Posted on: 30th Nov, 2011 09:48 pm
Recently, I got a Discover, Amex, and Barclay card. Due to this, my Fico score has taken a hit. How long will it take to recover lost points? How much on average does a new trade line help to improve your score? I’m asking this as I’m planning for mortgage application in future.
Hi SDF,
It will take quite some time to recover your lost points. Getting a new trade line won't improve your score. Rather paying off that new trade line on time will help you improve your credit score to a great extent.
Thanks,
Jerry
It will take quite some time to recover your lost points. Getting a new trade line won't improve your score. Rather paying off that new trade line on time will help you improve your credit score to a great extent.
Thanks,
Jerry
All 3 hard inquiries dinged your FICO scores, but they should recover in about 3 months or so. The real improvements will come over the next 6-12 months as you keep your credit utilization low and make your payments on time every month.
Hello SDF,
Credit score is essential element in any transaction concerning financial history such as applying for additional credit card. In order to improve credit score, the settlement of financial obligations should be on time. When owning credit cards, these cards must be maintained at a minimum basis. There should be a regular checking of account in order to monitor any erroneous transactions that may affect the credit score.
:idea:
Credit score is essential element in any transaction concerning financial history such as applying for additional credit card. In order to improve credit score, the settlement of financial obligations should be on time. When owning credit cards, these cards must be maintained at a minimum basis. There should be a regular checking of account in order to monitor any erroneous transactions that may affect the credit score.
:idea:
