topic Re: Score drops this much? :( Ouch in Credit Cards

Score drops this much? :( Ouch

ibmrad7 — Thu, 28 Feb 2013 00:07:42 GMT

So I applied Amazon store card over the weekend, got approved with 900 CL but just now I got a scorewatch alert and my score dropped 23 points. Ouch

Is it normal? I am kind of worried because Amex Hilton Honors is yet to report, wondering if that would plunge my score before 600

Also this new Amazon account isnt reporting any CL in the alert, is it normal?

Re: Score drops this much? :( Ouch

Walt_K — Thu, 28 Feb 2013 00:13:54 GMT

Are you saying the card is reporting, or just the inquiry? That's fast to have the card on your report already. I know some accts do report quickly, but just want to make sure I understand if we're talking about a score change due to an inquiry or due to a new account.

23 points seems like a lot, but it can vary quite a bit depending on your profile. What was your AAoA before the new account hit? Do you have a relatively thin file?

I'm guessing you'll see a smaller decrease when the Hhonors card hits.

Re: Score drops this much? :( Ouch

ibmrad7 — Thu, 28 Feb 2013 00:20:40 GMT

It's actually a new account as per ScoreWatch:

GECRB/AMAZON PLCC

(XXXXXXXXXXXX4488)

Opened: 2/2013

Show/Hide Details

Balance:	$0	Credit limit or largest balance:	Not Reported
Past due:	Not Reported	Payment terms:	Not Reported
Status:	Pays account as agreed	First reported:	2/1/2013
Portfolio type:	Revolving or Option
Description:	Charge Amount in H/C column is credit limit

Contact: GECRB/AMAZON PLCC, PO Box 965015, Orlando, FL, 328965015

Re: Score drops this much? :( Ouch

Anonymous — Thu, 28 Feb 2013 00:23:43 GMT

I tend to not take too much into scores like scorewatch. If you want a real fico pull it here, otherwise don't worry too much. Those scorewatch and USAA scores have their own algorithms that drop scores on things like inquiries and new accts but they don't necessarily reflect reality. As an example, with my USAA monitoring I got a huge boost for some new accts and a huge drop with others. Regardless after 30 days or so, it all evened out.

Re: Score drops this much? :( Ouch

ibmrad7 — Thu, 28 Feb 2013 00:25:54 GMT

Hi Johnny_Fav, I am getting this alert on MyFico's scorewatch. Isn't it FICO score?

Re: Score drops this much? :( Ouch

dddewdrop — Thu, 28 Feb 2013 00:32:42 GMT

Ya GE accounts hit fast like that. My Walmart one hit right after I was approved and I know several others who had the same experience.

Re: Score drops this much? :( Ouch

myjourney — Thu, 28 Feb 2013 00:37:02 GMT

@dddewdrop wrote:
Ya GE accounts hit fast like that. My Walmart one hit right after I was approved and I know several others who had the same experience.

I apped new years eve and it reported new years day

Re: Score drops this much? :( Ouch

LS2982 — Thu, 28 Feb 2013 00:39:01 GMT

@Johnny ScoreWatch is an EQ myFICO product. It is a real EQ FICO score.

Re: Score drops this much? :( Ouch

lg8302ch — Thu, 28 Feb 2013 00:45:38 GMT

@ibmrad7 wrote:
Hi Johnny_Fav, I am getting this alert on MyFico's scorewatch. Isn't it FICO score?

Would like to know too! Thought it would be Fico Score because it is a product from MyFico ...hnmm

EDIT : Thanks LS2982...you just answered before my posting