Credit Score Drop on average

MudkipsRKooL · ‎04-17-2020

I applied for 2 credit cards, my score went up slightly and now taking a nose dive. The 2nd card has yet to post til May. I'm already down 26 points, will i have more credit score drop then? Currently 752 to 747 after falling from 776 to 761. Been noticing I've in this credit bucket area of 740 to 760. Seems like credit age is only way to get pass 780 to 800 plus

Just wondering how much do you guys drop per new credit card. I was hoping I drop only 9-10 points per card only.

Mv350 · ‎04-17-2020

I'm sure higher tiered ficoers will chime in, but I'll shed some like. I am new account and INQ heavy. My scores haven't moved much lately due to new revolving, but my new auto loan dropped my EX 3 points.

Profiles have a lot to do with the changes. New accounts will gain the points back after 30 days or so, and continue until they are no longer "new" at 24 months.

AODFCU 3%CB Visa Signature $10,000 @9.99%

Langley FCU Cash Back Visa $7,500 @ 15.00%

Sold my soul for the Gold card, and was given a measly $666 VPSL

JR_TX · ‎04-17-2020

FICO Score has a varying effect on every individual as no credit profiles are exactly alike. nonetheless, in my case, my score drops around 4 total points with the HP and New account hit per. My AAoA is hovering around 5y6m and the only way I could keep it at that is to NO MORE than 2/12 max!

New cc TLs : 0/6 ; 0/12 ; 0/24 | HPs EX 3 EQ 3 TU 4 | AAoA 8y1m | UTIL 1% - 4% | $300K+ Total Limits

MudkipsRKooL · ‎04-17-2020

yea I've been noticing 2 cards a year is the best play here to not drop so much CS. Now I see why so many people love Amex if they can get only a soft pull for new cards.

Anonymous · ‎04-17-2020

thats seems alot, is this fico or fako score?

MudkipsRKooL · ‎04-17-2020

My experian dropped from 776 to 752. Transunion hasn't updated yet still at 801

Anonymous · ‎04-22-2020

No, that's not quite how it works. The algorithm classifies you into a scorecard (bucket) for scoring. One thing that causes scorecard reassignment (re-bucketing) is the presence of a revolver under 12 months of age.

Whether you get 1 or 10 cards, that new account penalty is gonna be the same and is gonna stay in place until the youngest revolver turns 12 months old, at least for version 8. (BTW, none of this occurs in a dirty profile.)

Now, does that mean there's no downside to getting 10 rather than 1? Of course not. As y'all know, you have the HP hits, Plus you have the AAOA hits, but to maximize score before your next round, always let that youngest turn 12 months. 10-30 points depending on profile.

So, if you get additional cards, there is no additional new account penalty, but an AAOA threshold could be crossed AND there is another separate penalty for too many new accounts opened in a period of time on some versions, but it would be a one time penalty too.

I wish I knew how many it takes to get that penalty....and I think I can go back and see....I may do that.

Hope this helps!

Anonymous · ‎04-23-2020

@MudkipsRKooL wrote:
I applied for 2 credit cards, my score went up slightly and now taking a nose dive. The 2nd card has yet to post til May. I'm already down 26 points, will i have more credit score drop then? Currently 752 to 747 after falling from 776 to 761. Been noticing I've in this credit bucket area of 740 to 760. Seems like credit age is only way to get pass 780 to 800 plus
Just wondering how much do you guys drop per new credit card. I was hoping I drop only 9-10 points per card only.

I've always had a 20 - 30ish credit score drop after uptaining a new credit card. The scores crept back up the months after. Credit age is not the sole factor to 780 and up credit scores. I've been bouncing from upper 780s to low 800s for two-ish years. All of my key factors affecting my FICO score says 'Length of time accounts have not been established.' What did the big boost to the low 800s club was growth in income and credit increases. My average credit age was 3-ish years and I still don't have a 5 year avg. age yet.

Anonymous · ‎04-23-2020

Yes utilization is much more important than age. Your credit limit increases reduce utilization resulting in a score increase, if thresholds are crossed.

Anonymous · ‎06-17-2020

I am trying to find out what the tiers are on the average before your rating goes up

is five years average age excellent or very good oir average or fair

where can I find this information?