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Established Member
Posts: 21
Registered: ‎01-29-2017
0

My Fico score went down few points

Hey all

 

i just recently got a few cc's I always wanted. I'm on strict gardening mode now. But recent apps and approvals (4 to be exact) my fico score has gone down across there board from 4 pts to 10 pts. Any ideas when does the credit bounce back?

 

TIA

 

 

Valued Member
Posts: 37
Registered: ‎03-31-2017

Re: My Fico score went down few points

Generally new inquiries will lose their negative effects beginning around 6 months, then completely at 1 year.

 

After that, the only negative result from the new lines of credit will be average age of accounts, which will just increase over time as long as you aren't opening any new lines.

 

Congrats on the approvals. Smiley Happy

Total Credit Limit: $42,900 | Avg. Age: 13 months | Utilization: 22.66% | TU: 717, EX: 690, EQ: 669, Avg: 692
*Gardening as of 4/2017 until at least 9/2018*
Senior Contributor
Posts: 5,568
Registered: ‎04-11-2016

Re: My Fico score went down few points


Aset wrote:

Hey all

 

i just recently got a few cc's I always wanted. I'm on strict gardening mode now. But recent apps and approvals (4 to be exact) my fico score has gone down across there board from 4 pts to 10 pts. Any ideas when does the credit bounce back?

 

TIA

 

 


A lot of this answer depends on the age of your file and how thick it is.

 

Keep in mind, that 4-10 point drop was only for the inquiries if none of the actual new accounts reported yet.  Once the new accounts report and you have "new accounts" on your credit report your score will drop more from them and even more if your AAoA crosses a threshold.  I wouldn't be out of the question that your scores drop another 10-20 points once all 4 of those accounts report (if none have reported yet). 

 

I agree with the above response that within 6 months or so you should be about back to where you started.  Quicker if you have an older/thicker file.  I opened 4 accounts last summer and my scores were back to where they were before the spree in 4 months and higher than they were pre-spree in 5 months.  I have a pretty thick/aged file though so it was able to recover quicker than some others may have been able to.

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Established Member
Posts: 21
Registered: ‎01-29-2017
0

Re: My Fico score went down few points

Actually I'm messaging 2 months after and the new account except 1 are already reporting. You're right that's when the real drop came in after he accounts reported. For the inquiries I saw no difference all this time. I don't have a very thick file. AAoA is 3-4 years I believe. So I guess 6-8 months for me or maybe more. Thanks so much! I appreciate your answer. 


BrutalBodyShots wrote:

Aset wrote:

Hey all

 

i just recently got a few cc's I always wanted. I'm on strict gardening mode now. But recent apps and approvals (4 to be exact) my fico score has gone down across there board from 4 pts to 10 pts. Any ideas when does the credit bounce back?

 

TIA

 

 


A lot of this answer depends on the age of your file and how thick it is.

 

Keep in mind, that 4-10 point drop was only for the inquiries if none of the actual new accounts reported yet.  Once the new accounts report and you have "new accounts" on your credit report your score will drop more from them and even more if your AAoA crosses a threshold.  I wouldn't be out of the question that your scores drop another 10-20 points once all 4 of those accounts report (if none have reported yet). 

 

I agree with the above response that within 6 months or so you should be about back to where you started.  Quicker if you have an older/thicker file.  I opened 4 accounts last summer and my scores were back to where they were before the spree in 4 months and higher than they were pre-spree in 5 months.  I have a pretty thick/aged file though so it was able to recover quicker than some others may have been able to.


 

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