topic How long before I see another increase in credit score from my new credit card? in Credit Cards

How long before I see another increase in credit score from my new credit card?

cbarret2 — Sat, 30 Nov 2013 15:35:13 GMT

I applied for a Bank of America credit card and got instant approval for a credit card with a CL of $700. I was surprised how fast they reported to the credit bureaus (about 3 days). I saw about a 14 point increase just for having a new credit card on my credit report.

EX = 689

EQ = 656

TU = 653

I have 9 credit accounts all reporting as paid as agreed. No negative information on my credit report. I have been managing credit for 1 year.

Re: How long before I see another increase in credit score from my new credit card?

Themanwhocan — Sat, 30 Nov 2013 16:15:08 GMT

Well, your credit score doesn't increase merely by applying for more cards. If anything, applying for credit cards will push your score down for a while. Depending on how negatively the new card affects your Average Age of Accounts, your utilization (both total utilization, and individual card utilization), plus the ding for recent credit inquiry, ding for recent new credit line, etc, etc. Well, its complicated...

Basically, if you want to see your credit score increase, you need to make no mistakes (ie, always pay in full and on time, etc) and stop applying for new lines of credit. That will let the inquiries age, will get rid of the ding for recent credit, and will increase your Average Age of Accounts.

By the way, exactly what cards do you have, what are each of their limits and how much are each being utilized? And when did you obtain each one?

Re: How long before I see another increase in credit score from my new credit card?

jamesdwi — Sat, 30 Nov 2013 16:21:16 GMT

if everything else remains the same you will see another increase at 5-6 months when the new account and INQ age, beware new accounts don't always increase your score, the more you get the more likely it will decrease your score. May be time to garden for 6 months and then try for a prime card such as an AMEX charge (PRG is a good starter card, good rewards AF waived for the first year) and perhaps a chase freedom card.

Re: How long before I see another increase in credit score from my new credit card?

cbarret2 — Sat, 30 Nov 2013 16:39:31 GMT

I have 4 student loans, 1 credit card, 1 store card, and 3 closed accounts.

Student loan 1 = $3,498

Sep 27, 2012

Student loan 2 = $5,998

Sep 27, 2012

Amazon.com Store Card (CL = $600, util = 2%, balance = $32)

Apr 28, 2013

Student loan 3 = $4,506

Aug 15, 2013

Student loan 4 = $3,000

Sep 4, 2013

Bank of America (CL = $700, util = 0%, balance = $0)

Nov 25, 2013

3 closed installment accounts closed within a month of opening.

Credit Union loan account 1 = $100

February 2013

Credit Union loan account 2 = $500

September 2013

WebBank/Fingerhut = $33

October/November 2013