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It depends on a number of factors. If after the balance transfer, your new PenFed card is reporting a very high utilization, it can lower your score; meanwhile if say the other accounts' balances are not updated yet or you didn't pay them to zero, you then have a number of accounts with balances, which can also bring down your score. Of course the new account bringing down your average age of accounts is also a factor.
OP what is the utilization reporting on the PenFed account?
@pdvandassociates wrote:
I transferred 21k. Limit 33500. So that is like 63%. I dont think all the other cards have fully reported though. The ones that did reported w the interest left over from due date to new statement date. So utilization on old cards abt 3% on 4 or so cards out of 6.
The score drop is probably attributable to the 63% utilization on the PenFed card.
Is it a Fico score drop?
@pdvandassociates wrote:
I transferred 21k. Limit 33500. So that is like 63%. I dont think all the other cards have fully reported though. The ones that did reported w the interest left over from due date to new statement date. So utilization on old cards abt 3% on 4 or so cards out of 6.
Given the high utilization (above 49%) on a new card, your score drop is in-line with expected results. It certainly appears that a high utilization on a new account may influence score a bit more than if the account were well established. The score drop is temporary and nothing to be concerned about.
Nonetheless, I would recommend paying the balance down to below 49% to mitigate potential AA with other creditors longer term. The pay down may also regain half the points lost.