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

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cbarret2
Contributor

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

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.

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3 REPLIES 3
Themanwhocan
Senior Contributor

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

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?





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 2 of 4
jamesdwi
Valued Contributor

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

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.

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 3 of 4
cbarret2
Contributor

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

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

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