credit score rebound after 36 poing hit for one credit card

[Anonymous]

I recently attained a credit card and took a 36 point hit on my equifax score with the fico model. Does anyone know how long it will take to rebound if I maintain a very low balance?

[Kostya1992]

However long it takes to restore your pre-app AAoA.

[Anonymous]

We can't really tell, because we don't know how thick your file is or what your starting scores are. If you have a thin file, being responsible with the extra rotating credit account will help offset the AAoA drop. If you have a thicker file, the drop won't take long to recover. Either way, I'd guess that you'll have recovered within 6 months, but I doubt anybody here knows for sure. 

[ojefferyo]

It very hard to say how quick or how long it will take, it all depends on what's on your "file." If you have many aged accounts the I would assume it should be fair quick within 6 months or so.

[Anonymous]

My pre app score was 764, minus 6 pts for the inquery, then minus 36 pts for the new account being added. My oldest account is 16 years and AAoA was 9.7 prior to the new account. Seems like a big hit for one account. Worse is, there will be another account added. Last week I opened an account at best buy to purchase a high end tv assuming the new account would help my scores.. after doing so, found out the tv is no longer available. so new account opened with $4K limit and no balance. Went accross the street to hhgregg and purchased similar tv. opened new account there = 5K limit and will have no or little balance in a month or so, although, opening  balance is $2100 bal. Only the latter account is being reported currently. Any advise would be appreciated..

[NRB525]

If your AAoA is that long, you should see a quick rebound. How long ago was any new account you last opened? Do you have any other accounts that have a currently open reporting balance? Since you have two new accounts just opened, that may be the double shock combining in one change.

You should also wait to see if the score rebounds, or if the other bureaus follow suit. It may be that in two months most of this is back to where it was.

Can you list all the credit accounts you have, limits and current open balances? That give everyone perspective for being able to provide more useful advice.

And welcome to the forums!

[Anonymous]

several older mortgages, a couple revolving accounts closed about 8 years ago, 1 auto loan 14 months old, 1 open credit card $500 limit / I keep at $10.00 bal to show activity- is 4 years old.. ALL paid on time no lates or any other negative. According to fico model, just prior to my best buy & hhgregg accounts, equifax = 760+ now is 722, transunion = 761 now is 756, experien = 746 now is 737..... Both inqueries are showing and the hhgregg is showing as a new account on all bureaus. No indication or notification of the best buy at all however, was approved and I received approval letter today. The best buy will eventually surface with a 4k limit and no balance.. the hhgregg is 5k limit and will start with a $2100 bal however, I will pay it off within  90 days. Any advise is appreciated.

[NRB525]

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@Anonymous wrote:

several older mortgages, a couple revolving accounts closed about 8 years ago, 1 auto loan 14 months old, 1 open credit card $500 limit / I keep at $10.00 bal to show activity- is 4 years old.. ALL paid on time no lates or any other negative. According to fico model, just prior to my best buy & hhgregg accounts, equifax = 760+ now is 722, transunion = 761 now is 756, experien = 746 now is 737..... Both inqueries are showing and the hhgregg is showing as a new account on all bureaus. No indication or notification of the best buy at all however, was approved and I received approval letter today. The best buy will eventually surface with a 4k limit and no balance.. the hhgregg is 5k limit and will start with a $2100 bal however, I will pay it off within  90 days. Any advise is appreciated.

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Is the hhgregg now on your credit report? If that is showing 40%+ utilization all of a sudden, that might account for the quick swing. You have only the $500 CC to offset that? If so, that overweights that new hhgregg (presuming it shows the open amount). If hhgregg doesn't yet show the 40% utilization, my guess doesn't work.