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score down after two new accounts open

New Member

score down after two new accounts open

Hi everyone! 

 

I have worked really hard over the past two years to improve my credit. I am proud to say that my efforts have paid off! I went from 536 in 2009 to 745 in 2012. I renently opened two new credit card accounts and my score dropped to 724. One of the new cards is a Citi Simplicity with a 7400 CL and the other an Amazon Chase Rewards Card with a CL of 1700.

 

I am guessing it's the two inquiries as well as the  the shorter average age of my accounts that is the biggest factor in the drop. I am satisfied with my current credit situation and will not be applying for new credit any time soon. My payment history is 100% positive and I will keep it that way.

 

Is there a way for me to guage how long it might take to see my score recover those points? 

 

Thanks so much!

1 REPLY
Established Contributor

Re: score down after two new accounts open

You will lose most of the impact from inquiries in 6 months and all within a year. AAoA depends on how much it changed. For example, if you went from 7 years to 6 years 11 months, fico will round that down, but you would gain back the points in a month. If it dropped you by several years, it could take a while to fully regain. But even then, good yay ent history will likely offset within a year. 

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.