How long till a new account stops having negative effect

JJB223

Hi

I had a credit export score of 999, recently opened a Amex account and the score has dropped to 990, with a negative factor being an newly opened account. How long is it before this stops being new and stops having a negative effect

solentsusie

JJB223 wrote: »

Hi

I had a credit export score of 999, recently opened a Amex account and the score has dropped to 990, with a negative factor being an newly opened account. How long is it before this stops being new and stops having a negative effect

Does it actually matter? These are made up scores that only you see. Any company you apply for credit from will make any decisions on the information contained in your file, not on a fictitious score card.

I really wouldn't be concerned and go about enjoying your life.

Good luck.

andyfromotley

Hi jb, the 'score' means nothing. It is a work of fantasy designed solely to con people into paying £15 per month.

If it makes you feel better to know a meaningless score by someone who will never ever provide you with credit i'm prepared to do it. I assess you score as 1000!!! Hope this helps.;-)

(if you want to monitor your 'Andyfromotley' score just send me £9.99 per month (bargain!!!) and i will invent a new one for you each month!)

sh856531

JJB223 wrote: »

Hi

I had a credit export score of 999, recently opened a Amex account and the score has dropped to 990, with a negative factor being an newly opened account. How long is it before this stops being new and stops having a negative effect

The guys above are entirely correct - its just a guide number used to get £10 - £15 off of people. You would potentially be better off using the Noddle website. It has a great break down of your credit file, a nominal "score" and is entirely free.

To answer your specific question tough, the answer could be "never".

If you've opened a new credit card with an available limit of, say 10K - for as long as you have that account open you are in some sense an increased risk. You could for example go out and spend 10K on mars bars. Just be cause you probably won't, doesn't mean you couldn't.

Any score that a company gives you is just an indicative number that factors in a few different things. There is nothing gauranteed about your score going back up.

Fortunately for you the difference between what score you had, versus what you now have is essentially irrelevant for any purpose I can think of

HTH

S