It's hard to put an exact number on it so my guess would be... not much, 2 to 5 points, you'll likely take another hit when a new account shows up on your file for several more points. If you're not looking at a mortgage in the near future I wouldn't even care about the point hit as you'll likely gain it all back within a few months (3 to 6)
Everybody is different; some folks can be as few as 5-10 points overall, others, myself included, it can be much higher than that.
Case in point, a year ago my three FICO 8 scores were all in the 835-845 range, I applied for one new credit card and my scores dropped into the 812-818 range; two months later they recovered a bit into the 822-830 range.
@oldrocker1967 wrote:Hi Horsehoez:
Thanks for the fast reply.
Sorry about the drop and time frame to get back to the original point.
It seems even if folks use credit responsbily they can still take a hit, even though they are not changing the habbits of small use of credit, paying on time, and in full.
Enjoy the evening,
Old Rocker
Yes, FICO scores are much more nuanced than just using credit wisely. As I mentioned above, year ago my scores were all up in the mid-800s, then I applied for a new card, then I bought a new car, and then I applied for a second new card; my scores are now in the 770-790 range; they will certainly recover by the end of the year, but any movement in your credit picture will certainly ding you a few points.
I lost 25 (Experian) 32(Transunion) points when the account hit credit bureaus. Equifax just a couple points. My signature is current.
@oldrocker1967 wrote:Hi there:
A question about appyling for a new credit card. I currently have an 808 FICO Score, never use more than 2 percent of credit a month, and pay everything in full.
I possess two credit cards and the responsibility of the montly car payment. No late payments the past 12 years.
If I were to apply for a new credit card how much of a drop would I see in the FICO Score and if I continue to pay on time, in full, and not go over 2 percent usage, how long before the score would revert to the present 808?
Thank you for your time,
Old Rocker
My guesstimate is that your FICO 8's would lose around 10 points, your mortgage scores would lose around 15, and you'd have the points back in 3 or 4 months.
