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Hi! I got kind of carried away and applied for many credit cards in one year. It did drop my score a good 60 points.How long will it take to bounce back??
Brigite Grisanti
I am new to this forum and credit repair but I believe it is 12 months, you should garden. You can find information about gardening here. Just out of curiosity what are your scores and what cards did you get?
According to Credit Karma, I have 12 inquiries in 2 years and I have an "F" grade for inquiries. So I will assume that 20 in 1 year is frowned upon.
@brigitte-grisanti wrote:Hi! I got kind of carried away and applied for many credit cards in one year. It did drop my score a good 60 points.How long will it take to bounce back??
Brigite Grisanti
Assuming nothing else changed on your reports, the loss would be due to the new credit ding, likely impact to your average age of accounts, and possibly increased CC utilization if any of these are reporting a balance. As mentioned, garden. Let what you have age for a year or two and inside a year, most of those points will return. Possibly all could return if your AAoA didn't take a beating. Also pay down any balances. Ideally, get all to report $0 except for one and get the one to report under 9% of the CL.
@llecs wrote:
@brigitte-grisanti wrote:Hi! I got kind of carried away and applied for many credit cards in one year. It did drop my score a good 60 points.How long will it take to bounce back??
Brigite Grisanti
Assuming nothing else changed on your reports, the loss would be due to the new credit ding, likely impact to your average age of accounts, and possibly increased CC utilization if any of these are reporting a balance. As mentioned, garden. Let what you have age for a year or two and inside a year, most of those points will return. Possibly all could return if your AAoA didn't take a beating. Also pay down any balances. Ideally, get all to report $0 except for one and get the one to report under 9% of the CL.
That llecs guy kind of knows what he's talking about. Garden, garden, garden. Those Inqs will age off and the TLs will age strengthening your CR. It just needs a little time.