60 Point drop normal for new CC?

[Anonymous]

Hello,

Between 12/30 and 1/30 my score went from 760 to 700 according to my discover card..

I got a new Chase Sapphire card around december.

with 5k credit limit. I spent 4k on that card and payed in full

I have 3 other cards total 10k in limit. Always pay in full. 

Should I be worried about 60 point drop and get a FICO report? (Really dont want to spend over $50).

Is there any reason to think it is a misreporting somewhere or fraud?

[Rhaeny]

Well that's a huge drop for sure.  Did your AAoA take a huge hit?  Have you looked at your reports to see if anything negative may have popped up?

[user5387]

If you put 80% on the Chase Sapphire, and paid it after the statement cut, then your utilization may have been temporarily clobbered.

Also, you take a hit for new accounts in general, including the hard pull, new TL, and lowered AAoA.  But I doubt this would amount to 60 points.

[gdale6]

did you PIF prior to statement cut? If not utilization likely got you.

[Anonymous]

Prior to statement cut as in prior to the statement even post? No. Since its a new card I get 1 month prior to statement comes out then 1 more month to pay. I paid at the middle of the 2nd month. So I assume the usage is ~20-30% for those time. 

I do not have the actual report, the only reason I know the score is because I have discover, which give me score every month. 

[myjourney]

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@Anonymous wrote:

Hello,

Between 12/30 and 1/30 my score went from 760 to 700 according to my discover card..

I got a new Chase Sapphire card around december.

with 5k credit limit. I spent 4k on that card and payed in full

I have 3 other cards total 10k in limit. Always pay in full. 

Should I be worried about 60 point drop and get a FICO report? (Really dont want to spend over $50).

Is there any reason to think it is a misreporting somewhere or fraud?

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Welcome to the forum 

Please do not double post on multiple forums

MJ

[Anonymous]

So assume that I got clobbered by % utilization is 60 a reasonable drop or should i suspect other cause as well (like false reporting etc)?

[indiolatino61]

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@Anonymous wrote:

Hello,

Between 12/30 and 1/30 my score went from 760 to 700 according to my discover card..

I got a new Chase Sapphire card around december.

with 5k credit limit. I spent 4k on that card and payed in full

I have 3 other cards total 10k in limit. Always pay in full. 

Should I be worried about 60 point drop and get a FICO report? (Really dont want to spend over $50).

Is there any reason to think it is a misreporting somewhere or fraud?

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IMO, if you PIF'ed after the statement cut, that $4k spend was 80% of the card's CL, which is considered maxed-out. Most likely when it reports PIF again, you will regain those points. The best of luck to you.