I just saw a big drop in TU FICO scores today from 662 to 638 after recent apps (CSP, Citi AAdvantage Gold, AMEX- Delta & PRG all last week). I'm expecting another big drops in scores all across after Citi & CSP TLs starts reporting (probably next month?), I just want to get a clue how long it takes for a big climb again in scores.. Any thoughts? I'm done app'ing for the next year or so, so I'm letting these greats cards age. My current util is 5%, AAOA (with new cards) will be down to 10months or so. Any input would be greatly appreciated!
@Anonymous wrote:Also, are you sure some of that drop wasn't because of new accounts and reduced AAoA?
Probably right, nearly all of my new cards (in my signature) started in late June, and I started cloing my old cards (orhcard/crdit one/premier bank x2) opened in early 2012. And the recent 2 prime cards (Citi/CSP - sept 13) have not reported yet, so I'm expecting a bigger score drop. I'm sure the scores will go up, just wanted to know the timeframe to reach 700+ club.
@JSS3 wrote:I'm still confused about this; specifically about it having an effect for up to six months. Don't your scores drop (only) once when a new account appears? You lose points and some account history when it does appear, ok...but then you continue to lose more over that one new opening for six more months? And this is even as you're keeping your utilization low(which is easier since you have more available credit)?
I originally thought you open an account. Lose a few points from the hard inquiry. Then lose some of your account history. Once your utilization is lowered, then your scores start to climb back up. No?
I think you're right, shouldn't be confused about anything. I think you lose points upon inquiries (few per INQ- in my case I have 8-10 since June, 6 new TLs showing up since June). I'm assuming that my TU scores were hit due to the fact that I had one of my CC to report a balance which led my utilization gone up to 14%, plus the new INQs from app'ing CSP & Citi & AMEX last week. Well, when my new TLs (CSP, Citi) appear on my report next month or so, I should expect another huge drop in scores. This is all my guess from reading previous threads about score drops & etc.
@JSS3 wrote:
@yudeology101 wrote:
@JSS3 wrote:I'm still confused about this; specifically about it having an effect for up to six months. Don't your scores drop (only) once when a new account appears? You lose points and some account history when it does appear, ok...but then you continue to lose more over that one new opening for six more months? And this is even as you're keeping your utilization low(which is easier since you have more available credit)?
I originally thought you open an account. Lose a few points from the hard inquiry. Then lose some of your account history. Once your utilization is lowered, then your scores start to climb back up. No?
I think you're right, shouldn't be confused about anything. I think you lose points upon inquiries (few per INQ- in my case I have 8-10 since June, 6 new TLs showing up since June). I'm assuming that my TU scores were hit due to the fact that I had one of my CC to report a balance which led my utilization gone up to 14%, plus the new INQs from app'ing CSP & Citi & AMEX last week. Well, when my new TLs (CSP, Citi) appear on my report next month or so, I should expect another huge drop in scores. This is all my guess from reading previous threads about score drops & etc.
This is what I thought, but I've read posts stating it has an impact for 6 months then virtually no impact at a year. It's seemingly the case despite your utilization(albeit having a higher one hurts it more). Just the fact that you've had an inquiry, you'll be paying for it up to 6 months afterwards...?
bump?
