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.
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.
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!
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.
No backdating whatsoever. But I didn't even think of that. good point!
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.
chase reported my limit right away(when it first reported i mean) on both cards.
The limits are being reported correctly.