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FICO Score drop

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Makersmark23
New Contributor

FICO Score drop

So last discover statement I had a 777, applied for a CSP and got approved for $13,900 limit. Put 2k on it but paid in full as always.

Check on my January statement with discover today, and I'm down to 750!?

Any ideas on if a 27 point drop makes sense in this situation, and when might it recover?
[img]http://s26.postimage.org/vht4qanid/Sallie_Mae_WMC.jpg[/img]
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TRC_WA
Senior Contributor

Re: FICO Score drop

Not really surprising...  a score drop can be expected when new accounts and INQs hit your report... I lost 9 for 2 INQs and 1 account last week on EQ... 700 to 691 and that was with no new accounts and no INQs on EQ in over a year.

 

It's my understanding that the higher your score the more you lose.  The scores will recover... not sure of a timetable but I'd guess 3-6 months.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 2 of 3
TheGardner
Valued Contributor

Re: FICO Score drop

Higher the scores more it hurts.

Also number of total inquiries, is this the first in 2 yrs? (maybe a year)

AAOA and how Thick your file is? Example 1 account 4 years old was 4yr AAOA. Now 2 accounts 1 4 yrs other new, AAOA 2 years.

These will re bucket you causing larger drops.

I would assume short term issue and not overly worry about it.

Good luck!
If anyone needs me I will be In The Garden. Goal Score: 760 for all in 2015.
Current FICO Scores EX: 715 EQ: 756 TU: 762
Last APP April 21, 2015.
Victim of The great AMEX HP heist of Dec 1st, 2nd and 3rd of 2014.
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