When you open a new credit card account how long does the new account and inquiry hurt your scores? 6 months? I know the inquiry impacts for 1 year. Will I bounce back from new account status at 6 month point?
Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12) Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697) Goal Score: 750 Take the FICO Fitness Challenge
IME, I gained when I added my first 3 CCs and lost on the rest. Util changes aside, that loss varied due to length of time previuos accounts wre opened, util, scoring bucket, impact to AAoA, and so on. I lost an average of 20-25 points per account opened (assuming I didn't go on a spree). These were most entirely due to the new account, and not the inquiry (IME). I've found that most of the points returned within 6 months with the remainder by a year.