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Credit Card Application - Score Drop

New Contributor

Credit Card Application - Score Drop

Applied for two credit cards today, below is the following detail 

 

American Express Blue - Approved ($5000)

Discover - Approved ($5500)

 

Equifax score (Discover Pulled) went from 763 to 755 = 8 point drop

Experian score (American Express) went from 771 to 764 = 7 point drop

 

 

Current Score: 771 - 11/21/2012/ Amex Pull
Late Payment: 0 / Collections: 0
AAOA: 6.3 Years

"My Scores Yesterday or Last week or even Last month has no value when applying for credit today. The value is not in my score but the information in my credit file. Once the information is good the score will follow"
5 REPLIES
Epic Contributor

Re: Credit Card Application - Score Drop


Brandnick wrote:

Applied for two credit cards today, below is the following detail 

 

American Express Blue - Approved ($5000)

Discover - Approved ($5500)

 

Equifax score (Discover Pulled) went from 763 to 755 = 8 point drop

Experian score (American Express) went from 771 to 764 = 7 point drop

 

 


I think this is why rebuilders get so scared about applying for cards and taking score drops.... someone with a 580 is not going to see score drop from 2 apps like a person with 750+ (95% of the time in my opinion)

I personally can tell you once my score cleared the 650 I saw an up and down of no more than 10 points through 10,20,30 ING's, and 1,5,10,15 new accounts reporting!

Frequent Contributor

Re: Credit Card Application - Score Drop

Congrats on the cards gr8 starting limit. your score will be back up in no time!

Valued Contributor

Re: Credit Card Application - Score Drop

Nice. On monday I apped for two cards as well as a CLI that I was told would be a HP. Only one of the three inquiries has shown up. No score change for me yet..

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 832 EX 783 TU 816
App free since 9/15/15
New Contributor

Re: Credit Card Application - Score Drop

Correct I was amazed how much a score drop I got. Based on the score drop I guess it's saying that persons with high score must give more then persons with lower score. I am ok with that as I maybe apply for credit once every year or two. (this sounds very familiar like I heard it before) honestly I am ok because my score will recover.

Current Score: 771 - 11/21/2012/ Amex Pull
Late Payment: 0 / Collections: 0
AAOA: 6.3 Years

"My Scores Yesterday or Last week or even Last month has no value when applying for credit today. The value is not in my score but the information in my credit file. Once the information is good the score will follow"
Highlighted
Valued Contributor

Re: Credit Card Application - Score Drop

I had an EQ score of 818 before I applied for a new card two months ago, and with that one inquiry and one new account, my score dropped 21 points to 797.  I'm sure it'll be back up over 800 in another couple of months. 

EQ Fico 8 - 846
TU Fico 8 - 848
EX Fico 8 - 836