Credit Karma almost made me fall over... question

[Sabrian31487]

Good evening,

If you look in my sig you will see that i applied for about 4 credit cards in less than a week and got approved for all (Walmart, Chase, Discover, OneStopPlus (No hard pull))

.. Well i went to credit karma and updated my account and my score went down 55 points in my transrisk score but my Vantage score went UP 55 points.. Is vantage score better than transrisk score or since it is FAKO does it really even matter? Now that i have walmart i will be able to pull my TU FICO free but just want some opinions of what might happen to my score because Only walmart has updated so far on my credit karma account, Chase and Discover have not.

Thanks

Keith

[dodfire]

You will see a drop in your score because of the new accounts.

If you had been carrying any balance before you opened these new accounts then the new credit is going to go toward your utl which is going to raise your score.

So, you could break even or you could see a drop. 

[Sabrian31487]

my utilization is only showing 2% because i dont have any of these cards yet. I still only have my Secured Capital One so im waiting for chase, discove,r and walmart in the mail (Wish they would get here) 

[dodfire]

Ok, so since you have no debt....you say 2% then the increase in available credit is not going to boost your score much. So, you will see a drop in your score not only from the inquiries but also because it will drop your average age of accounts AAoA. Over time your score will begin to rise as the accounts age. 

[Revelate]

Too many variables to reliably tell in all cases. Typically if you open new accounts you will see a drop; however, in some cases (like mine) it's impossible to quantify how much as I actually gained points on my EQ FICO even with new cards reporting and new inquiries landing on that report; however I had:

1) inquiries already on it
2) an AAOA of less than 2 years (rounded down anyway)
3) a bunch of tradelines turning one year old and their related inquiries falling out of scoring consideration.

With only the one card, and it you have had it for less than 2 years, decent chance your FICO may have increased; however, that is not typical and YMMV.

Also Vantage has some real world value as some few lenders use it for underwriting; transrisk is simply there for educational (read: entertainment) value.