I have opened 4 Credit Card accounts since 9/01. Yes, I'm done! My question is that my TU score took a 130 point nose dive once they all reported. There were no other changes to my file except on time mortgage and 2 car payments. How long does it take to recoup my 130 points back? Alsom, one reason for my score being low before all these accounts was a lack of bank and retail cards. Well i opened 4 of them ..Hello!!! Why the dip in score?
The dip in score occured most likely because you've taken on "more debt" in the eyes of the CRA's and creditors. No one can say for sure how long it will take for you to recoup the 130 points you lost. It'll probably be at least 4-6 months before you start seeing improvement, basically they need to see a solid (on-time) payment history with these accounts, and once you've shown creditworthiness (good payment history) your score will go up.
