New account same lender score impact?

[Anonymous]

Hello,

 As I just added a new Capital One card I was wondering if I will still see a new account impact on my scores?

Or being that it is the same account with a added card not hurt?

I took a 7 point drop in my Experian today from the new Inq, do not know yet about TU and EQ.

Thank you!

[Anonymous]

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@Anonymous wrote:

Hello,

 As I just added a new Capital One card I was wondering if I will still see a new account impact on my scores?

Or being that it is the same account with a added card not hurt?

I took a 7 point drop in my Experian today from the new Inq, do not know yet about TU and EQ.

Thank you!

---

It sounds like you mean one of the following:

(A)  You have had a credit card for a while with Capital One.  Then, in the last few weeks, you added a second (different) card.  For example, maybe you had the Venture and then added the Quicksilver.

(B)  You have had a credit card for a while with Capital One.  Then, in the last few weeks, you requested another card (physical piece of plastic) on the same account -- no new line of credit.  For example, perhaps you added your wife to the existing account, so they sent a new card.

If (A) is what you mean, then it is not the same account,  It is a second, different account with the same creditor.  You will see the same FICO impact as if you added a new card with (say) Chase or Citi.

If (B) is what you mean, then you will see no FICO impact.  You do not have a new account on your credit report.  If it is a new user on your account, that person would experience a FICO impact.

[Anonymous]

It is "a" I had a QS then just got a Venture One.
I hoped that a new card with the same creditor would be the same account
Oh well, I am done for at least 8-12 months now anyway. I just hope the scores will recover in the next few months as I need a car now

Thank you for the answers.

[Anonymous]

Very welcome.  Have you ever had an installment loan before?

[Anonymous]

Yes, l have had a few car loans, used cars, never late, no issues at all. I have a mortgage but that has some dates on it, 30's, but that was mainly due to their poor processing department I mailed to. I now drive each time to pay direct, 60 miles.
The auto loans are from my CU, But I need about 10 more points and get back what I drop from the new accounts to get the best rate.

Thanks again.

[Anonymous]

Good luck.  Since you already have a good mix of credit (including happily some past auto loans with no payment issues) there's nothing to do except make sure you have no inquiries and no new accounts for a while.

One thing you might want to do is to create a spreadsheet that lists every account you have, closed or open, with the exact date it was opened.  If you do that, it's pretty easy to compute your exact AAoA down to a couple decimal places.  If you can do that, then that will give you an idea of when you might want to apply for the auto loan.  If you can see that on a certain month, you will be crossing over into a new integer value for AAoA (e.g. 4.95 to 5) then you might want to wait till you cross over.  Likely to experience some FICO boost.

And you probably know the various utilization tricks to squeeze a few extra points out of your score (in the 1-2 months before you apply): e.g. all credit cards reporting a zero balance except one, and that one balance being < 9% of that card's limit.

[Anonymous]

Thanks for the AAoA tip!
I never thought about doing that.

I do plan to pay off everything on cards but one small balance before the month I go for the car.

Thanks again, learned more things today .