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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?
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).
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.
@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!