6 MONTHS??? 1-3 YEARS??? Helps score immediately??? RNG... NOBODY KNOWS. CREDIT WATCH said if I paid off all my cards and mortgage, I still can't get above 806 (I think)...
Many factors, did you max it out, max it out with balance transfers? Were you maxed out on you other accounts and the new credit line improves your ratio? You may get a slight increase when status goes from too new to rate to paid as agreed. I went up one point on an auto loan that went from too new to rate to paid as agreed. FWIW
The thing is I have 5 account that are falling on 6 months old this month. Some have balances some dont. Total credit limit on all cards apx 15000 balances appx 4000 (we just moved and had to charge truck ect) These balances will go down.
I asked a similar question last week... http://consumers.creditnet.com/stra...&postid=191524&highlight=stabilize#post191524 It's unfortunate since the new CC is a Cap1 and based on how they report, it looks like I've already maxed out...($363 out of $363....should be $363 out of $7500)...What an atrocity... ..but, I'm still grateful to Cap1 and Eugene...
The same problem happened to me. As I began to get new cards to rebuild my credit, the length of my credit history became shorter. Experian keeps telling me as a "negative" factor that my "most recent account is only 4 months old." So I know it hurts my score to have a relatively new account, but for how long I just don't know. Does anybody know? Calmest_LA
Hey ohnostuck...no need to be spiteful...it's nothing personal... Believe me...I'd love to hear more answers about this thread...since I asked last week and got only a few, WIDELY VARIED answers...still...those answers were better than nothing at all... Just to share with you...while I too await more answers about this issue...I was reading more about how scores are determined... http://consumers.creditnet.com/straighttalk/board/showthread.php?pgnum=2&postid=159649#post159649 Hopefully...others will provide more inputs to OUR question of the week... Thanks...and "patience is a virtue"
Nobody can answer the question because the answer is there is no answer. Sometimes new CCs don't hurt, they help ... for example when they improve ratios. Sometimes they hurt a lot....in the case of a lot of new credit and short average time. Sometimes they hurt only a little...in the case of other accounts with a history. As sort of a general every month an account is there will improve the score. After about 2 years you are thought to get most of the benefit you will ever see from the account. But even that is simplification. The models are not as simple as how long does an account hurt. And even then, there are different models.
Who said I was being spiteful? I will be spiteful now and say that I am sorry if you can't take a little humor. Did you see the smiley face there or are you always so quick to call someone names,
I saw your original message before you edited it... I wasn't calling you names either...Yes, I saw the smiley face.
