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15 Point drop.. seems strange to me.

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Regular Contributor

15 Point drop.. seems strange to me.

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Does this make sens to you? The new account showed on my report 9/7 and no chang in score. Nothing else changed and then four days later a 15 point drop. Was this just a delay in the effect the new card had on my score? 

Current Open: NFCU AMEX $6,800 CL | Chase Freedom $3,800 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 3 Months | AoYA 0 Months

Closed: American Honda Finance Installment $16,000 paid satisfactorily | Capital One Secured $700 paid satisfactorily | Wells Fargo credit card $3,000 paid charge off settled less than full amount (badie 2015) | Bank of America credit card $1,000 paid charge off settled less than full amount (badie 2015)
Message 1 of 8
7 REPLIES 7
Super Contributor

Re: 15 Point drop.. seems strange to me.

How many inquiries did you have before and after?  I noticed that you took 2 inquiries in the span of 3 days and see no score drop during that period of time.

Message 2 of 8
Regular Contributor

Re: 15 Point drop.. seems strange to me.


@BrutalBodyShots wrote:

How many inquiries did you have before and after?  I noticed that you took 2 inquiries in the span of 3 days and see no score drop during that period of time.


@BrutalBodyShots 

 

To answer your question on Hard Inquiries:

Experian: From 0 to 1

Transunion: From 1 to 2

Equifax: From 1 to 1 (no change)

 

Chase pulled from Experian and TransUnion hence the changes to those two. I don't think the inquiry is what made the 15 point drop becuase days after the pull no credit changes took place. My AAoA did fall from 3 years 6 months to 3 years 3 months and my AoYA from 14 months to 0. Perhaps this is the reason for the change and would explain the delay (i.e. when account showed on report instead of just the inquiry). 

Current Open: NFCU AMEX $6,800 CL | Chase Freedom $3,800 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 3 Months | AoYA 0 Months

Closed: American Honda Finance Installment $16,000 paid satisfactorily | Capital One Secured $700 paid satisfactorily | Wells Fargo credit card $3,000 paid charge off settled less than full amount (badie 2015) | Bank of America credit card $1,000 paid charge off settled less than full amount (badie 2015)
Message 3 of 8
Frequent Contributor

Re: 15 Point drop.. seems strange to me.

^ You found your answer. AoYA reset. Bonus points removed.
Message 4 of 8
Super Contributor

Re: 15 Point drop.. seems strange to me.

Agreed.  An AoYA reset from 12+ months to 0 months will cause such a drop.  In fact, some experience a drop as high as the 20-25 point range, so 15 points really isn't all that bad.

Message 5 of 8
Frequent Contributor

Re: 15 Point drop.. seems strange to me.


@CreditSage wrote:

The new account showed on my report 9/7 and no chang in score. Nothing else changed and then four days later a 15 point drop. Was this just a delay in the effect the new card had on my score? 


I do recall reading that if one is on a derogatory scorecard, one does not get a new account scoring penalty. Maybe someone can confirm if memory doesn't serve me.

Message 6 of 8
Regular Contributor

Re: 15 Point drop.. seems strange to me.


@AllZero wrote:
^ You found your answer. AoYA reset. Bonus points removed.

Well that is a bummer. I lost 15 points for the AoYA reset but gained 15 points for a few things which happened all at once:

 

NFCU CLI from $5,300 to $6,800.

UTL dropping to aggregate 8% from high 60%.

 

Pretty much a wash. I wonder if I should apply for the other cards I want while AoYA is 0... hmmm..

Current Open: NFCU AMEX $6,800 CL | Chase Freedom $3,800 CL | QS1 $1,300 CL | BankAmericard $24,000 CL (AU) | NFCU SSL $3,000 |
FICO 8 EXP, EQ, TU: 675-715 (depending on Utl.) | AAoA 3 Years 3 Months | AoYA 0 Months

Closed: American Honda Finance Installment $16,000 paid satisfactorily | Capital One Secured $700 paid satisfactorily | Wells Fargo credit card $3,000 paid charge off settled less than full amount (badie 2015) | Bank of America credit card $1,000 paid charge off settled less than full amount (badie 2015)
Message 7 of 8
Frequent Contributor

Re: 15 Point drop.. seems strange to me.

Congratulations on lowering your UTI.

Chase has been known to be sensitive to credit seeking behavior. Have they been soft pulling you since approval? Some members receive adverse action. Best to research before you dive in.
Message 8 of 8
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