Credit Score Decrease

[Anonymous]

I was in the mid 700's across the board then my new accounts hit.. and scores dropped dramatically. 

Is that normal?

[Anonymous]

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@Anonymous wrote:

I was in the mid 700's across the board then my new accounts hit.. and scores dropped dramatically. 

Is that normal?

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Quantify what you mean by "dramatically."

But yes, it is entirely normal for credit scores to drop as you acquire new accounts.  Those new accounts represent increased risk to a lender as there is no record yet on how they will perform so your score is reduced to reflect that increased risk.  Your scores will eventually recover with time and on-time payments of the new accounts.

[Jnbmom]

What scores are you referring to, is it FICO or credit karma , credit sesame? How much did it drop? If per say your Average age of accounts happen to go from 2 years to under I have seen scores drop anywhere from 20-30 points?

But until we know where the scores came from and what accounts you have and their ages, it's anyone's guess.

[blindambition]

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@Jnbmom wrote:

What scores are you referring to, is it FICO or credit karma , credit sesame? How much did it drop? If per say your Average age of accounts happen to go from 2 years to under I have seen scores drop anywhere from 20-30 points?

But until we know where the scores came from and what accounts you have and their ages, it's anyone's guess.

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Yes to this. Your FICO will take a hit from inquiry, as well as when new account hits your report. Also if your average age and youngest accounts passed an indicator threshold.

[Anonymous]

I got alerts from Credit Karma and Credit Sesame.. Equifax dropped 60, Transunion 40.. Experian only 7 points.

My experian score is thru the Experian Website.

[blindambition]

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@Anonymous wrote:

I got alerts from Credit Karma and Credit Sesame.. Equifax dropped 60, Transunion 40.. Experian only 7 points.

My experian score is thru the Experian Website.

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Don’t pay attention to CK or CS. They are FACO scores and have no relevant scoring. You need to check your 3 FICO scores.

[Jnbmom]

Yes please don't rely on CK or CS these sites should only be used for monitoring  not scoring,  

Those sites cause  so much unnecessary confusion in regards to scoring. 

[Anonymous]

Look only at your before/after Fico scores and ignore anything non-Fico.

[Medic981]

FICO rules the credit scoring world!