Credit Card Center Advertiser Disclosure†
11-29-2012 07:17 AM
So, as some of you may know, I was approved for a USAA Platinum rewards card a few days ago -- I am still extremely happy about that. But last night I got a little email from score watch that said that there was a change to my FICO score. Could they already be reporting it? Walmart wasted no time, reporting my account three days after it was opened (4 days ago). No. Instead it was that my EQ FICO score dropped from 678 to 671. Now, you may be thinking "big deal swap, you gained a $4,000 CL and it only cost you seven points -- this is cause for rejoice." And as stated above, I am extremely happy. I was just so close to the 680 benchmark and while 671 is still close in the grand scheme of things, I was two points away!
11-29-2012 07:42 AM
I've seen 25 point hit from a single INQ. You're score will rebound, provided everything else is inline.
11-29-2012 08:28 AM
25 point hit? That is pretty steep. I only had three inq. over the last year, so I guess damage was controlled a bit. I expect a nice jump in my scores once this tradeline is reported. I am not quite sure if available credit helps at all; from what I've read here over the last few days, no. My util was reported at about 20% since my total credit limit was but $550 this month when it was reported. Now my total credit limit is $5300, so my $150 balance will bring my util a lot closer to 2.8% before I make a payment. I will probably pay off the two subprime cards and put a few small charges on the walmart card -- immediately paying them off, and leaving a very small balance on the new USAA card.... It is time to check out the gardening lifestyle for me.... at least until Feb. or so.
12-01-2012 08:17 AM
Well, another drop, down to 663 because Walmart reported as a new account. I suppose that I should expect another decrease when USAA reports as a new account too. I hope that it isn't too bad -- I don't know how much more damage I can take.
12-01-2012 07:46 PM
All the damage has the potential to disappear with positive history. Good luck!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.