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Contributor
migo13
Posts: 87
Registered: ‎08-17-2012
0

What will happen to my score?

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?

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llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: What will happen to my score?

How many CCs are reporting already?

Contributor
migo13
Posts: 87
Registered: ‎08-17-2012
0

Re: What will happen to my score?

[ Edited ]

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.

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: What will happen to my score?

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. 

Contributor
migo13
Posts: 87
Registered: ‎08-17-2012
0

Re: What will happen to my score?

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.

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llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: What will happen to my score?

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.

Valued Contributor
thom02099
Posts: 1,326
Registered: ‎08-30-2011
0

Re: What will happen to my score?


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.


+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. 

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014

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