Calm down!
It looks like your reporting util is 54%. $700 in credit limits/$380 in balances. Since your only CCC's are new, I don't think these new accounts tanked your score. It looks like your util tanked your FICO 50 points.
Two things to understand about util. Paying down CC's is one of the fastest ways to improve FICO scores. High util HAMMERS your FICO's. Losing 50 points for util at 54% and a having few hard inqs, while irritating, doesn't seem like a stretch.
If you can, pay off all of your CC's except for one before their statement dates. Leave one card with a balance not exceeding 9% util. Try and do this every month and I think you'll be happy with the results.
This is completely normal with high utilization and a thin file. The impact of utilization will lessen as time goes by and you build a history.
Use your cards and do not worry about FICO scores until you need to to apply for more credit or auto insurance if you are in a state that allows credit based insurance scores. They don't matter a bit until then and you can easily maximize your FICO by paying your total balance (not balance due) before the statement cuts on one card and paying the other card down to $10 or so. Don't pay them both to 0.
A great time to call and ask for a high CL is after you do this when you have demonstrated the ability to PIF.
It happens , utilization is an pretty big part of your fico scoring. If i recall its 30%. After you fix your utilization then your score will recover. I had quite the shock an month or two ago , when i showed no utilizatiion and my scores plummeted about same amount, fixed my utilization and scores were back to "normal"
I'm sorry but I must be reading this wrong. If he just got the cards and is still in his grace period with no due date yet then they couldn't be hurting his utilization b/c at this point they shouldn't have even reported any balance yet right?!?! Just sounds off to me. OTOH if he has already gotten a statement and they have reported those balances then I completely agree with eveyone else that is def the problem, but the way he has this worded sounds like its not reported yet?
@--HighHopes-- wrote:I'm sorry but I must be reading this wrong. If he just got the cards and is still in his grace period with no due date yet then they couldn't be hurting his utilization b/c at this point they shouldn't have even reported any balance yet right?!?! Just sounds off to me. OTOH if he has already gotten a statement and they have reported those balances then I completely agree with eveyone else that is def the problem, but the way he has this worded sounds like its not reported yet?
Yes, the way the OP stated his situation is unclear.
I'm pretty sure one or more cards has reported a balance. Being within a grace period implies a due date since there is no grace period with a prior posted balance of 0. Also, 50 points drop makes no sense otherwise. In almost all cases the first two cards you add increases a score absent heavy utilization. I suppose there could be something very peculiar about his particular circumstance.
@cashnocredit wrote:
@--HighHopes-- wrote:I'm sorry but I must be reading this wrong. If he just got the cards and is still in his grace period with no due date yet then they couldn't be hurting his utilization b/c at this point they shouldn't have even reported any balance yet right?!?! Just sounds off to me. OTOH if he has already gotten a statement and they have reported those balances then I completely agree with eveyone else that is def the problem, but the way he has this worded sounds like its not reported yet?
Yes, the way the OP stated his situation is unclear.
I'm pretty sure one or more cards has reported a balance. Being within a grace period implies a due date since there is no grace period with a prior posted balance of 0. Also, 50 points drop makes no sense otherwise. In almost all cases the first two cards you add increases a score absent heavy utilization. I suppose there could be something very peculiar about his particular circumstance.
Completely agree! But when he said he just got the cards it just made it sound as if they hadn't reported at all yet in which something would be way off! I do agree though if they have reported that util is most def the problem. Just a strange scenario to me! lol