Got new car, credit dropped nearly 24 points..

[vizon]

I am so confused. The car isnt even reporting yet, I literally got it 2 days ago.

My score is 24 points lower from my notification of today. Here is why:

• You have a short credit history.
• You have missed payments or derogatory indicators on your credit accounts.
• You opened a new credit account relatively recently.

I did just open a chase card, but when that hit I went up 1 point. I have no new late payments, just still the one from 2010.

Is it from all the auto loan apps? I thought they were scored as one?

[Anonymous]

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@vizon wrote:

I am so confused. The car isnt even reporting yet, I literally got it 2 days ago.

My score is 24 points lower from my notification of today. Here is why:

• You have a short credit history.
• You have missed payments or derogatory indicators on your credit accounts.
• You opened a new credit account relatively recently.

I did just open a chase card, but when that hit I went up 1 point. I have no new late payments, just still the one from 2010.

Is it from all the auto loan apps? I thought they were scored as one?

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What scores are you comparing?  If one of them came from the auto lender, it could have been auto-enhanced.  Also, the inquiries certainly could have lowered your score combined with the new chase account, your AAoA likely went down as well.

[vizon]

It was an alert from my FIco. I got the 24 point drop this morning. It can't be the chase card because it hit nearly a month ago and my score went up. I am so confused because I thought auto was scored as one.

[Anonymous]

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@vizon wrote:
It was an alert from my FIco. I got the 24 point drop this morning. It can't be the chase card because it hit nearly a month ago and my score went up. I am so confused because I thought auto was scored as one.

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It should be.  At a minimum, you are now getting dinged for 2 inquiries (Chase and Auto).  Perhaps FICO multiplies the effect at multiple inquiries?  Nobody really knows.

Also, not all auto lenders code their inquiries correctly.  When I applied at a couple dealerships in January, I got a total of maybe 40 inquiries across my 3 reports (I know, I have learned better now).  Anyway, I think at least 5-10 of them don't say "Auto" so are probably being considered by FICO as regular inquiries.  It could be that you got put in a new bucket, who knows.  Nobody really knows exactly how FICO works, or they couldn't sell the score.  I wouldn't worry about 24 points.  Whatever it is will be short lived and your score should rebound to higher than it was before your new accounts.