New credit ding?
01-04-2013 10:51 AM
I did some searching and found a few older threads with varying opnions on this one, but if memory serves, I think I remember a penalty of sorts negatively affecting one's Fico score for some time after opening a new account.
As it's been about five months since I last opened an account, I'm hoping for a score bump sometime next month...
Does that sound right?
Last app 08/08/2012. App free in 2013!
Current Scores: EX 665 (FCR) TU: 668 (Wally) EQ: Your guess is as good as mine.
Zero percent financing is where the devil lives...
Last app 08 Aug 12. Next app 01 January 2013.
Re: New credit ding?
01-05-2013 09:15 PM
Your ding on your score has to do with a few things. First of all it is a credit inquiry, having those will lower your score. Second, New accounts lower your account age average. Lastly If you carry a balance it could lower your score due to Credit Utilization. So to say it will come right back on a set time frame is hard to say. After I have opened accounts it has taken between 6 months to a year to come all the way back! My credit history is long so a new card doesn't afftect my credit age much. If you are new to credit then a new cc could cut your age in half.
My opinion around 6 months you should start to see the increase again.
Hope that helps!
Good Luck
Re: New credit ding?
01-05-2013 09:20 PM
+1 Typically you will see an initial ding, however it's necessary to develop new positive TLs that will allow your scores to grow.
Starting Score: 504Current Score: EQ FICO 819, TU08 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
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Re: New credit ding?
01-06-2013 05:08 PM
FWIW, I applied for 2 cards last July 30 and added some additional debt as well as lowered by utilization %. My Equifax score went from 800 to 761. It was only last week that my score started to come back up and even then it was 1 measly point.
I expect it will take most of the year to bounce back.
