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Credit Score Drop!!

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clewis122
Valued Member

Credit Score Drop!!

Hi,

While browsing my CCT account this morning, I noticed that my credit score dropped 50 points!! I'm guessing it's due to the addition of two new credit cards. Is that normal? Will my score bounce back?

I'm going bananas, guys!!!

Thanks in advance!
Message 1 of 25
24 REPLIES 24
Hokies2379
Established Contributor

Re: Credit Score Drop!!

compare everything on your old report vs everything on your new report.  Unless you're sitting at a high AAOA, I doubt you dropped 50 points because of new cards.  I bet if you compare them, SOMETHING is different, besides those new cards.

Message 2 of 25
lg8302ch
Senior Contributor

Re: Credit Score Drop!!


@clewis122 wrote:
Hi,

While browsing my CCT account this morning, I noticed that my credit score dropped 50 points!! I'm guessing it's due to the addition of two new credit cards. Is that normal? Will my score bounce back?

I'm going bananas, guys!!!

Thanks in advance!

Welcome to MyFico forum

Where did you get your scores from?  50 points drop for adding two new accounts seems strange to me.  Could it be utilization? What is on your report?

Message 3 of 25
clewis122
Valued Member

Re: Credit Score Drop!!

I checked again & my utilization went from 10% to 22%. Could that be the cause?
Message 4 of 25
Hokies2379
Established Contributor

Re: Credit Score Drop!!


@clewis122 wrote:
I checked again & my utilization went from 10% to 22%. Could that be the cause?

10-22% would most likely not cause a 50 point drop.  My guess is there is something else.  A new late or collection.  But that is just a guess.

Message 5 of 25
lg8302ch
Senior Contributor

Re: Credit Score Drop!!


@clewis122 wrote:
I checked again & my utilization went from 10% to 22%. Could that be the cause?

That is more likely. Still seams a high drop even in combination with the drop of AAoA. But if you pay down next month and it was utilization your scores come right up.  CCT ? sorry but what is this.. I am trying to find out if it was a Fico score or a Vantage score that jumped so much.

Message 6 of 25
Hokies2379
Established Contributor

Re: Credit Score Drop!!


@lg8302ch wrote:

@clewis122 wrote:
I checked again & my utilization went from 10% to 22%. Could that be the cause?

That is more likely. Still seams a high drop even in combination with the drop of AAoA. But if you pay down next month and it was utilization your scores come right up.  CCT ? sorry but what is this.. I am trying to find out if it was a Fico score or a Vantage score that jumped so much.


Credit Check total.  It gives Fico 08s.

Message 7 of 25
clewis122
Valued Member

Re: Credit Score Drop!!

Correction: 41 point drop.

No collections. No late payments.

Just 2 new cards (my AAOA dropped a few months) & higher utilization.

Thanks guys.
Message 8 of 25
lg8302ch
Senior Contributor

Re: Credit Score Drop!!


@Hokies2379 wrote:

@lg8302ch wrote:

@clewis122 wrote:
I checked again & my utilization went from 10% to 22%. Could that be the cause?

That is more likely. Still seams a high drop even in combination with the drop of AAoA. But if you pay down next month and it was utilization your scores come right up.  CCT ? sorry but what is this.. I am trying to find out if it was a Fico score or a Vantage score that jumped so much.


Credit Check total.  It gives Fico 08s.


Thanks for the explanation.

@ OP

Would you like to list what is on your reports?  What has changed recently ?  cards, limits, balances, age ... any badies that might have updated to a more recent status?  Maybe it could be rebucketing?  But with utilization alone and two new accounts I would say it is not possible for Fico ... Vantage yes there is some really strange behaviour.  My worst enemy is number of accounts reporting a balance for my profile and of course overall utilization. On some profile it is also a killer for a single account maxed out. So without more details it  is hard to guess what caused the drop. 

Message 9 of 25
Hokies2379
Established Contributor

Re: Credit Score Drop!!


@clewis122 wrote:
Correction: 41 point drop.

No collections. No late payments.

Just 2 new cards (my AAOA dropped a few months) & higher utilization.

Thanks guys.

Interesting....doesn't add up to me.

 

 

In before someone screams "RE-BUCKETING".

 

 

ETA: Damn, I was seconds too late.

Message 10 of 25
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