Balance tranfer of 17k; credit score dropped 144 points

[Housinginreach]

Total CL: 100k

Total CC balance 3k

Pre approval CITI BT: 17k; so applied; got funded same day; 1 day later; received CITI email says: BT denied, that is weired. 

Paid minimal payment: $175. 

Did not know credit score was dropped;

Applied Chase IGH get 20k CL.

Just noticed experien dropped from 800 to 656 due to 17k BT

Total aggregate and individual card revolving utilizations: 20% and 99%. 

How can I improve credit score rapidally besides pay all the BT back ( I just spend 5% of 17k fees, and feel stupid to pay all back)?

[SouthJamaica]

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@Housinginreach wrote:

Total CL: 100k

Total CC balance 3k

Pre approval CITI BT: 17k; so applied; got funded same day; 1 day later; received CITI email says: BT denied, that is weired. 

Paid minimal payment: $175. 

Did not know credit score was dropped;

Applied Chase IGH get 20k CL.

Just noticed experien dropped from 800 to 656 due to 17k BT

Total aggregate and individual card revolving utilizations: 20% and 99%. 

How can I improve credit score rapidally besides pay all the BT back ( I just spend 5% of 17k fees, and feel stupid to pay all back)?

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Where are you getting the score from?

You can improve your FICO scores by paying the 99% card down to 48%, or better yet 28%.

[FireMedic1]

Welcome @Housinginreach 

Got to be a Vantage score. A BK doesnt even drop that much with FICO..

[FicoMike0]

I agree with @FireMedic1 something fishy here. Make sure you are comparing Apple's to apples, that's a huge drop! Go to annualcreditreport.com, check your reports. Make sure some id theft isn't going on too.

Post back what you find.

[Housinginreach]

Updates: 

Credit score drops were all from my CC 

Chase /capital/amex express. 
Then I checked Ex and Equifax 

Scores are 710-720. Still 90 + drops. I just have to pay 52% of 17k back. I donot want to wait anymore. So personal balance transfer is a joke. When I initiated the citi BT (online) it won't let me choose like 48% of the 17 K. Then the score Dropped the second day. I donot really need this money, thought a cheaper way to borrow and investing in a 20% return investment. 

Now CL: 120k

CC: $200. 
BT: planning to pay off $9500 so remaining $7500. 

June,2024, I did a personal loans through American Express 25K no score drop,  paid it back in one month .

[FicoMike0]

Again, make sure you are comparing fico8 to fico8, same bureau. 

You opened a new account for bt? There could be a penalty for new account and for hp.

You transferred $17k to an account with a $17k limit, 100% util? Maxed account will certainly hurt, I wouldn't think that much...

You paid a 5% bt fee, $850? 

Your score dropped to low 700, so what? Are you planning to apply for more credit? If not, it's costing you nothing.  How long is the zero percent going to last? You have the money to at it back, what did you plan to use it for?

The point in making is, you had a use for $17k that was worth more than the $850. Has that changed? If no, live with the score, it will improve as util. Improves.

[FireMedic1]

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@Housinginreach wrote:

Updates: 

Credit score drops were all from my CC 

Chase /capital/amex express. 
Then I checked Ex and Equifax 

Scores are 710-720. Still 90 + drops. I just have to pay 52% of 17k back. I donot want to wait anymore. So personal balance transfer is a joke. When I initiated the citi BT (online) it won't let me choose like 48% of the 17 K. Then the score Dropped the second day. I donot really need this money, thought a cheaper way to borrow and investing in a 20% return investment. 

Now CL: 120k

CC: $200. 
BT: planning to pay off $9500 so remaining $7500. 

June,2024, I did a personal loans through American Express 25K no score drop,  paid it back in one month .

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I dont have a Chase card. But the others are Vantage. AMEX gives both. FICO for AMEX is deep in your account page. EQ is Vantage. EX has a free FICO score when you sign up.

[SouthJamaica]

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@Housinginreach wrote:

Updates: 

Credit score drops were all from my CC 

Chase /capital/amex express. 
Then I checked Ex and Equifax 

Scores are 710-720. Still 90 + drops. I just have to pay 52% of 17k back. I donot want to wait anymore. So personal balance transfer is a joke. When I initiated the citi BT (online) it won't let me choose like 48% of the 17 K. Then the score Dropped the second day. I donot really need this money, thought a cheaper way to borrow and investing in a 20% return investment. 

Now CL: 120k

CC: $200. 
BT: planning to pay off $9500 so remaining $7500. 

June,2024, I did a personal loans through American Express 25K no score drop,  paid it back in one month .

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Sorry, I'm not understanding you.

I still can't understand whether the scores you're referring to are FICO scores or Vantage scores, or when they were calculated compared to when the balance transfer was reported.

I also don't understand what you mean when you say "it won't let me choose" the amount of the balance transfer. I've never seen a balance transfer application which did not ask for the amount of the balance transfer, and I'm sure there are none.

In any event, when you pay the 99% card down to 48%, that will help your situation.

[Zoostation1]

@FireMedic1Amex switched over to just giving EX8 scores.  They removed the TU VS3.0 from MyCredit Guide.  Now they give you an EX report and EX8 score.

[NoHardLimits]

In my experience, the OP's credit card online login would currently provide these versions:

Chase = VantageScore3 from Experian

Capital One = VantageScore 3 from TransUnion

Amex = FICO Score8 from Experian

If the OP is getting free scores from the bureaus, these are probably the versions:

EX = FICO Score8 from Experian

EQ = VantageScore3 from Equifax

TU = VantageScore3 from TransUnion