topic Re: HOLY COW! MAJOR SCORE DROP! in Credit Cards

HOLY COW! MAJOR SCORE DROP!

GFer — Tue, 15 Apr 2008 02:56:57 GMT

I read that for the most part, I could expect score drop of average 7-10 pts per inquiry--more if several in short period of time. (Again--newbie here).

I also read something along the lines of diluting the bad with good...

So my dumb butt applied for:

Orchard (piece of XXXX card w/300 limit)

Target (still pending and not even showing up yet as inquiry)

and Wells Fargo because I opened checking and savings at same time. (Didn't even think about an inquiry on that one! Duh!)

My Eq went down 81 Points (after just having shot up 35!) WTH??

Originally, thought to myself; "Big deal if inquiries hurt my score, cause whole idea was to have something to build my credit on!"

But Geesh!

Re: HOLY COW! MAJOR SCORE DROP!

Anonymous — Tue, 15 Apr 2008 03:03:29 GMT

That does seem like more than usual. I took about a 40 point hit to EX for 3 inquiries in a short time frame, but 81 points....there must be something else going on, too.

Did the average age of your accounts drop immensely when you got the new cards?

Re: HOLY COW! MAJOR SCORE DROP!

Anonymous — Tue, 15 Apr 2008 03:07:00 GMT

watchnerd wrote:
That does seem like more than usual. I took about a 40 point hit to EX for 3 inquiries in a short time frame, but 81 points....there must be something else going on, too.

Did the average age of your accounts drop immensely when you got the new cards?

I don't think the accounts could have reported that quickly. It must be something else.

Re: HOLY COW! MAJOR SCORE DROP!

Anonymous — Tue, 15 Apr 2008 03:14:11 GMT

Better check your reports carefully. Has to be something major for that big of a drop.

Re: HOLY COW! MAJOR SCORE DROP!

GFer — Tue, 15 Apr 2008 03:44:59 GMT

I've gotten the Orchard Card.

How does one check average age of accounts? Or do I just figure that myself? (Sorry for dumb question!)

Re: HOLY COW! MAJOR SCORE DROP!

Anonymous — Tue, 15 Apr 2008 03:51:16 GMT

You would look at the start of the date of the account for instance for my Chase: open date 10/06/08. And you would just look at the rest of the dates for each account to find out how old they are. Add up the months and average them out.

Re: HOLY COW! MAJOR SCORE DROP!

GFer — Tue, 15 Apr 2008 03:59:20 GMT

Ok. I did get the Orchard card, updated my report and it's not showing yet. Only the inquires.

Re: HOLY COW! MAJOR SCORE DROP!

Anonymous — Tue, 15 Apr 2008 04:07:59 GMT

i took a 19 pt hit for 1 inq with EX.