New cards and FICO drop

[CS800]

In the past 2 months, I have added about 5 cards to my credit. I did take a hit on EQ and TU and EX.

The hit was on average 20 points.

Question is how long will it take me to gain these points back assuming everything else stays the same?

[llecs]

IME, I've also lost about 20-25 on average when adding a new account. I've seen most (about 75%) of my points returned within 6 months from the open date and the remainder by a year from the open date. I also found that if I add new CCs, then that takes back some of those points and the cycle continues. YMMV on your credit of course.

[CS800]

So i could gain back the 20 points in a year which would put me where I was. Could i gain more than the 20 points? I guess thats a YMMV.

[MarineVietVet]

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@CS800 wrote:

So i could gain back the 20 points in a year which would put me where I was. Could i gain more than the 20 points? I guess thats a YMMV.

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Remember you'll also have a year of aging on all your accounts which will help. That is if you don't apply for anything else.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[CS800]

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@MarineVietVet wrote:

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@CS800 wrote:

So i could gain back the 20 points in a year which would put me where I was. Could i gain more than the 20 points? I guess thats a YMMV.

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Remember you'll also have a year of aging on all your accounts which will help. That is if you don't apply for anything else.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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I'm done applying. Just need to let them age.

[dalasdon]

I was doing a score simulator, i have a 591, and says that adding a new credit card with 1000 balance would increase about 50pts.  of course im not expecting the 50 pts, but how much should it go up?

[haulingthescoreup]

Potential hits:

1. There's the potential new account ding: presence of a new account. I think it's the presence of an account <6 months old, per my own reports, but that's very much a guess. Most people's scores drop when they move into this very temporary bucket, although some people's scores go up, depending on what else they have on their reports.
2. There's the potential inq ding: the inqs for the new accounts may or may not hurt, depending upon what you already had. Inq dings last for 12 months, with no fade in impact, despite what everyone believes, per a Good Authority.
3. There's the potential change in AAoA ding: if your AAoA is lowered enough to fall into a new category (i.e., under 2 years, under 5 years, etc.), your score might change. It could go up or down, again depending on what you have. Once your AAoA goes back up into the next tier, this will no longer affect your scores, other than it will take that much longer for your AAoA to advance.

This post is in reply to all the previous posts. In other words, no tellin'. When I added a card recently (the Navy card, maybe?), my scores went up, because at that point, I compared more favorably to the new account crowd than my original crowd. At some earlier point, adding a new card dropped my scores, because I looked better as an established credit person than as a new account person, I guess.

Go fig.

edited to fix incorrect algebraic symbol

[vanillabean]

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@haulingthescoreup wrote:

Potential hits:

1. There's the potential new account ding: presence of a new account. I think it's the presence of an account <6 months old, per my own reports, but that's very much a guess. Most people's scores drop when they move into this very temporary bucket, although some people's scores go up, depending on what else they have on their reports.
2. There's the potential inq ding: the inqs for the new accounts may or may not hurt, depending upon what you already had. Inq dings last for 12 months, with no fade in impact, despite what everyone believes, per a Good Authority.
3. There's the potential change in AAoA ding: if your AAoA is lowered enough to fall into a new category (i.e., under 2 years, under 5 years, etc.), your score might change. It could go up or down, again depending on what you have. Once your AAoA goes back up into the next tier, this will no longer affect your scores, other than it will take that much longer for your AAoA to advance.

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Just stumbled across this interessant reading (thanks to OP for bumping it to the top). I agree with most of it (especially that a new account by itself dings for less time, half a year, than the inquiry), and if you give me about ten more minutes, it might grow on me, so I'll agree with the whole thing (that an inquiry dings fully for a full year).

[RobertEG]

+1

Just to add to the excellent list provided by HTSU, it gets even more nebulous, as it might also affect other categories, such a util.

Each new revolving adds to the number of CCs that could potentially report (or not report) a balance, and thus effect your % reporting balance calc.  That gives increased no. of cards, so could help.  Additionally, low CL new cards have the tendency to be viewed as OK if the balance is relatively low, but could in fact have a high individ % util, thus effecting the individ cards % util scoring.  It goes on and on.......