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2 new cards reported. Interesting score change.

Established Contributor

2 new cards reported. Interesting score change.

I was approved for CSP and BCE on 10/14/12. At the time of application, my EQ FICO 729(1% util). When my CSP started reporting early this month with a $2500 balance(puts me at 16%), my score dropped to 703. Okay, pretty expected. But I was bracing myslf for a score lower than 700 when BCE reports. So Yesterday my BCE reported with a balance $150 which would put me at around 13% overall utilization when everything on the credit reportis considered. To my surprise, my EQ Scorewatch went up to 710.

 

The only reason I can think of is that my utilization dropped from 16% to 13% but still very surprised. Can't wait to see my score once my balances updates and my report updates.

AMEX: $0/$25,000, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$14,000, Citi Dividend: $0/$3500

EQ FICO - 753
TU FICO - 701
EX FICO(AMEX) - 707
Message 1 of 9
8 REPLIES
Established Contributor

Re: 2 new cards reported. Interesting score change.

when did you pay down your CSP? you said it reported 2500, thats a 50% balance. High utilization on individual cards can do some damage to your reports.

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 2 of 9
Established Contributor

Re: 2 new cards reported. Interesting score change.

I didn't pay it down. Right now its sitting at $4800 actually. I bought 2 international plane tickets. But I will PIF before the next statement closes.

 

I didn't realize it would report so soon. The initial first due date was like 12/23/12. So I thought that the first report to the CRA would be atleast after that. Now the first due date got change to 11/23/12 which is weird.

 

I would think the inquiry from the application and the new accounts report would do much more damage to my FICO score, but instead it's my 16%/13% utilization. O well, easy fix!

AMEX: $0/$25,000, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$14,000, Citi Dividend: $0/$3500

EQ FICO - 753
TU FICO - 701
EX FICO(AMEX) - 707
Message 3 of 9
Established Contributor

Re: 2 new cards reported. Interesting score change.

I remember earlier this year new accoutns would ding me around 20 points. By the time i got my chase cards, it was only 9 points for 2 new accounts.

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 4 of 9
Highlighted
Established Member

Re: 2 new cards reported. Interesting score change.

Any backdating?

PSECU EX FICO 11/3/2012 - 692 -29 Hard Inquiries
Credit Sesame EX 11/2/2012 - 694
Walmart TU FICO 11/8/2012 - 722 - 2 Hard Inquiries
Credit Karma TU 11/8/2012 - 761 -
Equifax CP 11/8/2012 - 696 - 2 Hard Inquiries
Chase Sapphire Preffered 8000 ▌ USAA Amex 9000 ▌ Discover More 3,000 ▐ Cap 1 Platinum 2000▌ Walmart Discover 2000 ▌
Message 5 of 9
Established Contributor

Re: 2 new cards reported. Interesting score change.

No backdating whatsoever. But I didn't even think of that. good point!

AMEX: $0/$25,000, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$14,000, Citi Dividend: $0/$3500

EQ FICO - 753
TU FICO - 701
EX FICO(AMEX) - 707
Message 6 of 9
Established Contributor

Re: 2 new cards reported. Interesting score change.

well one thing i noticed is Chase took a month extra to report my credit limit, so it would make 100% sense if they did'nt report your limit that your score would take a dip, for me Amex reported the credit limit right away so the new credit limit was able to balance out your utility a bit even with new charges on the account.

 

So let's say you have $10,000 in total credit limits and got a Chase Sapphire for 5k, making a total of 15k in credit limits. but if the Sapphire limit was not reported yet then if you charged $1,000 it would still count on $1,000 / $10,000 and not 15k

 

now if you got approve for an Amex and charged $2,000 but got a 10k limit reported at the sametime. now your reporting 20k limit immediately sinc Chase hasn't reported the credit limits yet.   $2,000 / $20,000 is the same ratio as $1,000 / $10,000 .

 

kinda confusing but look to make sure the reports are reporting the new credit limits, I bet it won't since mine didn't.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 7 of 9
Established Contributor

Re: 2 new cards reported. Interesting score change.

chase reported my limit right away(when it first reported i mean) on both cards.

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 8 of 9
Established Contributor

Re: 2 new cards reported. Interesting score change.

The limits are being reported correctly.

AMEX: $0/$25,000, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$14,000, Citi Dividend: $0/$3500

EQ FICO - 753
TU FICO - 701
EX FICO(AMEX) - 707
Message 9 of 9