So, as some of you may know, I was approved for a USAA Platinum rewards card a few days ago -- I am still extremely happy about that. But last night I got a little email from score watch that said that there was a change to my FICO score. Could they already be reporting it? Walmart wasted no time, reporting my account three days after it was opened (4 days ago). No. Instead it was that my EQ FICO score dropped from 678 to 671. Now, you may be thinking "big deal swap, you gained a $4,000 CL and it only cost you seven points -- this is cause for rejoice." And as stated above, I am extremely happy. I was just so close to the 680 benchmark and while 671 is still close in the grand scheme of things, I was two points away!
I've seen 25 point hit from a single INQ. You're score will rebound, provided everything else is inline.
25 point hit? That is pretty steep. I only had three inq. over the last year, so I guess damage was controlled a bit. I expect a nice jump in my scores once this tradeline is reported. I am not quite sure if available credit helps at all; from what I've read here over the last few days, no. My util was reported at about 20% since my total credit limit was but $550 this month when it was reported. Now my total credit limit is $5300, so my $150 balance will bring my util a lot closer to 2.8% before I make a payment. I will probably pay off the two subprime cards and put a few small charges on the walmart card -- immediately paying them off, and leaving a very small balance on the new USAA card.... It is time to check out the gardening lifestyle for me.... at least until Feb. or so.
Well, another drop, down to 663 because Walmart reported as a new account. I suppose that I should expect another decrease when USAA reports as a new account too. I hope that it isn't too bad -- I don't know how much more damage I can take.
All the damage has the potential to disappear with positive history. Good luck!