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New credit ding?

Senior Contributor

New credit ding?

I did some searching and found a few older threads with varying opnions on this one, but if memory serves, I think I remember a penalty of sorts negatively affecting one's Fico score for some time after opening a new account.


As it's been about five months since I last opened an account, I'm hoping for a score bump sometime next month...


Does that sound right?

Zero percent financing is where the devil lives...
10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
01/01/18 Fico8 scores: EX 655, EQ 661, TU 650
04/01/18 Fico8 scores: EX 637, EQ 630, TU 644 ow!
Message 1 of 4
Valued Member

Re: New credit ding?

Your ding on your score has to do with a few things. First of all it is a credit inquiry, having those will lower your score. Second, New accounts lower your account age average. Lastly If you carry a balance it could lower your score due to Credit Utilization. So to say it will come right back on a set time frame is hard to say. After I have opened accounts it has taken between 6 months to a year to come all the way back! My credit history is long so a new card doesn't afftect my credit age much. If you are new to credit then a new cc could cut your age in half. 

My opinion  around 6 months you should start to see the increase again.

Hope that helps!

Good Luck

Starting Score: 719
Current Score: 809
Goal Score: 825

Take the FICO Fitness Challenge

Message 2 of 4
Moderator Emeritus

Re: New credit ding?

+1  Typically you will see an initial ding, however it's necessary to develop new positive TLs that will allow your scores to grow.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 3 of 4
Frequent Contributor

Re: New credit ding?

FWIW, I applied for 2 cards last July 30 and added some additional debt as well as lowered by utilization %.  My Equifax score went from 800 to 761.  It was only last week that my score started to come back up and even then it was 1 measly point.  Smiley Happy  I expect it will take most of the year to bounce back.

Starting Score: 732 October 2007; Current Score: EQ 835; TU 863, April 2018; Oldest Reporting EQ Account: 16.3 years; EQ AAoA: 8.2 years; Typical credit utilization 1.8% typical single card utilization 10.6%
Message 4 of 4