joeblow2 wrote:
The scenario would be 6 other cards average age 5 yrs. all 0 balances but the 2. The 2nd CC reporting a balance would be an existing card. What would the jump be approx?
Sorry, I'm on too many threads right now, and I lost track.
You probably would see a drop, because you already have adequate credit, and your util is low enough. Your scores might recover after 4 - 6 months, and they might be 5 - 10 points better after a year, due to having more clean history reporting, but the initial impact would be negative --a drop in AAoA if the new one takes you under 5y 0m AAoA, plus the ding for the inq, plus the ding for having an account younger than a year.
The instant increase would only occur if your credit profile "needed" more revolving credit, and yours does not.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007