New student loan account

[tengtengvn]

Hi!

I applied for a student loan with Wells Fargo last 2 weeks. I checked my score yesterday, it dropped 13 points. Is this possible and how long does it take for my credit score go back to what it was?

Thanks!

[llecs]

Welcome to the forums!

I take it you believe the new SL caused the drop? Very possible if you have other open installment loans on your CR. FICO doesn't like to see new TLs. The score can drop because your avg. age takes a hit with the new TL and FICO will also ding for any new credit. However, any damage is short-lived and you should regain most, if not all, of those points within the new few months. As an example, I usually see an avg. drop of 20-25 points with each new CC I add.

Also take your last FICO report and compare it with the latest one you pulled to look for any differences. Utilization could have easily dinged it as well.