17 point drop normal?

[Anonymous]

I just checked, Equifax score was 771 04/24/09 and dropped to 754 as today. The only difference is that my account today is showing our car load (I'm the co appllicant for it). Is such a big drop normal?

[llecs]

If you have a new account showing, then a 17 point drop is fairly normal. On average, I've lost 20-25 points with each new account. I've found that a large majority return within 6 months from when it first reports with the remainder or so returning by 1 year.

[Anonymous]

Thank you for making things clear to me. I new in the U.S. and not familar with all the credit score/report stuff.

*edit*

Why the heel has my user name changed? 

Message Edited by Tazmania on 05-08-2009 09:42 AM

[llecs]

I sent you a PM. Click on the yellow/orange envelope near the top in the upper right hand corner of your screen.

[haulingthescoreup]

Also, once you make the first payment on the car loan, lowering the util below 100%, you'll probably get some points back then.

Installment util isn't nearly as big a deal as revolving (CC), but 100% will give you a ding until your payments start posting.