New Card

[Anonymous]

I'm very new to the credit world, and especially the monitoring aspect of it.  Very interesting.

I just activated a new Cap 1 card with a small CL. I have another Cap 1 card with $1500 CL which I

think they're about to increase.  My question is:  How long will it take for this new card to affect my FICO,

and how will it affect it? Thanks.

Mike (griffss)

[Anonymous]

I guess I should add that my current FICO score is 734. Thanks for any input.

Mike (griffss)

[llecs]

The new credit should ding you but most of that would wear off within 6 months and you probably won't see any score damage beyond one year.

ETA...if these are your only two cards, then you should actually see an initial increase followed up with gains by 6 months through the year.

Message Edited by llecs on 12-28-2009 05:02 PM

[Anonymous]

Thank you

[RobertEG]

Be very careful how you use a low CL card.  It is easy to drive its % util up very high with only normal purchases. 

Of course, the added CL, even though small, with improve your overall % util, but FICO also scores on % utill of individual cards, and on the number of cards as a percent of total cards that carry any balance at the end of the month.

The new inquiry made to grant the card may intiially ding you by up to ten points, but this goes away entirely after 12 months.

The inquiry will probably post to your CR before the new account shows.

[Anonymous]

Thanks RobertEG.