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How long does your score take to go up after a new account is opened

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vinster95
New Contributor

How long does your score take to go up after a new account is opened

My Capital One card I just got at the end of April just reported for the first time. My FICO score went down lke 21 points, and my Vantage score went down like 11. And that's with a lower overall UTL reporting as well. How long do scores typically take to bounce back to where they were after a new account is opened?

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10 REPLIES 10
SouthJamaica
Mega Contributor

Re: How long does your score take to go up after a new account is opened


@vinster95 wrote:

My Capital One card I just got at the end of April just reported for the first time. My FICO score went down lke 21 points, and my Vantage score went down like 11. And that's with a lower overall UTL reporting as well. How long do scores typically take to bounce back to where they were after a new account is opened?


It depends on a number of variables.   When I was in heavy account acquisition mode, and my aging factors were always bad, the scores usually came back in 3 months or so.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 706 TU 714 EX 715

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vinster95
New Contributor

Re: How long does your score take to go up after a new account is opened

Oh wow. I'm surprised it takes that long. Good to know. Thanks! 

Message 3 of 11
SouthJamaica
Mega Contributor

Re: How long does your score take to go up after a new account is opened


@vinster95 wrote:

Oh wow. I'm surprised it takes that long. Good to know. Thanks! 


It could take much longer.

 

E.g., I am presently in the scorecard for those whose age of youngest account is 12 months or greater. If I were to add a new card now, in addition to losing points the ordinary way -- inquiry, lower average age of accounts, reset of age of youngest account -- I would probably lose 30 points or so, because I would be removed from that scorecard. And it would take me around a year to get the points back.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 706 TU 714 EX 715

Message 4 of 11
CreditPoor
Regular Contributor

Re: How long does your score take to go up after a new account is opened

I find it best to always keep one account less than 12 months old. Using this method I can add 2-3 accounts every 6 months and suffer zero point loss because I've already been dinged. Just added 3 new accounts and took zero damage and my scores remain 790's across all three bureaus. It could also be that I have a thicker file. 16 revolvers and 3 loans. Oldest account is 13 years and youngest is now 1 month with average age at about 1.7 years

Message 5 of 11
Thomas_Thumb
Senior Contributor

Re: How long does your score take to go up after a new account is opened

If you have no revolving accounts less than 12 months age and then open a new account, score is typically penalized for 12 months. There may be some fade in penalty at 3 and/or 6 months but, don't count on it.

 

You can permanently stay in the penalty box by always having a revolver under 12 months age. Then you likely won't see a score drop opening a new account. Of course, that limits your score potential.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 6 of 11
Baha3
New Member

Re: How long does your score take to go up after a new account is opened

I have noticed around 2-3 months for score to bounce back up, and usually it bounces back higher than before, especially if you are increasing your overall total credit limit 

Message 7 of 11
FlaDude
Valued Contributor

Re: How long does your score take to go up after a new account is opened


@Baha3 wrote:

I have noticed around 2-3 months for score to bounce back up, and usually it bounces back higher than before, especially if you are increasing your overall total credit limit 


Increasing your total CL does not increase your score unless you carry enough balances that it significantly lowers your total util.

Scores: March 21 FICO 8: EX 810, TU 808, EQ 813
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Freedom Unlimited, Chase Amazon, Chase CSP, Chase United Explorer, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Chase car loan (35k/6yrs 0.9%)
Message 8 of 11
FicoMike0
Established Contributor

Re: How long does your score take to go up after a new account is opened

I've been in the penalty box for 18+ months, but it's not intentional! I'm a sub junkie! Is there a support group?

Message 9 of 11
Thomas_Thumb
Senior Contributor

Re: How long does your score take to go up after a new account is opened


@FicoMike0 wrote:

I've been in the penalty box for 18+ months, but it's not intentional! I'm a sub junkie! Is there a support group?


There was but it disbanded when the new MyFICO structure was rolled out. It was the gardening club. Now you have to get a grip solo.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
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