topic Re: FICO score keeps dropping in Understanding FICO® Scoring

FICO score keeps dropping

Anonymous — Sun, 22 Jun 2014 07:49:07 GMT

So I have noticed a trend recently with my FICO score that I get from Discover. It seems to be very inconsistent and trending downwards. The only changes that I have made since February is starting a new card with Chase, increasing the CL on my AmEx, opening a cable service account, and renting a new apartment. My monthly FICO since then has gone from 782 to 748 as of this month. It still a good score but the trend downwards has me a little concerned.

Any suggestions? Is this just temporary given the new inquiries I have had in the past few months and the lower average account age from the new card? Any insight would be helpful. I know it's unneccessary but I was really pushing for an 800 and it annoys me that my score seems to be declining now.

Re: FICO score keeps dropping

bch238 — Sun, 22 Jun 2014 11:41:39 GMT

The new Chase card dings you twice: once for the HP inquiry and once for the new account, which reduces your average age of accounts. Also, if it reports with a balance, it might ding your score a third time. For example, my score dropped six points when a $75 balance reported on my BOA card, whereas it's usually $0.

The Amex CLI shouldn't negatively impact your score because that is generally a SP inquiry. The increased credit available might--but won't necessarily--positively affect your score; it depends on the utilization that was reporting on that account before the increase and whether the utilization percentage is now reporting lower.

The SP for the new residential lease and cable account shouldn't make any difference.

Re: FICO score keeps dropping

Anonymous — Sun, 22 Jun 2014 12:00:25 GMT

My utilization ranges from 3-7% and never more than 15% of any one card. I guess I am just surprised that an inquiry and a new account could lower me 30+ points.

Re: FICO score keeps dropping

Anonymous — Sun, 22 Jun 2014 13:22:49 GMT

My residential lease and cable provider both pulled HPs and it did lower my FICO Scores.