4 New Accounts In Sept - Will My Ficos Plummet?

[jbh]

Hey,

I am afraid to check my ficos since I have 4 new accounts (One is a cc, other is store - best buy -, other is care credit and papyal buyer credit)

Do you think it will take at least 6 months for my scores to be where they were pre-accounts? I needed to give my file more accounts, so it's worth it. I just wonder if anybody has seen a SIX month recovery as oppossed to one year.

Thanks.

[haulingthescoreup]

In fact, many people see recovery in as little as two or three months. This depends on whether their credit profile "needed" more accounts, and how many new cards were gotten.

With four cards, 6 months might be very reasonable.

Do you know what the change in your average age ( AAoA) was?

[jbh]

I had one old paid auto loan and 2 cc's with 9 months and 4 months of history at the time

(plus a few ca's about to fall off)

Average age of account was 2 years 6 months with oldest being 9 years as of may 2009 

So it's now about a year on average. I figure since I have a few ca's I can wait to fall off and I was 640 EX - 648 TU and 682 before apps/accounts, I can still be ok by April if I clean up the reports. I just wasn't sure if there was a rule that it will take xyz months before it recovers. I always fear that fico scores are like turtles...slow to move.

[laz98]

i just opened several new accounts too.  i will wait to pull new FICOs until possibly the end of december, early january.  that way all of them have definitely shown up on my reports.  so far, only 1 in 6 has.  i know this will hurt my scores initially, but the points i will get from the UTIL drop will offset that.  i don't NEED a high score right now, i would just like to see it go up! 

[GFer]

I opened 4 new accounts in April and 3 in July. With the 1st two accounts I gained  a few points. Then my scores plummeted (down almost 80 pts) mainly because of drop in AAoA along with all the inquiries. My AAoA was 8 and went to 5. I'm guessing that's what hurt the most.

But it's been 6 months on the 1st accounts and I'm seeing my scores starting to climb again. For awhile there they were pretty stagnant.  But I'm in it for the long haul and read this would happen. But according to simulator I'll be pretty much set (providing I keep doing what I'm doing) in the next couple of years. So, ultimately, it was worth it to me.

[jbh]

Checked TU and after a month, 4 new accounts and 2 new inquiries led to a drop of only 6 points. Average age of accounts was about 2 years to 1. Surprised to see such a small drop, I was expecting more. So if I just lose the ca's...I might have a chance, yet