Hi all,
I recently had two new accounts post to my EQ report, showing an Opened date of 12/2011. One is a revolving credit card, the other is a dept store charge card. My EQ report also shows the HP for the credit card in 12/2011, and 2 additional HP's for declined apps for two other credit cards in 7/2011 and 1/2012.
My report says my "Amount of new credit" is "Not good".
I pulled my EQ report on 12/1/2011 and my oldest account was 18 yrs, 3 mos. and my AAoA was 6 yrs (nearly 7). After an old baddie fell off (early!) and I added the two new accounts (still have that 18 yr old account, thankfully!), my AAoA is now just over 5 yrs, which I think may have also prompted the "Not good" rating for my Amount of new credit--though I'm pretty certain that an AAoA of 5 yrs is still not bad at all.
I know the general consensus is that HP's lose most/all of their affect on your credit score after a year on your report. But what about the negative affect of having new opened accounts? Will the negative affect of having the new accounts wear off after 6 mos.? A year? How likely is it that the drop to 5 yrs AAoA has a negative affect on my score?
I'm in the gardening mindset, just curious how long it will be before I see the effect of these new accounts and inquiries decrease.
Thank you!
FICO 8: EQ 846 / TU 836 / EX 832
AMEX Platinum / BofA Cash Rewards Visa Sig $99,900 / Chase CSR $43,400 / Citi Double Cash $39,600 / AMEX EveryDay $30,000 / Discover It $26,000 / Gemini $25,000 / JetBlue $25,000 / Chase Freedom Unlimited $22,500
