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Regular Contributor
timmis1127
Posts: 159
Registered: ‎03-02-2008

Credit Score

how much does your credit score drop when you open a new account?
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Credit Score

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.
* 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
Senior Contributor
imducky
Posts: 3,432
Registered: ‎08-27-2007

Re: Credit Score

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.
Established Member
mmoore73
Posts: 16
Registered: ‎03-08-2007

Re: Credit Score

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.
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louise7818
Posts: 1
Registered: ‎06-24-2008

Re: Credit Score

I STILL WOULD LIKE TO WHAT IS THE NUMBER
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Credit Score



louise7818 wrote:
I STILL WOULD LIKE TO WHAT IS THE NUMBER



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.
* 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
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fused
Posts: 16,256
Registered: ‎03-12-2007

Re: Credit Score



louise7818 wrote:
I STILL WOULD LIKE TO WHAT IS THE NUMBER


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.:smileyhappy:
Credit Cards:
Amex BCP 25K ~ Amex Clear 25K ~ Amex Platinum NPSL ~ Chase Freedom Visa 19.3K ~ CITI Dividend World Mastercard 20.3K ~ FIA Fidelity Investments Platinum Plus Visa 40K ~ First Hawaiian Bank Gold Visa 10K
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007

Re: Credit Score

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

http://www.allaboutthebenjamins.org/creditcards/page1.html
- - - -
in a credit-scoring postnuclear Stone Age...
Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007

Re: Credit Score

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. 
09/12/2013 FICO: EQ: 772 EX:813 TU:752
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Credit Score

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.
* 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

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