dropped 41 points!!!

[JoshNurse]

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@Anonymous wrote:

Wow... Well, glad that my not so great situation makes you feel much better about yourself. At least I accomplished something right...

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Ignore me im just a troll passing by

[Anonymous]

10 %... ok, I can do that. I don't need the credit cards and as of last month, I opened up a savings account and have already put away $1,700. My goal is to save enough for 20% down on a house by the end of next year. My bills and expenses are very minimal, so I am able to save the majority of my pay check. Don't have car payment because I purchased my car cash.

[Anonymous]

yes, I have a Capital One card. I also just looked at Credit Karma and it says Vantage Score went up 56 points but TransUnion went down 41 points... what is the difference?

[JoshNurse]

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@Anonymous wrote:

yes, I have a Capital One card. I also just looked at Credit Karma and it says Vantage Score went up 56 points but TransUnion went down 41 points... what is the difference?

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Ignore the Vantage Score.  If you can afford it get the $14.95 monthly MyFico plan.  You can get your actual credit report and also score. 

The drop is temporary and will go back up.  Keep using your card at about 9% utilization.  Pay it off every month for about 6 months and you will see a boost.

DOe syour mom or dad have a high credit limit card that has 0 balance on it?  Ask them to add you as a card holder to get some credit.

[Anonymous]

 The vantage score rate you on loanability rather than credit worthiness in my opinion. In written terms it's a unified score taken from all three credit bureaus to compete with fico to help people. My vantage score  is poor while my fico are top notch. I greatly dislike vantage. 

[Anonymous]

I will look into the MyFico plan. Yes, my parents both have perfect credit. I actually was talking to my parents about the piggy back thing today. My dad was giving me advice and we have a plan for now. He seem's to think that since I now have a credit card that I can accomplish this on my own. He said to wait and see what my credit does in 6 months. If not improved, then we will try the piggyback thing. 

[Anonymous]

The drop occurred right when they reported for the first time. It makes me feel better that this is temporary.

[takeshi74]

It sounds like you probably have a thin file and/or derogs so hard pulls and new accounts reporting (drops your AAoA) can have a bigger impact.  The effect of the hard pulls will taper and fall off relativey quickly and you'll build AAoA over time.  However, if you do have any derogs then hit the Rebuilding subofurm to see what you can do to address them.

What score are you referring to anyway?  Make sure you're keeping an eye on all 3 of your reports.  If you're monitoring scores then make sure you're keeping an eye on all 3 CRA's.

[CreditCardDiva]

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@Anonymous wrote:

This is completely normal. Also for the record you want below 10% of your cards utilization and total utilization. In about six months you should have your points back with more.

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Yep. OP, it's shocking but you'll recover. I added....wait for it...SEVEN new tradelines. My AOAA is shot to the depths of the credit score abyss, AND my score took a near-death beating. So, I gotta stay in the "garden" for about a year, to recover from the damage. My utilization should now be at about 5%, from 13%, so that's the "good" in it, and that's what I wanted to happen.