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Got two new credit cards (sock drawer) question

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Anonymous
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Got two new credit cards (sock drawer) question

i got two new cards, low balances, $500 CL on each, $100 bal on each just so i can pay them off.  3 new CC total since december, 20% Util.  My two new CC just hit my report and i was wondering how long does it take my score to go back up after the "new credit shock"?  It only went down 3% so maybe next month or the month after?

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3 REPLIES 3
MissMia75
Frequent Contributor

reayRe: Got two new credit cards (sock drawer) question

Great question!

 

I am wondering the same.  i have 2 new cards that are about to post.  By the way, since you are rebuilding what are good starter cards?  i have a First Premier Card ($300) and a secured card with my Credit Union ($500).


Starting Score: 06/2011 505 EX 523 Lender Pulled
Current Score: 08/2011 628 EX 575 Lender Pulled
11/14/2011 TU 584

Goal Score: 700


Take the FICO Fitness Challenge
***Closed on my home 05/18/2012***


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llecs
Moderator Emeritus

Re: Got two new credit cards (sock drawer) question

IME, most of my points (guessing 90%) have returned within 6 months (usually by the 5th or 6th) and the remaining by or at the year mark, assuming I didn't add anything new since that time. YMMV based on your credit profile, whether or not there was some rebucketing, change in AAoA, etc.

Message 3 of 4
Anonymous
Not applicable

Re: Got two new credit cards (sock drawer) question


@Anonymous wrote:

i got two new cards, low balances, $500 CL on each, $100 bal on each just so i can pay them off.  3 new CC total since december, 20% Util.  My two new CC just hit my report and i was wondering how long does it take my score to go back up after the "new credit shock"?  It only went down 3% so maybe next month or the month after?



Hi kyomagi,

 

With a 20% utilization on both cards, part of your score drop (if you're referring to a FICO score) is from the balances reporting.

To keep your FICO scores at their best, allow one card to report a zero balance and have the other card report less than 9% utilization.

You're likely to see FICO points as soon as your reports update with the new balances.

And you don't have to carry a revolving balance, pay it off over time, or pay interest ever - to keep FICO happy.  PIF is definitely the way to go!

 

Best wishes!

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