Hey guys, I just signed up to his forum after looking around for a couple months. I know a little bit about credit and trying to build a better credit score.
Well, my questions is, how long does it take for a CK score to rebound after opening a new account? I started building credit this year in July with a PNC secured card. Up until my next line of credit I opened, I had a score of around 728. In the last week of September, I opened a Amazon store card with 400 limit. Then it dropped by around 13 points or so.
Today, CK told me there was a new notifications and my CK score dropped to 651, a decrease of 62 overall!. However, I do have:
3 Hard Inquires, 1 of which is expiring soon in July.
Utilization for PNC always under 30%.
Apparently, the Amazon Store Card is already reported, and is at 9% util.
Overal Utilization is 12%.
I know my accounts are very new, so the AAoA is now only 1 month. I always have had good payments, always on time. No bad marks.
So I'm guessing, about a year of on time payments, low utilization, hard inq drop off, etc. my score will rebound? And if anyone could give me an estimate that would be great. BTW, I am only 19 turning 20 in Feb, so I'm pretty new to building Credit!
