OK Getting pretty pissed with Chase Sapphire Preferred and Experian

[icegeek]

I opened a CSP with a $15k limit.  Since March 24 my Experian Fico has gone DOWN a total of 18 points.  3 for the HP.  5 for the account update and then 10 points today when then account was actually added.  How the hell is this happening?  I mean adding a PRIME card with this amount of limit should have raised my score not lowered it.  

Can someone please help me understand?

[Anonymous]

Check your report lately?

[CreditCuriosity]

Higher scores tend to get hit harder as well.. Your points will recover sooner than later.. Also something else might be contributing, but not Chase's fault for the HP, new account and AAoA hit.

[Anonymous]

Obviously EX does not understand that because it is the CSP it should not follow the exact path all other cards do upon application and then as a new account showing up on ones CR.  Shame on EX! 

Maybe because it is a PRIME card it should ignore what everyone else experiences when adding new TL's?

[Anonymous]

Easier to lose points than gain huh. Lol.

[CraigHwk]

The type of card has nothing to do with it, regardless if it's prime or not.   No reason to be P.O.'d at the card itself.   Scores will swing around and it's completely normal.  There are other factors involved that could cause the drop, but if you keep everything clean and pay on time, the scores will recover and increase further. 

[AzaleaB]

Downside of high scores. Just got a Freedom, EX dropped 17 points, TU hit hard too. EQ not so much. Current scores in sig. Knew this could happen based on other reports but time heals all and you have a shiny new CSP while you wait.

[thom02099]

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@gonzoflick wrote:

I opened a CSP with a $15k limit.  Since March 24 my Experian Fico has gone DOWN a total of 18 points.  3 for the HP.  5 for the account update and then 10 points today when then account was actually added.  How the hell is this happening?  I mean adding a PRIME card with this amount of limit should have raised my score not lowered it.  

Can someone please help me understand?

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Scores are based on how you manage credit.  The algorythm doesn't care if it's a CSP or an L-M-N-O-P.  At this point, you have a new account but there's not a history of how you manage that account.  Give it time.  Time is always your ally, all other factors being equal.  One of my financial advisors early on told me that, in general, a new account (the inquiry/additional tradeline/change in AAofA) will initially result in around a 10 point hit, but with a few months of aging, you'll get 15 or so points, with a net of +5 at least.  It's all about credit management. At the higher scores, as previously pointed out, the hit can be greater.