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Just a warning.... my Fico dropped 111 points 2 days after my first Kohls new charge card posted...
My limit is $500 and I used $272 but it literally posted like 3 days after I made the charges and I think between the new account and the balance it just looked bad. I ma planning on paying it in full next week but thought it was strange they would list it that way so fast even before my payment was due.
Ill check it again in a month and see if it goes back up but I was expecting it to go down 10 to 20 points maybe just because of the new account and that was a little rediculious.
I just got a 29,000 car loan and that only brought me down a couple points! Silly
Wow! That is a pretty big drop.
I'm sure you'll regain some ground once you bring down your utilization as planned. Also, after a few months of timely payments with the new car loan. And congrats on the new car.
@johnnypinaz wrote:Just a warning.... my Fico dropped 111 points 2 days after my first Kohls new charge card posted...
My limit is $500 and I used $272 but it literally posted like 3 days after I made the charges and I think between the new account and the balance it just looked bad. I ma planning on paying it in full next week but thought it was strange they would list it that way so fast even before my payment was due.
Ill check it again in a month and see if it goes back up but I was expecting it to go down 10 to 20 points maybe just because of the new account and that was a little rediculious.
I just got a 29,000 car loan and that only brought me down a couple points! Silly
WOW, that is a big hit! I have never seen a hit that big with opening a card and charging right away.
Thats crazy odd. There is no way util on one card can cause a 100pt drop. What is your overall util? I hope you reviewed the rest of your report and no "baddie" got reported or something.
Wow that is quite a drop. Bummer. When I had two cards and two inquiries last January I think my score dropped about 30 or 40 points and then slowly went back up to where it was after 6 months. I think you're right that it was probably a combo of the new card and the utilization, in fact more the utilization. Not sure how many cards you have, but even having over 50% utilization on one card will drop your score a decent amount. The good thing is your score will increase at least somewhat as soon as you pay down the Kohl's card.
I dont know the percentage but have 2 credit cards. One is $200 which only owes $5 and the other is the Kohls which is $500 and showed that $272 balance.
Other then that I have a @29K car payment which is up to date.
So its probably using only the $700 in credit cards as the utilization which would put me around 25% I guess.
I'll update everyone in a month when it reports again. Im not trying to obtain any new credit for a few months so Im sure it will be back up again by then and hopefully even better
thanks
I think you need to pull your report and see if anything else is going on. I find it very hard to believe that a kohls even over 50% utility would cause that much of a drop. That is crazy