Why does your score drop when you add a new Credit Card?

[Anonymous]

Why would anyone really care if a score dropped from 800 something to 800 something? What differecne does it really make? You have a great portfolio, can obtain just about any line of credit you want - at the best rates and without jumping through hoops. My guess is you are not looking for any large purchase in the near future as you dont get to where you are w/o doing homework. If it is simply a new inq or new credit - it will play out in the short term and bounce back.

Fico perfection is: banks chasing you - not 850. Congrats on your impressive score and new card.

[Anonymous]

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@mitchblue wrote:

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@Anonymous wrote:

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@mitchblue wrote:

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@Anonymous wrote:

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@SouthJamaica wrote:

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@Anonymous wrote:

This seems absurd to me. I was a 828 Equifax and added a $3500.00 State Employees Credit union visa credit card last month. Today I get an alert that I have dropped from a 828 to a 807? 

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It is absurd but

(a) one loses points for the hard inquiry and

(b) one loses points for the lower Average Age of Accounts

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I am begining to think its this site and this is how they keep you as customers if they show wild swings in your score? I have never seen anything like it? Your score should not drop 21 points because you open up a credit card. Anyone else feel like this site just leads you on with wild scoring swings to keep you paying for the next ALERT? Who actually owns this site MYFICO anyway? Does anyone know? They make it sound like its a government run entity by there advertising etc:  I am frustrated.

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Maybe a HP effects the score more the higher your Fico is? Just a guess. And without knowing what his previous, and now new, AAoA is it's hard to determine. And honestly, maybe he missed something that decreased his score some, like his utilization.

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Overall UTI is 4% and the credit card opened at $3500.00 with a zero balance. 

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I saw that but what about his other credit cards? He really didn't give us all his info.

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I owe zero balances on my other cards. I never carry a balance and if I do its under $100.00 

[Anonymous]

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@Anonymous wrote:

Why would anyone really care if a score dropped from 800 something to 800 something? What differecne does it really make? You have a great portfolio, can obtain just about any line of credit you want - at the best rates and without jumping through hoops. My guess is you are not looking for any large purchase in the near future as you dont get to where you are w/o doing homework. If it is simply a new inq or new credit - it will play out in the short term and bounce back.

Fico perfection is: banks chasing you - not 850. Congrats on your impressive score and new card.

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Thanks and your correct, Its just when you see a large score drop you wonder if you will end up under 800.  Thanks

[syeb]

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@Anonymous wrote:

Why would anyone really care if a score dropped from 800 something to 800 something? What differecne does it really make? You have a great portfolio, can obtain just about any line of credit you want - at the best rates and without jumping through hoops. My guess is you are not looking for any large purchase in the near future as you dont get to where you are w/o doing homework. If it is simply a new inq or new credit - it will play out in the short term and bounce back.

Fico perfection is: banks chasing you - not 850. Congrats on your impressive score and new card.

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Ecept a Chase card if you have too many new accounts. Even 850 won't help then.