12 New Accounts in July, How Long does It Take to Recover?

[Anonymous]

Ok, early to mid July, I opened up 12 new accounts, only 4 inquiries totaling over $28,000 CL.  Also I got a bump from Walmart 700 to 4,000!  As the new cards are being reported to the bureau, my utilization has dropped from 24% to 13% and will drop by September to 8%.  My Eq score has dropped as well a total of 18 points with 4 new credit cards left  to be reported.  I knew I was going to take a hit,  but it's still a downer when it starts happening.   I am gardening big time now, but my question is how long does it take before your score starts to rebound.   The age of my credit really didn't take a hit, I have accounts that are 25 years old in excellent standing along with a paid off mortgage in 2002.  Not one late pay,etc and I definitely not over extended.   Any one with any experience with this situation?  Thanks!

[Anonymous]

12 new accounts?  It will take about 6 months to a year.  STOP now and and let them age.

[Anonymous]

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@Anonymous wrote:

12 new accounts?  It will take about 6 months to a year.  STOP now and and let them age.

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Absolutely  I have stopped!  Just got caught up with all the approvals!! Now does this mean that I can continue to ask for CLI for the existing accounts that are due in the future?  Example, my Venture card will be  6 months old in October.  Is it unreasonable to expect a increase if I  ask?  Also will my score start going up gradually month to month?

[Kirmie2010]

Yeah same as above poster.  It may bounce up and down a bit but for anything to really stick it should take about 6 months and about a year for the other bump.  (Inquiries to fall off the reporting, accounts to reach 1 year of age and all of that good stuff)  Util going down may give a bump sooner though, but itll still be about a year.

*edit*
Not unreasonable to ask. Some companies let you ask earlier.   If its a HP, itll probably knock your score a few points for the inuqiry.  Its reasonable to expect an increase if your util on individual and overall is low, no new accounts.  (and no judgements/collections, sometimes those can block CLis for awhile it seems)

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

12 new accounts?  It will take about 6 months to a year.  STOP now and and let them age.

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Absolutely  I have stopped!  Just got caught up with all the approvals!! Now does this mean that I can continue to ask for CLI for the existing accounts that are due in the future?  Example, my Venture card will be  6 months old in October.  Is it unreasonable to expect a increase if I  ask?  Also will my score start going up gradually month to month?

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Yes, you can.  CLIs won't affect you negatively...  So as you garden and not apply for any cards, you are request CLIs..

[cem13]

I gained half of my points back after 6 months of INQs and the other half at the 1 year mark.  The INQ will stay on your report for 2 years but the affect will be little or none after 1 year.

The biggest drop to your score was the AAOA.  As the others have said, head to the garden NOW.  DO NOT PASS GO, DO NOT COLLECT $200.  Every month you stay in the garden, your AAOA grows by that amount.  I had a nice 10 point bump at 4 years AAOA.  Keep paying on time, keep UTIL under 10% and get a puppy to take your mind off your score.  You will be fine.

[Anonymous]

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@cem13 wrote:

I gained half of my points back after 6 months of INQs and the other half at the 1 year mark.  The INQ will stay on your report for 2 years but the affect will be little or none after 1 year.

The biggest drop to your score was the AAOA.  As the others have said, head to the garden NOW.  DO NOT PASS GO, DO NOT COLLECT $200.  Every month you stay in the garden, your AAOA grows by that amount.  I had a nice 10 point bump at 4 years AAOA.  Keep paying on time, keep UTIL under 10% and get a puppy to take your mind off your score.  You will be fine.

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Thanks for your input, makes sense.  Pay on time, no problem, Util under 10%, no problem at all now, and I have a beautiful Cockapoo, I will take her out more instead of her being on my lap as I'm on the Equifax online monitoring, LOL!  thanks again!

[Anonymous]

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@Anonymous wrote:

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Roseyk wrote: I'm hoping to start the new year off  with a stronger score, but it may take a little longer.  Happy to know that I can stay busy working on CLI's.  Thanks for your input!

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@Anonymous wrote:

12 new accounts?  It will take about 6 months to a year.  STOP now and and let them age.

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Absolutely  I have stopped!  Just got caught up with all the approvals!! Now does this mean that I can continue to ask for CLI for the existing accounts that are due in the future?  Example, my Venture card will be  6 months old in October.  Is it unreasonable to expect a increase if I  ask?  Also will my score start going up gradually month to month?

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Yes, you can.  CLIs won't affect you negatively...  So as you garden and not apply for any cards, you are request CLIs.

[Anonymous]

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@japakar wrote:

Yeah same as above poster.  It may bounce up and down a bit but for anything to really stick it should take about 6 months and about a year for the other bump.  (Inquiries to fall off the reporting, accounts to reach 1 year of age and all of that good stuff)  Util going down may give a bump sooner though, but itll still be about a year.

*edit*
Not unreasonable to ask. Some companies let you ask earlier.   If its a HP, itll probably knock your score a few points for the inuqiry.  Its reasonable to expect an increase if your util on individual and overall is low, no new accounts.  (and no judgements/collections, sometimes those can block CLis for awhile it seems)

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Thanks Japakar, I have a few old inquiries coming off at the beginning of the year...will end up with 10 by then.  I definitely will be able to keep utilization between 5 to 8 percent in a couple of months.  I will avoid HP  CLI.  Absolutlely no collections always pay on time, much more than minimum and a couple of times a month. I will garden hard!