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EX dropped 50, EQ dropped 60 when amazon account added

Valued Member

EX dropped 50, EQ dropped 60 when amazon account added

Woke up to some bummer updates to my credit scores, as mentioned above EX dropped 50 and EQ dropped 60 after my Amazon store card started to report.  This seems very drastic for adding a new account, has anyone seen such a large drop for a new account?

 

My credit picture is:

Oldest account: 12+ years student loan reporting current with no lates

Paid car loan: ~8 years, 60 month loan 5 30 day lates (over 4 years ago)

Current installment loans - student loan (12 years) car loan (1 year) both current no lates

Credit cards:  500 cap one secured card (open since oct)

Added:  $2000 CL amazon store card (added yesterday, saw hit today)

Derogitory - 1 Direct TV collections account (which I am trying to negotiate PFD), previous car loan (30 day lates)

INQ- ~15 but 13 were when I was shopping for car loan last June.

 

Also to be added:

AMEX Delta - $2000 CL (approved but not added yet)

 

FICO 8 -  EQ 641 now 581!!   EX 671 now 621

 

 

Will I also take a big hit for AMEX too?  

 

After how many months should I start to see recovery of these points?  

 

I expected to take a bit of a hit but this drastic of a hit is pretty discouraging!

Message 1 of 16
15 REPLIES
Valued Member

Re: EX dropped 50, EQ dropped 60 when amazon account added

Another point I forgot to mention - my utilization is at 4% on the Cap one CC (no balance on Amazon yet).

 

Message 2 of 16
Frequent Contributor

Re: EX dropped 50, EQ dropped 60 when amazon account added

That is a huge hit! Have you checked your reports to make sure something else bad hasn't reported? Good luck.

Message 3 of 16
Valued Member

Re: EX dropped 50, EQ dropped 60 when amazon account added

Yes, I did check no difference aside from increased credit limit and reduced utilization (now 4%). Smiley Mad

Message 4 of 16
Frequent Contributor

Re: EX dropped 50, EQ dropped 60 when amazon account added

Maybe your Direct TV TL and/or its CA TL hasn't updated for a long time, but now is again.

Starting Score Mar-15: EX-513, TU-507, EQ-510
Current Score Oct-15: EX-658, TU-631, EQ-628
Message 5 of 16
Valued Member

Re: EX dropped 50, EQ dropped 60 when amazon account added

I believe thats is not it either, there is no Direct TV TL.   I disputed the CA TL in feb and it was updated then, so it is fresh.  Man, this is a bummer 50+ points gone. Smiley Sad

Message 6 of 16
Community Leader
Super Contributor

Re: EX dropped 50, EQ dropped 60 when amazon account added

That does seem very odd. A second revolving account generally adds points. Perhaps something not obvious, such as a dispute comment that got placed at some point without you realizing and was just removed? That might account for an unexpected drop.

Most Recent FICO 8 Scores EX601/TU580/EQ589 12/08/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 7 of 16
New Member

Re: EX dropped 50, EQ dropped 60 when amazon account added

Yikes. Just applied for an Amazon card myself, hoping to help my credit. Now I'm worried! Hope it gets sorted.

Message 8 of 16
Regular Contributor

Re: EX dropped 50, EQ dropped 60 when amazon account added

I too lost points after lowering my utilization fom 38 pct to 9 pct. not as much as you only 9 points but don't get it.


In the Garden until 6/1/2016
Mar 2014: All Scores in the 520 range.
FEB 2016: myFICO: EQ 660, TU 682 EX 681
Message 9 of 16
Valued Member

Re: EX dropped 50, EQ dropped 60 when amazon account added

I have been scouring over my reports this morn to try to detirmine why the big drop occured, but to no avail. I see no differences except for the new account.  My old auto loan and student loans should insulate me a bit from the AAoA hit given that they are both over 10 years.

 

I will update if I get any further insight into what happened to my upward trending scores.   It will be interesting to see what happens when AMEX hits.

Message 10 of 16