Reply
Established Contributor
LesWH
Posts: 608
Registered: ‎10-11-2012
0

Does 6 months have an effect?

I applied for a ton of cards in September of 2012, which I got.  I am now coming up on those cards reaching their 6 month mark.  Will this have a positive effect on FICO?  I know at 1 year it does, but does 6 months matter?


NFCU Signature Visa Cash Rewards, NavChek, Citi AA AMEX, Cap1 Cash Rewards, Discover IT, Home Depot, Sears, Walmart, Chase Freedom, AMEX Green, Lowe's, AMEX BCE, Chase Sapphire Preferred, AMEX Hilton Honors Surpass, PayPal Extras MC, PenFed Platinum Cash Rewards, AMEX Platinum

GC Challenge: App Free since 1/8/13. No more apps til 2014






Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
0

Re: Does 6 months have an effect?

IME, if I ever suffered that new credit ding, points would return gradually starting the 2nd month (with the first showing the ding) and the points gradually returned in time. IME, if I ever saw an increase at 6 months, it wasn't because it turned 6 months, but it was because the damage is slowly fading. Usually I'd see points returned most months leading up to a year. If I didn't apply for new credit in that first year or didn't have any new TLs reporting, then I'd usually see a bump at the 12th month as the TL hits a year old, but if I applied for credit before then, then I usually wouldn't see any increase at all.

Established Contributor
YahComb
Posts: 595
Registered: ‎03-10-2012
0

Re: Does 6 months have an effect?

recently for me it's been 3 months to get the points back, depending on utilization and number of cards reporting when the newest account hits 3 months. But at no point in the last 12 months did i not have multiple other accounts under 1 year old when my newest hit 3 months, so really i'm just recovering into a less harsh ding. I think if my newest account was my only one under 1 year, it would have a larger affect and it would take longer than 3 months to get the points back.

EQ-736(08/14) TU-758(06/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 7.5K | Disc It 9K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yr AAOA: 25.8 mo
Established Contributor
bettercreditguy1
Posts: 750
Registered: ‎02-11-2012
0

Re: Does 6 months have an effect?

I opened three new accounts  in the last twelve months, two car loans and one credit card. Account one hit one year this month and I got a few points returned.  The last opened account will be one year old in Nov.  I anticipate all points returning by then. At this point I am still down about 25 points.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+