07-17-2012 04:49 AM - edited 07-17-2012 04:51 AM
Received an alert from Score Watch yesterday that my EQ score had dropped from a 650 to a 631 when my Cap1 card finally reported. It's a partially secured card with a $200 limit and it reported a $15 balance. I have 2 other revolving accounts on my reports totaling $800 in TL. When my other cards reported I saw a few points drop, but nothing like this, 19 points. I suppose this is normal, just wasn't ready for such a significant drop from adding that one TL. I received the card in May, so when they did finally report, they reported 3 months of history all at once.
So all together from adding the 3 new tradelines in May, my EQ has dropped a total of 31 points. Is this about normal?
07-17-2012 06:51 AM
With the added secured, did it report a balance, and did your util change on the other two? I'd guess the drop is a combo of a couple of factors including the new CC ding and changes to util, assuming util and/or an added account carrying a balance is an issue. Did AAoA change too? That can cause a drop as well. Excluding these, I would have guessed a drop by adding a 3rd, but a very minor drop in the high single digits tops. You'll see some gains as they age over the next 6-12 months, with all else being equal. IME, I've lost 20-25 per new CC added from CCs 4-25, or whatever I have now. Saw gains by adding the first 3, but util was at 0% with all 3 reporting.
07-17-2012 10:44 AM
Yah, actually the new TL is the only account with a balance reporting, it's $15 of a $200CL. The other two cards are reporting $0 balance right now. Just seemed like a large drop. But adding the new TL would have effected my AAoA, but I opened all three in May, so there's not much AAoA to report as far as revolving TLs are concerned. As far as AAoA with all history, mine is over 9yrs
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO