I just got a new CapOne card with a $5k tradeline. I want to buy a house in the fall. How many months need to elapse before the negative impact of this new tradeline is gone? August? September? Anyone have any ideas here?
I think the impact of the hard inquiry becomes much less after the one year mark (one year since the account was opened) probably because you start earning FICO points beginning at this time and I think these max out at the three year mark.
Steve, I believe he is referring to a new account and the effect on his FICO score, not just an inquiry. I don't know for sure, but I would think 6 months to a year is enough time. Different scoring models may look at it differently. Maybe someone has more insight?
Yep--I was referring to possible "damage" done to my FICO in the near term with this new card. I wonder how much it will drop with this new tradeline?
My score jumped 65 points in 35 days with the major difference being a revolving account going from 5 to 6 months old. There was also some debt ratio work (about 25% to 5% thanks to one card reporting my payment) but my feeling remains that it was the aging that did it.
