You would have to essentially have a perfect storm of negative factors (cut your average age of accounts in half, maxed out, only revolving card, maybe even reporting 30+ days late) to lose that many points in a FICO score simply for a new card reporting. Everyone's credit profile is different, and a new card won't necessarily cause a score loss if there are positive factors that are weighed more.
58 points is far too much to lose because of a simple new account reporting. There is definitely something else going on over there.
@OmarGB9 wrote:58 points is far too much to lose because of a simple new account reporting. There is definitely something else going on over there.
If they never paid the balance in past couple of months it would report as negative lol That would explain the -58 points also!
Same with X1 per their Terms and Service.
Then again its based on Reddit!
... and this is why there's reddit and then there's this site called myFICO forum. 🤪😜😝
@hawkins wrote:Just someone on Reddit saying it
And, most of us know about taking comments with a grain of salt from sources such as Reddit, YouTube or other social media jockeys. As you mentioned having the Gemini card, and it being relatively new, it is certainly doubful that it's reporting to the CRAs for anyone. They just opened their portals to all common folk, and for those that received invitations, it's definitely very premature as well.
So, I'd say that Redditor is definitely not aware of other factors that are impacting their credit profile -- but it's not the Gemini CC, unless they provided proof or a screenshot of the Gemini CC reporting. Otherwise, it's simply a Reddit post served on a poopoo platter 