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My fico and Equifax score dropped by 10 points

Member

My fico and Equifax score dropped by 10 points

I recently applied for and was approved for a Chase Sapphire Preffered Vusa with a credit line of $25,000.  My score never dropped with the hard pull but a month later once Chase reported the new credit line to my credit file, my score dropped from 771 to 669 on both Exqufax and Fico..

 

Is this something that is normal and should i be concerned?

 

I have 8 other revolving accounts with a total of $36,500 available.

 

I pay every month and i dont carry a balance.  When i added the chase card my revolving credit line increase to $61,500,  did charge $3400 in the first month on the chase card to redeem the 40,000 point balance.

 

Should i be concerned about the significant drop in score or is this normal?

 

I love these boards, they are so helpful.

 

The only baddie on my file is a 30 day late with BOA in 2009.  

 

any advice would be greatly appreciated.

 

Message 1 of 11
10 REPLIES
Valued Member

Re: My fico and Equifax score dropped by 10 points

That does seem a rather abnormal drop for just one new TL. Hmm. 

In my Snoopy holder: NFCU Flagship Sig Visa-- $11K | Chase Freedom -- $2500 | AMEX BCE -- $2000 | Amazon Visa -- $2000 | Discover It $1500| Old Navy Visa -- $1000 | Target Red Card -- $300

TU (Disc Pull 4/29/13) -- 752 | AmexEQ (6/13/13) -- 728 | AmexEXP-- 737 | AmexTU-- 737 (5/28/13)
Goals: 740 EQ/EXP/TU
Gardening until 12/3/13 -- or longer
Message 2 of 11
Valued Contributor

Re: My fico and Equifax score dropped by 10 points


SharonSmyth wrote:

I recently applied for and was approved for a Chase Sapphire Preffered Vusa with a credit line of $25,000.  My score never dropped with the hard pull but a month later once Chase reported the new credit line to my credit file, my score dropped from 771 to 669 on both Exqufax and Fico..

 

Is this something that is normal and should i be concerned?

 

I have 8 other revolving accounts with a total of $36,500 available.

 

I pay every month and i dont carry a balance.  When i added the chase card my revolving credit line increase to $61,500,  did charge $3400 in the first month on the chase card to redeem the 40,000 point balance.

 

Should i be concerned about the significant drop in score or is this normal?

 

I love these boards, they are so helpful.

 

The only baddie on my file is a 30 day late with BOA in 2009.  

 

any advice would be greatly appreciated.

 


so are you saying your equifax from MyFICO (here) dropped from 771 to 669??? that is a 100+ point drop. Are you basing it off the Equifax website score or the one from here? Equifax website score is for the most part a FAKO score. Make sure you know where are you getting those numbers from.

gardening since 5/21/2016
Message 3 of 11
Established Contributor

Re: My fico and Equifax score dropped by 10 points

how long ago is the 771 from?

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 4 of 11
Member

Re: My fico and Equifax score dropped by 10 points

I'm sorry everyone it was a typo, my score dropped to 769, again I'm sorry but should I be concerned about an 11 point drop?
Message 5 of 11
Member

Re: My fico and Equifax score dropped by 10 points

I have had a 771 score for about 6 months, I have a subscription with my fico and also equifax and they both had the same drop today
Message 6 of 11
Super Contributor

Re: My fico and Equifax score dropped by 10 points

A 11 point drop is completely normal. Give it about a few months and it will go back up
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 7 of 11
Valued Member

Re: My fico and Equifax score dropped by 10 points


SharonSmyth wrote:
I'm sorry everyone it was a typo, my score dropped to 769, again I'm sorry but should I be concerned about an 11 point drop?

Now we're back on track. That's right on point! 

In my Snoopy holder: NFCU Flagship Sig Visa-- $11K | Chase Freedom -- $2500 | AMEX BCE -- $2000 | Amazon Visa -- $2000 | Discover It $1500| Old Navy Visa -- $1000 | Target Red Card -- $300

TU (Disc Pull 4/29/13) -- 752 | AmexEQ (6/13/13) -- 728 | AmexEXP-- 737 | AmexTU-- 737 (5/28/13)
Goals: 740 EQ/EXP/TU
Gardening until 12/3/13 -- or longer
Message 8 of 11

Re: My fico and Equifax score dropped by 10 points

771 to 769 is just a 2 point drop right?

Best Buy: $600
Bill Me Later: $1510
Discover IT:$2500
Barclaycard: $3700
Belks:$4050
Amex BCE: $9000

EQ: 757/EX:761 (4/14/13)
Message 9 of 11
Established Contributor

Re: My fico and Equifax score dropped by 10 points

Did you miss type? 771 minus 669 is 102 points.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 10 of 11