Hello Depdep8:
It looks like you are comparing credit scores from three different models. Each model will score your credit profile differently. Here is what you have:
1) Discover card provides a Transunion Fico 08 credit score (range 300 to 850)
2) Credit Karma provides a Equifax VantageScore 3.0 and a TransUnion VantageScore 3.0 (range 300 to 850)
3) Cap One Credit Tracker uses a TransUnion New Accounts model for scoring (range 150 to 950) - see paste below
I find value looking at how my profile scores using multiple models. However, when looking at impact of an action (factor) on score, it is important to limit comparison to data from a specific model (and CRA). The same holds true for monitoring progress over time - compare scores from each model to itself.
Good Luck
@Anonymous wrote:Okay guys I have a question for you all; Is it average for your credit score to drop 74 points when a new account is reported on your credit?
I am new to credit I just started last month; not to toot my own horn but my credit was doing good for one month of history. My Transunion had jumped from 0 to 655 in one month and my Equifax has jumped from 0 to 648; Today I checked my credit scores on credit karma. Discover had recently reported to both my reports since the last time I had visited. So today the reporting of Discover had brought my Transunion up two points so it is now 657.... However the only thing that has changed with my Equifax is the reporting of Discover well today my Eqifax had droped from 648 down to 574. There are no recent inquires since my score had went to 648 the only addtional information is my Discover IT that has reported with a 10% utilization.
Can you guys explain to me what caused the score to drop down 74 points?
My Transunion has a Capital one with a limit of $225 reporting with $21 or 9% utilization and my Transunion has Discover IT with a limit of $200 reporting a $20 balance or 10% utilization.
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My Equifax has the same as transunion the Capital One and Discover.. My Equifax also has my VonMaur charge which is reporting $0 and no limit( Vonmaur was the first card to report on my Equifax followed by my Capital one reporting a couple days later) Then today I noticed my Discover had reported......
The Capital One credit tracker says that my current score is 717
I was honestly shocked to see my scores jump as high as they did as fast as they did......... An I am not shocked by the drop of 74 points........ I do have 10 inquires on equifax but they have been there and were on my Equifax when my score was showing 648...... I havent applied for anything else and dont plan to unless it is secured.... I had applied with Kohls a week ago and they pulled my Equifax when it was up to 622 so I am hoping for an approval from them I am done other than that......... I tried care credit today but that was an instatnt denial saying I didnt have a sufficient Transunion credit file.... Which is true I mean my oldest account is just over a month old....
Thank you guys so much for your help!
If you're interested in your FICO scores, you need to stop looking at your Credit Tracker (TU New account model) and Credit Karma (Vantage 3.0 model) scores, they are often wildly different than FICO scores.
