Understanding FICO® Scoring

[migo13]

I was recently approved for a NFCU Platinum with 10k limit and a $25K Career Starter Loan (Unsecured) from USAA. Will my score go down because of the loan? Or will it be a wash since I'm adding the credit card?

[llecs]

How many CCs are reporting already?

[migo13]

Total of 7 TLs:

- 2 AMEX

- 4 CCs (2 of them are Store Cards)

- 1 AU on CC

This new CC will be my highest limit aside from the account I'm an AU on.

[llecs]

What will this new card do to your revolving util? By how much will util drop when it reports?

Will your AAoA be impacted when this CC is added?

Util and AAoA aside, IME, I've typically lost 20-25 per new TL. Some of that has been offset with improvements in util. 

[migo13]

Utlilization will not drop, it's already below 1% (I PIF).

Not sure if my AAoA will drop, I think I'm sitting at about the 3-5 year mark.

Guess I'll have to wait until they start reporting.

[llecs]

I predict a low double-digit loss. It won't help util. It may or may not hurt AAoA, but there's be the new credit ding. Mix isn't impacted. Maybe 10-20 assuming you don't have any other new credit in the past year or so. Any loss will go away in a year or less.

[thom02099]

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llecs wrote:

I predict a low double-digit loss. It won't help util. It may or may not hurt AAoA, but there's be the new credit ding. Mix isn't impacted. Maybe 10-20 assuming you don't have any other new credit in the past year or so. Any loss will go away in a year or less.

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+1 !

Ding for the inquiry and the new tradeline, but rebound probably in 6 months to likely +5 to where you were before.  I usually take a 10 pt ding for each new TL, but get an ultimate 15 pt rebound after a few months of reporting.  YMMV.