How much score drop?

[Red1Blue]

How much score drop I would see once my new accounts report?

Auto loan - 24k

Credit Card - 22k

Credit Card - 1k

[llecs]

When was the last time you added any new accounts outside of these three?

[Red1Blue]

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@llecs wrote:

When was the last time you added any new accounts outside of these three?

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Every other month or every other week.

[larinoriani]

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@Red1Blue wrote:

How much score drop I would see once my new accounts report?

Auto loan - 24k

Credit Card - 22k

Credit Card - 1k

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Hard to tell with the information provided, so many factors involved. If you provide with the scores before the apps and a brief summary of what's on your report and for how long, we can maybe give you an estimate.

Taking a wild guess though, supposing you have no baddies and low UT, I would say about 30-40 points hit. Of course, the scores will rebound quickly, provided you keep a good payment history.

[avv7c0]

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@larinoriani wrote:

Of course, the scores will rebound quickly, provided you keep a good payment history.

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When you say "quickly", what does that mean?

[larinoriani]

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@avv7c0 wrote:

When you say "quickly", what does that mean?

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Scores receive a hit or "ding" due to the inquiry(ies) and the new account(s). Meaning they decrease considerable at first. By quickly, I mean, they return to "normal" in two to three months, if nothing bad has happen to the rest of the file.

I.E. If you apply and get approved for a new CC today and your current score is let say 740; next month it ill reflect the "hit" of the inquiry and the new account and probaly is going to be arounnd 720, but in march or April will come back to the 740, or probably a little more if the CL help your UT.