New account score change.

[Anonymous]

Since many of us are always interested in how new accounts impact our scores I will share my last score change.

No INQ was added to either EQ or TU. Once the new account hit EQ 12-10-10 my FICO score dropped 1 point! Once the new account hit TU 12-11-10 my FICO score dropped 0 points! EX has the INQ and the new account and FAKO score dropped 5 points. 

I am sure YMMV according to your credit profile but this was my latest experience with new account being added.

[fused]

Interesting!

Losing one point with EQ and 0 points with TU is great. Depending on your reports and FICOs, I might have expected bigger drops in your scores. Can you share your scores and info on your reports?

length of credit history, including your AAoA

before this new account, when was the last time you apped

[vanillabean]

I take it a low util on the card offsets the loss of points from reporting it as new credit?

Something sort of similar happened to me recently. Due to a refinance, the old loan has now been closed. I guess the lack of mortgage debt offsets the lack of installment mix.

[Anonymous]

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@fused wrote:

Interesting!

Losing one point with EQ and 0 points with TU is great. Depending on your reports and FICOs, I might have expected bigger drops in your scores. Can you share your scores and info on your reports?

length of credit history, including your AAoA

before this new account, when was the last time you apped

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Pulled EQ 12-2-10 FICO score 809.... ScoreWatch Alert 12-10-10 new account added FICO score 808

Pulled TU 12-2-10 FICO score 799.... Pulled TU FICO again 12-11-10 since new account updated here also no FICO score change.

AAoA is at 4 years 10 months

1 INQ's in last 12 months

4 INQ's in last 24 months

[Anonymous]

I added three CC accounts three months ago. Previous EQ FICO with three cards and $1000ish reporting: 777. Now: between 743 and 758 (the higher one is achieved only if I have two accounts with balances and below $300 reporting). I guess it'll take a year for the scores to recover. I also have three inquiries on my reports. It's quite a drop!

[fused]

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@Anonymous wrote:

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@fused wrote:

Interesting!

Losing one point with EQ and 0 points with TU is great. Depending on your reports and FICOs, I might have expected bigger drops in your scores. Can you share your scores and info on your reports?

length of credit history, including your AAoA

before this new account, when was the last time you apped

---

Pulled EQ 12-2-10 FICO score 809.... ScoreWatch Alert 12-10-10 new account added FICO score 808

Pulled TU 12-2-10 FICO score 799.... Pulled TU FICO again 12-11-10 since new account updated here also no FICO score change.

AAoA is at 4 years 10 months

1 INQ's in last 12 months

4 INQ's in last 24 months

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My scores are like yours, and I'm surprised you didn't take more of a hit. How much did your AAoA change with this new account, if anything?

[Anonymous]

Was very little change of a few months, I had just hit 5 years before this reported. 

EDITED to add UTIL is at 1% presently.

[android01]

I recently applied (and was approved) for a new credit card  which was the first time in at least ten years.  EQ was pulled. and my score dropped by 18 points from 760 to 742.  My util is reported right now as 20% although next reporting period itshould go down to <5.  The unfortunate thing I'm discovering is that the new B of A Power Rewards Visa I got does NOT report the credit limit, but only the high balance, which may **bleep** up util moving forward unless I do some kind of shuffle and max it out and repay it immediately, or I can get B of A to report the limit.  I should have read about "Signature" cards before applying......    

[fused]

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@Anonymous wrote:

Was very little change of a few months, I had just hit 5 years before this reported. 

EDITED to add UTIL is at 1% presently.

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Now it makes sense. Your AAoA didn't change much and there wasn't a new inq on EQ and TU. Coolness!!!!!!

[Anonymous]

That's interesting indeed. In my case, the inquiry didn't cost any points and AAoA was hardly affected, but I still lost 11 points for "New account too recent". It is easy to forget that latter factor, but it can hurt.

OP, was this the first account you opened in the last year? I am curious how you didn't get dinged by more than 1 point for "New credit".