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Help! I just apped for 3 new cards, and my score dropped 85 points!!!!
One of the cards (PenFed) has a CL of 10,000 and it's not reporting just yet. The other two (Nordstrom and Capital One) are already reporting.
Any words of comfort from those that have been in my shoes? How soon will I see my score go up again? The only reason I even apped in the first place was because I did the FICO Score Simulator which gave me an estimate that my score would go UP if I apped and was approved for a high CL, which I got. I guess I shouldn't have depended on a simulator. Silly me.
Any input would be appreciated. I'm guessing I just have to play the waiting game for now and stop apping for a good (as in several years) while.
Thanks.
You apped for 3 new cards so you got dinged for the inquiries
also having 3 new cards also lowered you AAoA
The Simulator was based on 1 new card not 3
85 points seems to be a lot for 3 new accounts even in your AAoA was lowered.
But the good news is that you will see good boost with time. I'm counting on this too for me.
I too argue that 85 is a bit much. OP, where did you get both scores for comparison?
The most I lost was a little over 50, but in that case I was rebucketed and one of those cards reported a balance which increased util.
IME, my norm has been 15-25 lost per new TL. Maybe 20-30 for two or more.
I got my scores from this website, and from Nordstrom bank.
@MissExcellentCredit wrote:I got my scores from this website, and from Nordstrom bank.
Assuming they used FICO, are you sure they used the same FICO version? Some CCCs will often used a bankcard-enhanced FICO which could explain a score difference.