Understanding FICO® Scoring

[timmis1127]

how much does your credit score drop when you open a new account?

[haulingthescoreup]

Sometimes it doesn't drop at all! If it drops, it's probably around 10 points max for most people, and then it will probably be back where you started after 2 or 3 months (reporting cycles), and start improving beyond that. Unless you got 7 new accounts pretty much all at once like I did.

This can vary according to your overall credit profile. If you have a long and stable history with high scores, you might well get hit harder. If you barely have any credit at all, there might be no change or an immediate rise.

[imducky]

too many variables to guesstimate. could drop, go up or stay the same. search for the term bucket or re-bucketing and you'll get a handle on why there is no one size fits all response.

[mmoore73]

i recieved noticed my score rose 14 pts after a balance was reported. then dropped -22 pts in a matter of few days. why would something like this happen if now new negative or derogatory info was added.

[louise7818]

I STILL WOULD LIKE TO WHAT IS THE NUMBER

[haulingthescoreup]

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louise7818 wrote:

I STILL WOULD LIKE TO WHAT IS THE NUMBER

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I don't know what you're asking. If you're asking how much your score will drop, it is completely variable according to your current scores, how many accounts you have, and what your reports look like. Some people with very high scores might lose 20 points. Others just starting out don't lose a single point, and they gain points immediately.

[fused]

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louise7818 wrote:

I STILL WOULD LIKE TO WHAT IS THE NUMBER

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My EX fell 20 points for a new account (my filed reaged) and a hard inq. I'm not an expert, but I do agree with Haulings comments, and I did stay at a Holiday Inn last night.

[TheNewWorldMan]

I have a slideshow on my Web site devoted to just this question:

http://www.allaboutthebenjamins.org/creditcards/page1.html

[marty56]

TU and EQ didnt drop on new 28k autoloan.  EX went down by 17 points.

Funny thing is EQ droped one point when a $35 balance reported on my CR.  I'm thinking that the $35 balance (still 1% total util) was less risk then the 28k autoloan. 

[haulingthescoreup]

That's what happened with me, too! Not a peep from EQ and TU, but a short spanking from EX, complete with a negative comment about high util on installment. It was gone the next month, once the first payment had posted. Not that my EX report became clean; it just went back to its usual whining.