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Approved credit card but big drop in score?

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New Member
New Member

Approved credit card but big drop in score?

Hello, 

 

Been building my credit over the last year or so. All accounts are in good standing an no missed payments. Applied for Amex two months ago and still followed routine on utilization/purchases etc. Just saw my credit dropped 42 points? I read hard inquiries should only make a few points ding from your report, but 42?

Message 1 of 7
6 REPLIES 6
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Super Contributor

Re: Approved credit card but big drop in score?

@fwm  What CMS Credit Monitoring Service are you using?

 

Do you have any derogatory or delinquency on your credit report?

Message 2 of 7
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Super Contributor

Re: Approved credit card but big drop in score?

The inquiry did not cause the 42 point drop. You’ll have to supply a lot more information for us to determine what might have.
Our FICO scoring wisdom, regularly updated: Link to Scoring Primer.

Negative Reason Codes/Scoring Factors by CassieCard: Link to Reason Code Chart.

ccquest’s awesome workbook to calculate metrics for you: Link to Workbook.


Oct 2020. Oldest/average varies. (Estimates above.)
Real world maximums for the mortgage scores are:
EQ5-818, TU4-839, EX2-844.



RIP: (Forgive typos, mobile. Everything said is JMHO.)
In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR? AoYA? Etc...
Message 3 of 7
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New Member
New Member

Re: Approved credit card but big drop in score?

i'm using all three CMS

Message 4 of 7
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Community Leader
Super Contributor

Re: Approved credit card but big drop in score?

Yea a simple inquiry wouldn't cost you 42 points. Please list all accounts, limits, balances, any negatives, etc.


Last App: 8/24/2020
NFCU Secured Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 5 of 7
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Established Contributor

Re: Approved credit card but big drop in score?


@fwm wrote:

i'm using all three CMS


Credit Monitoring Service (CMS).  That would be Credit Karma, WalletHub, Credit Sesame, FICO, etc.  Are these FICO scores or Vantage scores?  The 1st 3 I noted provide Vantage scores whereas FICO provides FICO scores.  I agree, an inquiry would not cause a 42 pt drop to FICO scores.

FICO - 8: 10/31/20 AU 8 BC 8
FICO - 9: 10/31/20 AU 9 BC 9
F5,F4,F2 10/31/20 AU... BC...
Vantage 10/01/20
AoOA - 24Y7M | AoYA – 1Y1M | AAoA – 12Y2M
Open: 10 CC: (1 reporting 3.53% : 0.74% AGG UTL) | 1 PLOC | 1 MTG loan: 74.95% UTL | 1 Auto loan: 0.82% UTL
Closed: 1 MTG loan | 1 Auto loan | (EQ) 2 CC, (EX & TU) 1 CC
INQ: (EQ) 0/24 | (TU) 0/24 | (EX) 1/24
Message 6 of 7
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Contributor

Re: Approved credit card but big drop in score?

i got nailed 70 pts on approval but it shot up like a cannon in a month....got 70 back and another 30-50

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