08-29-2011 03:55 PM
My EQ FICO score dropped 15 points from 781 to 766 by simply opening a Walmart credit card. Does this drop seem a little much? I still have an AMEX account that has not yet reported and I'm wondering how much another new account will drop it even further.
08-29-2011 04:01 PM
It doesn't take much to have a large effect when you have a high score. I'm assuming you had no new accounts. The second new account to report will probably be less point loss. They will come back as the account ages.
08-29-2011 04:09 PM
Ya no new accounts in over a year. Hopefully the second one won't hurt as much. I think it was worth it though because I now get my free TU FICO score every month! TU score from Walmart is 750 and TU from myfico is 765
08-29-2011 08:12 PM
The TU scores can differ because there are different year versions of the Transunion score sold. Or they could have been pulled on different days after changes to your account.
Your score could take another sizeable ding when the new card reports, but this should only occur if it lowers your average age of accounts significantly.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.