CSR approved, 25K limit, 23 pt hit to EX, 21 pt hit EQ, 18 pt hit TU

[Fleuriste]

I applied yesterday afternoon and got the 30 day pending message from the application status line.  Woke up this morning to a new card in my Chase account with a 25k limit and 20.24% apr.  My stated income is $222K.  So that was the good.

The bad was that they pulled Experian and my credit took a 23 point hit.  Seems a bit excessive for a HP.  I won't be getting another card for a while, but I will downgrade my CSP to a Freedom before the AF hits.  It'll be interesting to see how long it takes for my credit to rebound.

Edited to add:  Chase did a double pull on EX and EQ.  EQ went down 21 points and TU went down 18 points without new inquiry.   

Edited to add: TU rebounded 18 points today.  Fingers crossed the other two CRAs move up.

[Gmood1]

Congrats, is your file thin? That's a big hit just for one HP.

[tjmolly]

Wow 23 pts?! I didn't get a hit at all.  Weird how HPs are calculated.  My experian FICO 8 Bankcard score was 737. Congrats either way!

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@Fleuriste wrote:

I applied yesterday afternoon and got the 30 day pending message from the application status line.  Woke up this morning to a new card in my Chase account with a 25k limit and 20.24% apr.  My stated income is $222K.  So that was the good.

The bad was that they pulled Experian and my credit took a 23 point hit.  Seems a bit excessive for a HP.  I won't be getting another card for a while, but I will downgrade my CSP to a Freedom before the AF hits.  It'll be interesting to see how long it takes for my credit to rebound.

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[redpat]

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@tjmolly wrote:

Wow 23 pts?! I didn't get a hit at all.  Weird how HPs are calculated.  My experian FICO 8 Bankcard score was 737. Congrats either way!

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@Fleuriste wrote:

I applied yesterday afternoon and got the 30 day pending message from the application status line.  Woke up this morning to a new card in my Chase account with a 25k limit and 20.24% apr.  My stated income is $222K.  So that was the good.

The bad was that they pulled Experian and my credit took a 23 point hit.  Seems a bit excessive for a HP.  I won't be getting another card for a while, but I will downgrade my CSP to a Freedom before the AF hits.  It'll be interesting to see how long it takes for my credit to rebound.

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Go figure I went up 1 point.

Thin file, wait when the card hits report for another hit because of AoAA.

[Fleuriste]

@Gmood1 wrote:
Congrats, is your file thin? That's a big hit just for one HP.

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I only have 10-11 accounts depending on which CRA you look at, but it is a good mix: multiple mortgage accounts- 3 open, a closed car loan, and now 3 credit cards.  I'm planning on a jumbo refi in January or February, but felt I needed a 3rd credit card, really wanted this one, and hoped that my credit would rebound by 5 or 6 months. 

[Fleuriste]

Go figure I went up 1 point.

Thin file, wait when the card hits report for another hit because of AoAA.

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I really wasn't expecting this large of a hit. I thought 5-10 points.  But I am bracing for the hit due to AAoA being reduced.  The good news is that I don't have to be so careful at the end of the month to have a super low balance on my CC, now that my total available credit has gone from 9600 to 34600.

[lhcole77]

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@Fleuriste wrote:

Go figure I went up 1 point.

Thin file, wait when the card hits report for another hit because of AoAA.

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I really wasn't expecting this large of a hit. I thought 5-10 points.  But I am bracing for the hit due to AAoA being reduced.  The good news is that I don't have to be so careful at the end of the month to have a super low balance on my CC, now that my total available credit has gone from 9600 to 34600.

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Even though AAoA may drop, wouldn't be surprised if score goes up once a third card is reporting. This happened to me when I got my third. What's your overall utlization right now? And how many accounts are reporting a balance?

[brewcrew87]

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@Fleuriste wrote:

Go figure I went up 1 point.

Thin file, wait when the card hits report for another hit because of AoAA.

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I really wasn't expecting this large of a hit. I thought 5-10 points.  But I am bracing for the hit due to AAoA being reduced.  The good news is that I don't have to be so careful at the end of the month to have a super low balance on my CC, now that my total available credit has gone from 9600 to 34600.

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Yeah that's crazy...  Are you sure there wasn't anything else that updated on your reports?  Higher balance reported on a CC?  Other new account?

I have so many new accounts (15 in last 24 months) and INQs (12+ on all CRAs) that every additional one doesn't really do anything to me...  Literally lose a point at the most now.  

Now in terms of FAKOs like Credit Karma, my scores have plummeted, but that's because they really ding you for new accounts and INQs a lot more than FICO scores it seems.

[Fleuriste]

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Even though AAoA may drop, wouldn't be surprised if score goes up once a third card is reporting. This happened to me when I got my third. What's your overall utlization right now? And how many accounts are reporting a balance?

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 My credit utilization was 2% last reporting period.  Small balance right now, under 1%.  Only one card has a balance.

[lhcole77]

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@Fleuriste wrote:

 My credit utilization was 2% last reporting period.  Small balance right now, under 1%.  Only one card has a balance.

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You may see a bump or no effect. Just from my experience. When 1 of 2 cards is reporting then that's 50% but when 1 of 3 is, it's 33%. FICO seems to like this on my reports.