

[YahComb]

one thing about inquiries-take into account the number too, not just how long. it ill depend on your bucket-there was a 16 point difference between 3 and 4 inquiries under 1 year old for me earlier this year. I saw it go both ways, when i had an inquiry age over 1 year, gained 16 points. When i apped again not long after, immediately lost 16 points.