App spree credit score drop

Anonymous · ‎02-10-2017

Went on an app spree recently and my credit score dropped 30 points. Ouch. Has anyone else been hit by that big of a blow?

AverageJoesCredit · ‎02-10-2017

Im sure it happens all the time. I guess the stronger your profile and the thickness come into play. Youll bounce back, just takes some time

mongstradamus · ‎02-10-2017

I only applied for one card and it was only HP i had in about 15 months and my Fico score dropped about 25 poitns so yes it happens.

EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16

joltdude · ‎02-10-2017

Yep it sure does.... For me it was roughly 20-30 pts .... But you should be able to get all or most back within 3 months... barring no major spending changes and derogs...

From what i see in your signature, you shouldnt have a problem getting those points back....

-J

Anonymous · ‎02-10-2017

@Anonymous wrote:
Went on an app spree recently and my credit score dropped 30 points. Ouch. Has anyone else been hit by that big of a blow?

Yes, it happens. You'd have to provide some more details about your profile and spree though to get solid feedback here.

How big was your "spree" and how many inquiries did you receive per bureau? How many of the new accounts have actually reported thus far? What was your AAoA prior to the spree and what is it now, post-spree?

Keep in mind that there are 3 factors that lower your score from a spree. Inquiries, "new accounts" and potential AAoA reduction.

The inquiries will impact your score quickly. The "new accounts" and potential AAoA reduction will happen as the new accounts show up on your credit report.

The inquries are usually the least impactful of these 3 factors IMO. Hopefully the 30 point drop you're speaking of is with some more most of these new accounts being reported already. If not, unfortunately your scores are going to drop some more once the accounts all report.

Anonymous · ‎02-23-2017

On a side note for beginners reading this post, some companies give you fairly accurate odds being approved for a card, that way you can be more selective about applying, thus decreasing the potential for a related credit score hit.