Credit score has dropped 100 points.. HELP

[Revelate]

Synchrony-backed credit cards aren't CFA's currently and haven't been at any point in the past to my knowledge.  I actually don't think any revolving tradeline has been flagged as a CFA to our knowledge, but there's a lot of different lenders out there and we just don't know what all is considered a CFA except by anecdotal reports.

My TU report would be complaining about them same as both EQ and EX do for me, but it doesn't and oddly even with a worse file (unquestionably if one discounts the CFA) my score on relevant models like TU FICO 4 has always been suspiciously high compared to EQ FICO 5 when otherwise they should have been closer than the 40+ points difference.

100 point drop on any relevant FICO model for a new account though, likewise color me skeptical that it's equivalent even on very solid files to a 30D or worse late... just doesn't really make sense outside maybe a thin file making an absurd revolving utilization with the added financing on the card, but IIRC the OP doesn't fall into that category.

[EW800]

sjrn, 

Sorry, I just have to ask...  How big is the "biga$$ TV" that your husband purchased? 

[K-in-Boston]

I'm also quite skeptical of the big drop; something else has to be going on.  DW last added a card in January (resetting her AoYA from 1 month LOL to 0 months), with several accounts in the 30%+ range and 1 in the 50%+ range, and overall utilization well above the 10% mark.  She went from 810s to 800s.  I just can't fathom that any credit profile strong enough to be in the 800s could tank that much from a single new account with moderately high utilization.  Also a big +1 to just riding it out and taking advantage of the 0% financing unless you have a home or auto loan application coming up soon.  From my past experience, you'll want to start saving now to replace the air pumps constantly on the Sleep Number bed later on.  

[Anonymous]

65"... there was one bigger, but the OLED price made it biga$$.

It's nice, I can't believe what we were not seeing on the old tv (37" or close)... but dang... I could've had a new lens for that price!

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@EW800 wrote:

sjrn, 

Sorry, I just have to ask...  How big is the "biga$$ TV" that your husband purchased? 

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[Queen_Etherea]

To K in Boston and Gmood1

How... how do you keep track of ALL THOSE CARDS?? I'm stressing out about having 5 credit cards and making sure I pay each one in full before the statement date lol. Sorry, I just saw your signature and my jaw hit the floor. I'm thinking about using an app or something to keep track of my money because it's getting more and more difficult for me to figure out how much money I actually have. I really try (successfully) to not spend more money than what's in my bank account. When I was using my Wells Fargo debit card for everything, I knew exactly how much I had because it would be subtracted right away from my balance. Now that I'm trying to use different cards, it's just getting confusing!

[Anonymous]

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@Queen_Etherea wrote:

To K in Boston and Gmood1

How... how do you keep track of ALL THOSE CARDS?? I'm stressing out about having 5 credit cards and making sure I pay each one in full before the statement date lol. Sorry, I just saw your signature and my jaw hit the floor. I'm thinking about using an app or something to keep track of my money because it's getting more and more difficult for me to figure out how much money I actually have. I really try (successfully) to not spend more money than what's in my bank account. When I was using my Wells Fargo debit card for everything, I knew exactly how much I had because it would be subtracted right away from my balance. Now that I'm trying to use different cards, it's just getting confusing!

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I encourage you to make this question its own thread.  Hearing about the pros and cons of 2-3 cards vs 4-7 vs. 8-13 vs. 14+ -- along with good strategies for managing many cards and many bank accounts -- would help many folks out here.

Just place the new thread in the General area rather than the FICO scoring room.

[Anonymous]

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@Pikaboo-icu wrote:

I'm going to preface this by saying there are members here that have a LOT more knowledge than I about these scoring factors but here's the basics.

You took a score hit for several factors.

New Inquiry

Age of Youngest Account- reset to zero

Average Age of Account- we can't know the severity without knowing ages of other accounts.

Utilization above 50% on that card.

There may be other factors but those for certain.

The uti can be fixed quickly, the others will only recover with time. The AoYA should give you a score jump after it's 3 months old.

Note: closing the new card will not help your score, sorry. But paying it off will. 

Hopefully some of the score experts will weigh in on this..

Don't stress out too much unless you are planning to purchase a home or car etc..In the very near future. Your score will bounce back. 

Best Of Luck.

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To repeat do not stress unless you are planning on buying a new home or car in very  very near future.   DW and mine scores are normally around 760 to 790.  We usally have some  play money each month.  DW is doing some upgrades to kitchen costing over $15K this is being paid for with several 0% 12 month deals.  Short term her balance are higher than normal but i do not sweat it because it does not matter by late January  it will be paid off.  She won't be apping for anything in the meantime.     I don't get the 100 points loss . Dw lost I think 10 on the kitchen when  here main 0% reported around 39% use.