New Credit card + New Auto Loan = 40 Point loss on EQ Score

[GLIGUY23]

This month both my New Credit Card Finally reported + a new Auto Loan which resulted in a 40 point loss.

The new Auto Loan I am sure I cant do much to regain those points but to pay the car loan and regain the points over time.

The Credit Card is a secured card ($300) and reported a high balance for the first statement. I paid it off before the due date and the next statement is reporting a balance of like $16 so hopefully when this reports I should see a significant increase in points on my EQ file...

Is a 40 point loss normal?

[llecs]

I've lost an average of 20-25 pts per new account. Certainly is possible, especially if your AAoA dropped.

[GLIGUY23]

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@llecs wrote:
I've lost an average of 20-25 pts per new account. Certainly is possible, especially if your AAoA dropped.

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How long will it take to recoup those points? 

And will keeping utilization low on the credit card help regain those points any faster? 

Average Age of accounts is still the same from when my score was a 697 if I am looking at the info on my report correct.  It says average age of account is 6 years when it was a 697 and says the same with a 655.

Message Edited by GLIGUY23 on 06-03-2009 09:40 AM

[Anonymous]

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@GLIGUY23 wrote:

This month both my New Credit Card Finally reported + a new Auto Loan which resulted in a 40 point loss.

The new Auto Loan I am sure I cant do much to regain those points but to pay the car loan and regain the points over time.

The Credit Card is a secured card ($300) and reported a high balance for the first statement. I paid it off before the due date and the next statement is reporting a balance of like $16 so hopefully when this reports I should see a significant increase in points on my EQ file...

Is a 40 point loss normal?

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Haven't taken a haircut like this but I have seensome loss on scores when new accounts hit. Just pay it down and over time maybe six month to a year it will all be back or most of it anyway.

King

[GLIGUY23]

So I figured out what happened. The Auto Loan was not reporting only the Credit card. I jumed the gun a bit.

My EQ score did lose 40 points tho.

My New credit card did start reporting but reported a HIGH Balance 300 Credit Limit / 0 Available Balance. There was an update done today and it shows my  $350 Credit Limit and $334 Available which appears to have raised my Fako on CCT. hopefully in a Few days Scorewatch Updates and maybe I can recoup some of those points. 

The Auto Loan started reporting on EQ and TU and the point loss was minimal. 5 points if that. According to My Fico Site.

Message Edited by GLIGUY23 on 06-05-2009 09:33 AM