Fico Drop 20 PTS

[mab6311]

Applied for a new CC got 3,000 credit line, wanted to get the sign on bonus so I charged 2,800 on it. I check my fico score today to find out that it dropped 20pts  because I used more than 90% credit limit on that card. Total credit in all is about 40k. All other credit cards have $0 but amex gold which get pd every month about 800/monthly expense run though it. If I pay this off will my score go back up 20 pts next month? or how long till it goes back up? 

[SRAGS]

It will go back only 10 to 12 points. That's why you should pay at least some portion or full before statement generates.

[ElCamino]

Part of your drop in score is more than likely due to the actual opening of the new account and the inquiry required for approval.

How many accounts did you have prior to the new card and how old were they? The thinner and younger your portfolio is, the harder a new account is going to hurt your score.

Given that your overall util is low, even with the charges on the new card, I can't see that being the sole reason for your score dropping.

[myjourney]

Most of your ding / score drop was a result of the new INQ /HP

But paying that card down will also help in the recovery process 

[mab6311]

Last HP was about 5 months ago for CLI. AAA is 4 years, hard inq are 3 in the last 2 years

[myjourney]

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@mab6311 wrote:

Last HP was about 5 months ago for CLI. AAA is 4 years

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Oh I thought this was a new HP account in that case pay it off and reap the rewards to credit score

[mab6311]

no i mean the last hard pull was 1 month for the new acct and the hard pull before that was 5 months ago

[ElCamino]

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@mab6311 wrote:
no i mean the last hard pull was 1 month for the new acct and the hard pull before that was 5 months ago

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Ok, well depending on the number of accounts you have reporting, you've lowered your AAoA enough to drop that score down. It will climb back up with time.

[myjourney]

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@mab6311 wrote:
no i mean the last hard pull was 1 month for the new acct and the hard pull before that was 5 months ago

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Lol ok then the first answer i gave you applies 

the HP + high UTL= score drop

Pay down = recovery of some points YMMV

[mab6311]

suggestion on how long i should Garden?