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score dropped !

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Rein
Regular Contributor

score dropped !

I got a hard inquiry from navy federal cu for opening accounts and new credit card. Cause my score to drop by 14 points! Have to admit, I almost cried.. Smiley Sad but any ideas when I will start seeing my score go up( planning to pif every month)? I'm also waiting for a deletion from NCO financial to update. And hopefully unpaid closed account dofa 4/2006 will fall off! I'm so excited for the next several months... 

Message 1 of 6
5 REPLIES 5
Mondavi
Regular Contributor

Re: score dropped !

You will get your points back. Inquiry could have caused 5-10 points of your drop and the new credit card could have changed your AAoA. I would assume you will get your points back from the new card in six months and the inquiry after a year will have little effect on your score. Where did you get your score from?

One other thing is this your only card? If it is then I would keep a small balance 1-9% on it. FICO likes that range. That is if you are trying for some sort of loan that the lender would pull your FICO scores.

 

I am happy you will get two negatives removed soon, that should make you happy and see some positive gains.

Message 2 of 6
Shogun
Moderator Emeritus

Re: score dropped !

Yes, it did dropped.  But it dropped for a good reason.  You took an initial hit, but that will soon fade and you will have a good TL that will allow your scores to grow.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 3 of 6
Rein
Regular Contributor

Re: score dropped !

My husband said "treat your credit like your baby, take good care of it and watch it grow" .. Thank you! I'm very excited to see what several months will be like. Never thought credit can be so exciting! 

Message 4 of 6
Shogun
Moderator Emeritus

Re: score dropped !

Oh, it's addictive.  I've been expecting my wife to refer to myFICO as my "mistress".  But since she now has good credit and a love for shopping, I think she tolerates it.  Smiley Happy

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 5 of 6
dobirdsmommy
Established Contributor

Re: score dropped !

 Truthfully I did cringe when I just had to apply for a new car loan. We needed the car but I did not want to take the Ding.  Honestly it hurts at first, but your new card will help you more than that inquiry hurts you.

 

We have the same thing at our house. My husband says I am always on the FICO boards when he rolls his eyes. When we went to apply for the loan.. my LO said oh there will be trouble in the house tonight. My husbands score was 19 points higher than mine! I was green with envy and our LO knows how hard I have worked on both of our reports. 

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DH: 1750 capital one fh 2000, AU - VS, BH, HSN, WEMC, SPGV. Freedom, Slate, Venture, Barclays
Message 6 of 6
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